Direct Property News

February 1, 2017

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

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 3, 2017

Low mortgage rates keeping affordability low for home borrowers in UK

Historically low mortgage rates are the main driver behind a significant improvement in affordability for home borrowers in the UK since 2007, new research shows. Mortgage affordability, that is the proportion of income spent on home loan payments, has remained well below the peak of 2007, according to the study from lender the Halifax, up 18% in the last decade. Typical mortgage payments for new borrowers, both first time buyers and home movers, at the historic average loan to value ratio stood at 30% in the fourth quarter of 2016 compared to the peak of 48% in the third quarter of 2007. Despite average house prices growing by 7% in the past year, mortgage affordability in […]
February 3, 2017

New home registrations top 150,000 in 2016

According to new data, more than 150,000 new homes were registered in the UK by NHBC in 2016, the second highest in almost a decade. 151,687 new homes were registered by NHBC in 2016, a slight decrease of 2% compared to 2015 when 155,504 new homes were registered. The 2016 figures represent a 70% increase in registrations compared to levels seen at the time of the housing crash in 2008/09. 115,689 new homes were registered in the private sector, compared to 117,506 in 2015 with 35,998 registered in the affordable sector, compared to 37,998 the previous year. NHBC’s latest data also revealed that seven out of 12 regions experienced an increase in registrations, most notably Yorkshire […]
February 3, 2017

North West house prices to rise 18% in next five years

A combination of high demand and low supply means that both rents and house prices will see their values rise, despite UK-wide uncertainty. House prices in the north west are set to sore by 18.1 per cent over the next five years, according to the Manchester Residential Predictions Seminar in the city centre. A combination of high demand and low supply means that both rents and house prices will see their values rise, despite UK-wide uncertainty. And JLL predicts that prices in Manchester will grow by a massive 28.2 per cent in the next five years. The average two-bed apartment in the city currently fetches £230,000 but if predictions are correct, it could cost £246,000 by […]
February 7, 2017

Manchester property prices will grow 28.2%

Over the next five years, Manchester capital value growth is expected to reach 28.2 % as a result of growing demand and supply, a research report by JLL revealed. House prices in England’s north-west ar set to rise 18.1% until 2021, property advisor JLL has revealed in a recently published research paper. This data comes after a great year for Mancunian residential property as it has already experienced a growth of 16% in capital values in 2016. The area’s imbalance between supply and demand is one of the main reasons why the growth rate in the north-west is currently outpacing the rest of the UK. And JLL precits that, as a result of this continuing undersupply, […]