How has your week been? Here at Track Capital, it has been a week full of property surprises and seasonal treats!
Not only have we had several rare new products come to market in Manchester and Liverpool which are all well below market value and have promisingly high yield potentials, but we have also decided to host a Free iPad Giveaway with every single unit reserved this December!
If you are interested in investing in Manchester or Liverpool and would like to get yourself a FREE iPad when you reserve – contact us today!
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.
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Property News This Week
- Is Race for Space Over? Flat Prices Rise More than Houses – The latest statement from Halifax suggests that the effects of the Covid pandemic in changing the way people choose housing could be starting to slow. During the pandemic, flocks of people avoided the city as they adopted a WFH (work from home) lifestyle. Extended time spent at home resulted in many buyers and renters considering extra space as a desirable factor when choosing where to live. The SDLT holiday introduced by the UK government bolstered demand for country living and larger sq.ft. Halifax believes that this trend could be fading as life takes on a more ‘normal’ view around the country. The data for November reveals that the price of apartments is now taking over the growth seen for detached houses, which had been highly sought-after during the lockdown.
- Lloyds Bank Reveals Public is Unhappy with Housing – Lloyds Bank made a survey of over 6,000 respondents to gauge the climate for house purchasing and found that, disturbingly, roughly 67% of the public believe the current housing market is preventing people from accessing affordable and quality homes in their area. The poll also found that approximately 48% of respondents feel that new homes are not adequately meeting the needs of locals. There are several concerns that widely circulate among prospective UK adult buyers, including a lack of affordable house pricing, lack of new housing available, increased deposit requirements and a shortfall of affordable rental properties. In response to these findings, Lloyds has promised to quadruple its starting investment figure in the private rental sector.
- Buy to Let Landlords Call for Better Strategy for Rental Sector – In response to a recent statement by the NAO to the UK government calling for better support for private landlords after a slew of new regulations and policy shifts have put increasing pressure on the private rental sector, the National Residential Landlords Association have voiced their support. Both groups agree that a stricter evidence-based approach is needed if rogue landlords are to be singled out successfully, as opposed to creating blanket difficulties for all landlords, where the vast majority are law-abiding. The NRLA has agreed wholeheartedly with the recent suggestions made by the NAO demanding firmer enforcement of the regulations already in place and specific targeting of those not complying.
- Foreign Demand will Boost Dubai Property Prices Next Year – An increased demand from foreign investors, likely boosted by the phenomenal success of Expo 2020, is predicted to cause Dubai house prices to rise by double the rate predicted back in September as the growth extends into next year. A Reuters poll of property analysts has cited the government’s effort to stabilise the market and improve affordability as another reason for this forecast. Dubai’s economical recovery has come as a shock, as its successful vaccination roll-out and lack of draconian lockdowns made Dubai widely appealing to overseas investment. Other factors at play to signal further recovery include attractive pricing, helpful visa reforms and excellent quality of living.
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.