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: UK house prices see their fastest growth since February 2023; significant transport improvements boost Manchester’s property market; and UK rents are projected to surge by 18% over the next five years…
Manchester property investment boost amid major transport improvements
“In Labour’s Budget last month, the government pledged some major commitments towards levelling up the country and adding investment to the North of England, including greater powers being given to Mayoral Combined Authorities through a flexible funding pot.
One of the key investments in the North will be towards the Transpennine Route Upgrade, which is a multi-billion-pound programme of railway improvements to bring better journeys to passengers travelling between Manchester, Huddersfield, Leeds and York”…
– Eleanor Harvey, BuyAssociation
UK house prices rise at fastest pace since Feb 2023 – industry response
“British house prices rose at the fastest pace since February 2023 in the 12 months to September, figures from the Office for National Statistics showed on Wednesday.
The average house price in the United Kingdom in September was 2.9% higher than a year earlier at £292,000, accelerating from a 2.7% annual increase in August”…
– Marc Da Silva, Property Industry Eye
UK rents set to soar another 18% over five years – as landlords leave
“The rise in rents will be driven by persistent high demand and a chronic shortage of rental properties.
Despite a slight slowdown in rental growth last year, particularly in London, the underlying imbalance between supply and demand is expected to drive prices higher”…
– Property 118
UK rents have increased by 8.7% but where are they rising the most?
“In most markets, prices tend to be dictated by the level of appetite versus the amount of supply, and the UK rental market continues to be faced by a wide gap between these two variables. This has pushed UK rents to record-high levels in recent years, and this has also changed certain tenant behaviours.
Just like in the sales market, different locations offer different price points, and as UK rents have continued to climb, this has led to a rise in the number of renters seeking cheaper locations to live. This might mean moving from a city to a nearby commuter town, or relocating to a new region entirely”…
– Eleanor Harvey, BuyAssociation
What is currently happening in the UK property market?
- “+ Listings – 29k UK listings this week
- + Total Gross Sales – 24.2k UK homes sold stc this week
- + Sale through rate (monthly): UK Estate Agents sold 16.11% of their Resi sales stock in Oct ’24.
- + Net Sales – 18.1k this week”…
– Chris Watkin, Property Industry Eye
