Direct Property News

January 17, 2017

Last year saw more first time buyers in UK but they are older and pay more

The number of first time buyers in the UK is estimated to have reached 335,750 in 2016, up 7.3% and the third year in a row of growth, according to a new report. It means that those getting on the housing ladder for the first time have reached their highest level since the start of the housing crisis in 2007, according to the latest Halifax First Time Buyer Review. Having reached an all-time low of 192,300 in 2008, the number of home buyers getting on to the first rung of the property ladder has grown by 75% to its current level. However, first time buyer numbers still remain 17% below the immediate pre-crisis peak of 402,800 […]
January 18, 2017

Housing market activity rose 8% in December year on year and up 40% compared to 2014

Housing market activity in the UK increased by 8% in December 2016 year on year with the first time buyer market seeing growth of 26%, the latest research data shows. This was also an increase of 40% compared with December 2014, according to the report from Connells Survey and Valuation, with confidence levels recovered from any post referendum downturn. Overall, the number of valuations conducted for those selling property increased by 25% year and year with activity among those looking to remortgage up by 19%. The buy to let sector, however, has had a turbulent year with valuations contracting 26% on an annual basis. ‘The housing market has been recovering since September and had a great […]
January 18, 2017

Experts predict a ‘feel good’ property market in 2017

Manchester’s property market is heading for a “feel good” 2017. So say the developers behind a clutch of city schemes, who say the UK’s second city will prosper in the coming year as the Brexit process shakes-up the economy. Adam Higgins, director at Capital & Centric said: “Despite events of 2016, Manchester feels good at the moment. It feels like we’ve collectively created a city and culture that can weather a storm. “Although to be honest, we have quite liked the uncertainty and disruption that Brexit has created as it’s mixed things up a bit and on the back of this we’re committing to build out nearly 1m sq ft of development in the city this […]
January 19, 2017

Re-mortgaging a Property

Most clients tend to re-mortgage when their fixed term mortgage comes to an end. They tend to re-mortgage before the variable rate comes into force under their original mortgage. When you re-mortgage property, it is likely that your initial point of contact will be a mortgage broker. It is best to approach a whole of market mortgage broker who is not tied to any particular lender, so they can get you the best mortgage rates. Once you have found a lender, and you are happy with the rates they are providing, they will ask you to sign a copy of their mortgage offer, and ask you to nominate the solicitor who will be acting on yours […]
January 20, 2017

Buy-to-let market sees strong start to 2017

It is widely acknowledged that 2016 was not the best for buy-to-let landlords, The raft of changes impacting on the sector, including the additional Stamp Duty surcharge and Right to Rent, saw many investors deterred from purchasing more properties. However, 2017 seems to have started more positively, with more landlords looking to add to their property portfolios. Surge The latest mortgage lending figures from Fleet Mortgages indicate that there has been a surge in demand from buy-to-let landlords trying to add to their existing properties. There were 21,000 buy-to-let loans issued during November, up 13% on October, with this trend expected to continue. Bob Young, chief executive of Fleet Mortgages, said: ‘Overall, the market has kicked […]
January 20, 2017

North-South house price divide set to narrow again in 2017

The latest Hometrack UK Cities House Price Index has revealed that London recorded growth of 7.3% over 2016. This is the lowest annual rate for more than 3 years as impetus for house price growth is shifting from the capital to regional cities. According to the report,  strengthening market conditions and high demand has propelled Manchester’s house prices by 8.9% over the last 12 months – the highest rate of annual growth in the city since July 2005. The headline rate of the Index stands at 7.2%, down from 7.7% in 2015. However growth in the final quarter of the year bounced back (+2.2%) after weak growth over Q3 (+0.3%) following the Brexit vote. London is […]