Weekly Property News Round Up – 22.08.21

Weekly Property News Round Up – 22.08.21

This week has been a difficult one on the global stage, with news of civil and political unrest in many areas of the world. Perhaps then, it was the perfect timing for arguably one of the most relevant national awareness days of 2021: Never Give Up Day, 18th August.

Never Give Up Day is focused on cultivating a sense of inner determination, helping us to get through all of the difficult challenges that life throws our way. Celebrating the tenacity of the human spirit, this inspiring mindset can apply to every aspect of our lives.

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.

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Episode 32: The Scottish Vs English Property Market – Featuring Chris from Portolio – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

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Property news this week

 

  • £30million Urban Development Boost for Liverpool – Up to £30m of funding has been made accessible for urban development schemes due to the successful investments made by two city region lending funds, according to Steve Rotheram, Metro Mayor of the Liverpool City Region. The Mayor is acutely aware that the local economy is still in need of support as it enters recovery from the pandemic, and solid investment decisions made over the last few years have now resulted in an extra £30m of funding available to help aid recovery – on top of the £150m COVID Recovery Fund announced the first day after May’s election.
  • House Prices will Continue to Rise – HSBC analysts have revealed a host of reasons they believe the house market boom will not be calming any time soon. The UK’s job market is getting stronger, with wages recovery from lockdowns already well underway.
    Approximately £250billion currently sits in UK savings accounts, with evidence suggesting that much of this surplus will be spent investing in property. The so-called ‘race for space’ is another factor driving house prices. Combine all this with cheap borrowing rates from mortgage lenders and it paints a not-so-pretty picture for the younger generation, whose dreams of getting on the property ladder as house prices rise may never come true.
  • UK Economy Well-Positioned for GDP Growth – Even though uncertainties are still being felt regarding the impact of the pandemic, the UK economy is expected to achieve significant GDP growth over the next five years. If growth remains as projected, it should rank the UK among the fastest-growing European countries. Consistent consumer spending is contributing heavily to this positive trend. With the option of a no-deal Brexit firmly off the table, a significant potential risk for the UK economy has been avoided. As such, business confidence remains high and company investments are likely to go full-steam-ahead for the foreseeable future. – Even though uncertainties are still being felt regarding the impact of the pandemic, the UK economy is expected to achieve significant GDP growth over the next five years. If growth remains as projected, it should rank the UK among the fastest-growing European countries. Consistent consumer spending is contributing heavily to this positive trend. With the option of a no-deal Brexit firmly off the table, a significant potential risk for the UK economy has been avoided. As such, business confidence remains high and company investments are likely to go full-steam-ahead for the foreseeable future.
  • Return of Office Workers Boosts Rental Market – In the past month alone there has been a 150% increase in tenancies at the purpose-built Millet Place development, according to Build to Rent Giant Granger. It is the return of workers to offices that is largely responsible for such a huge improvement to the East London’s lettings sector. After a challenging year for inner-city rentals, this positive upswing is an uplifting sign of economic recovery.  Grainger’s ‘Stay as long as you want’ tenancy provides the option of up to three years of rental security which should increase renter confidence in the area.

 

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.

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