Weekly Property News Round Up – 21.01.23

Hello,

I hope you have had a great week. We are excited to announce the imminent launch of a new project located in central Leicester. This premium-quality residential development is being offered at 10% Below Market Value and comes with an astounding 8% rental assurance for ten years!

If you are interested in learning more about this incredible investment opportunity, reply to this article today.

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 54: House Price Predictions For 2023 & End Of Year Review – 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.

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Property News This Week

• Over 100 Projects Awarded Share of £2.1 from Levelling Up Fund – In Round 2 of the UK government’s Levelling Up distribution, over 100 different projects have been awarded a portion of the £2.1 billion fund. The ambitious scheme has been designed to create jobs, stimulate the economy across the country, and is anticipated to benefit millions of people. The fund has allocated £672 million for transport link development, £821 million for community regeneration and £594 million for the restoration of local heritage sites.

• Tenants Across UK Struggle Under Mounting Rental Costs –
  The rent crisis is a serious issue for millions of people up and down the country and seems that the government is refusing to acknowledge the seriousness of the situation. Inflation has reached its highest rate since the 1980s and yet private rents are now rising at the fastest rate for seven years. Average renters are now being forced to pay 24% of their weekly outgoings on housing, compared with the 16% paid by those with mortgages. The lack of supply has also caused a competitive market for basic or even sub-standard accommodation. When will it end?

• Market Sees 10.3% House Price Rise in a Year Since November – According to the Office for National Statistics, the average UK house price increased by 10.3% in the year to November 2022. This figure has dropped from the 12.4% reported in October. During that time frame, the prices grew by approximately £28,000, leading to an average house price of £295,000. England experienced the highest rise of 10.9%. Despite this, Hargreaves Lansdown expects an imminent end to the double-digit house price rises seen for the past two years.

• Top Expert Claims UK House Prices to Rise Again in Summer – Top UK property expert Jonathan Roland has suggested that house prices could shoot up again by Q2 2023, as figures published this week showed a 1% growth in property asking prices last month. If this is depictive of an upcoming trend, doom-mongers predicting a price crash could be proven have jumped the gun. So far, the UK market has defied the odds and has continued to grow despite heavy challenges. Can the UK show the same resilience this year? Only time will tell.