Weekly Property News Round Up – 13.07.24

Welcome to this week’s edition of our Property News Roundup, where we bring you the latest insights and trends shaping the real estate landscape.

In this weeks news we take a look at how the new Labour Government will effect London’s prime property market. In addition to this, we get an update on UK house prices and how the new government will be looking to make their impact on the housing market.

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…

Ep 83: Clash of The Election Manifestos: Labour of Conservative? – Will The New Policies Make or Break Your Investment Goals?
 
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Property News This Week

The London prime property market flourished under the last Labour government, but past performance is no guarantee of future results. Still, some in the industry think prime property prices could see a bounce under the new government. 
 
“A lot of buyers postponed plans due to a combination of high interest rates and political uncertainty,” co-founding director of Aston Chase, the high-end North London estate agent, Mark Pollack, said. “[This] will have resulted in a degree of pent-up demand which I suspect will help to maintain market stability.” 
 
Pollack added there could even be a boost to markets if interest rates come down and stamp duty is abolished. However, this is unlikely: Labour has pledged to increase stamp duty for foreign buyers by one per cent.

The New Era: Labour Government and the future of the UK housing market
The recent shift in political power to the Labour government promises significant changes across various sectors, with the UK housing market poised for a substantial transformation. 
 
Labour’s manifesto outlined a series of ambitious plans to address the housing crisis, emphasising affordability, sustainability, and community empowerment. Here’s a closer look at how the housing landscape is expected to evolve under this new administration.

UK house prices still unaffordable for many people, says Nationwide
House prices in the UK remain unaffordable for many households despite wages rising above inflation for the typical earner, Nationwide has said.

Britain’s largest building society said prices had risen slightly in June amid the impact of higher mortgage costs, with a 0.2% month-on-month increase. On an annual basis house price growth accelerated from 1.3% in May to 1.5% in June, leaving prices about 3% below the record high set in summer 2022. The average price of a UK home was £266,064 in June, Nationwide said.

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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