Direct Property News

April 3, 2017
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New data shows mortgage accessibility in the UK is at three year high

Mortgage accessibility in the UK has reached a three year high with first time buyer and home owners remortgaging markets having the best prospects for growth in the rest of 2017. The latest figures from the Intermediary Mortgage Lenders Association (IMLA) shows that a record 30% of mortgage brokers had no problem sourcing a mortgage for any client type in the preceding six months. Meanwhile, rate of brokers unable to source a mortgage for first time buyers almost halved to 16% with the positive outlook coming despite the introduction of the Mortgage Market Review (MMR) in April 2014 which introduced stricter criteria for borrowers. The number of brokers with no problem sourcing a mortgage for any…
March 30, 2017
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First time buyers in London see prices rise on average by 67% since 2012

House prices for first time buyers in London have increased by an average of 67% with some parts of the capital seeing even higher increases, according to new research. The steepest rise has been in the borough of Waltham Forest where prices for those getting on the housing ladder have increased by 93% from an average of £212,629 in 2012 to £409,491 in 2017, the data from Lloyds Bank shows. The boroughs recording the next biggest gains are Newham, up 92% to £359,212 and Greenwich up 91% to £382,945 but all of these borough, which are next to each other, had average prices well below the London average five years ago. Westminster has seen the smallest…
March 30, 2017
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Article 50: ‘Biggest risk for investors is playing it too safe’

With prime minister Theresa May triggering Article 50 today, formally beginning the UK’s departure from the European Union, investors may be feeling a sense of anxiety. But playing it too safe could be the biggest risk for such investors, according to one fund manager. Stephen Jones, chief investment officer of Kames Capital, who oversees a range of fixed income, property, equity and multi-asset funds, said investors risk missing out on attractive investment opportunities by overweighting cash in their portfolios. “The biggest risk right now is that investors over-worry about disruptive events of financial crises that are unlikely to happen and play it too safe in their asset allocation,” he said. “Cash is a wasting asset against…
March 29, 2017
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Lettings agent association warns of economic impact of fees ban in England

The proposed ban on letting agent fees in England will cost tenants who stay in properties the longest hundreds of pounds, it is claimed. According to the Association of Residential Letting Agents (ARLA Propertymark) it is loyal tenants who will be hit the hardest but it also believes that there are 4,000 jobs at risk if there is an outright ban. The consultation on how the ban will work is due to start shortly and it is likely to have an impact not just on letting agents but on tenants, landlords, the private rented sector and the wider economy, the association’s latest research suggests. The analysis, done in conjunction with research consultancy Capital Economics reveals that…
March 29, 2017
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Prime rental market in key global cities showing signs of recovery

Prime rents across the 17 key cities around the world fell marginally by just 0.4% in 2016 suggesting that the sector is seeing a recovery. Some 10 of the cities recorded rental growth over the course of the year, up from seven in 2015, according to the data from the Knight Frank’s prime global rental index. But there is still some ground to be made up as two year ago there was growth of 2.5% and the difference between the strongest and weakest performing markets increased to 14%, up from 12.5% in 2015. Toronto saw the biggest growth in prime rents with an increase of 8% year on year and the index report points out that…
March 28, 2017
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Young people fear they cannot afford to buy a home in the UK

Many young people in the UK fear they do not earn enough to buy a home and a significant number also feel that owning is a thing of the past, new research has found. A quarter of young people aged 18 to 34 in the UK rely on inheritance to get on the property ladder and the same number are certain they will never be able to afford to buy their own home. But not all want to be home owners with one in five saying that home ownership is a thing of the past, according to the study from UK home lender the Halifax. The research also found that 48% of young people think it’s…
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