UK House Price Growth Stagnates
UK house prices recorded minimal growth of just 0.1% between September and October 2024, far below forecasts. Market activity is slowing ahead of the Autumn Budget, which includes higher taxes on buy-to-let properties. The policy changes have raised concerns about affordability for renters and reduced supply in the housing market.
Grenfell Cladding Costs Skyrocket
A government watchdog reported that addressing dangerous cladding in the wake of the Grenfell disaster could cost £22 billion. The issue highlights ongoing safety and cost challenges for property owners and developers. Ministers are under pressure to find solutions to manage taxpayer spending while maintaining safety standards.
Commercial Property in London Gains Momentum
Central London’s commercial property market is seeing renewed investment. Notable projects include Castleforge’s £115 million redevelopment in the Square Mile and a French fund’s £34 million office acquisition. These deals reflect increasing demand for modernized office spaces despite economic uncertainties.
Ireland’s Housing Construction Challenges
Ireland’s construction sector faces a sharp contraction, with activity declining for the fourth consecutive month. Rising costs and falling new orders have worsened the outlook, despite government efforts to stimulate the sector through digital innovations and new policy frameworks.
Dublin Rent Growth Continues
Residential rents in Dublin continue to surge, with a year-on-year increase of over 10%. The demand for housing significantly outpaces supply, causing affordability issues for tenants. Urban centres like Dublin remain at the epicentre of the housing crisis.
Ireland’s Affordable Housing Push
The Irish government announced initiatives to boost affordable housing availability, including a €500 million investment in new projects. Despite the effort, challenges such as rising construction costs and slow project completion continue to hinder progress.