Welcome to This Week in Property, your essential update on the latest UK construction and property news. From the Conservatives’ plan to scrap stamp duty to rising construction costs and changing rental trends, here’s a snapshot of the latest developments shaping the UK property market.

Conservative party makes bold Stamp Duty pledge

The Conservative Party has made headlines with a promise to abolish stamp duty if they win the next election. While the property industry has broadly welcomed the proposal, reactions have been mixed overall. Critics argue that the pledge won’t help property investors specifically, and the party has also promised to reform the Welsh version of stamp duty. Meanwhile, Chancellor Rachel Reeves is being urged to match the Conservative promise in her upcoming Budget.

Scottish government introduces new EPC requirements

The Scottish government has unveiled new Energy Performance Certificate (EPC) requirements, potentially signaling a tightening of energy efficiency standards for properties in Scotland.

Construction costs projected to rise

The industry is bracing for a significant increase in costs, with projections showing construction costs could rise by 15% by 2030. This long-term outlook will likely impact planning and budgeting for future projects.

UK housing market update

According to RICS, the UK housing market remains subdued, though there are signs of improvement with planning applications starting to gather pace. In positive news for tenants, UK rental prices are easing as affordability improves, particularly offering hope for northern tenants.

An interesting analysis reveals cities where buying property beats renting – even with just a 5% deposit, providing valuable data for first-time buyers.

Housing and residential developments

The residential sector continues to see activity:

• House-builders in north Sussex have achieved a breakthrough
• Vistry has won a £28m contract to deliver 126 homes in Preston
• John Lewis has received approval for its third Build-to-Rent development
• Hill is planning the Ickleford Mill conversion

BTL market updates

The Buy-to-Let sector shows mixed signals:

• The North East remains the highest yielding region for landlords
• Landlords are professionalising as yields edge upwards
• However, many are staying away ahead of the Autumn Budget
• Rental values are strengthening in prime London areas despite Budget fears

Property technology and innovation

The real estate technology sector continues to evolve:

• Rex Software has rolled out new tools to streamline how estate agents connect with buyers
• A pre-market estate agency platform has launched
• Zoopla has unveiled a campaign positioning itself as London’s leading property portal
• An investment firm has launched an SPV formation service

Safety and regulatory news

Important regulatory developments include:

• Bailiffs are not allowed to use ‘reasonable force’ in evictions, an important clarification for landlords and tenants
• The Property Ombudsman has backed government plans to boost estate agent transparency
• Home-buying rules may be changing, with Rightmove providing an overview of what we know so far

As the property and construction sectors navigate these developments, stakeholders will need to stay informed about policy changes, market trends, and emerging opportunities in what continues to be a dynamic landscape.

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