Weekly Property News Round Up – 28.09.24

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

This week, a major report highlighted ongoing challenges in the UK rental market, with limited supply continuing to impact renters’ options. At the same time, new legislation aimed at reforming renters’ rights is set to be introduced, which could bring significant changes for both tenants and landlords. In the property sales market, buyer confidence has shown signs of improvement, contributing to a rise in transactions and renewed market activity across the country.

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:

Zoopla Release Their UK Rental Market Report

A scarcity of supply has been an ongoing feature of the rental market for the last 3 years. The number of homes for rent is 18% higher than a year ago as lower mortgage rates enable some renters to exit the rental market to buy homes. However, the number of homes for rent remains a quarter (24%) below the pre-pandemic average, limiting choice for renters.

How the Renters Right’s Bill Will Effect Landlords

The government has issued a lengthy detailed guide to all provisions of the Renters Rights Bill, which is being presented to the House of Commons shortly. The full details include a list of all the Bill’s measures – namely periodic tenancies and grounds for possession, rent increases, tackling what it calls “the scourge of Section 21”, details of the Private Rented Sector Landlord Ombudsman, the Private Rented Sector Database, outlawing bidding wars, handling rent rises, renting with pets and the Decent Homes Standard and Awaab’s Law.

Buyer Confidence Boosts UK Residential Market

UK residential property transactions hit over 90,000 last month, driven by rising buyer confidence and improved mortgage options. According to HMRC data, in August, transactions reached 90,210, a five per cent on the same month last year, which in part reflects the Bank of England interest rate cut in July. Non-seasonally adjusted transactions surged by eight per cent compared to July, reaching a provisional estimate of 104,330, suggesting renewed market activity.

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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Weekly Property News Round Up – 28.09.24

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