NOVEMBER 2024 | PROPERTY MARKET REVIEW
In our market review of November 2024, we look back on noteworthy surveys and reports, significant policy decisions and other developments affecting the UK residential property sector.
This month, inflation has ticked up slightly, which has slightly dampened expectations of a December cut in the Bank of England’s base rate. However, a 0.25 percentage-point reduction at the start of the month has certainly moved things in the right direction, and further reductions are widely expected in 2025. In other words, it seems more of a question of ‘when’ not ‘if’ the official Bank rate will fall again.
In the meantime, investment returns continue to be encouraging, especially for those investors who own property in the UK’s more affordable markets. Here, regional capital growth rates have tended to stay well ahead of the rate of inflation, as have rental growth rates and gross yields. Moreover, with modest economic growth forecast for 2025 and with average earnings still rising in real terms, conditions for investors should continue to improve.
Darren Bennett
Managing Director
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