Thank goodness it is Friday again……
Here is our “week in summary” for UK property….
Interest rates held and £100bn into the economy. The Bank of England’s Monetary Policy Committee met on Thursday and held interest rates at 0.1% and voted 8-1 to pump £100bn into the economy with focus on its bond buying…. Who is that one single voter??
Data Analysis for June 2020 from Knight Frank…. Interesting analysis produced this week…The first week of June saw the highest number of offers accepted on record for markets outside of London. In the same week, in the lettings market, the highest ever number of valuation appraisals took place………
Its not just us who have been managing ‘with’ tenants… 77% of Landlords say Tenants have worked well through Lockdown… seems communication has proved to be the right approach …
First time buyers are coming forward to purchase… we said last week we needed the first time buyers to “keep on moving” and recent figures would suggest they are, as they are responsible for 40% of the mortgages since lock down started … great news for 2nd and 3rd and 4th….. buyers!!
Is a property ‘fund’ better than purchasing an actual property… not at the moment! We are often asked if it would be better to invest in a property fund for diversification… the answer is usually, if it suits you then maybe…. But not in a correcting market! The evidence is now clear… property is not a liquid asset and if you want cash from your funds, you may find your fund manager cannot or will not sell assets ‘now’ for the protection of the long term value of the fund and the other investors… tight spot for at least 6 months we believe!
More News next Friday!
