Direct Property News

December 26, 2017
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Record number of homes in UK sell for less than asking price

A record number of properties in the UK sold for less than their asking prices in November and the traditional end of year slowdown in the property market started early. The number of properties available to buy in the UK also fell, reaching its lowest level seen since January 2016 but demand has also fallen, the latest research from estate agents also shows. At the same some the majority of properties, some 85%, sold for less than their asking price in November, the highest levels since records began, according to the survey from the National Association of Estate Agents (NAEA). This is up from 78% in October, and just higher than last November when 84% of…
December 20, 2017
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Average rents inch up in November

The latest data and analysis from Homelet has revealed that average rents across the UK rose by a meagre 0.7% in November when compared to the same month a year ago – the average monthly now stands at £904 compared to £898 in the same month of last year. With the latest figures from the Office for National Statistics showing that inflation in the UK, as measured by the Consumer Prices Index, currently stands at 3.1%, November’s data means that rents have reduced in real terms for almost the whole of 2017. The last time that average rental price growth exceeded inflation was December 2016, when the HomeLet Rental Index recorded an increase of 1.7% against…
December 19, 2017
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Signs of recovery for the capital’s lettings market

Despite the political ambiguity surrounding Brexit, demand for rental properties in London was on the rise in the third quarter of this year, according to the latest London Lettings Report by Foxtons. A detailed look at the market also revealed an increase in the number of tenants registered per new property instructed – from 7.7 to 9.2 – compared to the same quarter last year. At the same time a decrease in stock levels has become evident. Sarah Tonkinson, Director of Institutional PRS and Build to Rent at Foxtons, had this to say: “Q3 is known as ‘the lettings quarter’ of the year as a number of existing tenancies come to an end and there is…
December 14, 2017
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Property prices in the UK were flat in November, latest RICS survey shows

House prices in the UK remained broadly flat at a national level in November with regional variations and activity stabilising, according to the latest analysis report. The near term outlook for prices and sales is flat with chartered surveyors unconvinced that the housing market will gain impetus in the coming months. The report from the Royal Institution of Chartered Surveyors (RICS) suggests that momentum in the residential property market continues to be stifled by persistent shortages of homes being put up for sale along with economic uncertainty. Prices did not move in November following a rise of 1% in October but the report points out that there were significant variations in price trends at a regional…
December 12, 2017
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UK property prices up 4.5% year on year but fell slightly month on month in October

Average property values in the UK fell by 0.5% in October 2017 but are still 4.5% higher year on year at £223,807, according to the latest official figures. A breakdown of the data from the Office for National Statistics shows that month on month prices were down by 0.6% in England but up 4.7% year on year to an average of £240,860. Prices in Wales increased by 4.5% year on year to an average of £153,316 and increased by 0.8% month on month. In Scotland prices increased by 2.8% year on year but fell 0.7% month on month to £143,544. The East Midlands recorded the biggest rise with prices up by 7% year on year, followed…
December 7, 2017
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Property prices rise in UK for four quarters in a row

Residential property prices in the UK increased by 2.4% in the three months to the end of November, the faster growth for this measure since January, the latest index shows. The data from lender the Halifax also shows a month on month rise of 0.5%, taking the average price of a home to £226,821. It was the fifth consecutive monthly rise. The average price is 3.2% higher than in January when it was £219,741 but year on year growth has fallen back from 4.5% in October to 3.9% in November. ‘Whilst the annual rate of growth eased in November, with the first decline in this measure since July, when looking at quarterly change prices in the…
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