Direct Property News

October 30, 2017

New figures claim London needs 66,000 new homes every year to sort out housing crisis

London needs to build 66,000 new homes every year to meet its growing need and put right years of under investment in housing but to do so more Government funding is needed for affordable houses, it is claimed. The Mayor of London Sadiq Khan is calling on the Government to commit to profoundly boosting the funding and powers available to London in the forthcoming Budget on 22 November in order to meet this need. He says that as a first step there must be a return of Government funding for affordable housing to the level it was at in 2009/2010. A new analysis of the figures unveiled by Khan shows that overall Government funding for affordable […]
October 26, 2017

UK Tenants move out of the capital

The latest monthly lettings index from Countrywide has revealed that a record 65,000 tenants left London over the last 12 months. During the past year, 64,672 tenants left London – the highest number since 2007. 78% (50,406) left to rent another home outside the capital with the remaining 22% (14,266) leaving to buy a home. According to Countrywide, this is a significant shift from a decade ago when the majority of tenants moving out of the capital did so to buy a property. “For people in their 30s leaving London is something of a rite of passage,” commented Johnny Morris, research director at Countrywide. “But, as the number of those renting has grown, the move out […]
October 24, 2017

Mortgages of 30 years and over becoming more common in UK

Longer mortgages of 30 years and over are becoming a reality in the UK as demand soars due to rising house prices, inflation and low wage growth, a new report suggests. The majority of independent mortgage brokers believe that the rise in demand for longer home loans is inevitable and not likely to slow, according to the latest report from the Independent Mortgage Lenders Association (IMLA). Overall some 69% of mortgage brokers report an increase in demand for 35 year mortgages with 13% reporting a substantial rise in demand in the first six months of 2017. Some 77% of brokers and 74% of lenders say increase in demand for 35 year term mortgages is an inevitable […]
October 23, 2017

Prime lettings market in English Home Counties showing signs of recovery

There are signs of recovery in the prime lettings market in the Home Counties, the areas around London popular with commuters, with rents up 1.2% in the third quarter of 2017. While they are still 2.6% lower than the same quarter in 2016, the index from real estate firm Knight Frank also shows that demand is rising with the number of tenancies agreed 24% higher year on year. A sharp rise in prospective new tenant registrations and property viewings in the third quarter has come as higher costs associated with the sales market has encouraged a number of would-be buyers, especially those moving from further afield, to rent before buying, according to Knight Frank. The index […]
October 20, 2017

Research suggests many British home owners are not prepared for interest rate rise

With speculation rising that the Bank of England could increase interest rates as early as next month and some lenders already withdrawing their lowest rates, new research shows the majority of borrowers don’t know how it could affect them. Some 68% of home borrowers don’t know how a base rate rise will affect them or how much they could save by fixing to a fixed rate deal, according to research from lender TSB. It say that if rates rise by 0.25%, a typical variable mortgage repayment could cost an extra £13 a month and switching to a fixed rate deal could save borrowers £119 per month. The next meeting of the Bank of England’s Monetary Policy […]
October 19, 2017

Will Stamp Duty be Cut for First Time Buyers in Autumn Budget?

The Government is considering a Stamp Duty cut for first time buyers when they purchase their first homes, according to new reports. Stamp Duty has soared over recent years, as house prices have spiralled out of the reach of many, with industry experts claiming that the tax bill is a major barrier for first time buyers and a huge extra expense for buyers of larger homes – meaning that they stay put and clog up the property ladder. Now, the Evening Standard has reported that Conservative backbench MPs are lobbying the Chancellor, Philip Hammond, to offer first time buyers a Stamp Duty holiday when he delivers the Autumn Budget on Wednesday 22nd November. Rumours have also […]
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