Author: Richard Bradstock
July 31, 2024
UK PROPERTY MARKET UPDATE: JUly 2024
The UK housing market has responded positively to the election of a new Labour government led by Sir Keir Starmer. Property values continue to rise modestly with this positive momentum expected to accelerate in 2025. Inflation remained at 2.0% in June, the same level as May. At the time of writing, an August rate cut was highly anticipated.
Elsewhere, we’re definitely seeing a return to normality in the UK property market with market data hitting its 2017-19 averages again. Specifically, the number of completions – in June rose to 95% of the pre-pandemic average and we’re tracking a steadily increasing supply of stock coming back on the market as sellers respond to increasing demand.
What are UK property prices doing?
The short answer – they’re increasing across the board. The most recent data from June showed the highest annual growth in the North West at +4.1%, with an overall national average of +1.5%. In 2024, in the wake of higher debt costs it is the more affordable areas of the UK that are showing the highest capacity for growth. Manchester and Birmingham continue to remain the most desirable/top locations for property investors.
Elsewhere, we’re definitely seeing a return to normality in the UK property market with market data hitting its 2017-19 averages again. Specifically, the number of completions – in June rose to 95% of the pre-pandemic average and we’re tracking a steadily increasing supply of stock coming back on the market as sellers respond to increasing demand.
It’s slightly the opposite for new builds however, where shortages in the pipeline are beginning to kick in. Bad news for want to be homeowners who will face steep competition over stock, but better news for investors who have already bought or are buying now and who can only benefit from the anticipated prices increases.
The new government wasted no time in outlining their proposals to plug the hole in new build home delivery, citing how in the first two quarters of this year only 43% of new homes were delivered in comparison to the 2023 figure. The new National Planning Policy Framework announced at the end of July is set to shake up the planning system and prioritise more land for development. Specific proposals include prioritising brownfield development and examining the greenbelt for appropriate sites. With a shortfall of 1.5 million homes – there’s work to do. That the planning system needs an overhaul is an understatement and this vigour to build new homes can only be a good think for UK property investors.
English regions offer property investors excellent growth potential
With the North West topping the tables for price growth - 4.5% over the last year when many commentators predicted negative growth - we’re pleased to announce our latest instruction, Phase II of the popular Falcon development at Redbank Riverside.
Part of the £4billion regeneration called Victoria North, Redbank Riverside is the most ideally located neighbourhood within the master-planned area because it is the closest to the existing transport infrastructure of Manchester Victoria whilst also providing direct access to the 113-acre river park.
Introducing Redbank Riverside
INTRODUCING REDBANK RIVERSIDE, VICTORIA NORTH
Just a short walk from Victoria Station, Red Bank has been designed for a healthier city life, bringing nature into the heart of Manchester via the new City River Park. Winding through the neighbourhood, this dynamic green space promises unrivalled connection to the outdoors and unlimited possibilities for an active lifestyle.
Red Bank offers you the benefits of a well-connected, inner city neighbourhood with a thriving sense of community. On-your-doorstep convenience and big city amenities complement a bustling high street and inviting public spaces.This is a place for discovery, where neighbours can become friends.
Redbank Riverside promises to be a spectacular development in the UK’s most hotly anticipated property market. If you’re looking at Manchester and would like more information please do contact us as soon as possible, the previous phase was completely sold out and we expect Phase II to do the same.
Enquire Now About Redbank Riverside
That’s all for this month and as we head into August, may we take this opportunity to wish our clients and readers safe travels and happy summer holidays. If you’re going to be in the UK and you’d like to visit some of our development sites please do get in touch, we can easily organise you a viewing of our current investments with our UK team.
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Falcon's one-, two-, and three-bedroom homes combine the ease of living minutes from the city centre with resident's clubhouse and nature on your doorstep.
About the author
With 16 years of experience in the UK Real Estate Industry working in the UK and the Middle East, Elliot has been advising clients on leading portfolios to achieve their goals and personal targets and has built a network of high-profile investors and property professionals globally.
Founder and Managing Director
