This week, the UK has invited Australia, India, South Korea and South Africa as guest countries to this year’s G7 Summit, which will be held in the stunning area of Carbis Bay, Cornwall. There, Prime Minister Boris Johnson will work to unite leading democracies to help the world fight and recover from the global impact of the pandemic. The UK’s focus will be on creating a greener, more prosperous future.
In more pressing news, after a one year delay, the UEFA Euro 2020 tournament has now kicked off and we are looking forward to an exciting month of football ahead. Get your scarves and flags out, it’s time to start cheering!
Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you having to click through.
We would really appreciate it if you could subscribe and leave feedback for our Podcast on Apple.
- Halifax Reports UK House Prices Rise by Most Since 2014 – Mortgage lender Halifax has reported that in May, British house prices experienced their biggest annual increase since 2014. Government tax incentives for movers and higher demand for larger properties have contributed to this rise, as those looking to capitalise on the remaining stamp duty holiday and tax breaks will continue this trend well into the summer. Britain’s official house price index also reflected this, with reports that transactions completed in March were 10.2% higher than a year before. This is the biggest rise since 2007 and perhaps demonstrates a marked change in post-pandemic mentality, with those who can afford to now willing to go the extra mile for a spacious home.
- Covid-related Criteria Drops Out of Top Broker Searches for First Time – The latest data released by Knowledge Bank reveals that Covid-related criteria are no longer holding the top positions in searches made by brokers, with emphasis shifting toward new entries into the market in both FTB and BTL sectors. The search for ‘Furloughed worker’ kept its place in the top five searches for a staggering 14 months, but has now dropped off the list, instead replaced with searches for those looking to take their first steps into the housing market. This transformation is a strongly positive sign of things to come, as the UK moves tentatively toward social and economic recovery after the pandemic. Brokers are keeping a close eye on these changes to ensure their advice stays precise and accurate for consumers.
- PBSA Reveals Top Hotspots and ‘Revolutionary’ Solution – It comes as no surprise that Sheffield has now been revealed to be the top regeneration hotspot in the region of Yorkshire. With the increased demand for student accommodation and the completion of its £130 million ‘Heart of the City’ development project, Sheffield has now taken over the likes of Nottingham and Bradford with its £2.1 billion regeneration investment. Even at this stage, the work is far from done. Ongoing improvements in Sheffield, such as the New Era Square project, will continue to drive Sheffield’s rapid and unprecedented growth and its wide and long-lasting appeal to investors. UniSquare’s decision to move its headquarters to the area speaks volumes, further promoting Sheffield as an excellent choice for those looking to enter the property market or expand their portfolio. If a Sheffield PBSA investment is of interest to you then please get in touch as we have the fantastic Vista development available.
- Average UK Rents Almost Touching £1k a Month – Data released by Homelet shows that rental prices in the UK have jumped by 4% in the past year, with the average rent cost now standing at £997pcm. Similar to the trend in house buyers, those in the rental sector now appear to be spending out more for a home with extra space. The pandemic caused a sharp increase in the number of people now working from home, which may be linked to a change in priorities and a willingness to invest in better living spaces. However, the rise in average rent amount has also sparked an increase in the number of suspicious or fraudulent applications. This highlights the important balance of fulfilling the needs of renters with the value of a high-quality and fully-referenced tenant for landlord security.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.