D_Property

A new report has revealed that property price growth for 2017 is likely to be most prominent in regions outside of London.

Data from an investigation by real estate advisors JLL suggests there will be overall residential price growth of 0.5% in the UK during the year. This is set to increase to 1% in the capital, but the prime market here is set to be flat.

Uncertainty

The forecast for house price is so low due to economic and political uncertainty. Apprehension over Brexit could have knock-on effects to other area, the report suggests.

However, it states that cities such as Manchester, Edinburgh and Birmingham could well perform best. Manchester city centre has seen poor levels of supply during the last few years, which in turn has pushed up prices by nearly 15% and rents by 11% in 2016. There is due to be little change in these growth percentages during 2017.

In Edinburgh, there is strong demand for suburban family homes. In addition, Build to Rent is taking shape in the city centre.

Andrew Frost, leader director of UK residential at JLL, noted: ‘Legislative changes, such as stamp duty and the uncertainty around Brexit have led to weaker investment demand from overseas as well as domestic buyers. Alongside an overstretched owner occupier market, this will keep a lid on price pressure.’[1]

‘At the same time, build costs will see significant inflation as the devalued pound sterling hits imports while the Mayor of London has continued to push for bigger affordable housing contributions. As a result, in contrast with the nearly 24,000 homes built in London during 2015, 2017 levels are expected to fall back closer to 16,000,’ he continued.

Moving on, Mr Frost said: ‘The challenges for the Mayor to use public land, planning and investment to stimulate supply are steep. There is much to be encouraged by so early on in his tenure, but his oft-used phrase of it’s a marathon, not a sprint is only too true. A strong, stable political backdrop for housing policy aligned with the creation of the new London Plan and Government White Paper will be an important handrail for an industry in need of guidance.’

Source: https://landlordnews.co.uk

February 1, 2017
home-1682316_19201

Property price growth set to be subdued in 2017

A new report has revealed that property price growth for 2017 is likely to be most prominent in regions outside of London. Data from an investigation by real estate advisors JLL suggests there will be overall residential price growth of 0.5% in the UK during the year. This is set to increase to 1% in the capital, but the prime market here is set to be flat. Uncertainty The forecast for house price is so low due to economic and political uncertainty. Apprehension over Brexit could have knock-on effects to other area, the report suggests. However, it states that cities such as Manchester, Edinburgh and Birmingham could well perform best. Manchester city centre has seen poor…
February 1, 2017
calculator-1044172_1920

RLA Calls on Government to Delay Tax Changes Following Higher than Forecast Stamp Duty Revenue

The Residential Landlords Association (RLA) has called on the Government to delay its forthcoming tax changes for buy-to-let landlords, following the release of figures that show higher than forecast Stamp Duty revenue as a result of last year’s surcharge introduction. Since April 2016, purchasers of rental properties and second homes have been charged an additional 3% in Stamp Duty. At the time, the Government predicted that the surcharge would raise an additional £630m in the first year. However, figures published yesterday from HM Revenue & Customs (HMRC) show that in just the first nine months, the tax hike had brought in £1.19 billion – £560m more than forecast for the whole year. If this rate continues,…
February 1, 2017
castle-1142178_1920

Cheapest and most expensive home sales in England and Wales revealed

Overall the official data shows that some 31,955 sales took place in England and Wales in December 2016. Some 610 were properties in England and Wales worth £1 million and over while 365 properties worth over a million pounds were sole in London in the last month of the year. The most expensive was in the London Borough of Kensington and Chelsea where a terraced home sold for £16.2 million 00,000 while at the other end of the market a terraced property in Peterlee, County Durham, sold for £14,000. The data also shows that a total of the 87,678 sales of residential and commercial land and properties lodged for registration in December some 64,924 were freehold…
January 31, 2017
houses-690060_1280

Manchester, Edinburgh and Birmingham set to be property hot spots of 2017

Property price growth is likely to be subdued in London with bigger regional cities in the UK expected to outperform the capital city, according to a new analysis report. Overall residential price growth of 0.5% is forecast for the UK, rising to 1% in London but the prime property market in the capital is set to be flat, according to the report from real estate advisors JLL. Very little house price growth is expected over the year as the country absorbs Brexit uncertainty and knock-on impacts to consumer price inflation and affordability, which is already stretched, the report suggests. But it adds that there will be hotspots such as Manchester, Edinburgh and Birmingham and points out…
January 31, 2017
Paul Rothwell owns a £33m property empire Credit: Lorne Campbell/Guzelian

‘Some say buy-to-let is dead – but my £33m portfolio is just the start’

While many buy-to-let landlords are in despair over a new tax due to be introduced in less than three months, large landlords see it as an opportunity – and some are even expanding to take advantage. Experts predict that as the tax changes come into force, the buy-to-let market may involve fewer small “accidental landlords”, who are more likely to be put off by the changes, and more professional landlords who will be able to capitalise by buying properties sold off by individuals. Professional landlords are in a better position than their smaller counterparts because many of them own their properties via limited companies, or can afford to set up a company quickly. They are also…
January 30, 2017
london-city

New investor demand in UK commercial property market rebounds post Brexit

Despite some concern surrounding potential relocation of companies based in the UK due to Brexit, demand from overseas buyers in the commercial property sector was up notably across all areas of the market in the fourth quarter of 2016. Demand increased for a second straight quarter with the growth in enquiries gaining momentum but expectations for rental and capital growth moved back into negative territory in central London, according to the latest report from the Royal Institution of Chartered Surveyors (RICS). Some 21% more respondents saw a rise in demand in the final quarter of the year, up from 9% more in the previous quarter and foreign investment also saw a rebound, with the weaker exchange…
Restricted Content
The contents of this website are intended only for investors from certain qualifying classes (“High Net Worth Individuals” and “Self-Certified Sophisticated Investors”). To access the full contents of the site you must first register in one of these categories.
Please confirm that you are a suitable investor before proceeding. If you are unsure whether you meet the specific criteria or not, you can check the definitions here.
Will be back soon