The 7am cut

The 7am Cut

BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.

In the news this week: Labour wins the majority in the UK general election; and UK property rents and house prices are on the rise again…

Rental market high season kicks in with 6.7% rise

“Average rental costs in England spiked by 6.7% in June compared with a year ago, according to the latest data from the Goodlord Rental Index. This is very much along the same trajectory as we have seen since the start of the year of rises between 6% and 7%, with the rental market showing no sign of slowing down.

Demand has been sky-high in the UK rental market for several years now, as more tenants stay put in the sector for longer, or even forego homeownership indefinitely, while a shortage of homes on offer has also reportedly exacerbated the problem in many areas”…

– Eleanor Harvey, BuyAssociation

What a labour landslide means for mortgages, savings and pensions

“Labour has now officially won the election, having secured 330 seats – a majority in the House of Commons.

Mortgage rates are due to slowly retreat with or without Labour’s help. Capital Economics, a consultancy, believes that Labour is to “benefit from a combination of lower inflation, lower interest rates and faster economic growth than most are expecting””…

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– Joe Wright, The Telegraph

UK house prices unexpectedly rise in June

“UK house prices unexpectedly rose in June, according to data from lender Nationwide that suggests the property market is stabilising ahead of expected interest rate cuts from the Bank of England.

Property prices were up 0.2 per cent between May and June, following a 0.4 per cent rise the previous month and contractions in March and April, new data showed on Monday”…

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–  Valentina Romei, Financial Times

Property industry reacts to new UK house price data

“In England, the steepest rate of house price inflation is found in the North West, up by +3.8% over the last year, now standing at £231,351″…

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– Marc Da Silva, Property Industry Eye

UK property rents on the rise again

“Advertised rents outside the capital are now 7 per cent higher than this time last year, according to property site Rightmove. Though this is lower than the 12 per cent rises seen two years ago, though it remains far above the 2 per cent average in the years before the pandemic”…

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– James Pickford, Financial Times

UK house prices likely to rise this year and into 2025, says Halifax

“The annual rate of house price growth stood at 1.6%, and on an annual basis house prices haveincreased for seven months in a row.

Halifax said the UK house price in June was £288,455, edging down from £288,931 in May”…

– PA News Agency, News and Star