Welcome to this week’s edition of our Property News Roundup, where we bring you the latest insights and trends shaping the real estate landscape.
As we navigate the dynamics of a market influenced by political events, you’ll find a detailed look at how election news is impacting buyer behaviour and property prices in London.
Additionally, we’ll explore the growing interest in new-build investments, highlighting the key benefits attracting buyers. Stay informed on the market’s resilience and the strategic opportunities it presents for your investment decisions.
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
Property transactions have increased compared to last year, indicating sustained buyer interest despite the upcoming General Election, according to HMRC data. In May 2024, residential transactions rose by 17% year-on-year and 2% from April 2024.
London House Prices Up 1.4% Annually Amid Election-Driven Surge
The average asking price for a house in London is £695,079, down 0.3% from May but up 1.4% annually, according to Rightmove. Despite strong demand leading up to the general election, high mortgage rates are limiting buyers’ budgets.
Investing in new-build properties remains popular in the UK, with a Knight Frank survey showing a 13% rise in interest, particularly in off-plan purchases. The top benefit cited by over 60% of buyers is energy efficiency. Another 46% appreciate the absence of a seller chain, while a third value the ability to influence design.
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!
