Property News 3rd February – Five Things You Need To Know This Week

Keeping up with the fast paced property industry can be challenging, which is why Centrick makes it easy with our weekly roundup of the five most significant pieces of property news. The roundup includes all sectors of the market, from residential to commercial, land to BTR – which ensures that you’re up-to-date with the latest property news and trends. With February well and truly under way, here’s what you might have missed…

Bank of England raise interest rates to 4%

Perhaps the most important piece of property related news this week was the choice from the Bank of England to raise interest rates by a further 0.5% to reach 4 %. This is the tenth raise in a row, and the base rate is now at its highest since 2008, but this has been strongly anticipated by those in the property and finance industries. In real terms, those with variable rate mortgages can expect to pay an additional £31 per month, whereas those with tracker mortgages will pay an average of £49 per month. Find out more about the interest rate hike in our dedicated blog.

East Midlands properties best for rental growth

The latest rental index from Goodlord has revealed that the East Midlands has experienced the best rental growth over the past month. Whereas average rental costs fell in the North East, the East Midlands saw the average rent boosted from £894 to £924, which is a 3.3% boost in rental value in just one month. To check out our East Midlands properties for rent and for sale, click here.

National Empty Homes Grant Scheme

The Welsh Government announced a £50 million scheme that aims to rejuvenate vacant properties across the nation and bring 2,000 otherwise unused units back into use. Existing or prospective homeowners across Wales will be able to apply for up to £25,000 in funding from the National Empty Homes Grant to improve their home’s energy efficiency and make them habitable, thereby making more homes inWales viable to live in.

1.1  million homes with planning permission awaiting construction

The Local Government Association has stated that over 1.1 million homes are awaiting construction across the UK as of January 2023. As part of a House of Commons debate on the often difficult bureaucracy associated with meeting the government’s target to construct 300,000 homes per year, it was stated that over one million units are awaiting construction. The government was once again encouraged to continue pushing to meet their new homes target by providing high-quality, accessible and affordable properties across the UK by utilising vacant units and brownfield sites.

Industrial space performing well in the Midlands

Lastly, research carried out by Knight Frank has shown that the Midlands’ commercial sector continues to thrive thanks to a combination of increasing buyer appetite and low supply. 15 million square feet of industrial space was transacted across the East and West Midlands, and there has been a boost in transactions across the Golden Triangle over the past year, with investment in the Midlands industrial sector reaching £2.4 billion.

Looking for regular property updates this February?

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