Property Review – September 2021

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

SIGNS OF SOLIDITY IN UK HOUSING MARKET

After reaching record highs in June, the housing market is now ‘taking a breather’, according to the Royal Institution of Chartered Surveyors’ (RICS) August survey.

NEW GOVERNMENT INVESTMENT IN AFFORDABLE HOMES

Traditionally located in rural gated communities, retirement villages are changing, as developers snap up vacant urban office and retail sites to construct apartment blocks for the over-65s. The number of retirees feeling lonely and isolated has leapt during the pandemic, with many people preferring to be closer to busy city centres for access to shopping, eating out and cultural venues and experiences, with good public transport links.

ENERGY EFFICIENCY CRUCIAL TO SCOTLAND’S HOUSING STRATEGY

As Glasgow prepares to host COP26 in November, this year’s Scottish Housing Day (15th September) focused on the climate emergency.

Housing currently accounts for around 15% of Scotland’s greenhouse gas emissions. Therefore, to achieve the Scottish government’s commitment to net zero emissions by 2045, household energy efficiency will need to be at the forefront of government strategy.

HOUSE PRICES HEADLINE STATISTICS

  • Average house prices in the UK increased by 8.0% in the year to July 2021
  • On a non-seasonally adjusted basis, average house prices in the UK decreased by 3.7% between June and July 2021
  • House price growth was strongest in the North East where prices increased by 10.8% in the year to July 2021.