{"id":20927,"date":"2024-11-22T08:00:41","date_gmt":"2024-11-22T08:00:41","guid":{"rendered":"https:\/\/www.benhams.com.sg\/news\/?p=20927"},"modified":"2024-11-23T08:01:34","modified_gmt":"2024-11-23T08:01:34","slug":"mixed-fortunes-for-the-housing-market-as-rent-continues-to-surge","status":"publish","type":"post","link":"https:\/\/www.benhams.com.sg\/news\/london-property-market\/mixed-fortunes-for-the-housing-market-as-rent-continues-to-surge\/","title":{"rendered":"Mixed fortunes for the housing market as rent continues to surge"},"content":{"rendered":"

The year 2024 brought some positive news and a few changes for existing landlords and potential buyers in the UK property market. October saw house prices going up by 0.3%, but there was a surge in buyer activity, showing that the market is recovering. As per the recent data from Rightmove, there has been a lesser increase in sales, but there is still a 29% increase compared to the quieter market last year, indicating a renewed interest in property.<\/p>\n

\"Housing<\/p>\n

This increase in buyer activity is evident with the 17% increase in people contacting property agents. In addition, the stock levels available per agent have risen by 12%, marking the highest growth in 10 years. The potential for two bank rate cuts and wages outpacing house price inflation in 2025 suggests a promising outlook for long-term investors.<\/p>\n

House Prices: Two-Year Growth Trend<\/h2>\n

Although the house price increase in October may seem muted, it has continued to show a steady upward trend over the past two years. The 3.2% increase in average house prices is supported by higher wages and lower borrowing costs. Mortgage approvals have increased consistently this year and in October, market activity reached its highest level since 2022 as buyer demand led to actual sales. Many sellers have returned to take advantage of the improved market conditions.<\/p>\n

Impact of tax changes on property investors<\/h2>\n

With Labour’s first budget delivered in October 2024, investors are starting to gain a better understanding of its impact. The CGT rates for residential assets remain the same, but higher SDLT rates will affect those buying additional properties like buy-to-let<\/a> and holiday homes. Starting October 31, 2024, the surcharge increased from 3% to 5%. First-time buyers remain unaffected by these higher taxes, making the market more appealing.<\/p>\n

Good news for homebuyers in 2025<\/h2>\n

The 2025 property market is expected to be optimistic. A recent survey found that 61% of potential buyers intend to buy next year, even with the interest rates peaking at 5.25%. With the lowest mortgage rates in 15 months, investors in Singapore can take advantage of the current opportunity to reduce borrowing costs.<\/p>\n

Rental prices increase, driving interest in investment opportunities<\/h2>\n

Rents are still rising in the UK, and the rental market<\/a> remains competitive. Average rent in London reached an all-time high of \u00a32,694 per calendar month, a 2.5% increase from last year, while the rest of the UK experienced a 5.2% rise, reaching \u00a31,344. Although demand for rental properties has decreased slightly compared to the previous year, it is still strong, with an average of 15 inquiries per property, almost twice as much as in 2019.<\/p>\n

\"Rent\"<\/p>\n

The high demand for rentals and increasing rents growing faster than inflation make for a great opportunity for investors seeking assets that generate income. Landlords are poised to benefit from increasing rent prices, as the housing supply is still 27% below 2019 levels, despite a 13% increase from last year.<\/p>\n

Premium Zone 1 and 2 locations popular among investors<\/h2>\n

For overseas buyers and investors looking for a high-quality entry point, we have great news! This month, we featured properties like West End Gate, Oval Village<\/a> and Jade Wharf<\/a>, with Zone 1 and 2 continuing to remain highly sought after by investors. Starting at \u00a3590,000, these Zone 1 and 2 developments offer great amenities, and convenient transportation access, with potential rental yields of up to 5%.<\/p>\n

\"Premium<\/p>\n

With the surge in rental demand and attractive returns, investing in these projects can offer you an excellent chance to enter London’s prestigious market. So, let us assist you<\/a> in tapping into the potential of the UK property market<\/a>, to ensure that your investments yield exceptional returns in 2025 and beyond.<\/p>\n","protected":false},"excerpt":{"rendered":"

The year 2024 brought some positive news and a few changes for existing landlords and potential buyers in the UK property market. October saw house prices going up by 0.3%, but there was a surge in buyer activity, showing that the market is recovering. As per the recent data from Rightmove, there has been a … <\/p>\n

Continue reading “Mixed fortunes for the housing market as rent continues to surge”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":20934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[451],"tags":[],"class_list":["post-20927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london-property-market"],"acf":[],"yoast_head":"\nUK housing market update: Rent surges and property trends for 2024<\/title>\n<meta name=\"description\" content=\"Discover how rising rents and growing buyer demand are shaping the UK housing market in 2024. 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