Direct Property News

March 24, 2020

Will the coronavirus epidemic harm UK property prices?

With current turbulence in equity markets, some investors who sold out of stocks and currencies last week are looking around for alternatives. UK property, which has been severely depressed due to the uncertainties around Brexit last year, looks like it could be one of them. UK house price growth continued its upward trend in the months immediately succeeding the election – in January UK house prices were up 1.9% year on year. This was the largest increase in 14 months and beat December’s number of 1.4%. At London estate agent Benham & Reeves, there is notable new interest in the market. It reports a higher total number of transactions so far in Q1 than in the…
February 11, 2020
FILE PHOTO: A man walks past houses painted in various colours in a residential street in London, Britain, May 15, 2019. REUTERS/Toby Melville

UK house prices rise at fastest annual pace since February 2018

LONDON (Reuters) – British house prices rose at the fastest annual rate since February 2018 last month, increasing by 4.1% after a 4.0% rise in December, figures from mortgage lender Halifax showed on Friday. House prices increased by 0.4% on the month in January, above economists’ forecasts in a Reuters poll for them to stay unchanged after an unusually big 1.8% jump in December. Halifax was cautious about the outlook for the rest of 2020. “It’s too early to say if a corner has been turned. The recent positive figures may actually represent activity that would ordinarily have been expected to take place last year, but was delayed by economic uncertainty,” Halifax managing director Russell Galley…
January 8, 2020

Construction industry upbeat about Brexit

Some 43% of construction businesses are confident about business growth after Brexit, negotiation and communication firm Huthwaite has revealed. Surprisingly 27% think the process of exiting the EU is currently having a positive impact on their business, with 22% thinking it hasn’t had any impact. Tony Hughes, chief executive at Huthwaite International said: “The UK is packed with ambitious and prosperous companies that in theory should flourish regardless of economic uncertainty, however the importance of obtaining the core skillsets to flourish shouldn’t be underestimated. “One of the few certainties the UK faces is that, for selling organisations, things are getting tougher. “As buying organisations entrench, delaying or even cancelling purchasing decisions, sales teams across all sectors…
December 26, 2019

Agents anticipate rent increases in 2020

The majority (84%) of letting agents think rent prices will rise next year, up from two thirds (65%) last year, ARLA Propertymark has predicted. More than three fifths (61%) think demand will continue to increase, but almost seven in 10 (68%) reckon the number of landlords operating in the private rented sector will decline next year, as they are driven out by rising costs. Indeed, two thirds (68%) expect landlords’ taxes to rise again. David Cox, chief executive, ARLA Propertymark, said: “For far too long, successive governments of all political persuasions have passed significant amounts of complex legislation for landlords. “As a result, much of this year has dampened landlords’ appetites to invest and expand their…
November 13, 2019

UK house prices rise 0.9% year-on-year

Average house prices in the UK were 0.9% higher in October 2019 than a year earlier, according to the latest House Price Index from Halifax. The average price of UK house currently stands at £232,249. There was a slight dip of 0.1% in prices between September and October, but prices rose 0.2% quarter-on-quarter. Seasonally adjusted residential transactions in September 2019 stood at 101,740 – up by 5% from August and the highest level since August 2017. “Average house prices continued to slow in October, with a modest rise of 0.9% over the past year,” said Russell Galley, managing director at Halifax. “A number of underlying factors such as mortgage affordability and wage growth continue to support…
October 25, 2019

Buyers want plenty of information when they are buying a new home

People, especially older buyers, are more likely to buy a new build home if they get sufficient information leading to a better service during the buying process, a new study suggests. The majority, some 94% of people state that the customer service they receive when buying a home is important and 83% say that poor customer service would put them off buying or renting a new build home. The research conducted by new home handover solutions firm Classic Folios, also found that 63% believe that as long as they are kept adequately informed and communications are honest throughout the buying process, they would not mind the hassle of buying a new home. Despite these claims, however,…
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