Direct Property News

April 25, 2017
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Is renting becoming a long-term solution?

Owning a home remains the dream of most Brits, but with prices constantly increasing and the supply shortage ever presented, is it maybe time to change that dream? For many Londoners, the idea of owning a home sounds amazing, and very far out of reach. The average house price in the capital sits somewhere around £800,000, the average annual salary is far from it, at around £40,000. And although this is a rather drastic example, things aren’t looking an awful brighter throughout the rest of the country. Britain’s housing affordability is low, no matter of the region you’re looking at. Apart from those who might be inheriting a respectable sum or who know they can bank…
April 24, 2017
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Average rents for new tenancies in UK up just 1.1% year on year

Average rents in the UK continue to see a slower rate of rental growth in March compared to last year with values for new tenancies up just 1.1% nationally. But there is some regional variation with asking rents up 3.1% year in year in Wales, up 1.5% in Northern Ireland and up 1.2% in Scotland. Overall the national average was £904 per calendar month. In Wales it was £616 in March, in Northern Ireland £614 and in Scotland £610, according to the latest index from HomeLet. But the highest rents are in London at £1,546 per calendar month, up 1.2% compared to March 2016. However, since July 2016 rents in London have seen a slower pace…
April 20, 2017
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Has stability arrived in the mortgage market?

Recent analysis from Mortgage Brain has shown that the cost of most mainstream mortgages continues to show signs of stabilisation due to little movement seen in the market over the past three months. According to the report, the cost of the lowest rate five year fixed mortgage (2.55%) with a 90% LTV, for example, fell by just 1% since the start of January 2017. The cost of a 60% LTV two year fixed is also just 1% cheaper than it was at the start of the year, while a 90% LTV two and three year fixed and a 60% LTV five year fixed are all just 0.2% cheaper than they were three months ago. By comparison,…
April 19, 2017
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Britain’s young professionals pay an extra £70,000 for a better location

Young professionals in the UK are paying an additional £71,000 to secure a home in one of the country’s 20 most popular postcodes, a new research has revealed. On average, a home in one of those desirable postcodes costs £735,874, whilst buying in surrounding areas will set you back £664,716, a difference of £71,158. Out of the 20 areas mainly selling to young professionals most are located in Greater London. The only exception to the rule are Didsbury in Greater Manchester and Reading in Berkshire. A total of 16 out of 20 areas on the list are located within London. Which probably doesn’t come as a massive surprise considering 52% of London’s working age population is…
April 19, 2017
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UK general election unlikely to impact property markets

The decision by British Prime Minister Theresa May to announce a surprise general election in just a few weeks’ time is unlikely to have much of an impact on the nation’s property markets. It is generally felt that as there is not time before the vote on the 08 June for a long period of uncertainty to build up and the economy could be strengthened by the decision. Indeed, a snap poll of home sellers and buyers has found that neither see the election as putting them off with their plans to move home. Some 56.7% of sellers said that they would be continuing although 24.4% said the decision has left them undecided and 18.4% are…
April 18, 2017
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Average prices in England and Wales up 0.8% in March, latest index shows

The average house price in England and Wales increase by 0.5% month on month and 3.3% year on year to £301,278 in March, the latest index data sows. Eight out of 10 regions recorded new peak price averages with the West Midlands seeing the highest rate of annual house price growth at 4.8%, but the South East, including Greater London, has seen price growth continuing to slow. This is the first time that the West Midlands has taken the top spot in regional annual price growth since the Your Move index records began in January 1996, some 21 years ago. Birmingham is currently seeing new peak prices, with annual increases of 7.8% and in contrast, Greater…
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