Weekly Property News Round-Up 05/08/23

I hope you have had a great week, welcome back to the TrackCapital Weekly News Round-Up. At Track Capital, we are on the precipice of an incredible new Manchester launch, completely exclusive to Track Capital and filled with incredible features such as its excellent location and below-market-value pricing.

If you would like to be the first to learn more about this rare investment opportunity in one of the UK’s hottest cities, contact us today.

Now, let’s take a look at all the news headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.

Episode 65: Riding the Property Wave: Unravelling the UK’s Housing and Rental Price Rollercoaster

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The UK Government must deliver an average of 67,500 new homes per quarter to reach its goal of one million new homes by the end of Parliament. Analysis by Stripe Property Group reveals that this target is unlikely to be met, as the best quarterly performance to date has only reached 51,370 homes.

In the three and a half years since the current Government took power, just 594,805 new homes have been delivered. Plans to build on brownfield land have been announced, but sceptics, including James Forrester of Stripe, doubt the promise will be fulfilled.

A news report by the Geospatial Commission was published on 1st August, emphasising the transformative potential of location data in the UK’s property industry, including the residential estate agency. GC Commissioner Alexandra Notray notes that although the sector contributes over £100 billion annually, it still remains largely analogue.

The report asserts that FAIR (findable, accessible, interoperable and reusable) location data could make conveyancing faster and more certain. The publication also underlines ongoing efforts to standardise and digitise property information for more efficient transactions.

The Bank of England has raised its base interest rate to 5.25% from 5%, the highest since 2008, affecting borrowing costs for loans and mortgages. The move aims to control inflation, which the bank expects to fall below 5% in the coming months.

Governor Andrew Bailey emphasised the need to target a 2% inflation rate, noting the adverse effects on the less affluent. While predicting no recession, the Bank does expect limited growth and rising unemployment. Chancellor Jeremy Hunt supports the plan, while Labour’s Rachael Reeves criticises the government for increasing costs for citizens.

Middle Eastern investors are expected to invest $3.2 billion in the UK’s real estate market in 2024, driven by increasing affordability and interest in the student accommodation sector.

Factors contributing to this trend include the financial strength of Gulf Cooperation Council economies, asset diversification, and the attraction of UK’s education system for Middle Eastern students. A combination of strong dollar-pegged GCC currencies, surplus cash from the oil boom, and falling UK property prices presents a golden opportunity for investors.

That is all we have for you this week. If you have any comments or questions on this weeks news summary then please feel free to send us a message. If not, see you next week.

Tobi Mancuso
Director, Track Capital

Listen to The Pure Property Podcast from Track Capital here

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