Direct Property News

May 5, 2017

Number of first time buyers in UK has grown steadily since start of 2017

The proportion of buyers in the UK with small deposits, usually first time buyer, securing mortgages are rising, up for the third month in a row, according to the latest lending monitor report. They made up 21.4% of the mortgage market in March, up from 16.1% in December 2016, the data from the report from residential chartered surveyors e.surv shows. However, the overall size of the market has shrunk both compared with the previous month and the same stage in 2016. There were 64,695 loans approved in March 2017 compared to 66,911 in February, a 5.3% fall and 7.7% lower than a year ago. ‘Small deposit buyers, who are often first time buyers, have seen their […]
May 5, 2017

Prime property markets in country areas of UK saw increased growth at start of 2017

Prime country residential property markets in the UK saw an increased level of growth in the first three months of this year, though it remained relatively modest, the latest research shows. Whilst values remained flat throughout the second half of 2016, they grew by 0.8% over the last quarter and price increases have been fairly consistent in the first quarter of 2017, according to the report from real estate firm Savills. Indeed, growth has ranged from 0.5% in the inner commuter region, that is locations typically up to 30 minutes travel time from London, to 1.0% in the wider South of England and the Midlands and the North. On an annual basis, the prime country markets […]
May 8, 2017

Urban land for home building in demand in UK outside of London

City centre sites in the UK are seeing increased interest from developers, pushing up average urban land values by 1.8% over the last quarter, according to new research. Land within Birmingham, Manchester and Glasgow is in high demand with values rising by 15% or more for urban sites over the last year, the study from international real estate firm Savills. It points out that previously overlooked sites are now being considered as developers and investors seek opportunities for house price growth and Build to Rent, regeneration and infrastructure improvements are at the heart of the growth. Housing Associations are also buying more land. Indeed, urban land values have increased more strongly than values for greenfield land […]
May 9, 2017

Sale prices for homes in UK in March varied from £11 million to just £10,000

Over 96,500 residential and commercial land and property sales were lodged with the Land Registry in England and Wales in March 2017 with prices varying from £10,000 to £11.25 million. Of these sales some 67,893 were freehold and 14,849 were newly built of which 510 were for £1 million and over 305 were residential sales in London for £1 million and over. The most expensive sale was of a terraced property in the London Borough of Kensington and Chelsea for £11.25 million while the cheapest was a terraced property in Blyth, Northumberland and a flat in Weymouth, Dorset, each being sold for just £10,000. Separate data from the National House Building Council (NHBC) shows that 13,277 […]
May 9, 2017

Residential rents increase across most of UK

Residential rents have increased both month-on-month and year-on-year across all areas of the UK apart from London and Northern Ireland. The index was put together by Landbay and showed that national rents went up by 0.82% over the last twelve months and by 0.04% month-on-month. A breakdown of these figures showed that rents showed a monthly increase of 0.04% in England, of 0.09% in Scotland and of 0.1% in Wales. In London and Northern Ireland, however, rents fell by o.o9% and 0.37% respectively. The index also revealed that younger adults who lived on their own in a rental home would spend one third, or more, of their monthly income on rent. In the age bracket of […]
May 10, 2017

Sales and lettings increased in prime central London market in first quarter of 2017

Property transaction levels have increased across the prime central London market for the last three quarters after seeing prices fall by 7% in 2016, the latest analysis report shows. Whilst London has historically been the primary driver of national house price growth, in 2016 the region was outperformed by the outer South East, East Anglia and the South West regions, according to the report from Strutt & Parker. Vanessa Hale, research partner at the firm pointed out that while UK house prices grew 4.1% year on year to the first quarter of 2017 but in the prime central London market it was a very different story. With a fall of 7% in 2017, prices in prime […]