Alliance Property Group: Market Snapshot for June 2024
Last updated: 1.55pm, Tuesday 11th June 2024
Here is the latest property, economic and political news
by Gordon Campbell
June 2024
There has been a lot of activity in the last few months.
Property. economically and politically.
The Glasgow property market continues to be the strongest in the UK.
- Highest house price growth
- Highest rental demand and growth
- Best performing yields for investors
- Strong and diverse local economy
- Best affordability to buy or rent in UK
Scotland 'standout' performer on economy in UK
Scotland was a “standout” performer among the UK nations and regions last month, with its private sector economic growth accelerating to the fastest pace in two years, a key survey shows.
The Royal Bank of Scotland survey shows that Scotland’s private sector growth in May was second-fastest among the UK’s 12 nations and regions, including London.
In this recent blog we detailed why Glasgow and its surrounding areas economy is so strong.(click link to read) Why Is The Glasgow Economy and Property Market One of The Best in the UK?
Inflation
Headline UK inflation fell to 2.3% year on year – the lowest level since July 2021
The rate of inflation dropped to 2.3% in April – down from 3.2% in March and the lowest level in almost three years, the Office for National Statistics (ONS)
Inflation in April being just 0.3% above the Bank of England’s 2% target could be the spark to light the fire of the housing market inflation.
This will and is leading to mortgage and finance rates reducing.
UK General Election
The UK Prime Minister called for a UK General Election to be held on 4th July 2024.
Will an election make a change to the property market?
Past general elections do not appear to have generated volatility in house prices or resulted in a significant change in house price trends.
Demand far outweighs supply for property to buy or rent.
Whoever is the new government on the 5th July, the property market will continue.
Business as usual.
Rental Demand
Scotland, mainly driven by Glasgow, for the reasons highlighted previously in this blog, has the strongest rental growth, 9.3% year on year.
Summary
Now is the best time to kickstart your Buy-To-Let journey.
Plain and simple: demand for rental properties is expected to 🚀 SKYROCKET 🚀
That combined with our unique offering of our experience, knowledge, expertise and off market below value properties, please get in contact if you are looking to start or expand your property portfolio.
Alliance Property Group. Making A Difference.