In latest property news…

HOUSE PRICE GROWTH: Average UK house prices have returned to growth, reversing previous drops. Figures from the Nationwide show that prices rose by 0.4% in May to reach £264,249, up from £261,962 in April.  The rise reflects a more confident mood among buyers, the building society says, after a period in which ‘significant affordability pressures’ have tested market resilience.

ENERGY CAP: There is further good news for households with energy bills set to ease due to a new price cap from July. The cap is the most that a supplier can charge for each unit of energy. The regulator Ofgem updates the figure every three months. From 1 July to 30 September 2024, the cap will decrease from £1,690 to £1,568, a reduction of £122 that should bring energy prices down to their lowest level since early 2022. Of course, the proviso remains that the precise amount you end up paying will still hinge on how much energy you use. The more power, the bigger the bill!

POST-ELECTION WISHLIST: What should the next government do to help people looking to move house or invest in property? According to new research among property professionals by Rightmove, the key priorities political leaders should focus on include: more housebuilding; more help for first-time buyers; stamp duty reform; and more incentives to make homes greener. Various calls for action are reported in Estates Gazette. Landsec chief executive Mark Allan says the next government must focus on planning reform and a long-term strategy to maintain and improve the UK’s housing stock. At the same time, Simon McWhirter, deputy chief executive of the UK Green Building Council, is calling for more collaboration between policymakers and the property sector. He writes: ‘As an industry, working in conjunction with the next government, we need to adopt a joined-up approach that both tackles the climate crisis and rejuvenates our town and city centres.’

LANDMARK AUCTION: Here in the south meanwhile, this month sees the 250^th land and property auction to be held by our friends Clive Emson Auctioneers. A total of 175 lots across southern England are up for bids from 10 to 12 June. They are set to add to more than £3 billion achieved in sales for Clive Emson clients since the firm’s first auction 35 years ago. The latest lots include a cliffside chalet-style bungalow in Cornwall which featured in the TV historical drama Poldark. There is also North Street House, a former doctors’ surgery in Emsworth which has planning permission for redevelopment into a hotel and café. Other locations with lots include Winchester, Sandown on the Isle of Wight, Ramsgate, Croydon and Eastbourne. Altogether, of the 175 lots listed, 75 are vacant residential, 35 residential investment, 31 commercial property, 19 development/conversion land and 15 grazing/land. Property & Development Magazine highlights more details.

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