I hope you’ve had a wonderful week. It has been full of excitement for us at Track Capital as we finalise our preparations to travel to Dubai and meet with property developers for our latest project launch, Emaar Beachfront.
Get involved in our plans too, by joining us at The Property Show in Knightsbridge, London on 2nd and 3rd October. Held at the Jumeirah Carlton Hotel from 10am to 10pm, this free event will teach you everything you need to know about investing in Dubai.
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 having to click through.
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
- In the Past Year, Homesellers have Significantly Profited – The latest research from Savills and data recorded by the Land Registry suggests that property sellers in England and Wales made an average capital gain of just over £110K in the past year, which was a year-on-year profit increase of £15,587. The steepest increase was recorded from owners selling between the three and seven-year period of their ownership, at 38.3%. The region with the biggest gains year-on-year was the South East, with sellers profiting an average of £141K from their house sales. The Stamp Duty tax break and “race for space” market trend are likely factors in these exponential profits.
- Landlords Selling Up Causes Stock Concerns for Estate Agents – The most recent State of the Lettings Industry report from Goodlord and Vouch suggests that one-third of surveyed estate agents are concerned about a current marked lack in stock and therefore listings. 83% of those surveyed reported that some of their landlords were leaving the sector, and 64% believe this concerning observation will continue into 2022. With increasing regulations restricting both capital gains and net yield, many landlords appear prompted to reduce or dissolve their portfolios. This restriction in supply will be good news to landlords holding their rental properties as the further stock restriction will be sure to see a continuation of rental price increases.
- Average Age of First-Time Buyers is Now Thirty-Five – According to insurance giant Compare the Market, the average age of a first–time buyer in London has now reached 35, with the average across the rest of England approaching the same age. Even more alarming is the prediction that by 2031, the majority of first-time buyers may not see the inside of their first property until the age of 37.
The head of home insurance at comparethemarket.com Chris King, has observed that despite all of this, buying habits do not appear to have adjusted as one might predict.
- Michael Gove Becomes New Housing Secretary – A new juggling of positions within government has revealed that Mr Gove has now taken the place of Mr Jenrick in the top position of Housing Secretary at the Ministry of Housing. Since February 2020, Mr Gove has been working as the Cabinet Office Minister. Mr Gove has already gained previous experience in this new role between 2005-2007 when he acted as a shadow housing minister. It is hoped he will use this experience to improve processes within the Housing Sector.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.