Direct Property News

April 26, 2017
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Brexit has affected younger buyers in the UK, but majority not deterred

Younger home buyers in the UK have postponed an upcoming property purchase due to concerns over the strength of the country’s post Brexit economy, a new survey has found. Some 63% of 18 to 24 year olds revealed that they have reconsidered buying a home due to losing faith in the economic outlook when the country leaves the European Union, according to the poll commissioned by property consultants Cluttons. The OnePoll survey also found that older people were not as concerned with 82.07% of those aged 55 saying that the Brexit decision hasn’t impacted their property purchase intensions at all. At a regional level, people in Oxford were the most concerned with the impact of a…
April 25, 2017
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Asking prices hit record high in England and Wales despite growth slowing

Asking prices in England and Wales hit a record high £313,655 in April while the housing market recorded the best sales figures since 2007, according to the latest index figures. Overall the price of property coming to market increased by 1.1% or £3,547 last month and is up 2.2% year on year, the figures from property portal Rightmove shows. Although lower than the average increase of 1.6% at this time of year over the past seven years and with the annual pace now the lowest for four years, average asking prices still reached a new high. Rightmove says that first time buyers are driving growth, up 6.5% annually to new record of £194,881 and there is…
April 25, 2017
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Is renting becoming a long-term solution?

Owning a home remains the dream of most Brits, but with prices constantly increasing and the supply shortage ever presented, is it maybe time to change that dream? For many Londoners, the idea of owning a home sounds amazing, and very far out of reach. The average house price in the capital sits somewhere around £800,000, the average annual salary is far from it, at around £40,000. And although this is a rather drastic example, things aren’t looking an awful brighter throughout the rest of the country. Britain’s housing affordability is low, no matter of the region you’re looking at. Apart from those who might be inheriting a respectable sum or who know they can bank…
April 24, 2017
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Average rents for new tenancies in UK up just 1.1% year on year

Average rents in the UK continue to see a slower rate of rental growth in March compared to last year with values for new tenancies up just 1.1% nationally. But there is some regional variation with asking rents up 3.1% year in year in Wales, up 1.5% in Northern Ireland and up 1.2% in Scotland. Overall the national average was £904 per calendar month. In Wales it was £616 in March, in Northern Ireland £614 and in Scotland £610, according to the latest index from HomeLet. But the highest rents are in London at £1,546 per calendar month, up 1.2% compared to March 2016. However, since July 2016 rents in London have seen a slower pace…
April 20, 2017
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Has stability arrived in the mortgage market?

Recent analysis from Mortgage Brain has shown that the cost of most mainstream mortgages continues to show signs of stabilisation due to little movement seen in the market over the past three months. According to the report, the cost of the lowest rate five year fixed mortgage (2.55%) with a 90% LTV, for example, fell by just 1% since the start of January 2017. The cost of a 60% LTV two year fixed is also just 1% cheaper than it was at the start of the year, while a 90% LTV two and three year fixed and a 60% LTV five year fixed are all just 0.2% cheaper than they were three months ago. By comparison,…
April 19, 2017
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Britain’s young professionals pay an extra £70,000 for a better location

Young professionals in the UK are paying an additional £71,000 to secure a home in one of the country’s 20 most popular postcodes, a new research has revealed. On average, a home in one of those desirable postcodes costs £735,874, whilst buying in surrounding areas will set you back £664,716, a difference of £71,158. Out of the 20 areas mainly selling to young professionals most are located in Greater London. The only exception to the rule are Didsbury in Greater Manchester and Reading in Berkshire. A total of 16 out of 20 areas on the list are located within London. Which probably doesn’t come as a massive surprise considering 52% of London’s working age population is…
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