Welcome to This Week in Property, your essential update on the latest UK construction and property news. Stay informed on market trends, government initiatives, and technological advances shaping the industry.

Housing market shows signs of resilience

Despite the broader construction challenges, the housing market displays some resilience. The Halifax House Price Index indicates that average house prices are approaching record highs, though affordability challenges remain. Looking ahead, predictions suggest house prices will rise 22% by 2030, though no short-term surge is expected.

Interestingly, a significant minority of first-time buyers are securing large deposit mortgages, with almost one in five seeking maximum 60% LTV mortgages. However, half of first-time buyers are delaying purchases until after the Budget.

The Bank of England has held the Base Rate at 4%, prompting a mixed response from estate agents. The mortgage market is adapting, with The Mortgage Works cutting buy-to-let rates ahead of the base rate announcement.

Technology and modern methods advance

Innovation continues to shape the construction landscape. Peri’s new gantry system reduces crane dependency, potentially improving efficiency on construction sites. In the property management sector, AI property management platforms are gaining ground in student accommodation.

Rightmove is embracing technology with plans to roll out AI innovations for agents, declaring “We are AI ready”. The UK’s first AI tool for objecting to planning decisions has also been launched, potentially disrupting the planning process.

Government housing initiatives and funding

The government has published guidance on the £39bn Affordable Homes Programme, with Homes England aiming for three in five homes in SAHP schemes to offer social rent. Regional mayors are to be given greater say on how the £39bn affordable homes fund is used, empowering local decision-making on housing.

The Renters’ Rights Act continues to make waves, with the government publishing a guide to the Act. Baroness Taylor has hailed the Renters’ Rights Act as “truly transformational” in an NRLA address.

In education policy, the government is bringing compulsory mortgage teaching to schools, with the property industry backing the teaching of mortgages and financial literacy in schools.

Reforms in Land Registry and planning

HM Land Registry has launched an ambitious strategy to speed up property transactions, promising the “most significant transformation in 20 years” to improve the efficiency of the property market.

Budget anticipation and tax worries

The upcoming Autumn Budget is creating uncertainty in the market. The Chancellor has signaled tax rises in the upcoming Autumn Budget, prompting concerns. Industry voices have urged the Chancellor not to damage the housing market in the Autumn Budget.

This week saw the housing market showing resilience, new technology and AI shaping construction and property management, and government initiatives advancing affordable housing and renters’ rights. Keep an eye on these trends as they continue to evolve.

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