UK rents are expected to rise much faster than property prices over the next three years, according to the chief operating officer of one of Britain’s leading property franchises. Dorian Gonsalves of Belvoir, suggests there will be a 15% increase in rents by 2020. This, he feels, is due to, ‘a raft of recent anti-landlord Government policies in the past year,’ though he notes the rent rises will vary depending on region.
Planning cuts make the UK Government’s housing targets impossible to meet, according to the vast majority of local authorities who also want to see a rise in fees. Nearly 90% of local authorities believe that a cash injection is needed as their resources are not sufficient to meet the target of a million new homes by 2020, according to new research. The research from the Federation of Master Builders (FMB) and the Local Government Information Unit (LGiU) is the first of its kind to draw upon the experience of both local authorities and SME house builders from right across the UK.
The latest research by Halifax has found that privately owned housing stock in the UK has soared in value by £1.9tr (or 51%) to over £5.5tr in the last ten years. The average value per household in the UK now stands at £241,682, up from £173,837 in 2006 – representing an increase of £67,845. This increase has been driven by a 51% rise in the average house price and the stock of privately owned homes expanding by 1.8 million, from 21.3m to 23.1m.
New research from the Council of Mortgage Lenders has revealed significant insights about landlords’ profile, motivations, and plans for the future. The research, by Kath Scanlon and Christine Whitehead of the London School of Economics, broadly finds that private sector individual landlords – whether landlords with buy-to-let mortgages or other landlords – are adopting an “even keel” mentality.
The squeeze by the Government on home owners and business premises means Britain has the highest property taxes in the developed world, it has been revealed. Analysis by the Organisation for Economic Co-operation and Development (OECD) shows property taxes accounted for 12.7pc of the total tax burden in 2014, the latest year for which data are available. This is up 0.3 percentage points compared with 2013 and is more than a percentage point higher than in 2011.
There has been a lot written about the slowdown in the London real estate markets since the UK voted to leave the European Union, but new research shows some locations are seeing robust demand. Among them is the residential market in the Canary Wharf area where property firm JLL report strong sales and lettings demand with a good supply of properties coming on to the market, ensuring continued stability in the face of ongoing political and economic uncertainty.