April 8, 2021

The north-south divide: Northern regions and cities lead house price growth

The latest house price indices reveal regions and cities in the north of England are leading UK house price growth. And this will likely continue in the coming years. In recent years, the north’s property markets have performed strongly, remaining particularly resilient through economic and political uncertainty. This has continued to be the case throughout the COVID-19 pandemic as well. And it is expected to remain that way in the coming years. According to HM Land Registry’s House Price Index for January, the average annual house price for a property in the UK increased by 7.5%. This led the average UK property price to come in at £249,309. With a regional outlook, the north-west of England has led […]
April 5, 2021

New ground rent legislation explained – why is it so important?

Being hailed as the first part of the biggest English property law reform in decades, the announcement of new ground rent legislation is set to extensively change the residential property market. Steven Glover, co-founder and land & sales director of developer Consero, helps explain the changes and what it means to leaseholders. What are the reforms? Glover says a freeholder owns both the property and the land it stands on while leaseholders only own the property. Previously, leaseholders of flats could extend their lease most often at a zero ‘peppercorn’ ground rent, but usually only for 90 years and could be charged extensively to do so. House owners also faced barriers and high costs when trying to […]
March 29, 2021

Why we’re set for a twin-speed housing market

The belief that the stamp duty break would end on March 31 caused a predictable frenzy among home buyers and sellers in February. Transactions were almost 50 per cent higher than the average over the last five years and up more than a fifth on January’s level, according to the latest figures from HMRC.  The jump in housing transactions reported for February might not repeat to the same extent over the coming months, but the extension to the tax holiday means annual comparisons may well remain positive. March house price indices seem likely to indicate a renewed flurry of activity.   Yet for all the encouragement given by government stimulus in recent months, the stage has been set for […]
March 22, 2021

New stamp duty rates coming into effect for foreign investors

An additional 2% stamp duty surcharge will be introduced for foreign investors next month. Will overseas buyers still invest in UK property after this takes effect? From 1 April 2021, a new 2% stamp duty surcharge will come into effect for overseas-based investors. This will be on top of the existing rates of tax. The government says the idea behind the policy is to bring down house prices and put the emphasis back on homeownership within the UK. For years, the UK property market has been a major target for overseas investors. This has continued at strong levels. Overseas investors even ranked the UK as the best residential property investment hotspot for this year. Many foreign buyers and investors have been snapping […]
March 18, 2021

Is everything we know about the property market wrong?

Post-Brexit chaos? Priced–out first-time buyers? The latest round of stats suggest we might need to revise what we think we know about the property market. There are certain truths about the housing market that hardly need repeating, they are so widely accepted. First-time buyers can’t afford their homes (a recent survey by Halifax revealed that in some parts of Britain house prices are on average more than 12x local earnings), there’s a shortage of rental properties pushing up rents (new research from referencing company HomeLet reveals the average cost of renting outside London rose by 5.1 per cent in the 12 months to April, while in the capital it rose by 7.7 per cent) and, a […]
March 17, 2021

Rental growth reaches a record 8.0% outside London

Rental growth outside London has hit 8.0%, the highest figure ever recorded by the Hamptons monthly letting index. The cost of renting rose by 10.6% in the South East, the first time the region has entered into double-digit growth. Rental growth nationally has been fuelled by a lack of stock – 300,000 fewer properties have come onto the rental market since the onset of the pandemic (March 2020 to February 2021), nearly a fifth less than during the preceding 12 months. Aneisha Beveridge, head of research at Hamptons, said: “This year we’ve seen a sharp decline in the number of rental homes coming onto the market. Would-be tenants are now faced with significantly less choice, which […]
March 15, 2021

House prices increase by almost £2,500 this month as buyer demand reaches ‘record levels’

HOUSE PRICES increased by 0.8 percent this month, leading to the strongest spring sellers’ market in the past 10 years as buyer demand skyrockets. The average price of houses coming to the market has surged by £2,484 as buyer demand reaches record levels, according to Rightmove’s latest House Price Index. With more people spending time indoors during lockdown, it seems Britons are keen to upgrade their homes. The Government’s recent extension of the stamp duty holiday also seems to have spurred buyers into taking action. The latest house price index suggests that the number of potential buyers enquiring about each available property in the month is at a record. Demand is also 34 percent higher than it was […]
March 12, 2021

UK housing market forecast to see strong growth in coming years

Savills has predicted strong growth in the UK housing market throughout the coming years, especially in the north and Midlands. Here’s what could happen to house prices in the short- and long-term. National estate agency Savills published its annual comprehensive five-year housing market predictions. The new upgraded forecasts come after an unexpectedly resilient and strong performance throughout 2020. Moving forward, there are a number of factors affecting the housing market. This includes the speed of the UK’s economic recovery and levels of unemployment and income growth. The easing of social distancing measures and lockdown restrictions and the vaccination program could boost buyer sentiment. And continued government support will likely further help the sector in the short-term. Interest rates are another factor impacting […]
March 11, 2021

Revealed – the cities where millennials are buying to let

With people commuting less due to the pandemic, it comes as no surprise that the interest in searches for ‘buy-to-let scheme’ has risen by 614.29% over the past year, according to research by Mashroom. The letting management platform surveyed 1,000 tenants and landlords in the UK to find out how rental relations are faring in the current climate. It found the top hotspots for millennial landlords in the UK include London, Manchester and Birmingham. Mashroom has taken a look at the average cost to buy a home in the millennial hotspot areas and compared it to the average monthly rent to uncover where younger investors will gain the most profit. The table below shows the best places […]