Direct Property News

October 18, 2017

Consultation announced for tougher regulation in property lettings and management

Plans have been announced for tougher controls in the lettings and management industry with new measures to combat the scandal of inappropriate service charges and fees in England. The Department of Communities and Local Government (DCLG) is seeking views on what form the future regulation of letting and managing agents will take in a consultation process that will end on 29 November 2017. The move is in response to complaints that developers have been selling on leases of new homes to financial companies who have then been charging extortionate amounts to home owners for simple things like change the flooring. Anecdotal evidence of poor management includes a group of leaseholders charged 10 times the market rate […]
October 20, 2017

Research suggests many British home owners are not prepared for interest rate rise

With speculation rising that the Bank of England could increase interest rates as early as next month and some lenders already withdrawing their lowest rates, new research shows the majority of borrowers don’t know how it could affect them. Some 68% of home borrowers don’t know how a base rate rise will affect them or how much they could save by fixing to a fixed rate deal, according to research from lender TSB. It say that if rates rise by 0.25%, a typical variable mortgage repayment could cost an extra £13 a month and switching to a fixed rate deal could save borrowers £119 per month. The next meeting of the Bank of England’s Monetary Policy […]
October 26, 2017

UK Tenants move out of the capital

The latest monthly lettings index from Countrywide has revealed that a record 65,000 tenants left London over the last 12 months. During the past year, 64,672 tenants left London – the highest number since 2007. 78% (50,406) left to rent another home outside the capital with the remaining 22% (14,266) leaving to buy a home. According to Countrywide, this is a significant shift from a decade ago when the majority of tenants moving out of the capital did so to buy a property. “For people in their 30s leaving London is something of a rite of passage,” commented Johnny Morris, research director at Countrywide. “But, as the number of those renting has grown, the move out […]
October 30, 2017
UK Supported Housing Property Bonds

New figures claim London needs 66,000 new homes every year to sort out housing crisis

London needs to build 66,000 new homes every year to meet its growing need and put right years of under investment in housing but to do so more Government funding is needed for affordable houses, it is claimed. The Mayor of London Sadiq Khan is calling on the Government to commit to profoundly boosting the funding and powers available to London in the forthcoming Budget on 22 November in order to meet this need. He says that as a first step there must be a return of Government funding for affordable housing to the level it was at in 2009/2010. A new analysis of the figures unveiled by Khan shows that overall Government funding for affordable […]
October 31, 2017

New signs of recovery in the capital

The most recent data from Land Registry has revealed that both the mainstream and premium sectors of Prime Central London have shown a recovery from price falls which followed the introduction of graduated Stamp Duty in Q4 2014. The data, which was analysed by London Central Portfolio in conjunction with independent analysts Acadata, also found that the mainstream sector, where property is priced under the top stamp duty band and which largely represents buy to let property, has seen prices increase by 5.6% from the pre-ARSD peak. This brings average prices to 15.6% above their high point three years ago, pre-Stamp Duty changes in 2014. The mainstream sector is now outperforming England and Wales which has […]
November 1, 2017

Homes, many in key British regional cities, now selling four weeks faster than in 2012

Residential properties in the UK are selling more quickly than they were five years ago, with the time from being put on the market to being under offer four weeks faster than in 2012. The average time to sell is now 61 days compared to 87 days but the quickest sales are in Bristol with an average of just 34 days to sell, followed by Coventry at 35, Edinburgh at 36, Glasgow at 37 and Gloucester at 39. The research from agents Strutt & Parker also shows that overall only three cities in the UK, Cambridge, Oxford and Aberdeen, now have slower property markets than in 2012. The biggest difference in days to sell between 2012 […]