Weekly Property News Round Up – 09.11.24

Welcome to this week’s edition of Property News Weekly, where we bring you the latest updates shaping the property landscape.

This week in property news, UK house prices continue their upward trend, hitting new record levels for the fourth month in a row. Alongside this, a recent interest rate cut aims to provide stability, but questions remain about the future of inflation as economic policies unfold. In an intriguing twist, Trump’s return to the White House could have unexpected effects on London’s luxury property market. Read on to uncover how these developments might shape the months ahead.

If you would like to speak to our experts for some industry insight on these important questions and discover the strategic opportunities this evolving market has to offer, reply to this article today.

Now, let’s have a look at the latest headlines that have caught our eye this week…

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Property News this Week:

House prices in the UK increased by 0.2% in October, the fourth monthly increase in a row, hitting new record highs. The average house price was £293,999, passing a previous peak set in June 2022 (£293,507). Property values increased by 3.9% annually, slowing from a 4.6% increase in September. Amanda Bryden, head of mortgages, at Halifax, said: “Average UK house prices nudged up 0.2% in October, continuing the positive momentum of recent months.

Interest Rates Cut to 4.75% 
Policymakers haven’t rocked the unsteady boat and have opted for an interest rate cut of 0.25%. At a time of deep uncertainty about where inflation will head next, this decision will help provide some reassurance. But the waters ahead look murkier as the implications of Trump heading to the White House for a second term collide with the impact of the UK Budget. The Bank is expecting the Budget to boost inflation by just under half of a percentage point, due to direct and indirect effects of Rachel Reeves policies.

How Trumps Win Will Effect the London Property Market 
James Gow, head of London residential sales for Strutt & Parker, believes this activity will bleed over into the sales sector too in what is known as Prime Central London (PCL), and boost this micro-market – which is small in footprint but large in value for the UK economy. “Trump is such a polarising figure that there will be some wealthy Americans who will just think, ‘I do not agree with his rhetoric and I just cannot be a part of it,'” Gow says.

That concludes this week’s updates. If you have any thoughts or questions about these headlines, feel free to reply—I’d love to chat with you about the latest market trends and discuss your investment goals.

I’ll be back next week with more insights on the property market. Enjoy your weekend!

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