Direct Property News

March 16, 2017

Signs of recovery in prime central London property market

There are signs of renewed activity in the prime central London residential property market, particularly at the upper end of the price scale, it is suggested. So far in the first quarter of 2017 pent-up demand, the effects of sterling’s fall and more realistic asking prices have combined to trigger a rise in sales, according to independent property buying agency Black Brick. There has been a return to competitive bidding with the upper end of the market, which has been subdued due to stamp duty changes, and properties that are priced to attract buyers are selling, said Camilla Dell, managing partner of Black Brick. She gives as an example a flat in Queen’s Park came on […]
March 16, 2017

One third of first-time buyers are now spending 5 years to save for their home

A new report has revealed that 30% of first-time buyers spent the last five years saving for their house and 7% even said it took them ten years to save up enough money for a property. Another third said their parents had contributed to their first deposit and 8% named other family members as well. When it comes to London, almost 40% of respondents said their parents had to help out when it came to putting down a deposit. The report by Which? Mortgage Advisers came only days after figures from Your Move showed that house prices grew at their fastest pace in the last year in February, with average prices being just shy of £300,000. […]
March 17, 2017

How will House Prices be Affected by Article 50?

Average house prices are expected to rise by 1.2% this year, although they could decline by as much as 4% as a result of Article 50, warns a new report. Online estate agent YOPA has launched a Brexit House Price Tracker, which collates industry predictions and compares them to the house price indices from Halifax, Nationwide, Rightmove and the Land Registry, ahead of Article 50 being triggered. Forecasts have been taken from commentators in the industry, including buying agent Henry Pryor, who expects to see a 2% increase in house prices this year, as do experts from Rightmove and Nationwide. The tracker, which will be regularly updated as we await Article 50, also includes predictions from […]
March 20, 2017

Property coming to market jumps 1.3%

The latest data from Rightmove has shown that the average price of property coming to market increased by 1.3% this month, the same average rise as the same month last year. According to Rightmove, a monthly rise of this size has only been exceeded once at this time of year since 2007. Other highlights of the report included modest annual growth of 2.3% compared to 7.6% in March 2016, highlighting slower pace of increase. Mighty Midlands leads the rest of the country with East and West Midlands prices at record highs. Brian Murphy, Head of Lending for Mortgage Advice Bureau, said: “The data released by Rightmove today reports trends on asking prices, rather than completed transactions, […]
March 20, 2017

Tax change is biggest issue for UK buy to let landlords

Tax change is the biggest issue for buy to let landlords in the UK with many having concerns about how they will manage their business with the changes to mortgage relief finance. But they should not worry about it, instead taking it as part of the cost of running a business, the Property Wire panel debate on the future of buy to let in the UK heard. The debate panellists stressed that buy to let is a business, and needs to be run as a business. They encouraged landlords to adopt an attitude that they are in it to make money and therefore they need to make sure they are on top of their costs. There […]
March 21, 2017

60% of buy-to-lets are bought mortgage free

New figures have now revealed that the amount of landlords buying properties in cash has reached new record levels. Letting agent Countrywide has revealed that 61% of buy-to-let purchases in the UK last month were made without a mortgage. Overall, the highest level of cash transactions was found in England’s North, which is seen as a direct reflection of the lower prices. In more detail, Countrywide’s index for January showed figures of 70% in the North-West, 68% for Yorkshire and the Humber and 67% in the North East. Further down south, however, landlords have to rely more heavily on mortgages. Overall, only 42% of house sales in London are financed with no mortgage needed. Countrywide also […]