Changes to council tax also affected the market, particularly for owners of second homes. From April, local authorities were permitted to impose a council tax premium of up to 100% on second properties, provided they gave a year\u2019s notice. Among surveyed second homeowners in May, 35% said they were considering selling, with average annual bills set to rise by \u00a3840.10.<\/p>\n
Looking ahead, the market is expected to remain active as buyers and those remortgaging respond to interest rate cuts. The Bank of England reduced the base rate to 4.25%<\/a> in May, its second cut this year. Barclays data shows 35% of remortgagers are considering longer fixed-rate deals, while 32% are exploring flexible options such as standard variable or tracker mortgages.<\/p>\n Barclays\u2019 research found that 65% of buyers offered below the asking price, while sellers accepted an average of \u00a36,632 less than their listing price. Recent government changes to mortgage rules<\/a> are likely to sustain the buyer\u2019s market into the second half of the year.<\/p>\n Patel said Barclays introduced several measures in response to these trends, including removing deposit requirements for Right to Buy<\/a> purchases and launching Mortgage Boost<\/a>, which allows family or friends to support buyers without direct financial gifts. The bank has also raised maximum loan amounts<\/a> for high loan-to-value mortgages to \u00a3640,000 for houses and \u00a3310,000 for flats, enabling more buyers to access higher-priced properties with a 10% deposit.<\/p>\n Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox \u2013 subscribe to our FREE daily newsletter<\/a>. You can also follow us on Facebook<\/a>, X (formerly Twitter)<\/a>, and LinkedIn<\/a>.<\/p>\n