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14 Apr, 2022

UK Property News Round-up: Winter 2021/22

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    Welcome to the UK Property News Round-Up From RWinvest

    In this series, we look at the most impactful news stories over the last few months that every property investor should know about.

    Here, you’ll find breaking stories from the UK’s top property news sources: including the BBC, Guardian, Property Wire, and more – all in one location.

    You’ll also find information on some of our top news releases, with links to all the articles if you want to learn more.

    Without further ado, let’s jump right into it:

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    December

    Luton Town Centre Set For £20 Million Regeneration Boost Announced in the Autumn Budget 2021 in October, this ambitious regeneration scheme will see Luton town centre completely reimagined. Welcome news for both Luton residents and prospective investors; this announcement came alongside a whole slew of positive property-related wins for the town last year, with the average property price rising by 8.77%, according to Land Registry data – much  higher than the likes of Manchester, Birmingham, and London.

    As Activity Returns to ‘Normal Levels’, House Price Growth Remains Strong The end of the stamp duty holiday continued to bring a dip in activity, with UK mortgage approvals in October 4% lower than the 2017-19 average for the month, according to the Bank of England. Completed transactions also dipped below their pre-pandemic average. However, the end of the year is predicted to be busier than usual – with new sales agreed still running at elevated levels according to TwentyCi.

    Demand for Flats Soar Flats have become the most in-demand property type among prospective buyers, supplanting the popularity of houses throughout the pandemic, according to Rightmove. These findings chime with trends identified by mortgage lender Halifax, which found in November that flats were selling 10.8% more than at the same time last year, while detached houses were typically going for around 6.6% more.

    The’ Search for Space’ Expected to Continue into 2022 According to Zoopla, house prices grew by 7.1% in November, adding around £16,000 to the average value over the previous 12 months. Despite some slowing demand, the property portal experts predict these trends driving the residential property market to continue into 2022 – so long as widespread restrictions and school closures are not implemented.

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    January

    ‘Busiest-Ever Festive Period’ – According to Rightmove, the period between Boxing Day and the New Year was its busiest on record for home-mover activity – with buyer demand up by 23% compared to the same period last year. The number of new sellers coming to market was up by 21% on Boxing Day, as people took advantage of the post-Christmas buyer surge. This was also the highest number of new sellers that Rightmove has ever recorded.

    We Planted 49,900 Trees in the Amazon Rainforest! – A bit of personal news! In line with our eco-development, ELEMENT – The Quarter, we set out on our mission to plant 45,000 trees in the Amazon rainforest. To coincide with the launch of this development, we have donated money for 100 trees to be planted by One Tree Planted for every unit sold. As of January, a total of £51,467.18 was raised in donations!

    House Prices Rise by 7.6% – UK house prices increased by 7.6% compared to January 2021. This is the highest annual rate of growth recorded by Rightmove since May 2016. The average property price rose to £341,019 – 0.3% higher than December 2021. Property prices rose across the board, with asking prices for first-time buyers hitting a new high of £214,176 – a 1.4% rise since December.

    Average Rent Also Saw a Leap in Growth – Alongside rising house prices, rental values also increased in January 2022. According to the Homelet Rental Index, the average UK rent reached a record high of £1,064 – 8.5% higher than last year. Every UK region saw rent increases, with London and the North West seeing rental values rise by 12.6% and 10.3%, respectively. Average rental yields surged across the UK, with the likes of Manchester and Liverpool offering returns of over 7% on average.

    January 1st. Day 1 of january month, calendar on yellow background. Winter time. Empty space for text

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      February

      North West Found to Offer Best Value for Rental Costs – Apparently, the North West is not just the place for strong rental yields – it’s also one of the more affordable locations for renters and homebuyers alike. Recent research revealed that the North West offers the UK’s best value rental costs, with North West renters spending 58% of their monthly income on rental prices compared to 73% in the South West.

      Liverpool’s Economy Is Expected to Surge in 2022 – Post-pandemic, Liverpool is predicted to see GVA growth of nearly 6%, compared to an average of just 0.6% pre-pandemic. Great news for the city, as this further cements it as one of the most attractive cities in the UK for property – boasting top regeneration schemes and solid capital growth.

      Top Property Price Growth Also Reported in Liverpool’s City Centre – According to Zoopla, Liverpool has been the fastest growing city for over several months. The city’s property price growth peaked at 13.7% in July 2021 but still sits at a comfortable 9%, causing it to remain one of the fastest-growing cities in the country. Liverpool prices soared far higher than any other UK competitor, and this is believed to continue in 2022 – particularly as we begin to adjust to a post-pandemic lifestyle.

      North West Set to Benefit from Improved Transport – Following the introduction of the bill for the next phase of High Speed 2, the region is on its way to achieving a greener and more reliable train service. The HS2 project, which is already well underway, plans to connect three of the UK’s top cities – London, Birmingham and Manchester. This new phase will extend HS2 from Crewe to Manchester, creating a new “transport spine” across the North West to boost local economies through better connections, more capacity, improved reliability and slashed journey times.

      Motivational and inspirational word - ‘FEBRUARY’ written on wooden blocks and arranged on a wooden table.

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        Author

        Reece Pape

        Reece Pape is a property writer at RWinvest. Reece is passionate about keeping property investors updated on must-have information and housing market news, utilising the latest property market statistics and data.

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