Weekly Property News Round Up – 10.06.23

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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 from having to click through.

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Property News This Week

• Tenants Are Encouraged to Push for Stronger Rent Reforms – The Renters Reform Bill is in Parliament, promising to abolish no-fault evictions (Section 21), enhance tenants’ rights to own pets and improve housing standards. The Renters Reform Coalition, including various housing sector organisations, is urging English tenants to prompt their MPs to support the bill. They want several amendments, including extending the eviction notice period from two to four months, safeguarding against eviction abuse, implementing a year-long re-letting ban after a no-fault eviction, granting judges discretion in eviction cases, and introducing a cap on in-tenancy rent increases.

 

• CBRE Ranks Manchester Among Top in UK for Growth – The CBRE’s report has ranked Manchester as a top city for development and investment growth, across several sectors including office space and student accommodation. This is due to an expected population increase of nearly 6% and a 24.7% rise in consumer spending over the next decade. Despite underperforming in hotels, Manchester remained high in the rankings in the life sciences, senior living, and retail sectors. Liverpool, Leeds, Sheffield, and Newcastle also showed potential in various sectors, with Leeds predicted to see a 15.7% increase in GDP over the next decade.

 

• Industry Experts Predict Market Heat to Rise This Summer – A surge in prospective tenants and a reduction in property availability are set to create a highly competitive London rental market this summer. Factors such as the end of many tenancies around May bank holiday and an increase in short-term summer rentals contribute to this demand. Adam Jennings, Regional Lettings Director for Chestertons, predicts an influx of about 10% more properties in June, but tenant demand will greatly surpass this. The competitive market may cause rental prices to rise by as much as 15-20% over the coming months, potentially benefiting landlords listing their properties.

 

• Housebuilder Warns of Reduced Profits Amid Rising Costs – UK housebuilder Crest Nicholson reported a decrease in sales and profits due to rapidly declining consumer confidence and increased borrowing costs after the September mini-budget. The company’s revenue dropped by over a fifth to £282.7 million in the six months to April’s end, compared to £364.3 million the previous year, with pre-tax profit also greatly reduced. Although Crest expects a more stable second half of the financial year, the firm calls for government support for potential homeowners, warning that sustained high interest rates will further impact buyer confidence and demand.