Direct Property News

August 1, 2017
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House Price Growth was Broadly Stable in July, Reports Nationwide

Annual house price growth was little changed from June in July, down from 3.1% to 2.9%, reports Nationwide in its latest House Price Index. House prices also saw a modest increase of 0.3% over the month – down from 1.1% in June. This takes the average house price to £211,671, which is up slightly from June’s £211,301. The Chief Economist at Nationwide, Robert Gardener, comments on the figures: “The annual pace of house price growth remained broadly stable in July, at 2.9%, only a touch lower than the 3.1% recorded in June. “On the surface, this appears at odds with recent signs of cooling in the housing market. The number of housing transactions dipped to their…
July 31, 2017
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Homebuyers pay average of £12,700 in stamp duty over lifetime

Homeowners spend an average £12,693 in total on stamp duty as they move up the housing ladder, according to the latest research from Lloyds Bank. A typical first time buyer would have paid an average stamp duty of £758 in March 2001, £1,989 for their second home in March 2009 and £9,946 for their final step in March 20171. Homebuyers in England and Wales paid £8.3 billion in stamp duty in 2016 – £1.2 billion2 more than in 2015. This rise reversed the £571 million decline between 2014 and 2015, which resulted from the stamp duty reforms that came into place in December 2014. The highest overall stamp duty bills are faced by buyers in London…
July 26, 2017
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House sales see summer spike

New data and analysis from NAEA Propertymark has shown that sales for homes are up as buyers push through summer property transactions. According to the figures, the number of sales agreed per branch rose from 10 in May to 11 in June with the proportion of sales made to FTBs rising to 30% in June – the highest amount since January. The number of house hunters registered per estate agent branch increased by 10 per cent last month. In May, there were 350 per branch, compared to 384 in June. This is also a 16 per cent increase from June 2016 when 330 potential buyers were registered per branch. Supply of properties Indicating that gap between…
July 26, 2017
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UK is top for wealthy individual global commercial real estate investors

The UK is the top country that private property investors are most likely to buy commercial real estate as more and more wealthy people consider it as an investment asset. Overall private investors are already a strong presence in the commercial market and as a result are becoming an increasingly important force in the global real estate marketplace, according to the latest report from Knight Frank. It says that 27% of all global commercial property transactions in 2016 involved a private buyer and a quarter of private wealth is held in real estate investments of some kind, excluding primary residences and second homes, which is the highest allocation since records began. The report also reveals that…
July 25, 2017
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Commercial property investment in UK holding up despite political uncertainty

Commercial property investment volumes in the UK increased by 1% in the first half of 2017 to £27.2 billion despite uncertainty caused by the general election. However, average prime yields in June remaining static at 4.7% due to ongoing uncertainty, according to the latest analysis report from international real estate advisor Savills. Savills forecasts that total returns are expected to be around 5.5% for UK commercial property in 2017 and improve throughout the next five years. Offices being the most popular sector, accounting for 39% of investment in the first half of the year and in terms of location, investment was split 50/50 between London and the rest of the UK. Savills says that sectors which…
July 24, 2017
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City house price growth at 5.1%

The latest figures from Hometrack show that UK city house price growth is running at 5.1% per annum, down from 8.8% in June 2016. According to the report, house price inflation has picked up in recent months. Growth in the first half of 2017 ranges from 0.2% in Aberdeen to 6.1% in Birmingham. This is consistent with an 11% increase in home purchase mortgages which are also 5% higher than the 5 year average. Thirteen cities with lower annual growth Thirteen cities have a lower annual growth rate than a year ago. London, Bristol and Oxford have recorded the greatest slowdown as affordability and uncertainty impact demand. The rate of price falls in Aberdeen has slowed…
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