September House Price Index, fire safety laws updated, what renters and buyers most want and other UK property news

Whether you’re a prospective buyer, homeowner, or landlord, it pays to follow the news and stay abreast of the latest trends and developments in the housing market.

With that in mind, let’s take a peek at some of the recent UK property news headlines.

Nationwide September House Price Index

Nationwide’s regular House Price Index provides a ready insight into the status of the housing market.

The building society’s figures for September indicate that average house prices are currently stable – there was no change from August – but that the cumulative impact of previous falls results in an annual decline in prices of 5.3% (the equivalent of some £14,500 on the average price of a home in the UK).

In the three months to the end of September, all the regions of the UK reported falls in average house prices. The Southwest of England saw the steepest drop in prices (an annual decline of 6.3%) while Northern Ireland registered a relatively stronger picture with a fall of just 1.8%. House prices across the whole of the North of England fell by 3.9% compared with the same, third quarter of 2022.

Nevertheless, housing remains expensive. Nationwide cites the example of a first-time buyer on an average income who purchases their home with a 20% deposit. That buyer would currently need to spend a very significant 38% of their monthly income on mortgage repayments – compared with the more typical, longer-term average rate of 29% of income.

Gove ignores Renters Reform Bill at key conference speech

Mixed messages seem to be given by the government about progress on the much-delayed Renters’ Reform Bill.

Both the Housing Secretary, Michael Gove, and his Minister for Housing, Rachael MacLean, promised meetings on the fringes of the current Conservative Party conference that the Renters’ Reform Bill would receive its second reading in Parliament before Christmas of this year.

According to a story in Landlord Today on the 4^th of October, however, the leaders of Generation Rent – who are also attending the conference – expressed their dismay that Mr Gove failed to mention the reform Bill at any point in his primary keynote speech to the assembled delegates.

Businesses and multi-residence buildings must now comply with updated fire safety laws

Important new fire safety legislation came into effect on the 1^st of October, Propertymark reminded its readers on the 3^rd of the month.

The new rules are contained in Section 156 of the Building Safety Act, 2022, and the key requirements are as follows:

• all commercial premises – whatever their size – must carry out an assessment of the fire risk and publish their fire safety measures;

• in multi-occupancy premises or those where the owner and occupier are not one and the same person, there must be increased coordination and cooperation; and

• where a residential premises contains two or more dwellings, the residents must be given information relating to the fire risks and the fire safety arrangements that are in place for their wellbeing.

The 10 most in-demand features for buyers and renters

On the 27^th of September, the online listings website Rightmove published the 10 most sought-after features wanted by buyers and renters respectively:

Buyers

1. the property needs refurbishment or remodelling – a renovation scheme;
2. a new central heating boiler;
3. loft conversion;
4. plenty of storage;
5. a cellar;
6. double glazing;
7. remodelled;
8. chain-free;
9. garden; and
10. close to a railway station.

Renters

1. double glazing;
2. “smart” property – internet connected;
3. close to a railway station;
4. parking provision;
5. cellar or basement;
6. new central heating boiler;
7. garden shed;
8. loft;
9. energy efficient; and
10. open plan.

You might want to take these lists into account if you are selling your property or intending to become a landlord.