Direct Property News

September 23, 2020

Sellers not reducing prices as UK property market bounces back

Despite almost half (45%) of buyers asking for a price reduction on properties in light of the COVID-19 pandemic, home sellers are not budging on price according to the latest research by online estate agent Strike. The area most likely for buyers to ask for a price reduction is London, where 70% of sellers say they’ve been asked to lower their property prices. Alternatively, regions including Northern Ireland and the South West saw buyers less likely to ask for a price reduction. On a UK-wide basis, just one fifth of sellers say no reduction has been asked for at all in recent months. Strike’s research suggests that not all sellers are willing to accept a lower […]
September 22, 2020

London house prices: The most and least profitable London boroughs for buy to let properties

These are the places for buy to lets during the stamp duty holiday The coronavirus pandemic has had a profound impact on the UK’s property market, with London being hit harder than many because people are making the decision to move out of the city. With so many more people working remotely now, lots of Londoners are deciding to move out, perhaps because they want to live somewhere a bit cheaper or because they want more space for their money. This means the house prices in the capital have come tumbling down. And so, according to a study from CIA Landlord, now may be a great time to get a buy to let property in London. […]
September 17, 2020

London house prices:all-time high for property in post-lockdown boom

Surging London house prices have hit a new all-time high as the remarkable post lockdown property boom gathers momentum. The average cost of a home in the capital jumped 3.6 per cent in June alone to reach £490,495, almost £2,000 above the previous peak in July 2017. The annual rate of increase almost doubled from 2.14 per cent to 4.25 per cent, according to Land Registry figures today. Property experts said the pace is likely to accelerate further since the summer with the stamp duty holiday on the first £500,000 of a purchase fuelling further rises after it came into force in July. However, the increases will dismay first-time buyers struggling to get a toe hold […]
September 15, 2020

International investors clambering for UK property amidst global uncertainty

COVID-19 cases might be steadily decreasing, though this does not mean we have overcome all of the fundamental challenges posed by this global pandemic. Market uncertainty has made it difficult for investors to plan for the future. While it looks as though we are on the path to recovery, there is nothing to suggest a second spike in infections is completely off the table. What’s more, we are only beginning to realise the economic ramifications of the coronavirus. It seems as though the majority of the world’s major economies will stay in a recession for at least the rest of 2020. GDP levels in advanced economies are expected to remain around 3-4% lower than their pre-pandemic […]
September 11, 2020

UK rents further increase, with average monthly cost at £985

The HomeLet Rental Index figures for August 2020 have now been released. The headlines from this month’s report are: The average rent in the UK is now £985, up 2.1% on last month, and 1.5% on last year. When London is excluded, the average rent in the UK is now £825. This is up 2.1% on last month, and 2.9% on last year. Of the 12 regions monitored, 11 showed an increase in rental values between August 2019 and August 2020, with two of those regions seeing an increase of more than 5%. The South West shows a yearly increase of 5.5% between August 2019 and August 2020. Average rents in London are down YOY, showing a 2.1% fall between August 2019 and August 2020, the fourth decrease in annual variance in subsequent months. However, average rental […]
September 10, 2020

UK housing market rebound has been faster than its decline post-Covid

A recent report shows that housing market performance has fared than expected over recent months. Can we expect this to continue as the government’s aid schemes come to an end? Property market specialist TwentyEA has compiled a series of data showing how the Covid-19 outbreak has affected UK property. After the market ground to a halt, many expected buyers and sellers to take a cautious “wait and see” approach. However, both TwentyEA’s data and the most recent national house price indices show that the sector is recovering quickly. TwentyEA’s research shows, unsurprisingly, that new listings plummeted once lockdown was in place. Numbers went from around 5,000 to 6,000 new instructions per day, to less than 1,000. […]
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