The UK housing market is poised for a prolonged period of stagnant house prices due to elevated mortgage costs, geopolitical tensions, and domestic political uncertainty, according to Bloomberg's analysis of RICS survey data. Buyer activity is slowing, with little expected movement in prices over the next three months.
UK Housing Secretary Steve Reed plans to establish a state-owned housing developer to stimulate low housebuilding rates, borrowing at lower rates than private developers, amid struggles to meet the government's 1.5m new homes target.
Hong Kong authorities have filed 25 charges, including manslaughter and conspiracy to defraud, against two companies and seven individuals in connection with the deadly November fire at the Wang Fuk housing complex that killed 168 people.
The UK housing market is experiencing a slowdown due to concerns over rising inflation and mortgage rates linked to the Middle East conflict, with reduced buyer inquiries, slower sales, and price sensitivity, according to the RICS survey.
Diageo shares rose 2% after Trump announced removal of 10% tariffs on Scotch whisky in honor of King Charles. UK house prices unexpectedly increased 0.4% in April with annual growth reaching 3.0%, while NatWest reported Q1 profits of £1.4bn despite setting aside £140m for potential economic worsening.
Protests have erupted across the UK over plans to build on golf courses, with around 170 organisations taking part in a day of action. The demonstrations, organised by the Community Planning Alliance, highlight growing conflict between housing targets and green space preservation. In Leicestershire, Protect Enderby and Narborough Green Spaces opposes a proposal for up to 800 homes on Enderby Golf Course. The debate intensifies as councils face pressure to meet government housing targets of 300,000-370,000 homes annually, with golf courses increasingly seen as 'soft targets' for development.
