Weekly Property News Round Up – 19.10.24

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

This week, I spotlight the sharp rise in August house prices, with approvals at their highest since August 2022, despite the price surge. Additionally, all eyes are on Rachel Reeves as she prepares to announce Labour’s first budget in 15 years, with potential changes to stamp duty on the horizon. Lastly, the UK has secured a substantial impact investment to tackle the housing crisis. Check out the articles below for more details on these key developments.

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:

August House Prices Have Increased Three Fold

Mortgage approvals are at the highest level since August 2022 despite inflating property prices. UK house prices have increased from July to August of this year, tripling from the same period in 2023, according to the government’s latest house price index. The report indicates a more rapid house price increase between July and August of this year than the previous, rising from 0.5% in 2023 to 1.5% in 2024.

Rachel Reeves 2024 Budget Stamp Duty Effects

Rachel Reeves will announce Labour’s first Budget in 15 years later this month, leading one of the most highly-anticipated fiscal events in over a decade. As the chancellor looks to fill the £22bn “black hole” in public spending she announced in late July, speculation has mounted about what measures will be included on 30 October. Ahead of the event, Ms Reeves is reportedly opting to let current stamp duty exemptions expire by March, ending a tax discount introduced by Liz Truss in 2022. Property market experts have said the measure is likely to severely slow down the housing market.

UK Secures Large Investment for UK Housing

Impact investment, whereby a fund creates beneficial social or environmental impact, has now grown to £76.8 billion in the UK in assets under management. Tens of thousands of new homes are set to be built across Britain funded by over half a billion pounds worth of impact investments announced today (Tuesday 15 October). Coming the day after the Prime Minister announced £63bn of investment into Britain at the International Investment Summit, the commitment from three major financial institutions to invest for impact will directly tackle the most acute housing crisis in living memory, which includes at least 5,000 new homes to address social inequality.

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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Get in touch with our friendly team today to discuss your situation and start laying out a plan to secure maximum return on investment. Feel free to contact us using the form below.

Looking for more property investment advice?

Get in touch with our friendly team today to discuss your situation and start laying out a plan to secure maximum return on investment. Feel free to contact us using the form below.

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Weekly Property News Round Up – 19.10.24

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