Welcome to the latest edition of Garrington’s monthly market review! In this video, we delve into the current state of the UK property market, exploring the highs and lows, and what it means for buyers, sellers, and investors.
Highlights:
Economic Landscape: The UK economy has exited a recession with the fastest growth seen in two years, but rising unemployment and wage inflation could impact future interest rate cuts.
Mixed Signals in House Prices: Rightmove reports a 1.1% increase in average asking prices, while Nationwide records a 0.4% decrease in sale prices, creating a widening price expectation gap.
Supply and Demand Dynamics: The flow of new properties entering the market is up 14% year-on-year, but buyer demand has only increased by 4%, leading to a shift in negotiating power towards buyers.
Investor Activity: There’s renewed interest from high net worth investors in ‘safe harbour’ locations like London, with rental yields and capital growth looking promising.
Regional Yields: Beyond London, many regions now offer yields of over 7%, making property investment compelling, especially for cash investors.
Market Influencers: The timing of interest rate cuts and the now known upcoming summer General Election will play crucial roles in shaping the market for the rest of this year.
Looking Ahead: The summer outlook remains cautiously optimistic, with average prices likely to stay subdued except for top-tier homes in prime locations. A potential interest rate cut in June could bring renewed confidence to a fragile market.
Explore More:
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1 окт 2024
