Andy Burnham ascended to power, reinstating Angela Rayer who took possession of UK housing once more; this time however, she means business or at least the glasses are supposed to suggest that. More council houses were promised but funding remains short. To rectify this the government continues to look down the back of the “wealthy’s” plush sofas while local authorities’ abilities to build remain questionable. House prices continued to feel the reprocussions of ongoing activity in the East, causing rates and buyers to retreat. Meanwhile rents heated up over the summer but are expected to cool come Autumn. Welcome to another UK Property News Recap – 24.07.2026.
Asking prices fall as buyers retreat
Sellers feel the seasonal change as lower rates are swept away with the tide taking with them buyers’ interest over the summer months, who opt to embrace fair weather distractions as a respite from the ongoing economic and political chaos. Average asking prices fell 1% in July, the largest fall in 10 years for this sticky time of year. Once again, Rightmove is emphasising the importance of pricing correctly from the onset to avoid larger reductions and increased exposure on the market. 74% of those who heeded this advice successfully sold and completed this year without an asking price reduction. For those who didn’t, not only did they face a reduction in price but an average of 127 days on the market, compared with just 36 days for those who priced to sell. The summer is expected to be quiet as buyers and sellers wait to see if a ceasefire can be agreed, again or not. In the interim, those determined to move and aren’t reliant on excessive borrowing will make hay and bag a deal.
Angela Rayner takes back possession of UK housing
Angela Rayner returned to the front benches as Secretary of state for housing, communities and local government. Despite being ousted last year from the position for not paying the right stamp duty on a flat she bought in Hove, she has now been reinstated and has declared she will not repay the £16,876 ministerial severance payment awarded her after her departure earlier this year.
House price growth slows
House price growth was ESTIMATED by the ONS to have slowed to 2.7% in May from 3.9% in the 12 months to April 2026. The rate of annual growth continued to diversify depending on the region. The North East achieved 5.9% annual growth; the highest percentage increase in England. Prices are being driven higher in this region due to demand from both owner-occupiers and investors, with the latter attracted by stronger rental yields in more affordable areas. Meanwhile the capital saw prices slip 3.7% as flats fell out of favour and the top of the market was forced to accept house price reductions if they wanted to avoid further taxation. Northern Ireland continued to see prices soar; up 7.4% annually with Wales and Scotland trailing behind with a reported 4.2% and 4.4% respectively. Leaving England lagging behind with only 2.3% growth. Moving forward, prices are likely to continue to soften over the summer unless a permanent resolution is found.
Rents continue to ascend
Average UK monthly private rents increased by an estimated 3.3%, to £1,388 June 2026. Annually however the growth rate remained consistent with May 2026. In England, annual rates of growth varied significantly; from 6.3% in the North East and 2.2% in the Capital where renters are feeling the squeeze causing many to increase their daily commute to homes further afield.
Mortgage rates rise
Mortgage rates retreat as they come under renewed fire from the East. This will hurt the millions looking to renew this year, and wannabee buyers too. As a result many first timers will hold fire and hope prices further fall while others will watch prices continue to rise in more affordable areas where buyers can still reach leaving others behind
Shared ownership case paves way for reform
A landmark ruling has called time on the shared ownership model that charges leaseholders to cover all property service charges regardless of whether they use them or not. Notting Hill Genesis, the housing provider for Viridian Apartments in Battersea, has been forced to repay leaseholders for charging them for services “including a gym, concierge and communal garden, in a neighbouring block of flats, despite having no access to them.” BOOM. There has never been anything “shared” about shared ownership. It’s like a dysfunctional relationship where you keep giving hoping to get something back in return when all you get is rinsed.
Asian markets dominate future house price growth
Knight Frank’s optimism for the future of prime markets remains glowing despite global forces tarnishing values. Asian markets are forecasted to dominate house price growth over 2026-27 while London prices are forecasted to fall a mere 2% (cough, cough) in 2026 before returning to growth in 2027. Expect this forecast along with their others to be….adjusted.
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Demand for older office spaces wane in favour for upgraded spaces
According to Rightmove’s latest Commercial Insights Tracker; leasehold demand for offices nationally fell 2% however in London demand dipped by 11% in the second quarter of 2026. 10 of the 11 key London boroughs covered fell out of favour; Kensington & Chelsea the hardest, down 34%. Despite interest falling, employers looking to retain the best staff are upgrading to premises with amenities to accommodate them having to be… well, in the office.
Spend more or build less
The Resolution Foundation estimated that due to the increased cost associated with building homes for social rent; to reach 300,000 homes, another £800 million would be needed each year over the programme’s ten-year lifespan.
Rayner rules out rental caps
Rayner tells the BBC: “I don’t think that rent freezes, rent controls, is a way forward at the moment.” Landlords will welcome the reprieve as they adjust to the Renters’ Rights Act but won’t hold their breath.
That concludes this week’s UK Property News Recap – 24.07.2026. Any comments or suggestions please feel free to get in touch.
