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: house prices are set to rise through the rest of the year; property listings hit a 7-year high and Manchester continues to make headlines as a prime location for investment…
UK property market set for busy autumn as listings hit 7-year high
“The stock of homes for sale in the UK was 14% higher over the past month compared with the same time in 2023, according to analysis published by property website Zoopla on Wednesday.
More buyers and sellers have been coming back to the market after almost two years of muted activity caused by higher borrowing costs, as the BoE raised its benchmark rate to a 16-year high of 5.25% in a bid to tame inflation”…
– Joshua Oliver, Financial Times
House Price Index: August 2024
“Property prices are now at 0.5% inflation compared to a year ago. However, the average UK house price is set to rise by 2.5% by the end of the year.
All key measures of sales market activity are higher than they were in 2023. This has largely been supported by economic growth and rising consumer confidence”…
– Richard Donnell, Zoopla
UK house prices on track to rise this year
“After a year of sustained price falls in 2023, the estate agency updated its forecast for UK house prices in May to rise by 3% in 2024, up from an earlier estimate of a 4% drop”…
– Marc Da Silva, Property Industry Eye
UK housing stock could be worth £161.6bn more under Labour
“Labour is forging ahead with plans to increase the number of homes across the country, and its targets could mean a big boost for total UK housing value.
Analysing annual house price growth figures of the average new-build of 3.5% per year, Benham and Reeves estimates that a further £161.6bn worth of property could hit the housing market over the next five years – if Labour manages to deliver on its promise”…
– Eleanor Harvey, BuyAssociation
Manchester resi rents soar compared to regional rivals
“Research by JLL found that the monthly price paid for new-build apartments in the city and neighbouring Salford has increased by 50% over the last three years, while Leeds remains the cheapest of the UK’s six largest regional markets”…
– Dan Whelan, Place North West
Manchester property sees biggest annual house price rise
“The Manchester property space has been especially popular among buyers and investors for a number of years, with recent research showing that Manchester property investors had achieved 65% growth over the course of eight years.
With the regeneration and redevelopment of the city far from finished, there is plenty more scope for buyers to continue to snap up homes and investments in the city, which is likely to keep it at the front of the pack when it comes to city house price growth”…
– Eleanor Harvey, BuyAssociation
