Direct Property News

March 12, 2018

Average house prices in England and Wales see biggest rise for five months

Average house prices in England and Wales increased by 0.5% in January, the biggest rise in five months, with several places reaching new peak average prices, the latest index shows. The North West has the highest annual price growth at 4.6% and the East Midlands, the South West and Wales also recorded new peak average prices with growth of 2.5%, 4.1% and 3% respectively. However, overall annual price growth continued to slow, slipping to 0.6% from 0.7% in January 2018, the LSL Property Services/Acadata monthly index shows. And the South East and London are weighing on the market. If they are excluded annual price growth reached 2.5%. It means that the average value of a home […]
March 14, 2018

Research reveals big jump in UK home owners renovating rather than moving

The number of home owners in the UK choosing to stay put and invest in their existing property instead of moving has soared in the past five years, according to a new report. In 2013 just 3% of homeowners took the decision to improve instead of move, but this has increased to 15%, rising to 26% amongst those aged 18 to 34, the research from specialist insurer Hiscox shows. It suggests that a subdued and costly property market has been a clear catalyst for this trend. When questioned, some 25% of home owners cited prohibitively high property prices as the reason while 13% said stamp duty, 15% a sluggish property market, 8% potential interest rate rises […]
March 19, 2018

New analysis reveals the multi-speed nature of the UK housing market

Only one out of a total 348 local authorities across England and Wales has yet to see the average value of homes sold exceed £100,000, a new property analysis report shows. Yet every borough in London has now crossed the £300,000 threshold having exceeded £100,000 in 202, according to the report from property group Savills which lays bare the multi-speed nature of the UK housing market. The Welsh authority of Blaenau Gwent, where the average sale price in 2017 was £97,147, now stands alone, Burnley having finally seen the average price of flat and house sales tip over the £100,000 line last year, according to Savills analysis of Land Registry data. The average values of all […]
March 20, 2018

UK mortgages at most affordable levels since 2007

New research from Halifax has revealed that mortgages in the UK have reached their most affordable level in a decade, with typical payments accounting for 29% of disposable income in Q4 2017 compared to 48% Q3 in 2007. According to the research, this means mortgage affordability levels for first-time buyers and homemovers have dropped by 40% since the 2007 peak. The significant improvement in affordability since 2007 has been driven predominantly by historically low mortgage rates, despite the first base rate rise in a decade last November. With average house prices rising by 3% in the past year, mortgage affordability marginally improved in the last quarter of 2017, edging down from 29.6% in 2016.This is comfortably […]
March 27, 2018

Northern cities continue to lead price growth in the UK

House price growth in British cities continues to be led by locations in the north with five recording annual rises of over 7%, the latest index shows. Overall prices in key cities have increased by 5.2% in the 12 months to February 2017 but the reverse is happening in London with value up just 1% year on year and negative growth in 42% of the capital’s postcodes. Edinburgh, Liverpool, Leicester, Birmingham and Manchester lead the growth with annual price rises of 8%, 7.8%, 7.7%, 7.7% and 7.1% respectively with Leeds not far behind at 6.9%, according to the latest index from Hometrack. Overall price growth in the 20 cities covered by the index is still above […]
April 2, 2018

Mortgage lending growth set to continue in UK in 2018 and 2019 but faces challenges

Growth in mortgage lending in the UK is forecast to rise in 2018 for an eighth year in a row to reach its highest level since 2007 and to continue doing so into 2019 despite Brexit uncertainties. However, despite the best performance for a decade, the mortgage market continues to be challenged by a combination of a shortage of properties, very low levels of turnover and obstacles to both first time buyers and second steppers, according to the fifth annual market review from the Intermediary Mortgage Lenders Association (IMLA). The report suggests that gross mortgage lending will reach £265 billion with net mortgage lending of £47 billion and remortgage activity will continue to be more buoyant […]