Direct Property News

August 30, 2017

Another estate agent calls for reduction to Stamp Duty

There has been yet another call for Stamp Duty Land Tax to either be amended or abolished, this time from estate agent Jackson-Stops & Staff. The estate agent feels that ‘prohibitive levels’ of Stamp Duty Land Tax are preventing those in the domestic market from both buying and selling. This cannot be said for overseas buyers however, who are still being attracted by the weak pound. Reduction Jackson-Stops & Staff is calling for a reduction of one-third in Stamp Duty levels, in order to get the market moving again. Toby Whittome, Sales Director at the estate agent in London, observed: “Potential buyers in central London used to approach us about their next home move, driven by […]
August 29, 2017

Northern cities lead urban house price growth in UK

House price growth in key British cities has fallen from 7.4% in July 2016 to 5.3% but some locations continue to see above average prices rises, the latest index shows. The biggest annual growth was in Birmingham with a rise of 8%, followed by Manchester up 7.1%, Nottingham up 6.0% and Southampton up 6.5%, according to the data from Hometrack. In Aberdeen the market has not recovered from a downturn due to falling oil prices and the city has seen negative growth for two years. Prices are 16% lower than they were in 2014 while year on year they are down 3% and month on month down 0.3%. On a monthly basis the only other city […]
August 28, 2017

Landlords contribute most to extra revenue from additional homes stamp duty surcharge

There is an increasing call for stamp duty in the UK to be changed but a new analysis of figures shows why the Government might not be keen to do so. For the same number of property transactions as two years ago, the Government has taken in an extra £2 billion in stamp duty land tax, according to an analysis from accountants Blick Rothernberg. And it reveals that, while some of the increase could be due to higher property prices, most of it is due to the 3% surcharge added to additional homes, in particular properties being bought by landlords. The latest statistics released by HMRC to the end of July 2017 show that the number […]
August 25, 2017

New home starts in England up to highest level since 2008

The number of new homes that have started to be built in England has surged to the highest level since 2008, official figures show. The latest house building data from the Department of Communities and Local Government (DCLG) shows that 164,960 new homes were started in the year to June 2017, up 13% on the previous year, and have increased by more than three quarters since the low in 2009. More than 153,000 new homes have been completed during the same period, showing an increase of 11% compared with the year before. ‘Building more homes is an absolute priority for this Government. The figures are proof that we are getting Britain building again, with new housing […]
August 24, 2017

Rents for new UK tenancies stable in July

The total number of letting agents who experienced rent rises for their tenants stayed constant at 31% in July, according to the latest private rental survey from the Association of Residential Letting Agents. This was a rise of 3% on the 28% seen in July, with the report also revealing a further increase in demand. Demand Increases In all, the number of properties managed per member branch rose slightly during July, up to 192 from the 190 recorded in June. This is the highest level seen since January, when agents were managing 193 on average. Year-on-year, this figure rose by 4%, with July 2016 seeing agents managing 184 properties on average. Demand from new tenants rose […]
August 22, 2017

Property investors ‘want stamp duty surcharge scrapped’

A majority of UK property investors want the Government to reverse the changes made to property taxes including scrapping the 3% stamp duty surcharge altogether, according to the latest survey by bridging finance lender, mtf. Three quarters of property investors said scrapping the additional 3% stamp duty hike on buy-to-let and second homes would improve conditions in UK real estate, mtf’s Q2 Property Investor Survey showed. The introduction of the 3% surcharge in April 2016 has severely limited investor appetite for buying properties with the intention of renting them out. It comes as the property market has slowed across the board amid other changes to stamp duty, including a hike on higher value assets. The government […]
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