Direct Property News

March 21, 2017

House price growth increased across the UK in first weeks of 2017

Average house prices in the UK increased by 6.2% in the 12 months to January 2017, up from 5.7% in the year to December 2016, according to the latest official figures to be published. The average UK house price was £218,000 in January, some £13,000 higher than in January 2016 and £1,000 higher than December 2016, the data published by the Office of National Statistics also shows. Overall the figures show that the strong growth in the housing market, which began at the end of 2013, is continuing. But the average annual price growth is still below the average of 7.4% seen in 2016. The main contribution to the increase in UK house prices came from […]
March 22, 2017

Up to 10 new homes in every UK village would solve rural housing crisis

Building up to 10 new homes in every village in the UK over the next five years would help solve the current housing crisis and provide much needed properties for rural communities, a new report suggests. There is often a lot of argument about building new homes in rural areas but the communities themselves point to a severe shortage of affordable new homes for local people. Now a report from land brokers Aston Mead Land and Planning suggests that over 300,000 new homes could be provided if planning permission was given for between five and 10 properties in every village. The firm says that not only would this provide homes where they are needed but it […]
March 23, 2017

Single people in UK finding it impossible to buy a home

One in four young people in the UK feel it will be impossible to buy their own home without a partner as they need the joint income to be able to afford a property, new research has found. On average, 45% of young couples living together rent a home and 44% own a home jointly and 22% move in together to save money and will wait four year before deciding to buy, according to the research from Post Office Money. With the average price of a starter home for a first time buyer having increased by 7% or £12,785 over the last year to £183,385 joint average earnings of £50,000 is needed as the average annual […]
March 24, 2017

More young people giving up on homeownership

The ever-growing gap between incomes and house prices continues to rocket, leaving a rising number of young people giving up on the idea that they will ever own their own property. According to research from the Halifax, 48% of 18-34 year olds feel it is harder than ever to get a foot on the housing ladder. In fact, 25% of people in this age bracket feel the only way they will make it onto the ladder is if they inherit the money. Challenges One in five questioned said that homeownership is a thing of the past. This adds weight to the theory that many people are giving up on owning property and instead renting for more […]
March 27, 2017

Remortgage approvals down during February

The latest analysis from BBA has revealed that, during February, mortgage approvals slipped by 3.5% against January’s figures and remortgaging approvals were “well down” when also compared to the previous month. Remortgaging approvals totalled 25,414 in February compared to the 28,088 approved in January and 25,484 in February 2016. According to BBA, house purchase approval numbers of 42,613 were 4.6% lower than in February 2016 but above the 2016 monthly average of 41,287. The data also revealed that gross mortgage borrowing of £13.4bn in February was 4.6% higher than in the same month last year. After allowing for repayments, February’s net mortgage borrowing was 2.5% higher than in February 2016. Eric Leenders, BBA Managing Director for […]
March 28, 2017

Young people fear they cannot afford to buy a home in the UK

Many young people in the UK fear they do not earn enough to buy a home and a significant number also feel that owning is a thing of the past, new research has found. A quarter of young people aged 18 to 34 in the UK rely on inheritance to get on the property ladder and the same number are certain they will never be able to afford to buy their own home. But not all want to be home owners with one in five saying that home ownership is a thing of the past, according to the study from UK home lender the Halifax. The research also found that 48% of young people think it’s […]