Verta Property Group

Weekly Property News Round Up – 10.08.24

Welcome to this week’s edition of Property News Weekly, where we bring you the latest updates shaping the real estate landscape.

This week, we review the UK housing market’s performance in July and examine how the Labour Party’s house-building manifesto has sparked growth in UK construction and housing efforts. As these initiatives take shape, we explore their potential impact on future property investment opportunities.

If you would like to speak to our experts for some industry insight on these important questions and discover the strategic opportunities this evolving market has to offer, reply to this article today.

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:

In July 2024, the England and Wales housing market showed a slight decline, with the average sale price of a home decreasing by approximately £500 (0.1%) to £360,630. This minor downturn pauses the incremental gains seen in the preceding months. 
 
This is according to the latest e.surv Acadata House Price Index which also reveals that the annual change in house prices, showing a decrease of 1.3%, marks the most robust performance since June 2023

Housebuilding Efforts to Increase
Persimmon has strengthened its housebuilding forecasts for the year, saying it has been encouraged by the new Labour government’s planning reforms.

The company, which is one of the UK’s largest house builders, said its outlook was already being bolstered by improving consumer confidence, having seen a rise in visits by potential buyers. That trend is expected to continue after the Bank of England’s rate cut last week, which brought the base rate down from to 5% from 5.25% and will help reduce mortgage costs for prospective homeowners.

UK Construction Sector Growth 
Growth in the UK construction sector hit its highest level in more than two years last month amid optimism that Labour’s shake-up of planning laws would boost activity. 
 
In the latest sign that the economy is emerging from last year’s recession, the monthly health check from S&P Global Market Intelligence showed all three parts of the sector – commercial property, housing and infrastructure – expanding strongly.

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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