I hope you’ve had an enjoyable week.
Last week, our team members visited Manchester to view some developments currently under construction. It was a fantastic day, and now we’re excited to be able to share with you our never-before-seen footage.
There is nothing like watching the progress of a new build from start to finish, as expert builders take empty space and transform it into smart apartment blocks and perfectly finished units, like the ones we’ve seen at X1 Manchester Waters.
I hope you enjoy the tour as much as we did!
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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Property News This Week
- Property Professionals Comment on Brutal Energy and Interest Hikes – In order to handle the growing rate of domestic cost and increased price pressures in all sectors, the Bank of England Base Rate Setters this week have voted to raise the BoE interest rate for this second time in three months, bringing it to 0.5%. The committee was divided on the extent of the raise, with a significant number calling for an even higher rise. This comes as energy bills hit an all-time high, expected to drive inflation to over 7% by April. Analysts believe this latest rise will be just one in a number seen this year, estimating that rates will hit 1.25% by Q4 2022. The CEO of The Guild of Property Professionals has remarked on the unfavourable changes at a time when the UK is already under significant pressure from rising bills, and the “most brutal energy price hike” seen for the past few years. However, Rightmove’s director of property data doesn’t believe the new interest level will dim enthusiasm for prospective buyers who are determined to go ahead, with excellent mortgage rates still readily available.
- Rightmove Users are in Love with this £6.5m Mansion – Who doesn’t love to live the dream? Coming in as the fifth most-viewed home this month and under an hour from Manchester, Rightmove users can’t take their eyes off this gorgeous mansion in Cheshire, being sold for £6.5 million. Featuring a stunning curved exterior and set in an excellent position amidst 16 acres of land, the 5-bed home offers panoramic views across the beautiful Cheshire countryside. With a host of high-spec luxury amenities such as a cinema room, games room, library and an incredible leisure suite, the buyer of this architectural gem will be transported to a new way of life. Whether taking a relaxing swim in the private pool or strolling through the immaculate gardens, this property is a slice of heaven.
- One in five Britons plans to buy a property in 2022 – Market Financial Solutions has conducted an independent survey of 2000 adults in the UK and found that one-fifth of respondents had plans to buy a house this year. Translated to the broader population, this would mean approximately 9 million potential new house-buyers across the UK in 2022. Of those taking part, 43% have revealed that they are considering relocating as a result of WFH. 50% are now interested in a property that has more space to find a better quality of life while working remotely. Approximately 1300 respondents are concerned about both inflation and rising house prices, anticipating these factors dampening their chance to buy this year.
- Section 21 Evictions Eroded Further in ‘Levelling Up’ Plan – On the 2nd of February, Levelling Up Secretary Michael Gove revealed the full contents of the government’s flagship Levelling Up White Paper. The objective of this plan is centred on creating a balanced spread of wealth and opportunity throughout the UK, narrowing the gap between the wealthiest and poorest areas. However, some aspects of this plan have come under fierce scrutiny from professional landlords and letting agents at the further abolition of Section 21. Although this has been done with tenant protection in mind, once again, landlords will be forced to bear the brunt of this measure. The inability to utilise Section 21 can leave landlords vulnerable to professional nightmare tenants in order to avoid eviction. This can be a ruinous expense to the landlord and there is currently no government support to protect them from the costs in this circumstance.
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.