Direct Property News

August 28, 2017
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Landlords contribute most to extra revenue from additional homes stamp duty surcharge

There is an increasing call for stamp duty in the UK to be changed but a new analysis of figures shows why the Government might not be keen to do so. For the same number of property transactions as two years ago, the Government has taken in an extra £2 billion in stamp duty land tax, according to an analysis from accountants Blick Rothernberg. And it reveals that, while some of the increase could be due to higher property prices, most of it is due to the 3% surcharge added to additional homes, in particular properties being bought by landlords. The latest statistics released by HMRC to the end of July 2017 show that the number…
August 25, 2017
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New home starts in England up to highest level since 2008

The number of new homes that have started to be built in England has surged to the highest level since 2008, official figures show. The latest house building data from the Department of Communities and Local Government (DCLG) shows that 164,960 new homes were started in the year to June 2017, up 13% on the previous year, and have increased by more than three quarters since the low in 2009. More than 153,000 new homes have been completed during the same period, showing an increase of 11% compared with the year before. ‘Building more homes is an absolute priority for this Government. The figures are proof that we are getting Britain building again, with new housing…
August 24, 2017
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Rents for new UK tenancies stable in July

The total number of letting agents who experienced rent rises for their tenants stayed constant at 31% in July, according to the latest private rental survey from the Association of Residential Letting Agents. This was a rise of 3% on the 28% seen in July, with the report also revealing a further increase in demand. Demand Increases In all, the number of properties managed per member branch rose slightly during July, up to 192 from the 190 recorded in June. This is the highest level seen since January, when agents were managing 193 on average. Year-on-year, this figure rose by 4%, with July 2016 seeing agents managing 184 properties on average. Demand from new tenants rose…
August 22, 2017
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Property investors ‘want stamp duty surcharge scrapped’

A majority of UK property investors want the Government to reverse the changes made to property taxes including scrapping the 3% stamp duty surcharge altogether, according to the latest survey by bridging finance lender, mtf. Three quarters of property investors said scrapping the additional 3% stamp duty hike on buy-to-let and second homes would improve conditions in UK real estate, mtf’s Q2 Property Investor Survey showed. The introduction of the 3% surcharge in April 2016 has severely limited investor appetite for buying properties with the intention of renting them out. It comes as the property market has slowed across the board amid other changes to stamp duty, including a hike on higher value assets. The government…
August 21, 2017
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UK Rental growth doubles

According to Countrywide, the UK’s largest estate agency and property services group, the annual rate of rental growth in Britain doubled from 1.1% to 2.2% between June and July. The increase has been caused by a turnaround in the London market, the group said. The figures are especially surprising as they mark the end of eight consecutive months of falling rents in London. Countrywide’s Monthly Lettings Index for July 2017 cited that this turnaround was caused by the sudden drop of available properties to rent in the capital. “The steady fall in the number of homes available to rent in London has been driven by a drop in the number of landlords buying since the new…
August 4, 2017
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Twenty years on:house prices in nine London boroughs have risen by more than 500 per cent in two decades

The biggest increase in UK house prices over the past 20 years continues to be seen in the capital, with nine London boroughs in the top 10 areas for price rises since 1997.   The scale of transformation across east and south-east London over the past 20 years continues to be reflected by soaring house prices in these rapidly-changing parts of the capital.   New transport links, rising demand and lack of affordable housing supply means today’s would-be home buyers are facing prices up to eight times higher than they were two decades ago, according to new research by Halifax which reveals the 10 areas where property prices per square metre have risen the most since 1997.…
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