Direct Property News

May 2, 2017
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First quarter of 2017 saw 17% growth on number of new homes registered

More than 42,000 new homes were registered in the UK in the first three months of this year, up 17% compared with the same period in 2016, the latest data shows. Some 42,470 new homes were registered by the National House Building Council (NHBC) in the first quarter of 2017, the highest quarterly rate for 10 years. A breakdown of the figures show that 31,197 homes were registered in the private sector, an increase of 10% on the same period a year ago, and 11,273 new homes registered in the affordable sector, a 40% increase on 2016 numbers. New home statistics for the financial year also reveal a 4% increase for 2016/2017 with a total of…
May 2, 2017
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UK homeowners: Should you be thinking about remortgaging?

Many homeowners across the UK continue to capitalise on the record-low rates currently available on the market. So should you, too? The British Bankers’ Association (BBA) revealed that remortgage approvals have increased by 2% year-on-year in March. And the lift in remortgaging is only set to continue as Yorkshire Building Society have recently announced a new record-low mortgage rate of 0.89%. March saw 24,657 remortgage approvals and a total of 41,061 home purchase approvals, which indicates a drop of 2.8% on the previous month. BBA, however, said the figures were close enough to the six-month average of 41,600. Furthermore, the BBA also revealed that gross mortgage borrowing was at £13.2bn, which was overall in line with…
April 28, 2017
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House prices in Manchester are going up faster than anywhere in the country, says new report

Manchester is leading the way in house price growth, while property values across the south is slowing down. According to research compiled by Hometrack, the average house price in Manchester is now £153,600 with the surge in growth at 8.8 compared to a year earlier. Hometrack, which tracks house price movements across the UK’s 20 biggest cities, said the dynamics of the housing market were shifting, as cities such as London and Cambridge, which had been driving price growth, were now seeing a significant slowdown. Hometrack said that in Manchester, Newcastle and Birmingham, annual house price growth had lifted to levels not seen in these cities since 2005. In Newcastle, house prices were up by 5.6%…
April 28, 2017
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Mortgage market in the UK set to reach it highest lending level since economic downturn

The mortgage market in the UK is expected to see the highest level of gross lending since before the financial crisis this year as affordability for borrowers also hits a new high. According to a new white paper from the Intermediary Mortgage Lenders Association (IMLA) total gross mortgage lending will reach £260 billion in 2017, some 5.9% higher than the £245 billion recorded by the Council of Mortgage Lenders (CML) in 2016. But it predicts that the remortgage sector will be the most buoyant while the buy to let mortgage market will continue to contract in 2017 before growing modestly in 2018. Meanwhile, the IMLA expects net mortgage lending to hit £45 billion this year, which…
April 27, 2017
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Number of buy to let landlords selling up in UK rising

The number of buy to let landlords leaving the private rented sector in the UK is rising, reaching the highest number per month since the lettings fee ban was announced last November. According to the Association of Residential Letting Agents members are reporting that an average of four landlords per branch are selling up, more than the three per branch recorded in February. The last time the number of landlords selling their buy to lets rose above three per branch was in November last year, when the letting agent fees ban was announced and ARLA said it is concerned that the PRS is becoming less attractive to property investors. The March monthly report also shows that…
April 27, 2017
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Property asking prices hit record highs

Property asking prices in England and Wales have hit a record with sales at a decade high, the latest data from the UK’s leading property website shows. Values in April rose 1.1% (+£3,547) to £313,655, according to figures from the Rightmove property website. The figure exceeds the previous high of £310,471 set in June 2016, reports OPPToday. This month’s 1.1% rise is also weaker than the average 1.6% spring-boosted surge of the last seven years, slowing the annual increase to 2.2%, the lowest for four years. While the run-up to an election creates a degree of uncertainty and often a pause in activity, this strong set of figures should help mitigate pre-election jitters, says Miles Shipside,…
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