Skip to content
Search

Latest Stories

UK's house prices climb up in July: RICS

House prices in UK moved up in July as prices in London fell weighed on gains further north, while smaller landlords decided not move ahead with small rental sector amid unfavourable tax system, according to a survey on Thursday (9).

The Royal Institution of Charted Surveyors’ (RICS) monthly house price balance climbed to +4 last month.


House prices in Scotland, Northern Ireland and most of central and northern England moved up, while prices in London fell broadly, and prices in other parts of southern England and in Wales remained unchanged.

Property priced at over 1 million GBP, which is common only in London and nearby areas, most likely to see 10 per cent or more discounts on its asking price, while the houses advertised for under 500,000 GBP usually sold at or slightly above their asking price.

“The most striking feature of the July 2018 survey is the continued reduction of new property being put on the market in the lettings sector with 22 per cent more respondents seeing a fall rather than rise in New Landlord Instructions. This is the eighth consecutive quarter in which this indicator has recorded a negative number,” RICS said in its report.

This pattern reflects the shift in the Buy to Let market in the wake of tax changes which are still in the process of being implemented, as smaller scale landlords exit the sector.

Significantly, the drop in instructions is evident in virtually all parts of the country to a greater or lesser extent. While the supply of fresh rental stock to the market is increasingly constrained.

The upward momentum appears to have slowed, but the number of tenants looking for a new home remains in positive territory at a headline level (+4 per cent in the latest three month period), RICS added.

“One consequence of this imbalance is that expectations for rental growth, and rising rents for consumers, appear to be strengthening again. Over the next twelve months, rents are projected to increase by a little short of +2 per cent nationally, but the shortfall in supply over the medium term is expected to force a cumulative rise of around +15 per cent (based on three month average of responses) by the middle of 2023. East Anglia and the South West are viewed as likely to see the sharpest growth over the period,” RICS pointed out.

“The impact of recent and ongoing tax changes is clearly having a material impact on the Buy to Let sector as intended. The risk, as we have highlighted previously, is that a reduced pipeline of supply will gradually feed through into higher rents in the absence of either a significant uplift in the Build to Rent programme or government funded social housing. At the present time, there is little evidence that either is likely to make up the shortfall. This augers ill for those many households for whom owner occupation is either out of reach financially or just not a suitable tenure,” said Simon Rubinsohn, Chief Economist at RICS.

More For You

Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
India’s IT sector

India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.

iStock

India’s IT sector faces uncertainty as US proposes 25 per cent outsourcing tax

INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.

Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less
Rachel Reeves

Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.

Getty Images

Reeves urges ministers to back Bank of England on inflation

CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.

Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.

Keep ReadingShow less
Trump urges EU to impose steep tariffs on India and China over Russian oil

US president Donald Trump (R) and Indian prime minister Narendra Modi hold a joint press conference in the East Room at the White House on February 13, 2025 in Washington, DC. (Photo by Andrew Harnik/Getty Images)

Trump urges EU to impose steep tariffs on India and China over Russian oil

US PRESIDENT Donald Trump urged EU officials to hit China with tariffs of up to 100 per cent as part of a strategy to pressure Russian president Vladimir Putin, according to a US official and an EU diplomat.

Trump also encouraged the European Union to slap India with similarly expansive tariffs, said the official, who requested anonymity to discuss private conversations.

Keep ReadingShow less