Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
TRANSACTION VOLUME REBOUND UNLIKELY
In their recent ‘Market in Minutes’ report, covering the UK commercial property market, Savills has outlined that while investment volumes have been lower in comparison with recent averages, Q3 is expected to surpass the Q2 figure of £8.9bn.
HIGH STREET FUND EXPANDED
Last month, the government announced that the Future High Streets Fund will benefit a second phase of towns across the UK. More high streets could be redeveloped as 50 more towns have been selected to bid for a share of the £1bn government fund. The towns, including Dover, Plymouth, Bolton, Southampton and Carlisle, join 50 successful areas already shortlisted to develop plans to rejuvenate and redevelop their ailing high streets.
HONG KONG INVESTORS LOOK TO LONDON
It has been reported that investors in Hong Kong have recently been making enquiries about properties in London, following the political unrest in the region. Apparently, several West End and City agents have reported a surge in enquiries from Hong Kong buyers, looking for property in the capital.
MORTGAGE ACTIVITY
- Gross mortgage lending across the residential market in July 2019 was £26.1bn
- 2.9% higher than July 2018 figures and the highest since March 2016
HOUSE PRICES HEADLINE STATISTICS
- UK house prices grew by 0.7% in the year to July 2019
- This is the lowest annual growth rate for the UK since September 2012
- House price growth was strongest in Wales where prices increased by 4.2% in the year to July 2019