Published by: Alex Maile
After months of oil shocks, inflation worries and mortgage cost increases, things are finally starting to calm down, although whether they stay that way is another matter.The Gulf crisis has dominated the headlines since the start of the year, but now appears to be edging towards some kind of resolution. There may still be a few more unexpected twists and turns to come, but oil prices have recently settled, lenders have become less nervous, and there are growing signs that mortgage pricing may also be stabilising.
Through it all, the property market has remained remarkably resilient. Rightmove reports the average asking price of a home coming to market rose again in May to £378,304, while buyer demand and agreed sales have remained steady.
However, to add to the air of uncertainty, it is becoming increasingly clear that Andy Burnham is going to make a real push to oust Sir Keir Starmer as Labour leader, and he might well succeed.
What may be better news for the housing market is that, despite some tough talk, he has a good track record on growth and regeneration. During his time as Mayor, Manchester’s property market has boomed, with huge amounts of investment and development transforming parts of the city centre and surrounding areas.
Interestingly, it turns out he is also a landlord himself, after renting out his former flat in Kennington, which he bought back in 2012.
Manchester’s business sector has also expanded rapidly during Burnham’s time in charge. The city has attracted major tech, media and digital firms, with MediaCity growing into one of the UK’s biggest creative and broadcasting hubs outside London.
The BBC’s move north helped kickstart the process, while firms including ITV, Booking.com and TalkTalk have all expanded their presence in the region in recent years. And Booking.com has also recently announced major investment plans for Manchester and hundreds of new jobs.
If Burnham manages to replicate even some of that in the rest of the country, we will all be very happy indeed.
In the meantime, though, as ever, we will all just get on with things.
Alex Maile