Sunak – General election 4th July 2024
Many pundits feel that post the General election Rishi Sunak will fly off to Silicon Valley, so maybe holding the General election on American Independence day is no coincidence! The real carnage caused by ending parliament is of course now there are a number of pieces of legislation that will not become statutes. Top of the list property industry wise is probably the so called Renters Reform Act. It remains to be seen if Labour will wave this through in the next day and a half of government business before the houses rise.
With Labour 20 points ahead of the Conservatives it looks very likely Starmer will be living at No.10 come the second week of July, the bigger question is what will Labour’s policies be regarding the UK real estate industry and the digital transformation process, including of course ESG industries which they so famously rowed back on recently.
There has been a lot of Labour rhetoric regarding the rights of the poor and the disenfranchised, the need for the building of 1.5M new homes over the next five years, spades in the ground etc, but the sad reality as we saw with Michael Gove the great leveller and housing secretary, often inertia wins out. And nothing meaningful gets done.
Certainly Conservative nimbyists at a local level has stymied development of new homes, and of course the cost of borrowing has sky rocketed, which makes the sale of non-social housing stock problematic, and the national homebuilders to slow down on their build rate.
London loses top spot for property investors
Handelsbanken’s latest ‘Property Investor Report’, based on exclusive insights from UK property investors with an average of 35 properties each, found that the East of England was cited as the most attractive region for property investors over the next 12 months (26.5%), closely followed by North East & Cumbria (24.5%), North West (22%) and South East (21.5%), with respondents appearing to focus on areas with higher yield characteristics, rather than those with historically strong demand.
Last year, London was the most popular investment hotspot, while this year, it has dropped to fifth position with 21% – on level-pegging with the East Midlands. Support for the South East has also fallen this year, compared to last when it scored 26%.
Market outlook The research also found that nearly two thirds (62.5%) plan to grow their portfolio in the year ahead. Over a quarter (27.5%) will maintain their portfolio’s current size, and just 8.5% aim to exit the market completely.
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Andrew Stanton’s PROPTECH-X ‘Proptech & Property News’ in association with Estate Agent Networking & News Now publications. #proptech #property #realestate #digitaltransformation #startups
Andrew Stanton Founder & Editor of 'PROPTECH-X' where his insights, connections, analysis and commentary on proptech and real estate are based on writing 1.3M words annually. Plus meeting 1,000 Proptech founders, critiquing 400 decks and having had 130 clients as CEO of 'PROPTECH-PR', a consultancy for Proptech founders seeking growth and exit strategies. He also acts as an advisory for major global real estate companies on sales, acquisitions, market positioning & operations. With 100K followers & readers, he is the 'Proptech Realestate Influencer.'
