I hope you’ve had a great and productive week! We are having lots of fun this week on a sourcing expedition finding new products for you to choose from for your investment journey.
Every product on our portfolio is unique, hand-picked by us to provide a broad range of properties to choose from and we are always available for a chat if you are wondering how we might be able to help you.
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
- Government Announces Cladding Plans – On Monday 10th January, Michael Gove issued a strong word of warning to property developers that they are being given a final chance to do the “right thing” and address cladding issues, or else it would be imposed on them by law. This comes as the government announced a major change in policy which sees leaseholders of apartments between 11-18 storeys finally entitled to the same government-backed remedial grants that have previously been denied to them. This move has been welcomed by the Law Society, which has strongly disapproved of the unfairness of the previous guidelines, where innocent residents were forced to pay large sums to have unsafe cladding removed.
- Propertymark Updates Guidance on Covid Safety for Agents – This week, the main industry trade body Propertymark has released its latest set of Covid health and safety guidelines for letting and estate agents to follow. While since December, masks have been legally required in many indoor settings. The latest guidelines state that masks are still strongly recommended. The withdrawal of mandatory PCR testing for asymptomatic people who have tested positive on a lateral flow now means that automatic self-isolation is now required. Signage around offices has been recommended to remind visitors that masks are advised. Face-to-face and physical Right-to-Move checks are expected to resume in April 2022.
- Majority of UK Housing Wealth is Still in the Cities – Data released from the property platform Boomin has revealed that despite the difficulties faced by London’s property market in recent years, it is still strongly outpacing the rest of the country for property value. Property prices in London are now worth an average of 516K. London has even outmatched all other major UK cities significantly for property value, with its nearest competitor Birmingham averaging a very healthy 209K per house. This continued strength proves that despite prospective buyers gaining more interest in suburban and country locations since the onset of the pandemic, the heart of the collective UK buyer still remains firmly with cities.
Dubai Property Market Broke 12-Year Record in 2021 – Property Finder has revealed that Dubai achieved phenomenal sales transactions in 2021, breaking its 12-year sales record to the tune of $41.1bn (ADE151.07billion.) Nearly 50% of properties bought were off-plan, with the government backing world-class developers to finish grand-scale projects. Expo 2020 had a part to play in the success from October 21, drawing massive interest from buyers from around the world and totalling 17,942 real estate transactions, making it the highest performing quarter for eight years running. From all evidence so far, it appears that interest in Dubai property will remain high well into 2022. Because prices will continue to rise as supply falls, and yet remain relatively low in comparison to similar quality residences in other countries, now is a very good time to invest in Dubai.
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.