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News Round up

Resilient Property Market

Halifax say the property market remains resilient despite political uncertainty.

The average price for a new home in the UK has risen to £233,541, up by nearly £4,000 since the same time last year. It said the property market is supported by strong employment levels and the continued shortage of houses for sale.

Five UK Cities Are Top European BTR Hotspots

JLL’s European Multifamily Investment Market Update revealed the major build-to-rent hotspots in Europe.

London, Manchester, Leeds, Birmingham and Brighton made it into the top 20 European cities for build-to-rent investment. Highlighting how BTR has progressed in five short years, cementing the UK’s place as a leading European hub for residential investment.

Manchester Remains a Hotspot for Investors

Manchester’s residential market continues to go from strength to strength. JLLrecorded a 117% rise in people moving to the city in July this year compared to 2018.

Agreed let’s also rose by 103% over the same period according to the real estate adviser, as Manchester remains a hotspot for property investors.

North West Awarded Most Construction Contracts in 2019

Barbour ABI’s latest Economic & Construction Market Review revealed the north-west outperformed the rest of the country. The region was awarded 36.6% of construction contracts throughout June 2019.

London claimed second position achieving 13.7% of total constructions contracts.The difference between the value of contracts for the north-west and London was 22.6%.

Rising Demand For PRS Homes

According to Knight Frank’s Multihousing 2019 report, 22% of UK households are expected to be renting privately in 2023. Making up the majority are 35- to 49-year-olds, marginally replacing the 25- to 34-year old “young professional” tenant.

Currently 20.6% of households rent privately, which amounts to an increase of 560,000 households by 2023.

The new survey also reveals 69% of current tenants expect to be renting in three years’ time.

Planning Funds Allocated For Crossrail 2

The Treasury’s spending round for the next financial year contains a £6m allocation to the Department for Transport to develop plans for Crossrail 2.

Spending round funding was allocated for the financial year 2020/21, with the DfT receiving £4.1bn overall, up from £3.7bn this year.

Crossrail 2’s scheduled timeline includes plans to submit a bill to parliament in 2021/22.

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