Friday property news update

Where to buy land, the latest on housing transactions and our global outlook 
Written By:
Liam Bailey, Knight Frank
2 minutes to read

The outlook for global property markets

Worldwide confirmed coronavirus cases surpassed 40 million yesterday and infection rates in Europe are now rising at over 150,000 a day. The US, India, and Brazil remain the worst affected countries by overall numbers.

Kate Everett-Allen this morning updates our Global Residential Outlook. New data suggests several markets including London and Dublin are attracting overseas buyers despite the pandemic and associated travel restrictions. In London's case that's at least in part a pre-emptive move ahead of next year’s foreign buyer tax.

Despite moving to a more severe lockdown there is no sign of the new homes market in Dublin slowing down. The Knight Frank team agreed more than 30 sales in Dublin within a 48-hour window this week. 

Consumer confidence takes a hit

A closely-watched index of consumer confidence dropped to -31 in October, its lowest level since late May and down sharply from a nine-month high of -25 in September. Meanwhile, factory activity continued to decline this month, but at the slowest pace since March.

Those readings come a day after Chancellor Rishi Sunak pledged to provide about £11bn of additional support for jobs and businesses over the next six months. Mr. Sunak said the government would shoulder more of the burden for paying wages of staff who return part-time, and would offer more money to hospitality companies and the self-employed.

Where should you buy land?

The process of buying land can be fraught with uncertainty, particularly amid a mixed economic outlook. Developers will often favour regions they are familiar with, but comprehensive analysis of a string of data points can tease out differences between neighbouring local authorities that aren’t apparent at first glance.

By ranking every Local Authority in the UK against a simple economic and housing model that includes pricing, liveability, accessibility, housing supply and housing demand, we have identified five potential hotspots for future growth.

The areas are Surrey Heath, Tameside, East Hertfordshire, Fareham, and Chesterfield. Oliver Knight has more.

Housing transactions return to normal levels

Official figures from HMRC reveal the volume of residential property transactions have now returned to normal levels. 

There were 98,010 transactions in September, up more than 20% on August's figure and back in line with September 2019. Chris Druce updates our live document that includes all the data you need to understand what's happening in the UK property market right now.  

In other news...

The growth of data centres in Southeast Asia; the confusing investment path to saving the planet; Britain signs the first major post-Brexit trade deal with Japan; permanent remote workers expected to be seen doubling in 2021; and finally, what changed in a week of Brexit talks? Everything and nothing.