Weekly Property News Round Up – 12.02.23

Hello,

I hope you have had a great week. This week we have been busy with the upcoming launches of even more new products into our portfolio. We have had a truly incredible start to 2023, sourcing a wide range of exceptional developments and helping more customers find their ideal investment opportunities
.
If you are interested to find out about our most exciting new launches, reply to this article 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 from having to click through.

Episode 56: Dubai Market Update & 2023 Forecast – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

Remember, you can also listen to this week’s newsletter on the podcast as well.

We would really appreciate it if you could subscribe and leave feedback for our Podcast on Apple.

Property News This Week

• More Than 20,500 Planning Applications Approved Monthly – Figures based on the average monthly total planning applications granted over the past few months have revealed that the South East is set to experience the biggest increase in new builds this year. The region has had 3,772 successful applications; 18.4% of the UK’s total successful applications. Across the UK, planning applications have a current success rate of 84%. This equates to some 20,500 new builds being set to start construction this year across the UK.

 

• Halifax Claims UK House Prices Stabilise in January – According to the Halifax House Price Index, January saw a stabilisation in UK house prices, with the average property price remaining largely unchanged across all regions. The lender has published figures showing that the pace of annual growth has continued to slow to a three-year low, having dropped to +1.9% from +2.1% in December 2022. Despite this, though mortgage rates have dropped from post-mini-Budget peaks, the average rate is still the highest it has been for ten years.

 

• HSBC Offers Buyers Dream Mortgage Rate of Under 4% – After 2022’s consecutive rate inflation following the disastrous mini-Budget announcement in September, buyers have seen the average mortgage rate shoot to 6%, a change that has put pressure on those already struggling with the cost of living crisis. Now, in a welcome move for homeowners, HSBC has announced a reduced-price mortgage deal for borrowers who are applying for a 60% LTV mortgage. The deal of 3.99% comes in under the BoE base rate of 4% and includes a £999 fee.

 

• Undersupply Causes London Rent to Rise Nearly 16% – Data from Rightmove has revealed that the average asking rent outside of London has now hit £1,172 per month, which signifies a record 9.7% increase throughout 2022. In London, the new average asking rent is now £2,480 – a staggering 15.7% increase since the start of last year. With the drastic scarcity of housing available, prices are still expected to rise a further 5% this year, leaving many wondering when wages will rise accordingly to accommodate these rapid cost-of-living increases.