Direct Property News

May 15, 2017

UK home lenders urged to use digital process to speed up mortgage applications

Home lenders in the UK are being urged to move into the 21st century and end the practice of insisting on original copies of bills and statements and instead accept digital versions. The current mortgage application process is described as old fashioned and outdated as well as being a barrier to people getting on the property ladder. Those applying for a mortgage needs to provide proof of identity in the form of bank statements and utility bills but research has found that the majority now use paperless accounts, especially younger people buying their first home. Some 69% of consumers receive paperless bank statements while 46% receive paperless credit card statements, according to the research from data […]
May 16, 2017

Property prices in England and Wales static for second month in a row

Property prices in England and Wales were static in April, up just 0.1% compared to the previous month to an average of £301,606, the latest index shows. This is the second month in a row that prices have remained more or less unchanged, according to the Your Move index and comes at a time when interest rates remain at a record low. Year on year average prices are still up, some 3.5% higher than they were in April 2016, the data also shows and the market in London is subdued with prices down 0.1% month on month and sales down a fifth in two years. The West Midlands saw the biggest growth with prices up 0.5% […]
May 17, 2017

Property and construction firms remain cautious ahead of election and Brexit

A new white paper by accountancy firm, Moore Stephens, has revealed that the outcome of the general election and Brexit negotiations are key to the outlook and positivity of UK real estate and construction owner managed businesses. It also reveals that as they wait, real estate bosses are showing less strategic ambition for growth than their counterparts in other sectors, but that they are also less efficient at taking advantage of government funding initiatives and tax credits. The findings within the white paper are based on a survey carried out by Moore Stephens of around 700 owner managed businesses (OMBs), including 80 real estate and construction OMBs, and looks at the confidence and ambitions of firms […]
May 17, 2017

Cost of bringing an older property up to same standard as a new build is over £50,000

The cost of upgrading an older property to the same standard as a new build home in England and Wales could be as much as £50,000, new research has found. The study from the Home Builders Federation (HBF) looked at the work that might need to be carried out when people buy a new home compared with the standard of a new build with its warranty protection. It found that the benefits of buying a new build home includes the property being more energy efficient and that could save home owners hundreds of pounds on utility bills each year. Other benefits of new homes include brand new fixtures and fittings that come as standard. For example, […]
May 18, 2017

Calls for government to promote lending to SME housebuilders

The latest research from the Intermediary Mortgage Lenders Association has found that the majority of mortgage lenders and brokers believe that greater government support for lending to SME housebuilders would help fix the UK’s lack of housing supply. IMLA found that 61% of lenders and 57% of brokers believe that government support for development finance would improve the lack of housing supply. In the run-up to the general election on 8th June 2017, IMLA is urging policymakers to support lending to small and medium-sized housebuilders. Successive governments have failed to address the supply-side issues challenging the UK housing market, despite an array of different initiatives. IMLA was critical of the government’s recent Housing White Paper, which […]
May 19, 2017

Average UK house price now over 6 times the average wage

New research by hybrid estate agent,, has revealed that the average house price across the UK is 6.05 times that of the average wage, with a gap of £6,111 between the current average wage and the wage required for a general mortgage approval of 4.5 times the salary. eMoov compared the latest Land Registry house price data with the recently updated Office for National Statistics wage data, to highlight where across the UK presents the biggest obstacle for aspiring homeowners both in terms of the wage to house price ratio and the reality gap between the average wage available and the wage required to secure a mortgage in each area. The average property price was […]