Direct Property News

November 20, 2018

UK house prices up 3.5% in year to September 2018, official data shows

House prices in the UK increased by 3.5% in the year to September 2018, up from 3.1% in August 2018, taking the average price to £233,000, the latest official data shows. However, over the past two years, there has been a slowdown in house price growth, driven mainly by a slowdown in the South and East of England, according to the figures published by the Office for National Statistics (ONS). The figures also shows that prices fell by 0.3% over the year in London but this was up from a fall of 0.6% in the year to August 2018. On a non-seasonally adjusted basis, average house prices in the UK were unchanged between August and September, […]
November 23, 2018

More than 180,500 first time buyers have benefited from stamp duty exemption

More than 180,500 first time buyers in Britain have saved a total of £426 million through the stamp duty relief programme introduced a year ago, official figures show. The money saving tax relief, known as First Time Buyers Relief (FTBR), was introduced on 22 November 2017 extended in last month’s Budget to those purchasing through approved shared ownership schemes who choose to pay stamp duty in stages, rather than on the market value of the property. This has been retrospectively applied to eligible property transactions since last November with figures published by HMRC confirming it too is likely to be popular. ‘These statistics show that the Government was right to offer a helping hand to first […]
November 27, 2018

Could the post-Brexit property market be fueled by pent-up property demand?

Brexit has undoubtedly had an effect on the property industry. Many agree that it has subdued it, with a fair amount of buyers erring on the side of caution. However, land agent, Aston Mead believes that it has also led to a pent-up demand, which is likely to feed back into the market next year. Richard Watkins, Aston Mead Land & Planning Director, said: “Any degree of political or economic uncertainty means that buyers tend to sit on their hands. People with important and costly decisions to make tend to pause and reflect, waiting for a time when the outcome is more predictable. The ongoing machinations of the Brexit process for the last two years are […]
December 4, 2018

Property prices in the UK up marginally in November

Property prices in the UK edged up 0.3% in November to an average of £214.044 and are 1.9% above the same month a year ago, the latest lender index shows. Looking forward, much will depend on how broader economic conditions evolve, according to Robert Gardner, Nationwide’s chief economist. ‘In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40 year lows,’ he said. ‘If the uncertainty lifts in the months ahead and employment continues to rise, there is scope for activity to pick-up through next year. The squeeze on household incomes is already […]
December 11, 2018

Majority of first time buyers in England have benefitted from stamp duty cut

Three quarters of first time buyers in England have benefited from the changes to stamp duty thresholds for first home purchases introduced a year ago, according to new research. An analysis of first time buyers activity since the change was introduced by the Chancellor of the Exchequer in November 2017 by reallymoving also shows that first time buyers in London and the South East have benefitted the most as prices are higher. Last November the Government scrapped stamp duty for first time buyers on properties up to the value of £300,000, while those spending up to £500,000 now pay no stamp duty on the first £300,000 and 5% on the remaining amount. Following the introduction of […]
December 14, 2018

Annual house price growth in November holds steady

The latest data and analysis from Nationwide has revealed that, on the whole, the housing market appears to be bearing up under the continued economic and political pressure that the UK is experiencing at the moment. According to the figures, annual house price growth in November has edged up to 1.9% – a ‘modest’ 0.3% increase when compared to the previous month. Robert Gardner, Nationwide’s Chief Economist, explains: “While house price growth picked up a little in November, it remained relatively subdued at 1.9%, up from 1.6% the previous month. Looking forward, much will depend on how broader economic conditions evolve. In the near term, the squeeze on household budgets and the uncertain economic outlook is […]