Housing market remains steady after general election

The housing market remained steady throughout the General Election campaign, as most homebuyers forged ahead with their plans, driven by their own individual circumstances, particularly employment prospects, the economy and overall affordability, rather than politics.

Now, the priority is an interest rate cut to boost confidence and demand. Commentators suggest this will be within the next couple of months.

Some banks and building societies have already cut their mortgage rates, including Nationwide, Halifax, HSBC and Natwest.

Enquiry levels increasing

As a result, we are carrying out more valuations and receiving more new instructions – and with more stock coming to market, enquiry levels are rising as buyers welcome a greater choice of properties.

UK economy sees further positive economic news

We’ve seen further positive economic news, with the rate of inflation remaining steady at 2% for the second consecutive month, while the pound hit a one-year high against the dollar in July, reaching $1.3044.

Statistics point to housing market growth

According to Rightmove, the number of sales agreed is 15% above the same period a year ago, when mortgage rates were nearly at their peak. Rightmove also reports that the number of new sellers coming to market in the last four weeks is 3% above last year. Again, clear signs that buyers have not been deterred by election uncertainty. Lower mortgage rates would clearly boost market activity further.

The Office for National Statistics (ONS) reports that, in the 12 months to May, the value of the average UK home increased by 2.2%. On a monthly basis, prices were 1.2% higher in May compared to April. In London, where the average property value is currently £523,376, prices rose by 0.2% over the 12 months to May.

Our international offices showcase leading London developments

Our international offices are continuing their property events in India, Malaysia, Thailand, Hong Kong, Singapore and the Middle East.

India team meet clients in Pune and Bangalore

In India, our team has been holding one-to-one meetings with clients in Pune and Bangalore, previewing developments including Barratt London’s Royal Gateway in North Acton (W3).

Check out our event recap here

Malaysia office launches The Redwood at TwelveTrees Park, West Ham

Our Kuala Lumpur office has launched The Redwood at TwelveTrees Park, E16, an exciting Zone 2 development, part of a major regeneration scheme next to West Ham station, with access to three tube lines, National Rail Services and the DLR – so the City and top universities are within easy reach.

Find out more information about this exciting new development here

Bangkok team to launch TwelveTrees Park, West Ham in August

Our Bangkok office is launching the first phase of TwelveTrees Park – The Redwood – at Berkeley’s office at The St Regis Hotel, Bangkok, on August 1st and 2nd.

If you are in Bangkok, you do not want to miss out this event. RSVP today

Hong Kong team carry out personalised London property tours

Our Hong Kong team is carrying out personalised property tours with clients, visiting developments in London, Watford and Hampshire.

One of these is The Clarendon in Watford, a remarkable residential tower in this thriving town to the north-west of London, on the Metropolitan line. With prices from £275,000 and rental yields of up to 5.8%, these apartments offer an excellent investment opportunity.

Our next property showcase takes place in Hong Kong on August 10th and 11th. Book your slot at our upcoming showcase today!

The team will be visiting Taiwan from August 27th to September 1st, sharing the latest property insights with clients.

Don’t miss out on the chance to meet our team in Taiwan. Register your interest today.

Find out more about all these developments on our website.

Singapore office previews latest phase of White City Living – The Solaris

Our Singapore office has been previewing the latest phase of White City Living – The Solaris. The turnout exceeded expectations and the team has already taken several reservations.

They have also been showcasing top developments by St George, including The Green Quarter in Southall, Camden Goods Yard and Silkstream in Barnet, North London, at Berkeley’s Singapore office.

Find out more about our recent showcase in Singapore.

Middle East team introduce developments in the UAE

Our Middle East team have been introducing clients to developments in the UAE, including Dubai, Abu Dhabi and Ras Al Khaimah.

The UAE property market is enjoying remarkable growth, with investors drawn to its high rental yields (up to 10%), no Income Tax, Capital Gains Tax or Inheritance Tax and access to the country’s golden visa scheme through property purchase.

Discover some of the best new developments in Dubai at our website.

Rental demand in London remains high

There is still a chronic shortage of rental properties in London, although rental stocks are improving slightly as new developments complete this year.

Our branches have waiting lists of fully referenced tenants ready to move as soon as a property becomes available so many apartments are snapped up before they reach our website.

With around 14 applicants per property, this high demand makes life difficult for tenants, so we’ve compiled some helpful tips for tenants trying to find a home.

If you are looking to rent a home in London, you don’t want to skip this guide.

London rents continue to rise, albeit more slowly

According to Rightmove, rents in London have risen to a new record of £2,661, 4% higher than last year. Although rent growth has slowed from its peak of 16% in 2022 when London was in the midst of a post-pandemic rush to ‘normality’.

We are now handling the seasonal surge in demand from students starting university in the autumn so our waiting lists of tenants are growing fast.

If you are completing on a property soon, please get in touch for a free rental valuation.

Contact Benham & Reeves if you are buying, selling or renting a London property

Contact your nearest branch if you are buying, selling or renting a London property. We have 21 branches across London.