Direct Property News

September 8, 2017

Positive quarterly growth boost UK housing market

UK prices creeping up again as lack of supply and low interest rates keep things going House prices in the UK in the three months to the end of August were 0.1% higher than in the previous three months, the first time they have increased over a three month period since March. The latest index from lender the Halifax also shows that prices over the three month period were 2.7% higher than in July but this measure of price growth is still much lower than the peak of 10% in March 2016. The data also shows that month on month prices increased by 1.1% to an average of £222,293 and year on year prices are 2.6% […]
September 12, 2017

Remortgaging boosts home lending in the UK but expected to soften in coming months

Lending to home buyers in the UK in July was lower than in the preceding month but higher than a year earlier, led by a strengthening of remortgaging, according to the latest figures to be published. Figures from UK Finance show that first time buyers borrowed £5 billion, some 15% lower than in June but 14% higher than in July 2016. They took out 30,400 mortgages, down 16% on the preceding month but up 8% year on year. Home movers borrowed £7.1 billion, some 9% less than in June but 15% more than in July last year. This equated to 32,800 loans, down 10% on June but up 10% on July 2016. Remortgaging by home owners […]
September 14, 2017

Landlords rushing to take advantage of new rates

Buy-to-let landlords are rushing in order to remortgage their property, ahead of stricter lending rules coming into force in the near future. Data from UK Finance suggests that remortgaging accounted for over 70% of all buy-to-let lending during July-after reaching an eight-year high in terms of volume. The rest were for new mortgages for purchasing purposes. Lending Buy-to-let lending totalled £3.2bn with a total of 20,500 mortgages – a small rise from last year. In addition, the data shows that remortgaging by homeowners totalled £6.7bn – equating to 36,800 remortgagors, representing an annual increase of 12% and 10% respectively. June Deasy, head of mortgages policy at UK Finance, observed: ‘Remortgaging strengthened in July and reached its […]
September 15, 2017

First rent controls in UK likely to be in Scotland but no plans for similar move in England

There are no plans to introduce rent controls in England but new legislation in Scotland means they are likely to be introduced in cities, with Glasgow leading the way. Housing Minister Alok Sharma told the Resi conference that the private rented sector is high on the Government’s agenda and a ban on letting agent fees will go ahead but he scorched reports that rent controls could be introduced in England. However, Glasgow City Council has voted in favour of a study to look at creating rent pressure zones in the city which would make it the first place in the UK to introduce these US style type of rent controls. The move is Glasgow is aimed […]
September 20, 2017

The Highs and Low of the UK’s Property Landscape Unveiled

The U.K’s most and least expensive streets over the course of the last 12 months have been unveiled by the Land Registry, with a house on Britain’s most expensive street going for £14.5 million – 51 times the national average. Egerton Crescent, Kensington, West London has replaced last year’s most expensive street in Mayfair by £200,000, based on the average cost of a house on the street. In fact, eleven of the UK’s most expensive streets are all located within a one-mile radius in West London, including Belgravia, Knightsbridge and Chelsea. While all but one of the top 20 most expensive streets were in west London. By contrast Durham has the road with the lowest average […]
September 25, 2017

£23 million announced to help communities have a say in new housing

The British Government has announced a support package worth £22.8 million to help communities in England develop plans to build more homes and have more say over growth in their area. The funding, which will be around £5.5 million per year until 2022, will provide communities with specialist support to help develop a Neighbourhood Plan, including where homes, shops, green spaces and offices should be built and how they should look. The announcement comes as more than 400 successful neighbourhood planning referendums have now taken place across England, driving local growth from Cornwall to Northumberland. ‘Neighbourhood planning gives communities a powerful set of tools to shape their area and drive local growth. The Government is committed […]