The 7am Cut
BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.
In the news this week: inflation eases to 3.2%; rental costs rise at record 9.2%; and Manchester is named UK’s ‘new property powerhouse’…
Two pieces of promising news for the UK property market
“Yesterday, a new house price index from the Office for National Statistics was released, which revealed a boost in the UK property market with an average house price rise of 0.4% between January and February this year.
On an annual basis, it shows a very slight fall of -0.2%, but this is up from a decrease of 1.3% in the 12 months to January, and shows that the market is once again levelling off”…
– Eleanor Harvey, BuyAssociation
Bank of England governor talks up interest rate cut prospects as inflation eases to 3.2%
“The governor of the Bank of England has signalled the UK is still on course for an interest rate cut as official figures show a further easing in the pace of price growth in the economy
A further boost is expected to come from the Bank of England in the coming months as energy-driven inflation continues to ease, with a sharp reduction in CPI this month being widely tipped to take the main measure of inflation towards the Bank’s 2% inflation target”…
– James Sillars, Sky News
UK rents rise at record 9.2%
“UK rents rose at a record pace of 9.2 per cent last month while house prices stagnated, with London hit hardest, as higher borrowing costs continued to squeeze both landlords and tenants.
The jump in average private rents in the year to March marked the biggest annual percentage change since the Office for National Statistics began collecting data in 2015. It compared with a rise of 9 per cent in the 12 months to February”…
– Valentina Romei, Financial Times
Manchester named UK’s ‘new property powerhouse’ after house prices soar
“Manchester has been awarded the title of the UK’s new ‘property powerhouse’ after a recent surge in house prices. The latest analysis from Open Property Group has revealed that when it comes to house price growth, Manchester has far outperformed other major UK cities over the last year – including London.
According to the latest Government house price figures, property prices in the city are increasing much more than the national average. Rising house prices give a good indication of the state of the market, with growing demand often being one of the key factors that drives prices up”…
– Phoebe Jobling, Manchester Evening News
When will interest rates fall? Latest Bank of England predictions
“Analysts expect inflation to fall rapidly in 2024. The Oxford Economics consultancy and Investec and Deutsche Bank predict that CPI will drop below 2% within four months. ING Group expects the rate to plunge to 1.5% in May
Traders had been expecting around three interest rate cuts in 2024, with the first coming in June. Indeed, major mortgage lenders cut their rates earlier this year in anticipation of this”…
– Henry Sandercock, MoneyWeek
University of Manchester appoints 20 to £260m framework
“University of Manchester’s Construction Works Framework 2023 is broken down into four lots, with the smallest dedicated to projects that are up to £450,000. The largest is for schemes of between £5 million and £20 million.
A university spokesperson said: “The university’s Construction Works Framework 2023 has been successful in appointing a number of contractors to undertake various types of construction works across campus under four lots up to £20 million. The works include demolition, new build, refurbishment, decoration, landscaping, and external works up to a total value of £260 million””…
– Julia Hatmaker, Place North West
BuyAssociation is an established voice in the UK property industry. As well as producing our own content and daily property articles, we curate a newsletter each week highlighting the week’s top headlines for UK property news articles, stories and reports. Stay ahead of the market and join over 30,000 of the world’s most informed property investors by registering today!
The 7am Cut – 22/4/2024
