The 7am Cut
BuyAssociation curates a weekly news letter of the top property news headlines – to receive your weekly round up of property news, register today.
In the news this week: latest predictions for UK interest rate changes; UK rents have hit a seven-month high and; growth in the private sector is boosting the economy…
UK rents have hit a seven-month high
“UK rents have hit a seven-month high ahead of the busy summer period, with the north west of England seeing the biggest annual rise.
The latest rental index from Goodlord has revealed that the average cost of a rental property has risen to £1,183 in May, up by 1.4% compared with April’s £1,166 figure. This is the highest average rent seen since October last year, when the cost of new lets peaked at £1,190 per month”…
– Eleanor Harvey, BuyAssociation
Read the full article
When will UK interest rates fall? Latest Bank of England predictions
“This bank rate freeze has been kept in place in a bid to bring down the UK’s inflation rate. It appears to have worked somewhat, as the Consumer Prices Index (CPI) measure of inflation dropped to 2.3% in April (albeit helped by falling energy prices). This means inflation has fallen significantly since October 2022, when it hit 11.1%”…
– Katie Williams, MoneyWeek
Private sector growth boosts UK economy and sets up interest rate cut
“The UK private sector economy expanded faster than expected last month and inflation eased to its slowest pace in three years, boosting hopes for interest rate cuts over the summer.
The S&P Global and Chartered Institute of Procurement and Supply final composite purchasing managers’ index (PMI), a measure of private sector activity, slipped to 53 in May from 54.1 the previous month”…
– Jack Barnett, The Times
Eurozone cuts interest rate for first time in 5 years
“The EU has become the second major global economy to cut its lending rate this week, saying it had made progress in tackling inflation.
The European Central Bank (ECB) announced a cut in its main interest rate from an all-time high of 4% to 3.75%”…
– Lucy Hooker, BBC News
UK stamp duty change quietly came into effect at the weekend
“A change to UK stamp duty that Chancellor George Osborne announced in the Spring Budget has now come into effect in England and Northern Ireland”…
– Eleanor Harvey, BuyAssociation
Single event as big as Eurovision to generate £12m for Liverpool
“Liverpool ONE predicts a £12 million economic boost thanks to global superstar Taylor Swift flying in for her Eras tour. With more than 100,000 extra visitors expected to visit the retail and entertainment destination, sales and footfall levels are forecast to mirror those recorded during Eurovision last year”…
– Christopher Megrath, Liverpool Echo
BuyAssociation is an established voice in the UK property industry. As well as producing our own content and daily property articles, we curate a newsletter each week highlighting the week’s top headlines for UK property news articles, stories and reports. Stay ahead of the market and join over 30,000 of the world’s most informed property investors by registering today!
The 7am Cut – 10/6/2024