Weekly Property News Round Up – 17.08.24

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 take a closer look at how property prices in London are faring compared to the rest of the UK. There’s big news for landlords – they’ll need to ensure their properties meet stricter energy efficiency standards by 2030. Finally, we’ll examine the latest trends in rental prices across different regions of the United Kingdom.

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:

The capital’s super-prime market seems to following a similar track to the general market: optimism is cautiously increasing as mortgages start to come down following the Bank of England’s rate cut. 
 
According to Knight Frank, the number of property exchanges in London during June and July was 8.4 per cent higher than the five-year average.

Landlords Will Need EPC C Rating by 2030 
The government has confirmed that landlords will have to meet an Energy Performance Certificate (EPC) rating of Band C by 2030, pledging to work with social housing providers to meet the goal. 
 
Miatta Fahnbulleh, under-secretary of state at the Department for Energy Security and Net Zero (DESNZ), confirmed the news in response to a question in parliament.

UK Rental Prices Rise 
Average UK private rents increased by 8.6% in the 12 months to July 2024. This is according to the latest Price Index of Private Rents (PIPR) from the Office of National Statistics (ONS) which reveals that average rents increased to £1,319 (8.6%) in England, £748 (7.9%) in Wales, and £965 (8.2%) in Scotland, in the year to July 2024. 
 
In Northern Ireland, average rents increased by 10% in the year to May 2024. In England, rents inflation was highest in London (9.7%) and lowest in the North East (6.1%), in the 12 months to July.

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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