Weekly Property News Round Up – 30.06.24

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.

As we navigate the dynamics of a market influenced by political events, you’ll find a detailed look at how election news is impacting buyer behaviour and property prices in London.

Additionally, we’ll explore the growing interest in new-build investments, highlighting the key benefits attracting buyers. Stay informed on the market’s resilience and the strategic opportunities it presents for your investment decisions.

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

Property Market Surges Despite Election Uncertainty 
Property transactions have increased compared to last year, indicating sustained buyer interest despite the upcoming General Election, according to HMRC data. In May 2024, residential transactions rose by 17% year-on-year and 2% from April 2024.
 
Jackson-Stops director Crispin Harris noted a stable market with hopes for growth into summer, supported by a 1.1% annual increase in UK house prices. Jackson-Stops also saw a 34% rise in new instructions year-on-year. Non-residential transactions increased by 6% from May 2023 and 1% from April 2024. Andrew Lloyd from Search Acumen highlighted resilience in commercial property, suggesting a potential market turning point.

London House Prices Up 1.4% Annually Amid Election-Driven Surge 
The average asking price for a house in London is £695,079, down 0.3% from May but up 1.4% annually, according to Rightmove.
Despite strong demand leading up to the general election, high mortgage rates are limiting buyers’ budgets.
 
The average five-year fixed mortgage rate is 5.04%. Camden saw the highest annual growth in asking prices at 9.7%, while Brent experienced the largest decline at 2.9%. Rightmove’s Tim Bannister noted a dip in new sellers, especially at the top end, but overall market activity remains steady. Estate agents report increased buyer confidence following the election announcement.

New-Build Investments Rise Due to Energy Efficiency and Perks 
Investing in new-build properties remains popular in the UK, with a Knight Frank survey showing a 13% rise in interest, particularly in off-plan purchases. The top benefit cited by over 60% of buyers is energy efficiency. Another 46% appreciate the absence of a seller chain, while a third value the ability to influence design.
 
New-builds are sometimes cheaper than existing homes, offering advantages like financial incentives, warranties, and better safety standards. Energy efficiency is a major draw, with new builds showing a 56% annual energy cost saving over existing properties. The number of new homes with top EPC ratings is also increasing significantly.

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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