Category Archives: Property

News, Overseas Property, Property, Property & Construction

EDB Mauritius returns to London for another exciting edition of the Mauritius Property & Investment Forum

The Economic Development Board (EDB) Mauritius is set to return to London this spring, to host the second edition of the Property and Investment Forum, following the success of its 2023 event.

Taking place at the Conrad London St James Hotel in Westminster on Friday, May 31, 2024, this flagship event aims to provide valuable insights into the exciting growth and development opportunities on the island for Business Leaders, High-Net-Worth Individuals, and Property Investors.

Commencing at 09:30 hrs, the Property and Investment Forum will feature esteemed speakers from Mauritius – including government officials, leading real estate developers, legal experts, notaries, tax specialists, prominent banks, and management companies – enabling UK business leaders and investors to understand how the Island has maintained a strong economy in recent years compared to national markets.

Mauritius shines as a beacon of innovation, strategic foresight, and economic resilience. Positioned as the star and key of the India Ocean, the island stands as a testament to the transformative power of innovation and diversified economic strategies. Consistently recognized for its excellence, Mauritius boats impressive accolades, including ranking 13th worldwide and 1st in Africa for ease of doing business. Mauritius unwavering political stability and commitment to economic freedom further solidify its status as a premier destination for discerning investors and ambitious entrepreneurs.

The business opportunities in Mauritius are vast and varied, ranging from financial services, tourism, and real estate to emerging sectors such as information and communications technology, higher education, biotechnology, and renewable energy.

Committed to establishing Mauritius as a leading investment platform for economic growth, the Economic Development Board also plans to leverage the Forum to attract more UK citizens to the island.  For the period 2019 to September 2023, Mauritius has registered 91 million GBP in terms of Foreign Direct Investment from UK. As at date, more than 400 British have pledged interest in its Premium Visa and 395 as Retired Non-Citizens.

The Property and Investment Forums play a key role in enabling us to achieve this and in showcasing what life, business and investment could look like in Mauritius. We are, therefore, delighted to return to London this Spring – particularly following the success of our 2023 event – and look forward to educating more business leaders and investors on the opportunities available for personal and professional growth in Mauritius.”

To find out more about the EDB Mauritius Property and Investment Forum and to register your interest by clicking on the following link:

https://forms.edbmauritius.org/cn/al935/London

News, Property, Retirement

Demand for age-appropriate housing creates opportunity for developers says My Future Living

A new report highlights that demand for age-appropriate housing for older people is rising despite a slowdown in the housing market, and that affordability is a key driver, something that My Future Living, the UK’s leading retirement rentals brand says echoes their experience as retirees want to live somewhere that suits their needs in later life.

The ‘UK Real Estate Market Outlook Intelligent Investment 2024’ from CBRE[i] which has a chapter on Senior Living also found that the take up of rentals has grown substantially over the last five years, and that is the increasing number of over 75s is driving the demand for retirement housing.

Dominic Stead, Property Director at My Future Living said: “Where people live when they get older is high on the housing agenda as there isn’t currently enough supply. The report points to the opportunities for developers and investors to tap into this sector as the UK senior living market is still in its infancy and the penetration rate is a fraction of what is seen in other mature markets.

“We are seeing increasing demand for affordable, rental homes within retirement developments throughout the UK as people want to move somewhere that suits their lifestyle and changing needs in retirement. Renting is a good financial option for some as it can enable people to free up capital if they own a home, and to downsize.

“Moving to a one or two-bedroom apartment that is easier to manage and removes the headache of ongoing property maintenance and unexpected bills, frees people up to enjoy their retirement years as part of a sociable community. Developments tend to be close to local amenities and transport links which are important as people age and may not want to drive any longer.

“There are also the safety factors that are important, such as living in a gated community, having a house manager on site and an emergency cord in each apartment, as well as neighbours close by. These elements give extra reassurance that people can get assistance if needed, whilst benefiting from still living independently.

“We hope this report will encourage more developers and investors into the senior living sector as it’s something that is very much needed. Having more affordable, age-appropriate housing for our ageing population could encourage more to downsize, freeing up homes for younger families and giving older people a better retirement experience and lifestyle.”

 

For more information about My Future Living, please visit www.myfutureliving.co.uk.

[i] https://www.cbre.co.uk/insights/books/uk-real-estate-market-outlook-2024/senior-living

Finance and Banking, News, Property

‘Debanking’ risk for real estate agents laid bare before Parliamentary committee

Thousands of small and medium-sized estate and letting agencies were debanked in 2023, with financial institutions forcibly closing accounts across the sector. Evidence provided to the House of Commons Treasury Committee revealed the scale of the problem for businesses across the UK.

 

Harriett Baldwin MP, Chair of the Treasury Committee, wrote to the UK CEOs of major banks, asking for:

  • The number of SME business accounts held by their organisations, and if possible, a break-down by business sector.
  • The number of accounts closed at the instigation of their organisation for the year to date, and the proportion of those that were SME business accounts.
  • If possible, a breakdown by business sector of the accounts closed.
  • The reasoning for the closure of the accounts.

 

Regulator and economic crime concerns behind closures

For the banks that provided a breakdown of the number of SME bank accounts closed, real estate businesses bore the brunt, with Lloyds closing 1,130 accounts, Santander closing 320, Metro Bank closing over 10%, and Handelsbanken closing 22%.

While closures varied across institutions and sectors, banks cited regulatory compliance, concerns over financial crime, and failure to furnish requested information as their primary reasons for closing accounts.

 

Real consequences for agents

In the UK, letting agencies are required to hold rent money in a client account, where the money is protected. Without a valid client account operated by an FCA-regulated bank or business society, a letting agency cannot legally operate or take out a client money protection policy, which is a legal requirement in England, Scotland and Wales.

 

Neil Cobbold, managing director of client accounting and automated rental payment specialists, PayProp UK, spoke out in support of the government’s investigation into large-scale account closures. “A stable banking relationship is fundamental for letting agencies and their tenants and landlords. The risk of not being able to receive or pay out rents due to account closures is a real worry for agents across the country, and one we are pleased to see the government investigating. It’s especially important to protect the SME business who are the ones most at risk of being debanked.

“Legitimate agents should not have to worry that their bank account will be closed. While some in the industry are calling for agents to be regulated (it may help prove to banks that they have effective financial controls and client money handling policies in place), putting a regulator in place will take time and will not solve the immediate problem some agencies are facing today.

“PayProp has been providing bank-integrated client money accounts for real estate agents around the world since 2004, and we have had the same banking partner in the UK since we started operating here in 2015. Over the years, PayProp has supported many letting agencies that have been debanked in securing compliant, reliable and efficient client accounting solutions through our platform.”

News, Property

Households urged to act fast on mould to save thousands on repair

Act fast on mould to not get hit in the pocket

Staying on top of home maintenance can be an extra burden on everyday life. With children to look after, meals to make, clothes to wash, all this and much more takes up valuable time when you should be relaxing after a busy day. However your health and your finances can be hit hard if you overlook and neglect the early signs of mould, not to mention the significant health impact.

The UK is experiencing a year on year rise in homes requiring treatment for damp and mould with some areas seeing an unprecedented spike in residential properties experiencing this problem. Overall local authorities have seen a huge 66.67% rise in complaints during 2022/23 compared to the year before and housing associations saw a 70.23% increase during the same time period.(* USwitch Mouldy Nation Report.)

The causes vary from older housing stock and poorly ventilated homes to unresolved leaking plumbing.

The impact of mould on health has been widely reported with the NHS spending £1.4bn (**Building research body bre) a year treating illnesses associated with living in cold or damp conditions.

But if you find mould in your home, when and how should you act?

 

Mould can spread fast, causing expensive structural damage, so start to treat the problem straightaway.  A professional mould removal company will charge you from between  £300-£400 per day to solve the problem and a painter and decorator will cost you another £200-£300 per day to ensure your rooms are permanently mould free. Plumbers prices can vary widely depending on where in the UK you are anywhere up to £500.00 per day.

To effectively remove mould we recommend you use HG mould remover to deal with the issue head on. HG mould remover is affordable and available at many retailers from B&Q, Tesco’s and on Amazon selling from £5.25. HG mould remover eliminates all mould and is suitable for a  wide range of surfaces including plastered walls, tiles, bathroom seals and more. With a targeted spray action HG mould remover is easy to use directly onto mould or mildew in damp areas.

We do have other organic methods to remove mould, check them out here.  But we recommend that you resolve the issue first so as not to jeopardise your home and family. Homeowners are increasingly turning to HG to help them with their mould problems with a 232% increase in EPOS Sales Units 2023 vs 2021.

 

Prevention is always preferable and once you have solved your damp and mould problems here are some steps you can take to ensure your home is dry and mould free:

  1. open windows regularly
  2. cover pans when you cook
  3. dry clothes outdoors or in a dryer
  4. close internal doors when you cook or shower
  5. use extractor fans in the kitchen and bathroom
  6. leave a gap between furniture and external walls
  7. wipe condensation from window sills each morning

If you have any questions on how to treat mould effectively, please check out https://hg.eu/uk/tips/how-to-get-rid-of-mould for further information.

 

Bristol, News, Property, Property Rentals, Proptech, South West, Technology

PyTerra has been awarded an Innovate UK R&D grant to develop an online solution which empowers tenants to initiate home energy improvement measures

 

PyTerra, the Bristol-based company, today announces it has been awarded a grant under Innovate UK’s ‘Net Zero Living: User Focused Design’ competition. This project will engage tenants across Bristol to understand how they can be incentivised to initiate energy efficiency measures in their rented homes.

Recognising that tenants are more likely to live in energy inefficient dwellings, and that the retrofit industry is failing to tap into the massive private rented sector, PyTerra is developing a solution called MyGreenDoor to bring these two markets together for mutual gain.

MyGreenDoor gives tenants more agency over their comfort and wellbeing, while at the same time opening up a significant market for the retrofit industry.

MyGreenDoor creates ‘smart’ landing pages on the websites of retrofit installers and suppliers, where tenants’ needs are assessed using customer intelligence tools, and where tenants are matched with solutions that suit both them and their landlords. Other products will be brought into the mix if needed, effectively creating multiple mini marketplaces across participating websites.

In effect, MyGreenDoor exchanges ‘hard sell’ for ‘soft sell’, brokering a space that emphasizes the building of trust-based relationships with potential customers – essential for the tenant market.

The impact will be to accelerate the delivery of more comfortable living environments and net zero targets. Tenants will receive information about solutions that are deliverable and affordable. Retrofit companies will open up the lucrative rental market and improve their customer conversion rates.

Tenants are being targeted because landlords currently have little incentive to invest in energy improvements. Last September, the Prime Minister scrapped new EPC targets which would have required landlords to improve the energy performance of their properties. Landlords still expect this legislation to be reintroduced in the future, but the timing is uncertain. However, the new Renters (Reform) Bill promises to help tenants become more secure to pursue energy improvements, building on rights they have had since 2015.

David Arscott

“Over the past two years we’ve focused on where MyGreenDoor can best bring consumers and suppliers together in the rapidly changing UK retrofit market. The product is being designed to improve tenants’ lives by giving them realistic choices as to how the comfort of their homes can be improved,” comments, David Arscott, founder and CEO at PyTerra. “This grant from Innovate UK validates our innovative thinking, allowing us to fully engage the tenant market in order to develop a successful product.”

During the project, PyTerra is working with expert market researchers Timmus Research. Advice is also being provided by Retrofit West CIC, whose MD Simon Andrews added, “ Innovation in this area, particularly where it drives data-driven insights into both buyer and seller markets, is wholly supported by Retrofit West.”

Retrofit installers and suppliers can sign up to hear more about MyGreenDoor via https://www.mygreendoor.io. Join the movement towards healthier homes for tenants through a thriving retrofit industry with MyGreenDoor.

News, Property, Property Rentals, Retirement

The advantages of downsizing to a retirement rental apartment for retirees looking to move in 2024

Retirees downsizing in 2024 could benefit from moving into a retirement community to help beat the impact of the cost of living on their finances as well as support their wellbeing, according to My Future Living, the UK’s leading retirement rental brand.

A recent report by the National Housing Federation[i] has revealed that more than two-fifths (42%) of older private renters (55+) in England say they regularly struggle to afford basic living costs like buying food, heating their homes, or paying for clothes, and 48% of older private renters are worried about getting into debt over the cost of living.

They highlighted that the number of people over the age of 55 renting privately has rocketed by over 70% in the last decade, growing at three and a half times the rate of the population.

 

Other research by Hargreaves Lansdown[ii] in September 2023 suggests just under a quarter (23%) people say they plan to downsize in retirement.

 

Dominic Stead, Property Director at My Future Living said: “For older people in the private rental sector life can be a struggle, especially since the cost-of-living crisis is leading to pensioners’ disposable income falling. Even homeowners can face financial challenges when they retire if they live in a large family home that needs to be heated and maintained.

“As a result, we’re seeing an increasing trend for homeowners to downsize once they retire, with some opting to rent in a retirement community because of the benefits it can bring. These include freeing up capital in a home which they can use in retirement to enjoy a better standard of living, and no longer having to worry about the upkeep of a home.

“Living in a retirement community also gives people access to a sociable community with most developments featuring communal areas for people to mix and make friends, as well as organising events and outings. We support older renters in a number of practical ways, and we recommend those looking to downsize in 2024 consider the benefits that renting in a retirement community can bring if they choose to rent instead of buy.”

 

How My Future Living supports renters in retirement:

 

Offering assured ‘lifetime’ tenancies – Most apartments are offered with an assured tenancy, which means that people will not be asked to leave their home (as long as they adhere to the terms of the tenancy agreement). This type of tenancy is uncommon in the private rental sector. As moving is both stressful and costly, an assured tenancy gives people peace of mind and can help them save on costs.

 

Rent increases are capped – Some private landlords have increased rent by up to 20%, as demand has grown over the past few years[iii]. My Future caps rent increases at just 6%.

 

Energy efficient apartments – A government directive announced in 2021 stated that all landlords need to ensure their properties have an EPC (Energy Performance Certificate) of level C or below. This directive has now extended to 2028 but My Future Living is striving forwards to ensure that every apartment is as energy efficient, as soon as possible.

 

Support with maintenance – Homeowners need to maintain their home which can sometimes lead to unexpected costs if repairs are needed. Also, some landlords insist that property maintenance is the responsibility of the tenant. My Future Living supports customers in maintaining their property and takes cares of most repairs, with the managing agent responsible for cleaning and maintenance of communal areas.

 

Supporting mental and physical wellbeing in retirement – My Future Living’s recent customer survey showed that 60% have experienced a positive change in their mental health since moving to a retirement community, and 51% said it made an improvement to their physical health. To support tenants, there are emergency pull cords in every apartment and most communities have an onsite manager, plus My Future Living has a Welfare Officer to support customers and their family through any difficult times. Also, many communities run their own activities, so socialising doesn’t need to cost the earth.

 

My Future Living is currently offering a one bedroom apartment at Homespinney House in Southampton for £895 per month – for more details:  Homespinney House, Southampton – My Future Living

To learn more about My Future Living, please visit www.myfutureliving.co.uk.

[i] https://www.housing.org.uk/resources/older-people-in-the-private-rented-sector/

[ii] https://todayswillsandprobate.co.uk/23-say-they-plan-to-downsize-in-retirement-research-reveals/

[iii] https://www.theguardian.com/money/2022/oct/21/private-rents-britain-hit-record-high-demand-properties#:~:text=1%20year%20old-,Private%20rents%20in%20Britain%20hit%20record%20highs,20%25%20rise%20in%20some%20areas&text=Average%20private%20rents%20in%20Britain,to%20studio%20flats%2C%20data%20shows.

News, Property, Social Housing

Groundbreaking housing project from Cornerstone Place funded by SASC named ‘Social Investment Deal of the year’ at UK Social Enterprise Awards

A groundbreaking project from social housing company, Cornerstone Place, funded by Social and Sustainable Capital, has been recognised for its innovative approach to tackling homelessness in Rochdale, Greater Manchester, at the prestigious UK Social Enterprise Awards 2023.

Cornerstone Place’s pioneering Whitworth Road housing development secured the coveted “Social Enterprise Investment Deal of the Year” award, sponsored by Big Society Capital.

Rochdale faces a critical need for stable and affordable housing to help those who are homeless or at risk. The Whitworth Road project directly addresses this challenge by building 14 self-contained homes specifically designed for individuals in these situations.

Built with sustainability and energy efficiency in mind, the homes use modern construction methods championed by builders Agile Property & Homes, such as modular construction and renewable materials. This approach significantly reduces residents’ energy costs and carbon footprint while providing safe and secure shelter.

Rochdale Borough Council provided unwavering support and crucial investment for the project, while SASC’s £844k loan played a key role in making the project financially viable. Additionally, Stepping Stone Projects, a local homelessness charity, will manage the units and offer comprehensive support services to residents, ensuring a holistic approach to tackling homelessness challenges.

‘The real relevance of the award is not the focus on us, but the fact that we have developed a realistic scalable model that directly addresses the significant social housing challenge we face in the UK at the moment, with a major focus on easing the burden local authorities face’ says Richard Kennedy, Co-founder of Cornerstone Place, ‘The model created can be replicated to build necessary housing without the need for major public finance.’

Mark Bickford, CEO of SASC: ” SASC is delighted to have funded this award-winning project – The Whitworth Road project highlights the strength of collaboration and commitment. By combining Cornerstone Place’s expertise with Rochdale’s dedication and our financial support, we hope to create lasting positive change for vulnerable individuals. The modular homes, coupled with the support from the charity, will provide a ‘stepping stone’ on the pathway to independence for care leavers, people who are homeless and those at risk of losing their homes.”

Peter Holbrook, CBE, Chief Executive of Social Enterprise UK, said: ‘The last year has been a difficult one for businesses across the UK, and it has been no different for social enterprises. The Awards were a real evening of hope and inspiration and brought home the sheer ingenuity, adaptability, and determination of the social enterprise community, which has continued to deliver for the people and communities they work with and support.

The winners include businesses which are breaking down barriers for groups marginalised in the workforce, organisations at the heart of local economies, and those finding innovative ways to tackle the climate crisis. The ever-growing movement of social enterprise truly represents business at its best.’

The Whitworth Road project stands as a concrete example of how innovative solutions and dedicated partnerships can tackle complex social issues. By providing safe, sustainable housing and holistic support, it paves the way for a brighter future for vulnerable individuals and communities, not just in Rochdale, but potentially beyond.

 

Property, South East England News

Preparing Your Property for Sale: Home Staging and Maintenance Tips for Ascot Residents

Selling your house can be a daunting task, but with careful planning and attention to detail, you can significantly increase its appeal to potential buyers. If you’re considering putting your house on the market in Ascot, where the real estate market is vibrant, it’s essential to present your property in the best possible light. In this article, we’ll explore the key strategies for preparing your property for sale in Ascot, focusing on effective home staging and maintenance tips.

1. Enhance Curb Appeal:

  • Ascot’s picturesque surroundings demand a visually appealing exterior. Ensure your property makes a great first impression by maintaining a well-manicured garden, clean pathways, and a welcoming entrance.
  • Consider adding potted plants or flowers to the entrance to create an inviting atmosphere.

2. Declutter and Depersonalize:

  • Potential buyers want to envision themselves in the space, so clear away personal items and excessive clutter.
  • Consider a neutral color palette for walls and decor to create a blank canvas that allows buyers to imagine their style in the home.

3. Highlight Key Features:

  • Accentuate the unique features of your property, whether it’s a spacious living room, a stunning view, or architectural details.
  • For houses in Ascot, with its affluent atmosphere, emphasize any luxurious aspects, such as high-end fixtures or premium finishes.

4. Invest in Professional Photography:

  • Quality visuals are crucial in the digital age. Hire a professional photographer to capture your property in the best light.
  • Ensure that the images highlight the key selling points of your house, making it stand out among other listings for estate agents in Ascot.

5. Address Maintenance Issues:

  • Ascot’s discerning buyers will appreciate a well-maintained property. Fix any visible issues, such as leaky faucets, peeling paint, or squeaky doors.
  • Consider hiring professionals for a thorough inspection to address any hidden problems.

6. Create Inviting Spaces:

  • Arrange furniture to create open, inviting spaces that allow potential buyers to move freely.
  • Use soft furnishings and tasteful decor to make rooms feel warm and welcoming.

7. Showcase Outdoor Living Spaces:

  • If your property in Ascot boasts a garden or outdoor space, showcase it. Consider adding outdoor furniture or creating a cozy seating area.
  • Highlighting the potential for outdoor living can be a significant selling point.

8. Emphasize Energy Efficiency:

  • With increasing awareness of environmental concerns, buyers appreciate energy-efficient features. Ensure your property is equipped with energy-efficient appliances and lighting.
  • If possible, showcase any green initiatives, such as solar panels or energy-efficient windows.

9. Optimize Online Listings:

  • Since many property searches begin online, ensure your online listings are optimized with relevant keywords like “house for sale in Ascot” to attract potential buyers.
  • Provide detailed information about the property, including its unique features, amenities, and proximity to local attractions.

10. Consider Professional Home Staging:

  • For a polished look, consider hiring a professional home stager. They can use their expertise to arrange furniture, decor, and lighting to maximize your property’s appeal.
  • A well-staged home often sells faster and at a potentially higher price.

In conclusion, preparing your property for sale in Ascot involves a combination of strategic home staging and thorough maintenance. By investing time and effort into presenting your house in the best possible light, you increase the chances of attracting discerning buyers in this competitive real estate market. Implementing these tips will not only enhance the appeal of your property but also position it as a desirable option among estate agents in Ascot.

News, Property, Property Buyer News, Property News

Don’t panic! – Expert warns new data on house price fall isn’t all it seems

Property owners should try not to panic – despite new figures showing the average home is now worth £3,000 less than a year ago.

Data shows prices are down 1.2 percent in the past year, which is the biggest annual drop since the Autumn of 2011.

But Jonathan Rolande, from the National Association of Property Buyers, urged people not to panic.

And he said 2024 could still be a year where house prices start to creep back up.

Mr Rolande said: “No home owner enjoys seeing figures showing house prices have fallen.

“However, for the vast majority of homeowners this needs perspective. There was enormous inflation in prices during the post lockdown era, with some areas rising by 20% in just a year. “The relatively small retraction of £3,000, whilst disappointing, still leaves house prices far higher than they were two years ago. With the prospect of government intervention to stimulates the market once again 2024 could be the year that the average homeowner recovers that £3000 drop in value.

Mr Rolande also said he’d welcome measures in the Spring Budget to support all property owners – not just first time buyers.

“We need forward thinking ideas across the market. Yes, first time buyers need support. But we also need measures that encourage pensioners to downsize, which stimulate housebuilding and do something to address the growing crisis in this country which exists around soaring rents.”

News, Property

National Association of Property Buyers: Five Lessons We Learned About the Property Market in 2023

A leading property expert has shared five of the biggest lessons we’ve learned in the sector over the last 12 months.

Jonathan Rolande, from the National Association of Property Buyers, said: “There is rarely a quiet year in the property market. And 2023 has felt like the usual rollercoaster at times. On the plus side we’ve not had lockdown or covid to contend with. And there wasn’t a disastrous mini-Budget for us to contend with either.  But there have still been huge challenges, and they are likely to continue into 2023.  As we move into the New Year the lessons learned from the past 12 months can be used to try and map out a more prosperous future.”

Here Jonathan sets out the five biggest lessons he learned in 2023:

Lack of Supply

In a market where buyers hold more cards, it’s usual for more and more properties to come to market and by remaining unsold, the level of stock rises, triggering further reductions in prices. Unusually, this hasn’t been the case in 2023. The equilibrium between the number of buyers and sellers means that in most locations, there is a buyer for every property, as long as it is competitively priced. There have not been mass repossessions and although many landlords have exited the market, the exodus has not been as severe as feared. Those who don’t have to sell either stay off the market or test it and if no buyer bites, withdraw and stay put. The number of desperate sellers remains thankfully low, supporting prices but the lack of stock has a downside too. With less choice, many potential buyers are put off, unable to find what they like. This isn’t good in the long term, a steady flow of buyers and sellers is essential for a well-functioning market.

 

Revolving door of Housing Ministers

Chaos and lack of focus at the top of government over many years has allowed the property supply problem to worsen. Caught between a need for more than 300,000 new built homes a year and a lack of urgency from property developers as well as local objections no housing minister has yet cut through to get the job underway. Michael Gove looked the most likely to kickstart the market when he blamed large housebuilders, but momentum was lost as the market slipped away and yet more Housing Ministers came and went. Lee Rowley is the 16th since 2010.

 

Rates

Six interest rate rises understandably dampened the market and consumer spending as it was intended to do. Extreme pressure has been placed upon homeowners not lucky enough to have a fixed rate mortgage, and landlords, the latter often passing the pain on to their tenants by way of rent increases. Many were pushed to just short of breaking point and bank forbearance has helped those pushed just beyond it. More rate rises in 2024 will be felt very acutely especially as millions have gradually come off fixed rate loans in the meantime.

 

Price drops

Wished for by many hoping to snag a bargain, in fact, rapid and/or substantial drops in price are a bad thing for everybody. Why? To think that lower prices improve affordability is usually wrong. A crumbling housing market would lead to job losses in construction and all of the associated businesses that rely on movers. And why would prices fall? Only if the rest of the economy was doing badly. Or if rates had had to increase to the 15% mark as they did in the 1990’s. Those like me, in the property sector don’t want or need prices to increase rapidly as they did post-lockdown. A more steady, reliable market is better for us, and for homeowners and those who want to own their own property.

 

And finally…

It could have been worse; If, last December I was told everything that would happen in the next 12 months I would have predicted a property market disaster and dramatic price falls. Instead, we have had a more managed slowdown despite all of the ingredients in place to have been so much worse.  The market is still on a near the cliff edge, but has not tipped over it yet.