Direct Property News

February 26, 2018

A 1% interest rate rise would have a major impact on mortgage market in UK

With interest rates expected to rise again in the UK in 2018, new research suggests that a 1% rise could add £830 a year to the cost of the average mortgage. Overall such a rise would add £10 billion to the UK’s mortgage bill and four in 10 borrowers on variable rate mortgages would be the first to feel the effect of the rise as their annual mortgage bill would rise overnight by £4.3 billion, while the 59% on fixed rate deals would be impacted later, as fixed terms expire. Buy to let landlords would pay an additional £2.4 billion, with other home owners paying £7.8 billion, or 76.5 per cent of the total increase, according […]
February 22, 2018

Home loans to first time buyers in the UK increased in January

The UK residential mortgage market saw a positive start to the year with an increase in the number of small deposit borrowers, usually first time buyers, being approved in January. Some 21% of all approvals went to small deposit buyers up from 18.2% in December and 17.2% in November 2017, according to the latest Mortgage Monitor from e.surv. January’s data is the second full month of data following the Bank of England’s decision to increase the base rate to 0.5%. This rate rise, plus the speculation in the weeks leading up to the decision, has spurred many people into taking action, either looking to take out a mortgage or switching to a new deal, the report […]
February 20, 2018

Asking prices rising across the UK as sellers make it an active start to 2018

Record home hunter activity is fuelling a rise in asking prices in most regions in the UK, led by the Midlands where they are rising three times faster than the national average, the latest index shows. Overall asking prices increased by 0.8% month on month in February and 1.5% year on year to an average of £300,001, according to the index report from real estate portal Rightmove. All regions have seen asking price rises on a monthly basis except for a marginal fall of just £131 in the South West but prices here are still 3.3% higher than a year ago and there was a 5.1% monthly rise in Scotland. Year on year price growth was […]
February 15, 2018

Rents in the private rented sector in Britain grew steadily, latest official data shows

Private rented sector rents paid by tenants in Britain rose by 1.1% in the 12 months to January 2018, down from 1.2% in December 2017, the latest official index shows. In England, private rentals grew by 1.1%, Wales saw growth of 1.4% while Scotland saw rents increase by 0.3%, according to the data published by the Office for National Statistics (ONS). The index also show that in the private rented sector in London rent grew by 0.2%, some 0.9% below the British 12 month growth rate and the lowest annual growth since October 2010. Excluding London rents were up by 1.6%. Between January 2011 and January 2018 rents increased by 15.6% and this was strongly driven […]
February 13, 2018

Research reveals more homes than ever in Britain worth over £1 million

There are now well over 750,000 homes in Britain worth at least £1 million with most of them in London, new figures show. Overall there are 768,553 properties in this price bracket which amounts to 2.7% of the nation’s housing stock, according to the data from property portal Zoopla. This is a considerable rise of 22.95% since August 2016 which shows just how fast the value of home have been rising. The largest number are on London at 430,720. Kensington Palace Gardens, which borders the west side of Hyde Park, is the most expensive with an average property price of £35,696,711. The second highest number of millionaire properties can be found in the South East of […]
February 12, 2018

House prices in England and Wales crept up overall in January

House prices in England and Wales increased by 0.2% in January, the first monthly rise following several months of declines, taking the average to £301,477, the latest index shows. But on an annual basis prices have fallen in several locations, most notably London, the South East and the North East, according to the data from the Your Move index. However, the index report points that overall despite average prices in England and Wales being lower than they were in January 2017 and down annually for the first time since March 2012, average prices continue to remain above the £300,000 mark as they did throughout 2017. It explains that the move into negative territory in annual price […]
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