Direct Property News

March 7, 2017

The Private Rented Sector has now doubled

The Private Rented Sector (PRS) has doubled in size since 2004 whilst homeownership has also fallen to its lowest rate since 1985, the latest English Housing Survey has revealed. The survey is produced by the Department for Communities and Local Government and revealed that of the roughly 22.8 million households in England, 14.3 million were owner-occupied in 2015-2016. The Private Rented Sector has almost exploded in size and accounts now for more than 4.5 million households in the country. John Goodall, CEO and co-founder of Landbay, said: “As house prices rise further out of reach of aspiring homeowners, home ownership levels have dwindled. Generation Rent is growing both in volume and household size, with people now […]
March 8, 2017

Spring Budget 2017: What to expect for the UK’s property market

Spring has rolled around once again and it’s time for the country’s first budget of the year. The last of its kind, here’s what UK property investors can expect. Chancellor Philip Hammond announced earlier that the Spring Budget 2017 will be the last of its kind and that after this, all major announcement will move into one budget: the Autumn Statement. And whilst there’s a lot happening at the moment in the UK’s political circus with Brexit negotiations about to start, the Chancellor’s statement is expected to carry only very few surprises for Britain’s property investors. Stamp duty Changes to stamp duty have been a major point of discussion since 2014, and new rules came into […]
March 8, 2017

Most landlords in UK understand regulatory and tax changes

Two thirds of buy to let landlords in the UK understand that their ability to offset mortgage interest payments against tax is being scaled back by the government, new research has found. Almost one in five plan to raise rents to alleviate the effects and one in 10 say they are planning to exit the letting market entirely as a result of this and other changes, according to a survey by YouGov for the Council of Mortgage Lenders. It also found that nearly three quarters currently find it easy to make mortgage payments, but one in four say higher stamp duty and other reforms have stopped them expanding their portfolio. It was announced in 2015 that […]
March 9, 2017

Property industry reacts to Budget 2017

The Chancellor of the Exchequer, Philip Hammond, has delivered the last ever Spring Budget we will see. And for reasons only known to him, decided to skip the ‘housing part’. How did today’s Budget impact the property industy? Well quite angrilly as you would expect given that there was no mention of anything housing related whatsoever. As ever, the property industry was quick to react to the news (or in this case, lack of it). Here’s what they have been saying: Russell Quirk, founder and CEO of eMoov.co.uk, had this to say: “Zip. Nada. Zilch… Nothing…. A bitterly disappointing, lacklustre Budget by Mr Hammond in terms of addressing the current UK housing crisis. It is clear […]
March 9, 2017

Property supply up over 13% in UK towns and cities last month

There are signs that the supply shortage in the UK housing market could be easing with the number of properties for sale up 13.3% in towns and cities in February. Overall the supply increased in 83.7% of towns and cities but a number saw listing fall and London saw it rise by just 4.7% last month, the data from online estate agents HouseSimple shows. Warwick saw new listings rise by 76.2%, while in Edinburgh and Carlisle supply was up 59.7% and 54.6% respectively. But supply fell by 12.6% in Bottle, by 12.4% in Guildford and by 8.5% in Salford. Other locations that are seeing supply rise significantly include Lancaster with a rise of 48.1%, High Wycombe […]
March 10, 2017

House price growth exceeds net earnings in a third of districts

The latest Halifax research has shown that during the last two years, 31% of UK local authority districts average house prices have increased by more than employees’ net earnings – edging up from 28% in 2015. According to the report, more than nine out of 10 are in London, the South East, South West and the East of England with these four regions accounting for 111 of the 119 areas. Halifax claims that the biggest gap between rising property values and earnings was in Haringey in London. House prices in the borough increased by an average of £139,803 over the last two years, exceeding average take-home earnings in the area of £48,353 over the same period […]