August sees annual house price growth edging up
Average house prices were up 2.4% year on year, a slight pickup from the 2.1% recorded in July and the fastest pace since December 2022, says Nationwide’s latest data. The lender comments that, provided the economy continues to recover steadily, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination […]
A new parliament dawns and there’s lots on the table for the rental market
Parliament is back this week bringing with it the potential for significant legislative updates that could affect the lettings industry including planning, leasehold reform and housebuilding. Initial discussions on the Great British Energy Bill took place on 5 September. The MPs’ return also marks the introduction of new landlord licensing schemes which will be brought […]
House price growth and record mortgage approvals point to a confident sales market
Market activity is stronger than last year supported by economic growth and rising consumer confidence reveals Zoopla in its latest house price index. Buyer demand for homes is a fifth higher than this time last year. New sales agreed are almost a quarter higher, building on the increased momentum in sales from earlier in the […]
Rents rise as landlords warned of EPC changes
In provisional data, average UK private rents increased by 8.6% in the 12 months to July 2024 according to the ONS. This was unchanged from the 12 months to June 2024 and was below the record-high annual rise of 9.2% in March 2024. RICS reports that tenant demand rose modestly in June. Meanwhile, the Labour […]
Property market showing stability
The July 2024 RICS Residential Survey results signal a largely stable trend in property market activity. Supported by the modest easing in mortgage interest rates in recent weeks, the report shows there has been a meaningful pickup in sales volumes moving forward. New buyer enquiries and agreed sales also both held steady in July anticipating […]
New government pledges for the lettings industry
The new government’s Chancellor Rachel Reeves has committed to abolishing Section 21 ‘no-fault’ evictions, that allows landlords to legally evict tenants for no given reason with a notice period of two months. Originally part of the Conservative’s Renters (Reform) Bill it was delayed due to the backlog in the courts and eventually the bill failed […]
Demand remains steady as housing market shows resilience
The housing market has been very resilient over the last year given the rise in mortgage rates says Zoopla’s latest analysis of the property market. Unemployment has stayed low by historic standards, and there are a relatively small number of people struggling to pay their mortgage and falling into arrears despite wider cost of living […]
Good news for rents as summer approaches
The latest Rental Index from Goodlord has revealed that rents hit their highest levels since October over the last month. Rents across England rose by over 1% between April and May with the average now being £1,183. This means rents are now 6% higher year-on-year. This is a rise of 1.4% compared to April’s figure […]
House prices bounce back as consumer confidence grows
The momentum in sales activity continues, with 13% more sales agreed than this time last year according to Zoopla’s latest House Price Index. There are also more homes for sale than at any point in the last 8 years – up 20% year-on-year in number terms and 25% higher in value terms. More supply means […]
50,000 rental properties needed to bring supply back to pre-pandemic levels
Rightmove says that although the balance of supply and demand is slowly improving from its peak, there are still nearly 50,000 rental properties needed to head back to the pre-pandemic level of rental supply. It’s a stark reminder that the industry needs more good quality rental homes, and there needs to be more encouragement for […]
