Direct Property News

March 20, 2017
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Property coming to market jumps 1.3%

The latest data from Rightmove has shown that the average price of property coming to market increased by 1.3% this month, the same average rise as the same month last year. According to Rightmove, a monthly rise of this size has only been exceeded once at this time of year since 2007. Other highlights of the report included modest annual growth of 2.3% compared to 7.6% in March 2016, highlighting slower pace of increase. Mighty Midlands leads the rest of the country with East and West Midlands prices at record highs. Brian Murphy, Head of Lending for Mortgage Advice Bureau, said: “The data released by Rightmove today reports trends on asking prices, rather than completed transactions,…
March 17, 2017
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How will House Prices be Affected by Article 50?

Average house prices are expected to rise by 1.2% this year, although they could decline by as much as 4% as a result of Article 50, warns a new report. Online estate agent YOPA has launched a Brexit House Price Tracker, which collates industry predictions and compares them to the house price indices from Halifax, Nationwide, Rightmove and the Land Registry, ahead of Article 50 being triggered. Forecasts have been taken from commentators in the industry, including buying agent Henry Pryor, who expects to see a 2% increase in house prices this year, as do experts from Rightmove and Nationwide. The tracker, which will be regularly updated as we await Article 50, also includes predictions from…
March 16, 2017
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One third of first-time buyers are now spending 5 years to save for their home

A new report has revealed that 30% of first-time buyers spent the last five years saving for their house and 7% even said it took them ten years to save up enough money for a property. Another third said their parents had contributed to their first deposit and 8% named other family members as well. When it comes to London, almost 40% of respondents said their parents had to help out when it came to putting down a deposit. The report by Which? Mortgage Advisers came only days after figures from Your Move showed that house prices grew at their fastest pace in the last year in February, with average prices being just shy of £300,000.…
March 16, 2017
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Signs of recovery in prime central London property market

There are signs of renewed activity in the prime central London residential property market, particularly at the upper end of the price scale, it is suggested. So far in the first quarter of 2017 pent-up demand, the effects of sterling’s fall and more realistic asking prices have combined to trigger a rise in sales, according to independent property buying agency Black Brick. There has been a return to competitive bidding with the upper end of the market, which has been subdued due to stamp duty changes, and properties that are priced to attract buyers are selling, said Camilla Dell, managing partner of Black Brick. She gives as an example a flat in Queen’s Park came on…
March 15, 2017
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Private Renting to Match Homeownership Levels in London by 2025

Private renting in the capital will match the levels of homeownership in London by 2025 – just eight years away, according to a new report from the Mayor of London. The study, titled Housing in London: 2017, will form the basis for the Mayor’s forthcoming London housing strategy. It shows that private renting was once the single largest housing tenure in London, but shrank from 46% of all households in 1961 to just 14% in 1991, a decline that was similarly matched across the rest of the country. By 2011 – the latest date quoted in the report – the private rental sector accounted for 26% of all London households. In contrast, social housing made up…
March 15, 2017
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Mayor of London gives go ahead for hundreds of homes denied planning by councils

The Mayor of London has stepped in and given the go-ahead to two developments of affordable homes in the city after planning permission was refused by councils. The developments in Wealdstone and Tottenham Hale will provide what the Mayor Sadiq Khan described as hundreds of genuinely affordable homes and he said it is part of his determined approach to accelerating the delivery of new housing in London. Both were refused permission by their respective borough councils and both applications offer high density schemes near well connected transport hubs in outer London locations. Hale Wharf rises up to 21 storeys and is four minutes’ walk from Tottenham Hale and will provide 505 homes of which 35% or…
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