Direct Property News

July 10, 2018

Builders and developers say UK government will miss home construction target

As yet another Housing Minister takes up the brief, research shows that the majority of house builders and developers believe that the Government is likely to miss building targets. Some 86% think that the maximum achievable is 250,000 a year, well below the Government target of 300,000 a year by 2022, according to the annual house building report from real estate firm Knight Frank. Just 1% of respondents, which include more than 100 developers that account for almost three quarters of all newly built homes across the country each year, think surpassing 300,000 additional homes each year is possible by 2022. It highlights the task ahead for new Housing Minister Kit Malthouse, the 17th politian to…
July 5, 2018

London rents rise for the first time in 18 months

Rents in London rose by 0.10% in the 12 months to June 2018, the first annual rental increase for the capital in 18 months, according to the latest Landbay data. London rents have fallen on a year-on-year basis every month since December 2016, however rental growth in the capital finally returned to positive territory in June. The average rent paid for a property in London now stands at £1,884, still 2.5 times the rest of the UK (£764) despite the tough London market in recent years pushing rents down. Elsewhere in the UK, rental growth continues to slow. This has been a similar picture throughout H1 of 2018, with UK rents rising by just 0.40% in…
July 3, 2018

Prime country house market in the UK seeing prices rise

Prime country house prices in the UK increased by 0.9% in the first half of 2018 but it has been a mixed picture for this sector of the property market with notable regional variations, the latest index shows. On an annual basis, prime country house prices have seen an increase of just 0.7% but looking longer term prices are some 10% higher than five year ago, according to the data from Knight Frank’s prime country house index. But a higher level of annual price growth was recorded in the prime markets of the Midlands and the North, both up 3% year on year and a handful of urban markets have outperformed, with Harrogate, Bristol and Cheltenham…
June 29, 2018

Property prices and sales falling in England and Wales, latest index suggests

Average property prices in England and Wales fell by 0.3% in April and by 0.2% quarter on quarter to £285,082, according to the latest residential index to be published. Sales were also down, falling by 12.6% quarter on quarter and by 15.4% month on month, the data from the LCPAca index shows. But in the new build sector prices increased quarter on quarter by 0.2% to £341,409, although in this sector sales are down substantially with a quarterly fall of 18% and representing 9.9% of the market, down from a 14.4% high in June 2016. In the Greater London area prices remained largely unchanged, up 0.2% in April and reversing a fall in March, and up…
June 26, 2018

A single first time buyer in the UK needs a decade to save for a typical house deposit

Saving for a typical deposit for a first home takes a year less than it did in 2017, but first time buyers still face a decade of saving to get a 15% down payment, new research has found. In the first quarter of 2018 the average single first time buyer would have to save for 10 and a half years to raise a 15% deposit on their first home, down on the 11 years recorded in the same quarter of 2017. The year difference reflects slower house price growth and a rise in incomes, according to the study from Hamptons International and it means that the average single first time buyer who started saving in the…
June 22, 2018

Average property prices up more than 300% in many parts of England since 2000

Waltham Forest in London has seen prices rise the most in England since 2000 with Southend on Sea recording the highest growth outside of the capital city, new research shows. Prices have increased by 364.9% in the borough of Waltham Forest in London with eight borough seeing growth above 300% in the last 18 years, according to the analysis of land registry figures by online estate agents HouseSimple. Outside of London some 19 towns and cities have seen prices rise above 250%, led by Southend on Sea at 290.9% with average prices up from £71,879 to £280,948, followed by Bristol with a rise of 279.9% from £71,973 to £273,393 and Cambridge up 279.2% from £118,216 to…
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