Weekly Property News Round Up – 06.05.23

Hello,

I hope you are well. In the UK today we are all in the swing of celebrating the Coronation of our new King. As we embark on this latest chapter in UK history, we have decided to take a look through the journey of both the UK and Dubai property markets.

Understanding the development of these prolific markets can help to give us a clearer understanding of the crucial part we play in helping to create a strong and vibrant economy.

If you are interested to learn more about the extraordinary heritage of the UK or Dubai, click on these links to take a walk down memory lane:

Dubai
UK

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.

Episode 61: Where Should You Be Investing Right Now? – The latest episode of the Pure Property Podcast is out now. You can listen to it on Apple Podcasts and all other major platforms.

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

  • UK Prices Increased for the First Time in Seven Months in April 
    House prices in the UK increased by 0.5% in April, breaking a seven-month streak of declines and signalling a potential stabilization in the property market. Nationwide’s house price index revealed that the average price of a house in April 2023 was £260,441, up from £257,122 in March. Consumer confidence has started to recover, which could support a recovery in housing market activity. However, the market remains challenging to predict, and any price upturn is expected to be slow.

 

  • 44-Day Drop in Average Time it Takes to Sell a UK Home – The time it takes to sell a home in England and Wales has decreased by an average of 44 days, according to data from estate agent comparison site GetAgent. Over the past year, it took an average of 250 days to sell a home, compared to 294 days in the previous 12 months. The quickest area to sell a home is the SW1Y postcode in Westminster, averaging 79 days. Despite property market instability, home sellers and buyers have transacted at a faster pace in the past 12 months.

 

  • UK Mortgage Approvals Have Reached a 5-Month High – UK mortgage approvals rose to a five-month high in March, reaching 52,000, up from 44,100 in February, and surpassing expectations of 46,300. However, mortgage lending stalled, hitting its lowest level since mid-2021. The Bank of England (BoE) reported a 17 basis point increase in the ‘effective’ interest rate on new mortgages to 4.41% in March. The BoE has raised the bank rate by 415 basis points since December 2021. Individual mortgage debt borrowing fell to net zero, the weakest level since June 2011, excluding the pandemic period.

 

  • Brokers Speak Out Against Return of Help to Buy Scheme – Brokers have criticized the UK government’s early plans to reintroduce the Help to Buy scheme, arguing that it would inflate house prices and primarily benefit housebuilders. The scheme, which provided first-time buyers with government equity loans of up to 40% of the purchase price on new-build homes, was responsible for over 375,654 loans valued at £23.6bn over a decade. Critics argue that the government should focus on reducing bureaucracy and promoting an objective planning regime to encourage small builders to construct more affordable homes.

 

That is all we have for you this week. If you have any comments or questions on this week’s news summary, please email us at [email protected]  – if not, see you next week.

Popular Posts

The Impact of Major Events on Property Demand

Date: May 22, 2024

calculating roi

How To Calculate Buy-To-Let ROI

Date: May 21, 2024

best student areas in nottingham

The Best Areas For Student Property Investment In Nottingham

Date: April 24, 2024

blog post banner graphic

The Best Areas For Student Property Investment In Liverpool

Date: April 5, 2024

off plan property dubai blog graphic

Off-Plan Property Dubai: An Investor’s Pocket Guide

Date: April 5, 2024

best area for student property manchester graphic

The Best Areas For Student Property Investment In Manchester

Date: February 23, 2024

best buy to let areas in bolton graphic

The Best Buy-To-Let Areas In Bolton

Date: February 13, 2024

best buy to let areas in burnley graphic

The Best Buy-To-Let Areas In Burnley

Date: February 13, 2024

The Best Buy-To-Let Areas In Preston

Date: November 28, 2023

The Best Buy-To-Let Areas In Sunderland

Date: November 28, 2023

The Best Buy-To-Let Areas In Brighton And Hove

Date: November 28, 2023

How Much Deposit For A Buy-To-Let?

Date: November 28, 2023

How To Buy Off Plan Property In The UK

Date: October 27, 2023

Buy To Let In Cardiff: A Complete Guide

Date: October 27, 2023

Dubai Weekly Property News Round Up – 19.08.23

Date: October 18, 2023

Weekly Property News Round Up – 19.08.23

Date: October 18, 2023

Dubai Weekly Property News Round Up – 14.08.23

Date: October 18, 2023

Weekly Property News Round Up – 14.08.23

Date: October 18, 2023

Buy To Let In Leicester: A Complete Guide

Date: August 24, 2023

Overseas Investors in UK Property: Everything You Need To Know

Date: August 24, 2023

Why Are House Prices So High?

Date: August 21, 2023

Weekly Property News Round-Up 05/08/23

Date: August 5, 2023

Dubai Weekly Property News Round Up – 05.08.23

Date: August 5, 2023

Weekly Property News Round Up – 29.07.23

Date: July 29, 2023

Dubai Weekly Property News Round Up – 29.07.23

Date: July 29, 2023

Dubai Weekly Property News Round Up – 22.07.23

Date: July 23, 2023

Weekly Property News Round Up – 22.07.23

Date: July 23, 2023

Weekly Property News Round Up – 15.07.23

Date: July 16, 2023

Dubai Weekly Property News Round Up – 15.07.23

Date: July 16, 2023

The Best Buy-To-Let Areas In York

Date: July 14, 2023

Recent Posts

The Impact of Major Events on Property Demand

Date: May 22, 2024

calculating roi

How To Calculate Buy-To-Let ROI

Date: May 21, 2024

Get in touch with us by clicking below and submitting an enquiry.

if you have any questions or would like to inquire about our services, please click on the “Contact Us” button below to be redirected to our contact page. Our team is dedicated to providing exceptional customer service and will do their best to assist you with any inquiries you may have.