Direct Property News

June 8, 2018

Homes worth a £1 million or more selling faster in many parts of the UK

Homes in the UK worth £1 million or more are selling more quickly in Cambridge than any other part of the country, twice as fast as the national average, new research reveals. Overall the average time it take to secure a buyer in this sector of the housing market is 99 says, up five days than last year but in Cambridge it is just 45 days, according to the analysis from property portal Rightmove. Indeed, the top five fastest selling million pound locations are all outside of London with Edinburgh and Harpenden in joint second place taking 53 days each, followed by Bristol at 54 days. The research also shows that in four out of 11 […]
June 7, 2018

Private sector rents in UK up 2% in year to May 2018, latest index reveals

Rents in the UK’s private rented sector increased by 2% in the 12 months to May 2018 to an average of £919 per month, the latest index shows. However, when London is excluded, the average rent in the UK is now £763, up by 1.3% on last year, according to the data from the Homelet index. Indeed, average rents in London are £1,586, up 5.6% on last year, which is the highest regional year on year increase identified in this month’s figures. Eleven of the 12 regions covered by the index recorded year on year rises in rents. Only Wales saw rents fall on an annual basis, down by 0.2% to an average of £604. But […]
June 4, 2018

Rents in prime property market in London forecast to rise this year

Rents in London’s prime property market are approaching positive territory, falling by just 0.1% in the 12 months to May 2018, the latest index figures show. The figures from real estate firm Knight Frank also show that in the middle price bracket rents increased by 1%, indicating that in this sector where demand is stronger the lettings market is leading the recovery. But, overall, political and economic uncertainty is continuing to impact on demand in London’s prime lettings market, according to Tom Bill, head of London residential research. However, Knight Frank forecasts that rents will grow by 0.5% in 2018. It follows a 15% decline in the number of properties listed for rent in the 12 […]
June 1, 2018

Activity improving at the very top end of the London housing market

Activity levels at the very top of the London property market have stabilised after a tumultuous few years, the latest analysis reveals. Sales in the super prime market with homes valued at £10 million plus have been underpinned in many cases by the release of pent-up demand, says the report from international real estate firm Knight Frank. The figures show that the number of new prospective super prime buyers registering in the first three months of 2018 was 7% higher than last year. And, although the number of transactions in the year to March was 9% lower than over the previous 12 months, this is an improvement compared to annual falls of more than 20% registered […]
May 30, 2018

Sales in central London’s prime property market expected to rise in 2018

The prime central London property market is still adjusting to the tax regime introduced more than three years ago but sales are expected to increase in 2018, the latest analysis shows. However, economic and political uncertainty is also continuing to affect the market, according to the report from real estate firm JLL. It expects some long time owners to put their properties on the market over the next 12 to 18 months. This will mark the start of a new, more active and acceptance phase for the sales market which is being encouraged by the fact that house prices increased by 0.3% in the first quarter of 2018, particularly two and three bedroom houses. The report […]
May 29, 2018

Have you paid more stamp duty than needed?

HMRC has stated that at least 15,700 buyers overpaid stamp duty last year. Are you, or your buyers, making incorrect assumptions about purchase costs? Despite the high cost of stamp duty, some buyers and, surprisingly often, their professional advisors, are getting their tax calculations wrong, prompting would-be movers to hold back and others, HMRC has confirmed, to over-pay by tens of thousands. The Wilmslow branch of estate agents, Jackson-Stops, recently saved one well-heeled buyer several hundred thousand pounds in Stamp Duty Land Tax (SDLT), merely by pointing out one aspect of the current rules. Another nearly fell foul of a much more common misinterpretation, the clarification of which reduced their tax bill by £18,000 to £20,000. […]
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