Weekly Property News Round Up – 17.06.23

Hello,

I hope you have had an enjoyable week. This week we have been discussing proposed rental reforms in the UK and the impact they could have on investors, both domestic and overseas.

Despite rising interest rates and the push for tighter regulations for landlords, rising rents across the UK are currently offering some phenomenal yields for the savvy investor.

If you are interested in finding a strong investment property, reply to us today to find out the many ways we can help to make it happen.

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 63: A Pulse Check on the UK’s Property Market Rollercoaster! – 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

  • Will Rent Control in Wales Have its Intended Effect? – The cost of living crisis in Wales is causing increasing hardship for renters. With a surge in contacts to homelessness teams, this crisis has been exasperated by a rise in interest rates pushing landlords to inflate prices or sell properties. In response, the Welsh government is considering implementing rent controls. However, the landscape is complex as there’s a significant difference between landlords exploiting local market rates and those struggling with higher interest on buy-to-let mortgages.

 

  • Young Renters Unable to Leave the Nest Due to Rising Costs –
    Rising rents in Great Britain have led to a drop in first-time renters, who now make up only 4.6% of new tenancies in the first five months of 2023, compared to 6.1% in 2015. As monthly rents surpass £1,000, many young adults are choosing to save money by staying with their parents, often skipping the rental market altogether to buy homes. As a result, fewer are moving into one-bedroom or studio flats, with a growing proportion renting larger properties. Rental growth, however, is beginning to slow, which may offer some relief for potential tenants.

 

  • Construction Activity Impacted By Private Housing Slump – UK construction output has declined by a seasonally-adjusted 0.6% in April due to a sharp fall in private housing work, reaching a 17-month low, according to the Office for National Statistics (ONS). This drop follows two months of growth and is partly attributed to economic worries causing hesitancy in customers to request work. Despite this, infrastructure and industrial workloads saw an increase. Overall, construction work valued at £17.5bn was carried out in April, down from £19.9bn in March.

 

  • Investors Rush to Buy and Convert Empty London Office Space – As the work-from-home trend solidifies, investors have poured around £2bn into repurposing underused London office spaces, reports the Financial Times. CBRE reports about £1.3bn of office space was purchased for conversion into alternative uses over the last 12-18 months. While the UK commercial property market has slowed due to higher interest rates, there’s new investor interest in converting office and retail space into student accommodation, labs, hotels, and leisure facilities. Demand for prime office space remains strong. Despite this, average commercial property values are expected to fall in 2023 due to anticipated interest rate rises.

 

That is all we have for you this week. If you have any comments or questions on this week’s news summary, please email us at [email protected]  – if not, see you next week.

Popular Posts

The Impact of Major Events on Property Demand

Date: May 22, 2024

calculating roi

How To Calculate Buy-To-Let ROI

Date: May 21, 2024

best student areas in nottingham

The Best Areas For Student Property Investment In Nottingham

Date: April 24, 2024

blog post banner graphic

The Best Areas For Student Property Investment In Liverpool

Date: April 5, 2024

off plan property dubai blog graphic

Off-Plan Property Dubai: An Investor’s Pocket Guide

Date: April 5, 2024

best area for student property manchester graphic

The Best Areas For Student Property Investment In Manchester

Date: February 23, 2024

best buy to let areas in bolton graphic

The Best Buy-To-Let Areas In Bolton

Date: February 13, 2024

best buy to let areas in burnley graphic

The Best Buy-To-Let Areas In Burnley

Date: February 13, 2024

The Best Buy-To-Let Areas In Preston

Date: November 28, 2023

The Best Buy-To-Let Areas In Sunderland

Date: November 28, 2023

The Best Buy-To-Let Areas In Brighton And Hove

Date: November 28, 2023

How Much Deposit For A Buy-To-Let?

Date: November 28, 2023

How To Buy Off Plan Property In The UK

Date: October 27, 2023

Buy To Let In Cardiff: A Complete Guide

Date: October 27, 2023

Dubai Weekly Property News Round Up – 19.08.23

Date: October 18, 2023

Weekly Property News Round Up – 19.08.23

Date: October 18, 2023

Dubai Weekly Property News Round Up – 14.08.23

Date: October 18, 2023

Weekly Property News Round Up – 14.08.23

Date: October 18, 2023

Buy To Let In Leicester: A Complete Guide

Date: August 24, 2023

Overseas Investors in UK Property: Everything You Need To Know

Date: August 24, 2023

Why Are House Prices So High?

Date: August 21, 2023

Weekly Property News Round-Up 05/08/23

Date: August 5, 2023

Dubai Weekly Property News Round Up – 05.08.23

Date: August 5, 2023

Weekly Property News Round Up – 29.07.23

Date: July 29, 2023

Dubai Weekly Property News Round Up – 29.07.23

Date: July 29, 2023

Dubai Weekly Property News Round Up – 22.07.23

Date: July 23, 2023

Weekly Property News Round Up – 22.07.23

Date: July 23, 2023

Weekly Property News Round Up – 15.07.23

Date: July 16, 2023

Dubai Weekly Property News Round Up – 15.07.23

Date: July 16, 2023

The Best Buy-To-Let Areas In York

Date: July 14, 2023

Recent Posts

The Impact of Major Events on Property Demand

Date: May 22, 2024

calculating roi

How To Calculate Buy-To-Let ROI

Date: May 21, 2024

Get in touch with us by clicking below and submitting an enquiry.

if you have any questions or would like to inquire about our services, please click on the “Contact Us” button below to be redirected to our contact page. Our team is dedicated to providing exceptional customer service and will do their best to assist you with any inquiries you may have.