Sales of new homes are expected to plunge by more than 50,000 a year as onerous planning regulations and turmoil in the property market take their toll on development.

The central bank's Monetary Policy Committee (MPC) has announced a 0.25% point increase to the country's base rate. For the past year, the Bank of England has hiked interest rates multiple times in an attempt to rein in inflation with this being the 11th increase in a row.

Prominent industry figure Jonathan Rolande says, “It is hard to see why anyone would still want to buy to let given that there seems little prospect of capital growth and returns.”

A recent report reveals 10% year-on-year increase. At an average of £1,230 per month for a newly let home, rents across the UK hit another record high in February, residential estate agent Hamptons has reported.

The number of properties listed as sold subject to contract (SSTC) has increased by 5% so far this year versus the closing stages of 2022.

A property expert believes the worst may now be behind us!

It is fair to say that Jeremy Hunt’s first budget did not send many pulses racing in the property industry.

Property values increased by 1.1% month-on-month in February but are down by £8,000 overall from their August peak, according to mortgage lender Halifax.