Direct Property News

April 28, 2017
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Mortgage market in the UK set to reach it highest lending level since economic downturn

The mortgage market in the UK is expected to see the highest level of gross lending since before the financial crisis this year as affordability for borrowers also hits a new high. According to a new white paper from the Intermediary Mortgage Lenders Association (IMLA) total gross mortgage lending will reach £260 billion in 2017, some 5.9% higher than the £245 billion recorded by the Council of Mortgage Lenders (CML) in 2016. But it predicts that the remortgage sector will be the most buoyant while the buy to let mortgage market will continue to contract in 2017 before growing modestly in 2018. Meanwhile, the IMLA expects net mortgage lending to hit £45 billion this year, which…
April 27, 2017
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Number of buy to let landlords selling up in UK rising

The number of buy to let landlords leaving the private rented sector in the UK is rising, reaching the highest number per month since the lettings fee ban was announced last November. According to the Association of Residential Letting Agents members are reporting that an average of four landlords per branch are selling up, more than the three per branch recorded in February. The last time the number of landlords selling their buy to lets rose above three per branch was in November last year, when the letting agent fees ban was announced and ARLA said it is concerned that the PRS is becoming less attractive to property investors. The March monthly report also shows that…
April 27, 2017
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Property asking prices hit record highs

Property asking prices in England and Wales have hit a record with sales at a decade high, the latest data from the UK’s leading property website shows. Values in April rose 1.1% (+£3,547) to £313,655, according to figures from the Rightmove property website. The figure exceeds the previous high of £310,471 set in June 2016, reports OPPToday. This month’s 1.1% rise is also weaker than the average 1.6% spring-boosted surge of the last seven years, slowing the annual increase to 2.2%, the lowest for four years. While the run-up to an election creates a degree of uncertainty and often a pause in activity, this strong set of figures should help mitigate pre-election jitters, says Miles Shipside,…
April 26, 2017
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How Theresa May’s General Election will impact the Investor

It’s been a roller coaster over the last twelve months for Britain. And it may remain one, at least for some parts of country. Investors, however, seem to not mind any of it too much. In less than one year the UK has managed to reinvent investment property taxation, decide to leave the EU, change head of state, start its departure from the EU and call for a new election. It might therefore be safe to say there’s a lot going on in Britain at the moment. For investors, some of these changes bring long-lasting effects with them that may affect their financial strategies significantly for some time to come. With the election campaign now under…
April 26, 2017
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Brexit has affected younger buyers in the UK, but majority not deterred

Younger home buyers in the UK have postponed an upcoming property purchase due to concerns over the strength of the country’s post Brexit economy, a new survey has found. Some 63% of 18 to 24 year olds revealed that they have reconsidered buying a home due to losing faith in the economic outlook when the country leaves the European Union, according to the poll commissioned by property consultants Cluttons. The OnePoll survey also found that older people were not as concerned with 82.07% of those aged 55 saying that the Brexit decision hasn’t impacted their property purchase intensions at all. At a regional level, people in Oxford were the most concerned with the impact of a…
April 25, 2017
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Asking prices hit record high in England and Wales despite growth slowing

Asking prices in England and Wales hit a record high £313,655 in April while the housing market recorded the best sales figures since 2007, according to the latest index figures. Overall the price of property coming to market increased by 1.1% or £3,547 last month and is up 2.2% year on year, the figures from property portal Rightmove shows. Although lower than the average increase of 1.6% at this time of year over the past seven years and with the annual pace now the lowest for four years, average asking prices still reached a new high. Rightmove says that first time buyers are driving growth, up 6.5% annually to new record of £194,881 and there is…
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