Most landlords in the UK plan to continue business as usual despite the recent raft of political changes, including net year’s cut on mortgage payment tax relief, a new survey has found. Four in five landlords have no intention of changing their plans to invest in buy to let properties, despite fears that Brexit would create a property slow down, according to the annual Landlord Voice survey from Simple Landlords.
The price for an average property in the UK is set to increase by £44,000 over the next five years, despite any warnings “Project Fear” had spread pre-Brexit. The average British property will gain some extra value every year until 2021, when it will be worth around £254,000, the Centre for Economics and Business Research (Cebr) has revealed. The think-tank explained that activity is very likely to slow down slightly next year, but also said that this had already been dampened slightly due to the stamp duty hike for buy-to-let investors. These forecasts are quite the opposite of ex-Chancellor Osborne’s rather negative assessment of the property future during the referendum campaign earlier this year. At the […]
The residential property market in the UK is beginning to pick up nationwide for the first time since February with prices and buyer demand both up, the latest index report shows. The data from the Royal Institution of Chartered Surveyors (RICS) also says that market confidence continues to improve following some jitters just after the European Union referendum but Brexit is not having a major impact. Some 8% more chartered surveyors reported an increase in buyer enquiries in September, a significant turnaround in new buyer enquiries compared to June when a net balance of 34% of respondents reported a drop.
There is now clear evidence that the introduction of much higher rates of stamp duty for homes over £1 million in the UK almost two years ago has created a two speed prime regional housing market. The latest analysis report from real estate firm Savills shows that recent price growth has been dictated more by house size and value than by location and overall buyers in this sector are more cautious due to stamp duty and an uncertain economic outlook.
Buy to let landlords and new investors are returning to the UK market after stamp duty change earlier this year with enquiries up 30% since May, the latest data shows. The tracker report from Rightmove describes it as ‘a substantial’ boost to the buy to let market following a short term dip when the 3% stamp duty surcharge on additional homes was introduced in April 2016.
Consumer demand for building work in the UK remained resilient in the three months following the vote to leave the European Union, new figures show. But developers must not be complacent as while the construction industry is like a weather vane for the property market as there are still challenges, according to a new report from the Federation of Master Builders (FMB). The biggest challenge is a lack of skilled workers with almost two thirds of smaller builders struggling to find bricklayers and over half, 55%, finding it hard to find enough carpenters and joiners.