Your need-to-know news and numbers: June 2024.

It’s June. And, while the front pages might be dominated by the Election (and the back pages by the Euros), the property market will continue to make headlines of its own this month.

With that in mind, we’re back with our monthly round-up of the stories you might’ve missed from May.

2040

AI has predicted we’ll see 3D printed properties, houseboats and multigenerational homes within the next two decades, according to Grand Designs Live. If homebuilding technology advances at the rate expected, we could see virtual reality, environmental design and carbon-neutral or energy-positive design become more common.

• Have you ever seen a Passive House? That’s a home built using a sustainability standard to reduce the carbon footprint by 75%. Check out the pics of this luxury barn home development.

72

Showing that repurposing hidden gems can be a rewarding and lucrative investment, the property company Britannia has secured £10m for development at Daisy Bank Park, Manchester. The former probation centre will see 72 new homes created, with the first ones due for completion by summer next year – a portion of which will be made available to key workers at 80% of the market value.

£700

According to a study by Zoopla, homeowners of historic properties are spending nearly £700 per month on upkeep and repairs – nearly twice as much as non-period homeowners. And, as over a fifth of homeowners in Britain live in period homes, this article asks - are period properties worth the hassle?

• For renovations, DIY and property upgrades, home improvement loans might be something to consider.

6

That’s how many tips Lucy Alexander, star of A Place In The Sun and Homes Under the Hammer, shared in a new article, focusing on the crucial advice for property hunters looking to bag a 'hidden gem'.

300,000

Gazumping wouldn’t be such a wide spread issue in England and Wales if government-set targets to build 300,000 new homes per year had been met, alleviating competition and demand in the housing market. 

That was one of the points raised by our Chief Commercial Officer, Ryan Etchells, when he was asked to contribute to a recent article in The Times debating whether gazumping should be made illegal in the UK.

• Unfamiliar with the terms gazundering and gazumping? Our latest blog explains what both processes are, how they could potentially derail your property purchase, and what you can do to put the power back in your hands.

13% 

According to new data, the first quarter of 2024 saw a 13% rise in people aged 56 to 65 looking to move into homeownership. Further, between April 2023 and April 2024, 38% of potential buyers in the UK were first-time buyers – with the average age being 33 years old.

• This supports Together’s recent study, which found that a whopping 60% of millennials have aspirations to own their own property within the next five to ten years.

£4,900,000 

That’s how much Arc & Co., specialist debt advisory firm, and Together have provided to a developer client, enabling the purchase and renovation of a commercial and residential space.

17% 

A Rightmove report has shown that the number of detached homes currently under offer is 17% higher than the same time last year. And estate agents Hamptons have shared that detached homes are on average around 60% more expensive than semi-detached properties. Both figures, and the surrounding findings, show a trend for buyers hunting for specific property types.

1.5% 

That’s the average fee for a high street estate agent. And that, along with stamp duty and legal fees, form just one of the reasons Rob Dix gives for his preference for renting over buying. As a landlord himself, and a host of a number of property podcasts, Rob explains how the freedom and flexibility of being a tenant is more important to him than living in a house he owns.

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