Direct Property News

December 4, 2018

Property prices in the UK up marginally in November

Property prices in the UK edged up 0.3% in November to an average of £214.044 and are 1.9% above the same month a year ago, the latest lender index shows. Looking forward, much will depend on how broader economic conditions evolve, according to Robert Gardner, Nationwide’s chief economist. ‘In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40 year lows,’ he said. ‘If the uncertainty lifts in the months ahead and employment continues to rise, there is scope for activity to pick-up through next year. The squeeze on household incomes is already […]
November 30, 2018

Average rents in England and Wales up 2.2% in 12 months to October 2018

The average rent across England and Wales increased by 2.2% in the 12 months to October 2018 to £861 with little change from previous months, the latest lettings survey shows. Seven out of 10 regions posted annual rent rises, led by the South West with an increase of 4.4% year on year to £686 while rents in Wales were flat at £588, according to the Your Move rental tracker index. The data also shows that rents fell in the East of England and London, down 0.4% and 0.9% respectively. London which remains the most expensive place to rent a property, with the average rent at £1,271. In the South East, which was the only one of […]
November 27, 2018

Could the post-Brexit property market be fueled by pent-up property demand?

Brexit has undoubtedly had an effect on the property industry. Many agree that it has subdued it, with a fair amount of buyers erring on the side of caution. However, land agent, Aston Mead believes that it has also led to a pent-up demand, which is likely to feed back into the market next year. Richard Watkins, Aston Mead Land & Planning Director, said: “Any degree of political or economic uncertainty means that buyers tend to sit on their hands. People with important and costly decisions to make tend to pause and reflect, waiting for a time when the outcome is more predictable. The ongoing machinations of the Brexit process for the last two years are […]
November 23, 2018

More than 180,500 first time buyers have benefited from stamp duty exemption

More than 180,500 first time buyers in Britain have saved a total of £426 million through the stamp duty relief programme introduced a year ago, official figures show. The money saving tax relief, known as First Time Buyers Relief (FTBR), was introduced on 22 November 2017 extended in last month’s Budget to those purchasing through approved shared ownership schemes who choose to pay stamp duty in stages, rather than on the market value of the property. This has been retrospectively applied to eligible property transactions since last November with figures published by HMRC confirming it too is likely to be popular. ‘These statistics show that the Government was right to offer a helping hand to first […]
November 20, 2018

UK house prices up 3.5% in year to September 2018, official data shows

House prices in the UK increased by 3.5% in the year to September 2018, up from 3.1% in August 2018, taking the average price to £233,000, the latest official data shows. However, over the past two years, there has been a slowdown in house price growth, driven mainly by a slowdown in the South and East of England, according to the figures published by the Office for National Statistics (ONS). The figures also shows that prices fell by 0.3% over the year in London but this was up from a fall of 0.6% in the year to August 2018. On a non-seasonally adjusted basis, average house prices in the UK were unchanged between August and September, […]
November 16, 2018

Annual price growth in key global cities at lowest level for almost six years

In the last year, the price of a homes in the prime property market key cities across the world increased by 2.7% on average, the weakest annual growth for almost six years, new index figures show. Of the 43 cities tracked by the Knight Frank global residential cities index, the strongest year on year rise was in Singapore with growth of 13.1%, followed by Edinburgh up 10.6%, Madrid up 10.1% and San Francisco up 9.5%. At the other end of the index Vancouver saw prices fall by 11.3% year on year, price were down by 6.3% in Istanbul, Stockholm and Taipei, down 3.8% in Dubai and down 1.4% in Nairobi. The index report says that growth […]
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