Direct Property News

November 7, 2017

UK housing market strengthens with average prices reaching new high

The latest UK housing index shows that the property market remains resilient with prices in the three months to the end of October some 2.3% higher than in the previous three months, the fastest price growth on this measure, since January. The figures from the Halifax index also show that prices over the three month period were 4.5% higher than in the same period in 2016 and the annual rate of growth at 4.5% was higher than in September and the highest growth rate since February. On a monthly basis house prices rose by 0.3% between September and October, following a 0.8% increase in September, taking the average price of a home to £225,826, the highest […]
November 13, 2017

Record number of landlords paying cash in the UK private rented market

A record 65% of landlords bought property paying in cash, more than at any time in the last decade, new research shows. Most of them are buying property in the North where homes are cheaper with 78% paying cash in the North East of England but just 42 doing so in London where values are much higher. The move comes at a time when rents are rising, according to the latest index report from Countrywide which shows that in October rents increased by year on year, driven by growth in the Midlands and Wales. A breakdown of the figures show that year on year rents increased the most in Wales with a rise of 2.6% to […]
November 15, 2017

Stamp Duty puts the brakes on the housing market

A new report carried out by the Centre for Economics and Business Research and commissioned by Santander Mortgages, has found that amongst other things, Stamp Duty Land Tax (Stamp Duty) is having a significant effect on the UK property market by impacting people who move more. The report looks at the effect of Stamp Duty on the UK’s residential property market. Titled “An examination of residential Stamp Duty Land Tax”, the findings reveal that over the course of a five-year period2, an additional 146,000 property transactions would have taken place if Stamp Duty had been removed. It also argues that the incentive to build more property would have been higher as under Stamp Duty the seller […]
November 21, 2017

Where’s the fastest place to sell a property in the UK? It’s not London…

The average time it takes to sell a home in the UK has been revealed to be just over three months, a slowdown on what it was a year ago. It takes an average of 96 days to sell a home, according to the latest data from Post Office Money, compared to the 91 days it took 12 months previously. The fastest place to sell has been revealed to be Edinburgh, where it takes just 41 days on average. This is closely followed by Glasgow at 50 days, just over half the average. Despite London’s reputation as a place where property gets snapped up fast, it fell below the UK average at 111 days. The average […]
November 22, 2017

Property sales in UK confirm housing market is moving ahead steadily

Residential property sales in the UK increased by 1.7% between September and October 2017, some 9.2% higher than the same month in 2016, official figures show. The data from HMRC also shows that there were 105,260 residential sales and 11,280 non-residential sales. It is more evidence that the property market is progressing at a steady pace despite political and economic uncertainty and the decision to leave the European Union with Brexit having no impact. Stephen Wasserman, managing director of West One Loans, pointed out that stamp duty hikes have had more of an impact on the housing market and believes that further change to the property tax paid by buyers could boost the market. ‘The uptick […]
November 28, 2017

Stamp Duty abolished: Property industry reacts

The Chancellor, Phillip Hammond, has delivered his second budget and used it to urge the UK to “seize the opportunities” from Brexit while tackling deep-seated economic challenges “head on”. As many expected, there was a larger focus on housing than in previous budgets, announcements included local authorities to be allowed to levy 100% council tax surcharge on empty homes, £44bn injected over the next 5 years to support housing market, promises of 300k new homes built per year and most notably the abolishion of Stamp Duty for first-time buyer purchases up to £300,000. As ever, the property industry was quick to respond. Here’s what they’re saying: Paul Shamplina, Founder of Landlord Action, reacts to changes to […]