Direct Property News

December 4, 2017
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Sales and lettings markets in UK saw change in 2017

It has been a busy year for the sales and lettings property markets in the UK with ups and downs in both sectors, according to an overview from agents. Perhaps one of the most striking trends was the number of properties that sold for less than their asking price, on average 77% of the time, while only 4% were sold for more than the original asking price. According to the National Association of Estate Agents (NAEA) demand spiked in January and February with 425 house buyers registered per branch. Demand was higher than in 2016, with an average of 380 prospective buyers registered per branch, compared to 365 on average over the course of last year.…
November 29, 2017
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Value of homes in the UK up by 48% in last decade

The value of privately owned homes in the UK had risen by £1.94 trillion over the last decade with over half of this increase in London and the South East, new research shows. It means that the total value of privately owned UK housing stock has surpassed £6 trillion for the first time, according to new research by the Halifax. Since 2007, the total value of private residential property in the UK has grown by 48% to an estimated £6.02 trillion and in the past year alone, the value has grown by £376 billion, mainly reflecting average house price growth of 5% in the year to August. The average value per household in the UK now…
November 28, 2017
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Stamp Duty abolished: Property industry reacts

The Chancellor, Phillip Hammond, has delivered his second budget and used it to urge the UK to “seize the opportunities” from Brexit while tackling deep-seated economic challenges “head on”. As many expected, there was a larger focus on housing than in previous budgets, announcements included local authorities to be allowed to levy 100% council tax surcharge on empty homes, £44bn injected over the next 5 years to support housing market, promises of 300k new homes built per year and most notably the abolishion of Stamp Duty for first-time buyer purchases up to £300,000. As ever, the property industry was quick to respond. Here’s what they’re saying: Paul Shamplina, Founder of Landlord Action, reacts to changes to…
November 22, 2017
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Property sales in UK confirm housing market is moving ahead steadily

Residential property sales in the UK increased by 1.7% between September and October 2017, some 9.2% higher than the same month in 2016, official figures show. The data from HMRC also shows that there were 105,260 residential sales and 11,280 non-residential sales. It is more evidence that the property market is progressing at a steady pace despite political and economic uncertainty and the decision to leave the European Union with Brexit having no impact. Stephen Wasserman, managing director of West One Loans, pointed out that stamp duty hikes have had more of an impact on the housing market and believes that further change to the property tax paid by buyers could boost the market. ‘The uptick…
November 21, 2017
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Where’s the fastest place to sell a property in the UK? It’s not London…

The average time it takes to sell a home in the UK has been revealed to be just over three months, a slowdown on what it was a year ago. It takes an average of 96 days to sell a home, according to the latest data from Post Office Money, compared to the 91 days it took 12 months previously. The fastest place to sell has been revealed to be Edinburgh, where it takes just 41 days on average. This is closely followed by Glasgow at 50 days, just over half the average. Despite London’s reputation as a place where property gets snapped up fast, it fell below the UK average at 111 days. The average…
November 15, 2017
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Stamp Duty puts the brakes on the housing market

A new report carried out by the Centre for Economics and Business Research and commissioned by Santander Mortgages, has found that amongst other things, Stamp Duty Land Tax (Stamp Duty) is having a significant effect on the UK property market by impacting people who move more. The report looks at the effect of Stamp Duty on the UK’s residential property market. Titled “An examination of residential Stamp Duty Land Tax”, the findings reveal that over the course of a five-year period2, an additional 146,000 property transactions would have taken place if Stamp Duty had been removed. It also argues that the incentive to build more property would have been higher as under Stamp Duty the seller…
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