Liam Bailey

Savills recently published a revised house price forecasts for 2024–2028. Improving economic outlook and lower debt costs boost house price growth prospects. The UK housing market has performed more strongly than many anticipated so far this year. https://zurl.co/xi4e #UKHousingMarket #RealEstateTrends #Pauzible

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The August RICS Residential Market Survey has been released overnight. Sentiment in the sales market has improved in the wake of the lowering in mortgage rates with the key new buyer enquiries metric picking up smartly albeit from a low base; the indicator, designed to capture the change over the preceding month, is now at its best level since October 2021. The pricing environment has also improved but respondents continue to point to need for realism to get deals done. Forward looking series, meanwhile, continuing to gather momentum. As regards the lettings market, the imbalance between demand and supply remains acute according to the feedback to the survey. https://lnkd.in/eZt785uZ

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Now that the results have been announced, it is time for the new Government to move beyond optimistic promises and start the real work. The challenge ahead remains the same as it has been for the UK and other economies post-Covid-19: how to invest in the country and reduce the debt burden with already high tax rates, and public spending cuts not being a popular option for a Labour Government. Leading up to the election, the focus was primarily on housing in the manifesto, with minimal attention given to commercial property aside from a few comments on the business rates system. However, what commercial property investors and tenants are looking for from the new Labour Government is straightforward: stability and an environment that supports growth.

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Savills' latest UK Build to Rent Market Update for Q2 2024 reveals a £1.2 billion investment surge, the second-highest Q2 on record. This boost will add nearly 4,500 new Build to Rent (BTR) homes nationwide once completed. With detailed planning permission for nearly 56,000 homes across the UK, Birmingham and Edinburgh – where Goodstone’s projects are already underway – rank among the top locations for consented sites and will lead the next wave of UK construction. Nationwide, there has been a 24% rise in completed BTR homes since Q2 2023, bringing stock now to just over 115,000. BTR homes in the UK’s largest cities are now renting 25% faster than before the pandemic, which demonstrates their growing popularity and their essential role in meeting the national housing targets. To read more you can click here: https://lnkd.in/ejBYpu8A

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