New figures have shown that the UK’s buy-to-let property market remains in great shape as purchasing activity forged ahead at the end of the summer. According to Connells Survey and Valuation, activity surged 12.7 per cent in August, suggesting that the major Stamp Duty change brought in earlier this year has been absorbed by the sector. At the same time, a strong majority of landlords have said they plan to increase their portfolios this year, with 72 per cent telling Your Move that they were equally or more likely to buy properties in the wake of the UK’s vote to leave the EU. Following on from a first quarter of 2016 which saw a huge surge […]
According to the latest report from mortgage industy tech supplier, IRESS, the buy to let sector continues to go from strength to strength, seeing a 49% increase in buy to let compared with it’s 2015 Survey. The survey provides insight across many aspects of the mortgage market and application processing. Now in its fifth year, the 2016 survey analysed the responses of 18 lenders, with a combined share of gross mortgage lending of 68% in 2015, equating to £152bn of loans. Among the survey participants, the buy to let sector saw by far the largest year-on-year growth at 49%, while mortgages to first time buyers saw just a 0.7% increase and residential loans to home movers […]
The High Court in London has rejected a legal application on behalf of residential landlords for a review of Section 24 of the Finance Act 2015 which will change the way their income is taxed from next year. The changes, which are due to come into force in 2017, would stop landlords being able to claim buy to let costs, including mortgage interest payments, as a business expense. Lawyers had argued that Section 24 is unlawful on the basis that it restricts the ability of a landlord to deduct finance costs as a business expense and may also breach the European Convention on Human Rights. Action group disappointed An action group, Axe the Tenant Tax, and […]
Almost 40% of the UK’s first time home owners are planning to take their second step on the property ladder, according to new research. The number of first time buyers planning to put up a ‘for sale’ sign has jumped by 14% compared to the same period last year, the latest figures from Clydesdale and Yorkshire Banks reveal. Among those planning to look for a home a third plan to move out of necessity as they have outgrown their current home while 24% are focused on moving up the property ladder.
Consumer demand for building work in the UK remained resilient in the three months following the vote to leave the European Union, new figures show. But developers must not be complacent as while the construction industry is like a weather vane for the property market as there are still challenges, according to a new report from the Federation of Master Builders (FMB). The biggest challenge is a lack of skilled workers with almost two thirds of smaller builders struggling to find bricklayers and over half, 55%, finding it hard to find enough carpenters and joiners.
There is now clear evidence that the introduction of much higher rates of stamp duty for homes over £1 million in the UK almost two years ago has created a two speed prime regional housing market. The latest analysis report from real estate firm Savills shows that recent price growth has been dictated more by house size and value than by location and overall buyers in this sector are more cautious due to stamp duty and an uncertain economic outlook.