Direct Property News

May 19, 2017

Home buying process in UK to be made cheaper and easier

The home buying process in the UK will become easier and cheaper if the Conservative Party wins next month’s general election and new home building will be speeded up with more housing for specialist groups. The party’s manifesto, which has just been launched, will crack down on what it believes are rip-off conveyancing fees and other legal fees associated with buying a property. The current pledge to get rid of letting agent fees is also likely to be carried forward after the 08 June if the party wins. At the launch of the manifesto in Halifax Prime Minister Theresa May also said there will be measures to help out renters by ending unfair leaseholds and increasing […]
May 22, 2017

Flat prices up over 50% since 2009

The latest research from Halifax has revealed that flat prices have grown by 53% in the last seven years compared with growth of 39% for all property types – typically rising an average of £1,008 per month from £159,292 in Q4 2009 to £243,936 in Q4 2016. According to the data, the 53% increase in the average price of a flat is significantly greater than the 39% rise for all property types over the same period. Terraced homes have recorded the next largest increase in average prices with a rise of 43% over the past seven years, and detached homes the smallest rise (19%). A considerable proportion of the national rise in flat prices since 2009 […]
May 22, 2017

UK experiencing two speed market split between new builds and second hand homes

The UK property market is running at two speeds in which second hand properties stagnate while the sale of new homes continues to rise, it is suggested. A clear line is starting to divide the property market into two groups and the trend is likely to continue throughout the summer and possibly until the end of the year, according to Adam Hesse, land and planning director at land agent Aston Mead. ‘The second hand market continues to be hampered by a lack of supply, with the number of properties on estate agents’ books hovering just above a record low. However, the building of new homes is powering ahead, with some companies reporting completion levels higher than […]
May 23, 2017
uk property investment

Number of UK landlords who believe tax change will affect them rises

More landlords than previously thought now believe that they could be pushed into a higher tax bracket due to changes to mortgage tax relief which is being phased out in the UK. Some 16% think they will pay more tax, an increase of 7% compared to the fourth quarter of 2016, according to the latest research from the National Landlords Association (NLA). By the time the changes are fully implemented in 2021 landlords’ mortgage finance costs will count towards their taxable profit. The current average annual mortgage finance costs for a single property landlord is £5,600. The NLA says that this means that those currently earning just below the upper limit of the basic income tax […]
May 23, 2017

Asking prices in England and Wales up for fifth month in a row, latest index shows

Asking prices in England and Wales have increased for a fifth month in a row, up 1.2% to a new record average high of £317,281 in May, the latest index shows. Despite other indications that the property market in London has been slowing, the data from real estate portal Rightmove also shows that asking prices reached a record in the city too, up 2.1% month on month to £649,864. The price of a property coming onto the market is now 3% higher than a year ago and it is typical family homes that are seeing the biggest asking price rise, up 5.4% year on year. The Rightmove report suggests that it is home owners with younger […]
May 25, 2017

Buy-to-let investors set to look North

Fresh research from the Legal & General Mortgage Club has revealed that a number of brokers believe that the North of England will become a hotspot for landlords over the course of the next year. Those brokers attending the Legal & General Mortgage Club’s recent buy-to-let forum event were quizzed on the development of the buy-to-let market. This followed the series of legislation changes that came into force in the last twelve months. Streamlining As a consequence of the legislation changes, 69% of brokers feel that landlords will look to streamline their portfolios. Many will look to sell properties with lower yields, while 45% feel that buy-to-let investors will turn their attention to university towns and […]