I know you're busy working, so I've highlighted the latest property news headlines below for you. 

Housing targets scrapped

Rishi Sunak wanted to help make homes more affordable by introducing mandatory building targets that local councils would have to adhere to. But long-standing Conservative opposition to new developments has won the day after it emerged the targets will now only be “advisory”.  www.huffingtonpost.co.uk/entry/mandatory-housebuilding-targets-ditchedtory-rebellion_uk_638e2f8ce4b0411f9e7b54f2

‘Big’ house price drop according to Nationwide

UK house prices had their biggest monthly fall (1.4%) for more than two years last month (November 2022), according to Nationwide. Government official forecasters have predicted that house prices will fall by 9% over the next two years, blaming affordability issues. www.bbc.co.uk/news/business-63818942 

Demand for rental property still higher than ever

Demand for rental homes is at an unprecedented level, up over 20% year-on-year. This is according to Nicky Stevenson, MD of Fine & Country UK, who adds that that higher mortgage costs and signs of a market recalibration are leading some prospective buyers to rent for longer, or to put on hold their next property purchase. propertyindustryeye.com/housing-minister-accepts-there-are-fewer-homes-to-rent

Average rental prices up

Demand for rental homes is at an unprecedented level, with the average rent for a new letting having increased by £117 per calendar month (pcm) since last year, to reach £1,078pcm – and accounting for 35% of the average income of a single earner. propertyindustryeye.com/high-demand-continues-to-push-up-rental-prices

UK facing year-long recession warns CBI 

The UK will fall into a year-long recession in 2023 as the “stagflation” combination of rising inflation, negative growth and plummeting business investment weighs on the economy, according to Britain’s largest business group. www.ft.com/content/d68a4d1a-6ed2-4033-a5f0-e6093fe2799b