Direct Property News

August 25, 2017

New home starts in England up to highest level since 2008

The number of new homes that have started to be built in England has surged to the highest level since 2008, official figures show. The latest house building data from the Department of Communities and Local Government (DCLG) shows that 164,960 new homes were started in the year to June 2017, up 13% on the previous year, and have increased by more than three quarters since the low in 2009. More than 153,000 new homes have been completed during the same period, showing an increase of 11% compared with the year before. ‘Building more homes is an absolute priority for this Government. The figures are proof that we are getting Britain building again, with new housing […]
August 28, 2017

Landlords contribute most to extra revenue from additional homes stamp duty surcharge

There is an increasing call for stamp duty in the UK to be changed but a new analysis of figures shows why the Government might not be keen to do so. For the same number of property transactions as two years ago, the Government has taken in an extra £2 billion in stamp duty land tax, according to an analysis from accountants Blick Rothernberg. And it reveals that, while some of the increase could be due to higher property prices, most of it is due to the 3% surcharge added to additional homes, in particular properties being bought by landlords. The latest statistics released by HMRC to the end of July 2017 show that the number […]
August 29, 2017

Northern cities lead urban house price growth in UK

House price growth in key British cities has fallen from 7.4% in July 2016 to 5.3% but some locations continue to see above average prices rises, the latest index shows. The biggest annual growth was in Birmingham with a rise of 8%, followed by Manchester up 7.1%, Nottingham up 6.0% and Southampton up 6.5%, according to the data from Hometrack. In Aberdeen the market has not recovered from a downturn due to falling oil prices and the city has seen negative growth for two years. Prices are 16% lower than they were in 2014 while year on year they are down 3% and month on month down 0.3%. On a monthly basis the only other city […]
August 30, 2017

Another estate agent calls for reduction to Stamp Duty

There has been yet another call for Stamp Duty Land Tax to either be amended or abolished, this time from estate agent Jackson-Stops & Staff. The estate agent feels that ‘prohibitive levels’ of Stamp Duty Land Tax are preventing those in the domestic market from both buying and selling. This cannot be said for overseas buyers however, who are still being attracted by the weak pound. Reduction Jackson-Stops & Staff is calling for a reduction of one-third in Stamp Duty levels, in order to get the market moving again. Toby Whittome, Sales Director at the estate agent in London, observed: “Potential buyers in central London used to approach us about their next home move, driven by […]
August 31, 2017

Rents go up across most of England and Wales, with landlords tax change being blamed

Average rents increased in most areas of England and Wales in July, up an average of 0.22% month on month and 3.1% year on year to £874, according to the latest index. A fall in stock available to rent is causing rental values to rise with nine out of 10 regions now having seen an increase in the last 12 months, according to the Your Move buy to let index. Only the South West saw rents fall in the year to July with a decrease of 2.2% to £667 per month and the strongest performance was in Wales where rents have grown by 4.3% in the last 12 months to an average of £595. Three other […]
September 6, 2017

UK Property prices to rise by 56% over the next decade

The latest research from online estate agent eMoov has revealed that property prices will continue to surge ahead during the next decade. The research suggests that, even if the market continues to grow at a slow rate of 0.37% a month, the average UK house would still hit £347,757 – an increase of 56% over the next decade. London has seen a real slowdown in price growth since Brexit and so, although the capital would remain one of the most expensive cities in the UK (along with Oxford) according to eMoov, it would have seen one of the lowest percentage increases in value. Nottingham however tops of the table in terms of monthly prices growth since […]