The Market
Labour promises first-dibs for first-time buyers, more affordable rents & limits on overseas buyers
“Labour is the party of homeownership," declares Shadow Housing Secretary Lucy Powell, aping the traditional Tory mantra.
Fewer vendors budging on price, reports London agency
With demand levels running high, sellers ‘don’t feel the need’ to offer a discount right now, according to Chestertons.
Residential property boom pushes value of global real estate up 5%
Property is now the world’s most significant store of wealth, says Savills; more valuable than all global equities and debt securities combined, and worth almost four times the entire global GDP.
New report debunks ‘land banking myth’, again
“None of our analysis suggests (at least outside of London) any systemic failure in converting planning permissions to development by the industry”, concludes planning consultancy Lichfields.
Tenants in ‘sprint for stock’ as London lettings market suddenly shifts
A tenant’s market has become a landlord’s market in the last six weeks, reports Knight Frank, as offices re-open and air traffic rises.
Residential property is attracting ‘more sophisticated investors’, says buying agency
"Activity in the residential investment sector is once again picking up", says buying agency Garrington, although the firm reports "a different profile" of buyer in the sector
London’s royal borough price premium shrinks
The capital's three Royal Boroughs - Kensington & Chelsea, Kingston and Greenwich - have underperformed Greater London's average property price growth over the last five years.
Buyer Beware: On the exorbitant cost of building works
Brexit and Covid have utterly changed the landscape in terms of what it costs to renovate a property - but the marketplace remains massively underprepared and ill-informed, warns buying agent Guy Meacock… …
Treasury publishes draft Residential Property Developer Tax legislation
Proposed new tax rates targeting major housebuilders are due to bee confirmed in the Autumn Budget.
Buyers are facing the most competitive property market on record – Rightmove
Asking prices have reached an all-time high, says Rightmove, as competition among potential buyers to secure their next home is now more than double what it was this time in 2019.
August record for above-asking deals
37% of sales agreed in August were for more than the original asking price, reports Propertymark, as demand continues to rise and supply to fall.
The average pandemic home-seller made a six-figure profit
Savills has looked into how much "profit" people made from selling their home during the pandemic, thanks to rampant house price inflation.