Weekly Property News Round Up – 19.03.23

Hello,

I hope you’ve had a relaxing week. We are excited to announce the imminent launch of a fully-complete collection of stunning 3-bed freehold houses in the picturesque county of Derbyshire.

Offered from £230,000 and with £6,900 stamp duty covered for UK buyers, this is an incredible chance for investors to save money on a dream family home.

For more information, reply to this article.

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 59: Live From Hong Kong – An Inside Look At Our Company’s Growth And Future Plans – 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

  • Government Clamps Down On Builders Using Unsafe Cladding – Michael Gove has issued a warning to property developers that their failure to sign the UK government contract to repair unsafe cladding on apartments could result in them being barred from the industry. The secretary of state has released details of the eleven property developers who have so far failed to sign the contract, including Abbey Developments, Ballymore Galliard Homes, Inland Homes Plc and even Rydon Homes, which was among the companies linked to the refurbishment of Grenfell Tower.

 

  • Nearly 50% of Landlords Surveyed are Positive About the Future – A recent survey published by Landbay recorded the overall sentiment of some 700 landlords regarding the future of the Private Rented Sector and found that 41% of those interviewed felt positive. Those who responded the most positively had the largest portfolios and were therefore in a stronger position to mitigate risks associated with the changing sector. So far, it appears that high occupancy rates, high demand and strong rental yields are keeping a buffer on those who otherwise may be driven out of business.

 

  • Industry Warning Says Home Building in London No Longer Possible – Senior managers at Leaders Romans Group spoke ahead of the recent budget publication to voice their firm belief that building is no longer a viable option in London on account of building costs increasing by a third, combined with increasingly prohibitive debt financing, unaffordable stamp duty costs and zero tax relief on mortgage interest – essentially, an utter failure to support BTL landlords and property developers alike. The property experts warned that unless Jeremy Hunt lowers taxes, London will lose its prestigious title of the No.1 global city.

 

  • Budget Predicts Inflation Will Drop to 2.9% by End of This Year – Despite inflation staying close to 40-year highs, January marked the third consecutive month of falling rates, with a closing rate of 10.1% at the end of the month. Following this trend, the Office for Budget Responsibility forecasts that inflation will drop steeply to 2.9% by the end of the year. This will be welcome news for the hundreds of thousands of UK citizens who are currently suffering under the overbearing economic strains; a struggle that only the most wealthy seem to have avoided as it continues to impact every aspect of daily life, from energy bills to food costs and beyond.

 

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.

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