Property News 17th June 2024
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Recovery In Buyer Demand Falters Slightly Amid Interest Rate Uncertainty.
The May 2024 RICS UK residential survey results are symptomatic of a slight setback for the sales market over the month, with most of the indicators tracked deteriorating to a certain extent. this appears to be linked to the recent scaling back in expectations around the degree of monetary policy loosening likely to be pushed through by the bank of England during the second half this year. nevertheless, respondents still foresee a modest recovery in residential sales volumes getting back on track over the months ahead. source: rics.org
Market Maintains Momentum Despite More Tentative Top-End.
The average price of property coming to the market for sale drops by just ￡21 this month (0.0%) to ￡375,110, as prices in June follow the same seasonal pattern as recent years and remain flat after reaching a record in May. price trends differ across Great Britain, and the strongest price growth this month is occurring in the less expensive and more northerly regions, with five of the six cheapest areas reaching new price records. by contrast, the higher-priced east of England and London regions lag and see this month’s only regional price falls. now that a general election has been called, Rightmove’s whole-of-market data suggests that activity is largely remaining stable, with the market maintaining its 2024 momentum. Source Rightmove
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Does It Make More Sense To Buy or Rent a Property In The UK?
New research by estate agent Savills has compared the relative costs of buying and renting — both nationally and in 80 cities and towns — since the late 1980s, as well as incorporating mortgage repayment costs and gross rent on comparable homes, it includes additional costs of ownership such as repairs and insurance, and the amount that would have been earned by a deposit and stamp duty had they been invested elsewhere. it found that buying with a capital and interest mortgage is currently 11% more expensive nationally than renting. Source Financial Times.
The Growing Gap Between Supply And Demand For Lettings Indicates That Rental Prices Will Continue To Rise For The Foreseeable Future.
This week the royal institution of chartered surveyors published its monthly survey of agents and surveyors, which found tenant demand was up sharply in May, whereas the number of new lettings offered was flat. “The growing gap between supply and demand for lettings indicates that rental prices will continue to rise for the foreseeable future, albeit at a slower pace than previously,”
RICS said.