This week’s news
Northern Powerhouse, Brexit, and Prince Harry the property hero!

On this week’s Property News Radio, we’re talking about astronomical rents, big wins for the Northern Powerhouse, how a hung parliament affects property, Brexit raining on the property parade, and how Prince Harry could single-handedly save the property market...allegedly!

A hung parliament is bad news for the property market

UK consumer confidence has apparently collapsed following the general election delivering a hung parliament - and the property market has subsequently slowed down, according to the Independent this week. Data from YouGov and the Centre for Economics and Business Research (CEBR) shows a “pronounced collapse” in confidence following the election, with figures on par with the aftermath of last year's Brexit vote. YouGov claims that if we see the property market cool down, this will act as a huge warning alarm, having propped up consumer confidence over the past few years. There’s always property doom and gloom in the headlines - we see it almost every week - but what does this REALLY mean for the property market? Rob explains…

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1 in 7 private tenants pays more than half their monthly income in rent

Compared with only 2% of homeowners who pay more than half their income on their mortgage, renters are significantly losing out - according to The Guardian. It comes as no surprise that high rents are preventing young adults from saving up for a deposit for a home of their own, with the average deposit now costing a whopping 71% of a first-time buyer’s annual income. Let’s examine the figures more closely…

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Northern Powerhouse regains post-election ‘momentum’

One of our favourite topics: the Northern Powerhouse! Jim O'Neill (former Goldman Sachs economist who quit as treasury minister last year) says he has a renewed optimism in the effort to build an economic hub to rival London. Despite previous concerns, the government and media are on the same page when it comes to pressing ahead with Northern Powerhouse plans, and wheels are in motion...great news!

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Brexit - how it's killing the UK property market

A bit of a dampener from AOL this week! According to this article, Brexit hasn’t even happened yet - but it’s already creeping up and causing nightmares for house sellers. Sales are reportedly down and the London bubble deflated, yet the number of mortgages available have increased and lenders are cutting rates. Sensationalist or truth? We’re digging a little deeper…

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Quirky News

Property Hero Prince Harry! - only Harry can save the UK property market...

Quite a claim from the Mirror this week! Recent research by My Home Move reveals that major royal events spark an increase in monthly house price rises across the UK. Could a royal wedding be the answer to all our property prayers? Here’s looking at you, Harry...no pressure!

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