Weekly Property News Round Up – 20.07.24

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.

This week’s property news highlights significant developments in the housing sector. Keir Starmer’s first king’s speech will introduce mandatory housing targets and a suite of economic growth-focused bills. Additionally, UK house price inflation has accelerated, with notable regional variations, and Lloyds Bank is set to unveil a comprehensive plan to expand its influence in the rental 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…

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Property News this Week

Local councils will have to adopt mandatory housing targets within months under planning reforms to be unveiled on Wednesday as part of Keir Starmer’s first king’s speech, which the prime minister says will be focused on economic growth. Starmer will introduce a package of more than 35 bills on Wednesday, the first Labour prime minister to do so in 15 years, as he looks to put the economy at the centre of his first year in office. Labour will use the next 12 months to introduce laws on planning reform, devolution and public transport, the prime minister will tell parliament.

Annual House Price Inflation Accelerates to 2.2%
Average UK house price annual inflation was 2.2% in the 12 months to May 2024, up from an increase of 1.3% in April, according to the latest UK House Price Index from the Land Registry. The average UK house price was £285,000 in May, £6,000 higher than 12 months ago. Over the past year, average house prices have increased by 2.2% in England, 2.4% in Wales, 2.5% in Scotland, and 4.0% in Northern Ireland. Of the English regions, annual house price inflation was highest in the Yorkshire and the Humber, where prices increased by 3.9% in the 12 months to May. London was the English region with the lowest annual inflation, where prices increased by 0.2% over the year. Average prices increased by 1.2% between April and May 2024, up from an increase of 0.2% during the same period 12 months ago.

Lloyds Bank Launches Bid to Become Major Player in Rental Sector
Lloyds Bank – already a player of growing importance in the Build To Rent niche – is now to publish what it calls a ‘White Paper’ on its plans for all aspects of the rental sector. This will be revealed at a Housing Forum, being hosted this week by the bank, which will bring together policy makers, chief executives and others in the debate to discuss how housing can become more widely available in the social and private sectors. The news comes as the bank reveals that it’s growing to redevelop its redundant data centres and former office sites into new social housing projects, with the first such conversion happening in 2026 in Pudsey, West Yorkshire.

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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