Direct Property News

October 18, 2017

Consultation announced for tougher regulation in property lettings and management

Plans have been announced for tougher controls in the lettings and management industry with new measures to combat the scandal of inappropriate service charges and fees in England. The Department of Communities and Local Government (DCLG) is seeking views on what form the future regulation of letting and managing agents will take in a consultation process that will end on 29 November 2017. The move is in response to complaints that developers have been selling on leases of new homes to financial companies who have then been charging extortionate amounts to home owners for simple things like change the flooring. Anecdotal evidence of poor management includes a group of leaseholders charged 10 times the market rate […]
October 17, 2017

Annual property prices growth continues across the UK

Property prices in the UK increased by 5% in the year to August 2017, taking the average price of a home to £225,956, the latest official index shows. A breakdown of the figures published by the Office of National Statistics (ONS) shows that in England prices increased year on year by 5.3% and month on month by 0.7% to £243,520. In Wales prices increased by 3.4% on an annual basis and by 0.1% month on month to £150,258 while in Scotland they increased by 3.9% year on year to £146,354 but fell month on month by 0.87%. But the property market in London is not performing as well as the regions. The data shows that prices […]
October 13, 2017

Strong regional growth keeps UK asking price growth more or less unchanged year on year

Strong regional market performances outside of London and the South East are supporting the national property asking price growth in the UK, the latest index shows. Asking prices increased by 3.2% in England and Wales in October and by 3% in Scotland year on year but in Greater London they are down by 0.7% on an annual basis, according to the data from Annual growth is led by the East Midlands with prices up 6.6% to £225,258, followed by the East of England up 5.3% to £361,073, then the West Midlands up 5.8% to £238,829 and the South West up 5% to £324,739. Asking prices were up by 4.5% year on year in Yorkshire and […]
October 11, 2017

Average UK rents up 2.1% year on year in September, index data shows

Average rents across the UK increased by 2.1% in September when compared to the same month a year ago taking the average monthly rent to £927, the latest index shows. Rents in London rose 1.9% year on year, continuing the recovery that began last month after falls throughout the Spring and Summer. The average monthly rent in the capital now stands at £1,593. Overall, the data from the HomeLet September rental index reveals that rents rose in 11 out of the 12 regions of the UK covered by the research Only the South East of England recorded a negative rate of annual rental price inflation, down by 0.1%. The highest annual increases was in Northern Ireland […]
October 10, 2017

Why right now could be the best time to get a mortgage

With British Summer Time about to end and Christmas looming, many potential buyers might think about putting off a mortgage application until the spring. However, mortgage experts Choice Finance advise that, for those looking to buy, now could be the best time based on low interest rates and low stock of homes for sale. Earlier this year, the Royal Institution of Chartered Surveyors reported that the number of properties for sale was at a 40 year low, a trend they expected to continue. Traditionally, the winter months see a lull in the housing market due to Christmas expenses and unfavourable weather. So, with less demand for houses, it can be easier to negotiate a sale under […]
October 5, 2017

Government announces an extra £2.5 million for new homes in garden towns across England

The UK Government has announced a £2.5 million cash boost to speed up the delivery of over 155,000 new homes in the proposed garden towns across England. Nine locally led garden town developments, from Bicester to Taunton, will each receive new funding to fast track the build out of these large housing projects, according to Communities Secretary Sajid Javid. The new funding will support local authorities and communities in delivering ambitious proposals, speeding up the progress of developments through additional dedicated resources and expertise. Javid pointed out that garden towns being supported by the Government are committed to delivering high quality, well planned and well-designed new communities that will stand out as exemplars of good development […]
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