Direct Property News

March 23, 2017

Single people in UK finding it impossible to buy a home

One in four young people in the UK feel it will be impossible to buy their own home without a partner as they need the joint income to be able to afford a property, new research has found. On average, 45% of young couples living together rent a home and 44% own a home jointly and 22% move in together to save money and will wait four year before deciding to buy, according to the research from Post Office Money. With the average price of a starter home for a first time buyer having increased by 7% or £12,785 over the last year to £183,385 joint average earnings of £50,000 is needed as the average annual…
March 22, 2017

When Brexit became reality: British pound and property after March 29

The UK’s Prime Minister, Theresa May, finally confirmed March 29 as the day when the country will officially trigger Article 50 and therefore kick off the process to leave the EU for good. After the date had been confirmed yesterday, the Sterling experienced a minor decline in value against the US Dollar and the Euro. The Brexit law itself was made final last week, when the Queen granted royal assent for the Brexit bill. The Pound Since last week, a lot of analysts voiced their opinion that this initial drop in Sterling may happen. They were, however, also fairly confident that the decrease was more of a knee-jerk reaction with very little long-term effects rather than…
March 22, 2017

Up to 10 new homes in every UK village would solve rural housing crisis

Building up to 10 new homes in every village in the UK over the next five years would help solve the current housing crisis and provide much needed properties for rural communities, a new report suggests. There is often a lot of argument about building new homes in rural areas but the communities themselves point to a severe shortage of affordable new homes for local people. Now a report from land brokers Aston Mead Land and Planning suggests that over 300,000 new homes could be provided if planning permission was given for between five and 10 properties in every village. The firm says that not only would this provide homes where they are needed but it…
March 21, 2017

House price growth increased across the UK in first weeks of 2017

Average house prices in the UK increased by 6.2% in the 12 months to January 2017, up from 5.7% in the year to December 2016, according to the latest official figures to be published. The average UK house price was £218,000 in January, some £13,000 higher than in January 2016 and £1,000 higher than December 2016, the data published by the Office of National Statistics also shows. Overall the figures show that the strong growth in the housing market, which began at the end of 2013, is continuing. But the average annual price growth is still below the average of 7.4% seen in 2016. The main contribution to the increase in UK house prices came from…
March 21, 2017

60% of buy-to-lets are bought mortgage free

New figures have now revealed that the amount of landlords buying properties in cash has reached new record levels. Letting agent Countrywide has revealed that 61% of buy-to-let purchases in the UK last month were made without a mortgage. Overall, the highest level of cash transactions was found in England’s North, which is seen as a direct reflection of the lower prices. In more detail, Countrywide’s index for January showed figures of 70% in the North-West, 68% for Yorkshire and the Humber and 67% in the North East. Further down south, however, landlords have to rely more heavily on mortgages. Overall, only 42% of house sales in London are financed with no mortgage needed. Countrywide also…
March 20, 2017

Tax change is biggest issue for UK buy to let landlords

Tax change is the biggest issue for buy to let landlords in the UK with many having concerns about how they will manage their business with the changes to mortgage relief finance. But they should not worry about it, instead taking it as part of the cost of running a business, the Property Wire panel debate on the future of buy to let in the UK heard. The debate panellists stressed that buy to let is a business, and needs to be run as a business. They encouraged landlords to adopt an attitude that they are in it to make money and therefore they need to make sure they are on top of their costs. There…
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