The Property Skinny; 27 January editionJan 29, 2023
The Property Skinny
This is The Property Skinny. We’re the fat-free version of your weekly property news, weighing in with the best (and worst) of the market.
Here’s what’s on the menu today:
- Landlords leave en masse
- Are land values on the way down?
- A plot of land for a grand? Welcome to the metaverse
Rental home supply drops sharply as landlords leave en masse
The supply of rental properties has dropped significantly as landlords leave the market shows new research from TwentyEA. Supply volumes have reduced 8% year-on-year and 25% since 2019.
Increased legislation, taxation and rising interest rates are to blame.
Turns out landlords weren’t the villains they were portrayed to be after all, and were actually keeping the rental market afloat with affordable housing.
Land values begin to drop as demand for new homes falls
Land values have fallen at their fastest rate since the financial crisis as developers reduce their spending after a steep decline in new build homes.
Big housebuilding firms like Taylor Wimpey and Persimmon have either stopped or massively reduced buying land.
Meanwhile, across the pond, KB Homes, a large home builder just reported a 68% cancel rate in homebuyers pulling out of purchases. Compared with just 13% last year.
Landlords may be leaving the physical market, but over in the metaverse, they’re snapping up land which they can ‘build’ on or rent.
A plot of land near the centre of Decentraland is on the market for 198,888 MANA (£106,596). The plot can be rented out per day at 175 MANA (£93.79).
Land in other parts of the metaverse can be bought for around £1000, up from £50 in 2017.
The way the property market is headed at the moment, I’ll see you all in the metaverse!
Full Phat Property of the Week
We’re heading up North this week, to feature this sleek mansion in the posh Altrincham area of Trafford, Greater Manchester.
The three-storey mansion is committed inside and out to a chic monochrome palette. It even includes an adventure playground for the kids!
Yours for £4.25 million.
That’s a wrap for today. Stay hungry and see ya next Friday!
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