I hope you have had a lovely week. This week we are excited to announce a collection of brand-new products joining our portfolio that offer a range of incredible investment opportunities across the UK.
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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.
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Property News This Week
- Overseas Investors Set for Big Gains as Rental Undersupply Continues – With less than half the normal amount of available homes to rent currently circulating in the UK, ex-pat and foreign national investors could be in for a very profitable year amid fast-rising rents driven by massive competition amongst prospective tenants. With the shocking average of 8 available rental properties for each UK estate agent and fewer people able to get onto the property ladder amid rising mortgage rates and cost-of-living increases, big profits are on the cards for landlords – particularly those who can capitalise on the weakened pound.
- Significant Cladding Remediation Due After Grenfell Inquiry – The UK government has now issued an ultimatum to England’s housing developers; repair your unsafe buildings or be excluded from working altogether. Developers have just six weeks to repair any unsafe buildings they have owned in the past thirty years, including the reimbursement of homeowners living in buildings whose construction poses a potential fire risk. Building companies responsible for installing unsafe cladding will be forced by law to fund its replacement for safer materials. The government itself will commit a total of £5 billion towards the effort.
- Bank of England Interest Rate Hits 15-year High of 4% – On Thursday, the BoE announced a further increase to the base rate of 0.5%, bringing the new value to 4% – a high not seen in 15 years. This marks the tenth rise in a row in the past year and is set to affect mortgage holders, house hunters and savers alike. Those on Standard Variable Rates and Tracker mortgages will feel the sting most of all. Despite this pressure, experts are confident that the housing undersupply and rising demand will continue to fuel a stable market.
- Tech-Powered Rental Housing Investor Re-Enters UK Market – Property investment platform IMMO has recently announced its plans to come back into the UK market, using Manchester as its base. The company specialises in acquiring and managing rental homes on behalf of institutional investors and has just taken on a collection of properties in Manchester, Leeds and Sheffield. IMMO’s focus on Manchester as its most prominent area of choice stems from its strong market fundamentals, low risk and notoriously high yields.