As any Applegate blog reader or industry news frequenter will be well aware, market pricing has been red hot for quite some time now - but with continuing inflation and rising demand, it doesn’t appear set to cool just yet.
The good news is, there are plenty of emerging developments to keep spirits up as we head into the summer months.
If you’re keen to catch up with some of the industry’s leading stories on everything from regional costs to planning and policy updates, you’re in the right place.
Here’s what caught the attention of the Applegate Properties team throughout May…
Increasing rental prices remain highly localised
Across the country, the cost of renting a home has soared to almost £1,000 a month at their fastest pace for 14 years. While this places renters under increased pressure alongside the continued supply and demand crisis, the good news is it’s a highly localised picture.
For those who are able to relocate, there is a range of areas up and down the UK that remain affordable. The least constrained stock levels with better price offerings seem to be in rural locations at present, so it’s a good idea to explore these options if you are able to.
Ground rent axed for future leaseholders
Under a new law that will lead to fairer, more transparent homeownership, landlords will be unable to charge ground rent for residents starting a new lease.
Known as the Leasehold Reform (Ground Rent) Act, this is the first of a two-part programme of legislation – coming into force on 30 June 2022 – and contains a small number of tightly-defined exceptions such as community-led housing, specific financial products, and business leases.
Calls to replace stamp duty with a ‘fairer’ property tax
While first-time buyers are the lifeblood of the housing market, soaring prices are proving to be a struggle to help them get onto the property ladder. However, in a recent Attitudes to Moving survey conducted by Anthony Ward Thomas, more than half of respondents revealed they were all for scrapping stamp duty for those making their first purchase.
Such news is hopeful in prompting Chancellor Rishi Sunak to introduce an alternative tax on selling instead, to make the process fairer for buyers across the board.
Urges to prioritise sustainable planning
The UK Green Building Council (UKGBC) has partnered with Property Week, urging the government to bring the net zero agenda to the fore of the industry, in line with the UK’s climate targets.
With the next steps on planning reform reportedly due imminently, it’s the perfect opportunity for officials to ensure future development is fundamentally compatible with achieving a more sustainable future.
That’s all for this month! We’ll be back with more must-know property insight in a just a few weeks’ time.
Or, if you have an enquiry, please don’t hesitate to get in touch. We’re always happy to help.