Mortgage Market Updates: HSBC Appoints New CEO, UK House Prices Rise, and More
The mortgage market has seen some significant developments recently, with HSBC appointing a new CEO, UK house prices rising, and experts predicting a new normal for mortgage rates. In this article, we will explore these updates and what they mean for the mortgage industry.
HSBC Appoints New CEO
HSBC has named Georges Elhedery as its new CEO, replacing Noel Quinn, who will step down in September. Elhedery, who has been the group’s chief financial officer since January 2023, has a track record of leading through change and driving growth. According to HSBC’s group chairman, Sir Mark Tucker, Elhedery brings a strong focus on execution and a ability to deliver exceptional value to clients and investors.
Image: HSBC logo
UK House Prices Rise
According to the latest data from the Office of National Statistics (ONS), UK house prices have risen by 2.2% to £285,000 in the year to May. This increase is attributed to growing confidence in the market, with experts predicting continued growth in the coming months. Atom bank’s head of mortgages, Richard Harrison, notes that the ONS data is a good indication of the growing confidence in the market, despite the brief period of political uncertainty.
 Image: UK house prices
Mortgage Rates: The New Normal?
Experts are predicting that mortgage rates between 3.5% and 4.5% will become the new normal. According to Lloyds CEO, this rate range will be the norm even as economic conditions improve. Yopa’s chief executive, Verona Frankish, adds that the current market calm will give way to an altogether more active market landscape once interest rates start to ease.
 Image: Mortgage rates
Other Market Updates
In other market updates, FIBA has added Factored to its lender panel, offering landlords a new way to unlock capital by selling their future rental income rights. This move is seen as an opportunity for landlords to develop their existing properties, add green efficiencies, or retrofit.
Image: FIBA logo
Overall, the mortgage market is seeing some significant developments, from new leadership at HSBC to rising house prices and changing mortgage rates. As the market continues to evolve, it will be important to stay up-to-date on the latest news and trends.
What do you think about these market updates? Share your thoughts in the comments below!
 Image: Comment icon
