Residential Property Review – May 2021

Posted on 25 May, 2021

Queen’s Speech is ‘significant’ for housing market
A key announcement in the Queen’s Speech on 11 May was a new Planning Bill, which aims to simplify and speed up the planning process using a digital, map-based service, allowing more active public engagement in the development process. The reforms should allow homes, schools and hospitals to be delivered at a faster pace across England. Melanie Leech, Chief Executive of the British Property Federation, said the government intention is to create a “seismic shift in how local authorities plan for and deliver new housing, simplifying the process to put an end to inefficiencies and delays.”…..

Strong demand and a lack of supply drive prices
According to the latest Royal Institution of Chartered Surveyors (RICS) UK Residential Market Survey, buyer demand has remained steady and consistent across the UK, but the lack of fresh listings is causing a mismatch in supply and demand, consequently driving house prices up. The survey confirms ‘insufficient’ stock levels, with the average number of properties on estate agents’ books at just 40, having briefly stood at 46 back in December. Zoopla has also reported on the mismatch, stating that home buyer appetite is up 27.5% this year compared to average levels in 2020, whereas the number of listings is 19% down on the 2020 average. In particular, there has been a sharp drop in the number of three and four-bedroom houses on the market, as family homes remain the most in-demand properties.

Top cities revealed for residential investment
Cambridge, Edinburgh and Bristol are the top three cities in the UK for residential property investment, according to a new report from Colliers International, comparing key cities from the UK against 20 indicators in the four main areas of economics, property, education and liveability. Cambridge achieved first place thanks to its accessible and attractive quality of life for residents, its strong reputation for science and tech businesses, as well as its university’s top ranking in the UK….

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