Friday News #063 – 26th June 2020
A sustained high level of demand from buyers is driving property prices upwards in many areas of the UK whilst the number of completed transactions lags behind as the market plays catch-up following lockdown.
Five-year forecasts from industry leaders remain unchanged despite the pandemic disruption. As successful investors tend to purchase property with a long term view the latest report from Savills will be of particular interest.
Here’s what we’ve in the news this week:
House prices predicted to rise over the next three months as market ‘accelerates’: HOUSE prices are set to continue on an upward trend over the next quarter, new data has revealed. The Zoopla House Price Index predicted the post-lockdown growth will continue for another three months. Read more.
Property sales rise in May as HMRC figures reveal 50 per cent drop year-on-year: House sales jumped 16 per cent last month in the latest sign that the property market is surging back to life. Latest figures from HM Revenue & Customs show that 48,450 homes changed hands in May — the month that the Government ended the lockdown freeze for estate agents. Volumes were still almost 50 per cent down on the previous year but agents say momentum has been steadily building. Read more from the Evening Standard.
June lettings activity matching 2019 levels: The first fortnight in June has seen new and completed lettings applications surge above 2019 levels in some cases. Demand for rental properties has steadily gained paced since 13th May, when restrictions on moving house were lifted. Read more.
Revisions to mainstream residential market forecasts from Savills: Global Real Estate experts Savills have recently revised their forecasts for the UK housing market; whilst there will be an impact in 2020 following the pandemic, the future is looking bright from 2021. Read Savills’ latest report.
What is the best way to invest £100k in property: Buy to let property investment is relatively low risk when compared to other investment types, which is why it makes sense for those seeking the best way to safely invest their money. Read our latest article.