Keeping up with the fast-paced property industry can be challenging, which is why Centrick make 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. Here’s all of the property industry activity you may have missed from the past seven days…
An exciting new development at Curzon Wharf worth £360 million is set to bring Birmingham’s tallest building to the market. The pioneering development will consist of four major buildings of mixed use, and will produce 620 residential units, 732 student units, and over 130,000 square feet of commercial space. There will also be a significant number of build to rent units at Curzon Wharf, a testament to how vital this residential property type is becoming across the UK. The project is currently in its seventh year of planning, and if approved will be the world’s first mixed use net carbon zero development.
Rightmove have revealed that March is the best time of the year to list your home, with their latest report suggesting that for the past five years property activity has peaked in the spring. With more movers looking to up sticks in March than at any other time of year, competition for property is at its fiercest during this month, which can be of great benefit to sellers who may be able to achieve higher sale prices. There are a number of reasons why March may be deemed the best time to list your home – the winter slump has been and gone and movers are hoping to be settled into their property by the summer. So, if you’re looking to list your home, next month is the best time to do so!
The latest reports have revealed an impressive boost to the UK build to rent sector, with this being the fourth consecutive year that BTR investment has hit records. With the UK rental market suffering from inadequate supply and soaring demand, investors are flocking to the build to rent sector to produce effective solutions to this supply-demand imbalance, and with fantastic results. Savills note that yields seem to be resilient, occupancy rates are consistently high, and investors can achieve premium rental figures thanks to the inclusion of exceptional communal amenities. 2022 saw £4.3 billion worth of investment in BTR, with 2023 anticipated to see even more progress, as the push for sustainable housing delivery increases.
The latest research by Propertymark has reported a sharp uptick in buyer demand over the past few weeks. Their Housing Insight Report indicates a whopping 80% increase in buyer demand from December 2022 to January 2023. The average number of viewings per property also saw an increase from 1.8 in December to 2.9 in January, indicating that the property market is exiting its winter downturn. This spells positive news for vendors across the country, with the next few months looking extremely promising in terms of buyer activity and demand, continuing this positive trajectory.
Research has indicated that average house prices across the UK have fallen slightly in 2023, something that has been widely predicted in the industry after several years of unprecedented growth. An analysis by HM Land Registry indicates that property prices have dipped by an average of 0.4% since November 2022. This data is corroborated by the ONS, who saw the average value of a home fall to £294,329 in December, a 0.4% drop from November. After a period of rising house prices that have unsustainably soared beyond the lines of inflation, many will welcome this indication that the market is stabilising, especially first-time buyers.
No matter what property sector you’re interested in, Centrick has got you covered. Our comprehensive services span everything from BTR to commercial, residential to land, sales to lettings. We’re dedicated to providing impartial, easily accessible content across each of our lines of business to help you make the most informed decisions and approach the market with an expert perspective. For more blog content and up to date property news check out our News and Insights page, or contact us using the form below:
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