Property Newsletter 19th August 2024
Prosper Esin Property
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HOUSING MARKET BOOSTED BY BASE RATE REDUCTION
In July, we saw demand that the number of buyers enquiring about homes for sale on Rightmove increase by 11% compared to July 2023. But since the Base Rate cut was announced, we’ve seen demand jump even further, and it’s currently 19% higher than the same time a year ago. This significant rise shows the positive feeling the long-awaited Base Rate drop has brought about with home-movers, looking to kick-start their move. Rightmove property expert, Tim Bannister, says: “The first Bank Rate cut since 2020 has sparked a welcome late summer boost in buyer activity. While mortgage rates aren’t yet substantially lower since the rate cut, the fact that the long-hoped-for first cut has finally arrived, and mortgage rates are heading downwards, is positive for home-mover sentiment. As the summer holiday season comes to an end, the conditions are there for a more active autumn market.
Source: Rightmove
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NEW RESEARCH HAS REVEALED THAT THE NUMBER OF SELECTIVE LICENCING SCHEMES IN THE UK HAS INCREASED
?by nearly 10% over the past two years, with landlords paying on average ￡700 for a five-year licence. It has also emerged that selective licencing schemes squeezed some ￡20 million of the private landlord sector last year alone in licencing fees, with a further ￡2.5 million in revenue coming from fines for non-compliance.
Source: https://www.landlordzone.co.uk/
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UK PROPERTY MARKET BEGINS TO RECOVER FASTER THAN THE REST OF EUROPE
The UK’s commercial real estate market is beginning to recover faster than the rest of Europe from a brutal two-year downturn brought on by high interest rates. Deal volumes and property values in the UK increased in the first half of 2024, "according to market data". In Germany and France, Europe’s biggest markets after the UK, dealmaking failed to pick up and prices eked out a smaller gain in the period. Industry executives and agents said the UK has benefited from hopes for political stability after the general election, stronger economic prospects, rising rents and a more moderate run-up in prices between Brexit and the market’s peak in 2022.
Source: Financial Times
UK MARKET LEADER RIGHTMOVE HAS AGREED NEW TERMS WITH LETTINGS SPECIALIST OPENRENT,
says after saying the agreement between the two companies would end in September. In a brief statement to the market, Rightmove said: Further to the announcement on 6th August, Rightmove announced that OpenRent has entered into a new membership agreement. The two parties have now decided it would be mutually beneficial to agree to new terms after a month-long standoff that saw OpenRent remove Rightmove from its website as an advertising partner.
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?Source: https://www.onlinemarketplaces.com/