Bank of England has cut the base rate by 25bps to 5%, the first fall since March 2020. With inflation still a challenge, consecutive cuts going forward should not be expected.

The Chancellor has announced a £22bn hole in the UK’s finances. Measures to fill this gap include the stopping pensioner winter fuel payments, the removal of the cap on social care for the elderly and cancelling several infrastructure projects.

Cushman & Wakefield reports that European real estate values rose for the second consecutive quarter across all sectors.

M&G Real Estate is buying the 50% stake it doesn’t own in The Mall at Cribbs Causeway for c. £100m from creditors of Intu.

BNP Paribas Real Estate reports that A total £11bn of UK commercial real estate investments changed hands in Q2 (+8% year on year), bringing the H1 2024 total to more than £22bn.

Crosstree Real Estate Partners LLP has acquired a £150m GDV 431-bed PBSA development in Tottenham Hale.

Related Argent has secured an £85m refinancing for its debut BTR development, Author King’s Cross, from NatWest Group.

The government has launched its consultation on the National Planning Policy Framework to reintroduce housing targets and green belt land release.

Watkin Jones Group has agreed the forward sale of a 397-bedroom PBSA scheme in Stratford, London, to social impact investor Housing Growth Partnership.

Platform_ has bought its first site in Bristol, where it plans to develop a 300-unit BTR scheme.

The budget for this year's renewable energy auction will be increased to £1.5bn, up from £1bn last year. Much of the funding will support offshore wind power, which the government wants to quadruple by 2030. While broadly welcomed by the renewables industry, the target remains extremely challenging.

Mark Charlton – Real Estate Research Consultant at Waypoint