For the first time in eight months, annual growth in UK house prices accelerated, lender Halifax revealed with its latest figures. The report states that property prices have risen by 6% compared to one year ago, meaning the cost of a typical home is now at £218,002. Nationwide, Halifax’s House Price Index rival, only attributed November a growth of 4.4%.
New rental listings increased by 6.8% in the UK in November, the second month in a row of positive growth, with almost 60% of towns and cities seeing a rise, the latest data shows. Four cities recorded triple digit increases in new rental supply, including Bristol which was up 162.7% compared to October but London recorded a fall of 1.2% in new buy to let properties on the market.
The latest data from Halifax has revealed that the annual rate of house price growth has risen from 5.2% in October to 6.0% in November – the first rise in 8 months. According to the report, house prices in the three months to November were 6.0% higher than in the same three months of 2015. On a quarterly basis, prices in the last three months (September-November) were 0.8% higher than in the preceding quarter.
The British Government has confirmed a new multi-million pound deal in order to provide more than 2,000 quality new homes across key cities in the UK. The £400 million development is one of the largest investment in the private sector across Britain and will receive a total of £45 million from the Government’s Home Building Fund. The fund makes money available to kick start new development and housing. Overall, 2,062 new homes are being planned. Out of the lot, 995 will be in Manchester, 744 in Leeds and 323 in Birmingham. “Alongside home ownership, we’re determined to create a bigger, better private rental market to offer greater choice for tenants in a country that works for […]
The Northern Powerhouse, and especially Manchester, has had one busy 2016: Airport City has seen an £800 million investment, the Sir Henry Royce Institute for Advanced Materials managed to bag another £235 million and The Factory, the city’s new art hotspot adds another £110 million to the list. On top of that, the city’s population is currently at 2.8 million with forecasts estimating it to surpass three million by 2035. Predictions for employment suggest a growth of 3.8% between 2015 and 2020 and 10,300 new homes are required every year until 2035, the Telegraph reported.
The UK’s Build to Rent sector is in good shape to see considerable expansion as real estate investors and developers regard it as a significant opportunity going into 2017. The Government has already backed the growth of the sector and there is strong support from those investing despite Brexit and economic uncertainty ahead of the official triggering of the process to leave the European Union which is due to take place by the end of March next year.