Direct Property News

September 12, 2017

Remortgaging boosts home lending in the UK but expected to soften in coming months

Lending to home buyers in the UK in July was lower than in the preceding month but higher than a year earlier, led by a strengthening of remortgaging, according to the latest figures to be published. Figures from UK Finance show that first time buyers borrowed £5 billion, some 15% lower than in June but 14% higher than in July 2016. They took out 30,400 mortgages, down 16% on the preceding month but up 8% year on year. Home movers borrowed £7.1 billion, some 9% less than in June but 15% more than in July last year. This equated to 32,800 loans, down 10% on June but up 10% on July 2016. Remortgaging by home owners…
September 8, 2017

Positive quarterly growth boost UK housing market

UK prices creeping up again as lack of supply and low interest rates keep things going House prices in the UK in the three months to the end of August were 0.1% higher than in the previous three months, the first time they have increased over a three month period since March. The latest index from lender the Halifax also shows that prices over the three month period were 2.7% higher than in July but this measure of price growth is still much lower than the peak of 10% in March 2016. The data also shows that month on month prices increased by 1.1% to an average of £222,293 and year on year prices are 2.6%…
September 7, 2017
uk property investment

Annual house price growth climbs to 2.6%

According to the latest data and analysis from Halifax, house prices in the three months to August were 2.6% higher than in the same three months a year earlier. The annual rate in August is higher than in July (2.1%), however it has fallen from a peak of 10.0% in March 2016 when transactions grew sharply ahead of the introduction of new higher stamp duty tax rates for buy to let and second homes that came into effect in April. House prices rose by 1.1% between July and August, following a 0.7% increase in July. Russell Galley, Managing Director, Halifax Community Bank, said: “The annual rate of growth increased from 2.1% in July to 2.6% in…
September 6, 2017

UK Property prices to rise by 56% over the next decade

The latest research from online estate agent eMoov has revealed that property prices will continue to surge ahead during the next decade. The research suggests that, even if the market continues to grow at a slow rate of 0.37% a month, the average UK house would still hit £347,757 – an increase of 56% over the next decade. London has seen a real slowdown in price growth since Brexit and so, although the capital would remain one of the most expensive cities in the UK (along with Oxford) according to eMoov, it would have seen one of the lowest percentage increases in value. Nottingham however tops of the table in terms of monthly prices growth since…
August 31, 2017

Rents go up across most of England and Wales, with landlords tax change being blamed

Average rents increased in most areas of England and Wales in July, up an average of 0.22% month on month and 3.1% year on year to £874, according to the latest index. A fall in stock available to rent is causing rental values to rise with nine out of 10 regions now having seen an increase in the last 12 months, according to the Your Move buy to let index. Only the South West saw rents fall in the year to July with a decrease of 2.2% to £667 per month and the strongest performance was in Wales where rents have grown by 4.3% in the last 12 months to an average of £595. Three other…
August 30, 2017

Another estate agent calls for reduction to Stamp Duty

There has been yet another call for Stamp Duty Land Tax to either be amended or abolished, this time from estate agent Jackson-Stops & Staff. The estate agent feels that ‘prohibitive levels’ of Stamp Duty Land Tax are preventing those in the domestic market from both buying and selling. This cannot be said for overseas buyers however, who are still being attracted by the weak pound. Reduction Jackson-Stops & Staff is calling for a reduction of one-third in Stamp Duty levels, in order to get the market moving again. Toby Whittome, Sales Director at the estate agent in London, observed: “Potential buyers in central London used to approach us about their next home move, driven by…
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