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In latest property news…

General News   |   June 27, 2024   |   Lizzie

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ON THE UP: Buyers and sellers appear more confident now that inflation looks to be starting to settle and hopes grow of an interest rate cut. Analysis of the residential market nationally by property listings website Zoopla, published on Moneyweek, suggests supply is rising, with more homes for sale now than at any point over the past eight years. Compared to last year, the level of property stock is up 20% and is higher in value terms by 25%. Rising supply should make the summer a good time for those looking to buy a property. The trend could even help to ensure house prices remain affordable, say the researchers.

GENERAL ELECTION: Average house prices are holding steady ahead of the summer general election after reaching a new high. Across the UK, the June average stood at £375,110, just a few pounds down on a record May. In the south east, there was a rise of 0.2%. At the same time, most people looking to buy or sell a home in the coming weeks say the election will not affect their plans. A survey of 14,000 prospective buyers and sellers by Rightmove found 95% of respondents were determined to go ahead regardless of the focus on the election. The property website also pointed to trends around the two previous elections, in 2015 and 2019, when demand remained stable and then increased in the months afterwards. Tim Bannister from Rightmove said: “It’s always difficult to predict how home-movers will react to sudden uncertainty, but looking back through our data, we can see that during previous election campaigns, market activity has remained largely steady. This election has followed a similar pattern so far, and the responses from our poll also support the data, with the vast majority of respondents saying they will carry on with their home-moving plans.”

BUY-TO-LET: UK housebuilder Berkeley is the latest of several corporate firms, including Lloyds Banking Group and John Lewis, to announce plans to enter the buy-to-let (BTL) market. Its move is set to involve an initial portfolio of 4,000 homes on 17 brownfield regeneration sites. Several property sector commentators have given their reaction to the plans on the news site BTL Insider.

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