May 29, 2018

Have you paid more stamp duty than needed?

HMRC has stated that at least 15,700 buyers overpaid stamp duty last year. Are you, or your buyers, making incorrect assumptions about purchase costs? Despite the high cost of stamp duty, some buyers and, surprisingly often, their professional advisors, are getting their tax calculations wrong, prompting would-be movers to hold back and others, HMRC has confirmed, to over-pay by tens of thousands. The Wilmslow branch of estate agents, Jackson-Stops, recently saved one well-heeled buyer several hundred thousand pounds in Stamp Duty Land Tax (SDLT), merely by pointing out one aspect of the current rules. Another nearly fell foul of a much more common misinterpretation, the clarification of which reduced their tax bill by £18,000 to £20,000. […]
May 25, 2018

Remortgage market grows in many parts of UK, latest data shows

The remortgage market in many parts of the UK has been growing, with new figures showing it was particularly strong in Wales, Scotland and London in the first quarter of 2018. In London remortgage activity reached its highest levels since the end of 2008 with the number of loans in this sector up by 4.1% compared to the same period in 2017. The figures from UK Finance also show that the amount of remortgaging at £4.67 billion was up by 7.6% year on year. Completed remortgages increased by 10.9% in Wales and the amount at £0.6 billion was up by 13.2% compared with the first three months of 2017. Overall levels reached a nine year high […]
May 21, 2018

New to market house prices hit record high

The latest house price data released by Rightmove has revealed that prices of new-to-the-market property saw a 0.4% (+£1,228) rise this month. A modest increase by all accounts but enough to push the national average to a new record of £305,732. According to the figures, record monthly visits to Rightmove in March indicated a strong interest in property, though the subdued 1.6% annual rate of price increase warns that many buyers are increasingly price sensitive On average sellers are achieving 96.7% of their final asking price, a gap of just over £10,000 on the current national asking price, though this varies by region, location and property Russell Quirk, founder and CEO of Emoov.co.uk, commented: “There is […]
May 18, 2018

International buyers seek new homes in former commercial districts of London

New research reveals how commercial districts in London such as Mayfair and St James’s are returning to their residential roots with demand for homes rising. The conversions of the US Navy headquarters and the Canadian High Commission, both on Grosvenor Square, back into residential use, are prime examples of the change, according to a new report from property consultants JLL. JLL is forecasting that the number of luxury homes being launched will grow by 9% by 2022. It says that once complete, Grosvenor Square could well become the most desirable residential address in the world. Mayfair and Park Lane already have some of the most expensive homes globally. Buyers are after large apartments in new developments […]
May 14, 2018

How much could an average long term property investment earn you?

New research and analysis by specialist mortgage lender, Kent Reliance, has shown that long-term property investment could still deliver significant returns for landlords, despite recent regulatory and taxation changes. According to their report, over the course of a 25 year investment, a basic tax paying landlord, placing a typical 30% deposit of £73,908 on a property, would generate a total profit of £265,500 after all costs and taxes. Accounting for the impact of inflation over the period, this represents a profit of £162,000 in today’s money, or £6,475 every year. Capital gains comprise a significant portion of a landlord’s returns. Assuming that house prices and rents rise in real-terms by 1% per year – well below […]
May 10, 2018

UK housing land values rise where property prices are growing

The value of development land for housing in the UK continues to rise, but increases are concentrated in locations still seeing strong house price growth, the latest national analysis shows. In areas where the underlying residential property market has slowed then development land prices are not rising, according to the report from property adviser Savills. The report explains that sites that are well-connected or tied to strong employment centres are most in demand. This is reflected in prices being paid for land. The biggest increases are being seen in key towns and cities across the Midlands and Scotland, with Birmingham the standout performer. London developers continue to seek opportunities beyond the capital, where planning constraints and […]