Direct Property News

March 9, 2017
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Property industry reacts to Budget 2017

The Chancellor of the Exchequer, Philip Hammond, has delivered the last ever Spring Budget we will see. And for reasons only known to him, decided to skip the ‘housing part’. How did today’s Budget impact the property industy? Well quite angrilly as you would expect given that there was no mention of anything housing related whatsoever. As ever, the property industry was quick to react to the news (or in this case, lack of it). Here’s what they have been saying: Russell Quirk, founder and CEO of eMoov.co.uk, had this to say: “Zip. Nada. Zilch… Nothing…. A bitterly disappointing, lacklustre Budget by Mr Hammond in terms of addressing the current UK housing crisis. It is clear…
March 8, 2017
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Most landlords in UK understand regulatory and tax changes

Two thirds of buy to let landlords in the UK understand that their ability to offset mortgage interest payments against tax is being scaled back by the government, new research has found. Almost one in five plan to raise rents to alleviate the effects and one in 10 say they are planning to exit the letting market entirely as a result of this and other changes, according to a survey by YouGov for the Council of Mortgage Lenders. It also found that nearly three quarters currently find it easy to make mortgage payments, but one in four say higher stamp duty and other reforms have stopped them expanding their portfolio. It was announced in 2015 that…
March 8, 2017
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Spring Budget 2017: What to expect for the UK’s property market

Spring has rolled around once again and it’s time for the country’s first budget of the year. The last of its kind, here’s what UK property investors can expect. Chancellor Philip Hammond announced earlier that the Spring Budget 2017 will be the last of its kind and that after this, all major announcement will move into one budget: the Autumn Statement. And whilst there’s a lot happening at the moment in the UK’s political circus with Brexit negotiations about to start, the Chancellor’s statement is expected to carry only very few surprises for Britain’s property investors. Stamp duty Changes to stamp duty have been a major point of discussion since 2014, and new rules came into…
March 7, 2017
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The Private Rented Sector has now doubled

The Private Rented Sector (PRS) has doubled in size since 2004 whilst homeownership has also fallen to its lowest rate since 1985, the latest English Housing Survey has revealed. The survey is produced by the Department for Communities and Local Government and revealed that of the roughly 22.8 million households in England, 14.3 million were owner-occupied in 2015-2016. The Private Rented Sector has almost exploded in size and accounts now for more than 4.5 million households in the country. John Goodall, CEO and co-founder of Landbay, said: “As house prices rise further out of reach of aspiring homeowners, home ownership levels have dwindled. Generation Rent is growing both in volume and household size, with people now…
March 7, 2017
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Prices in UK residential market continue upward trend, 5.1% above a year ago

House price growth in the UK increased by 0.1% in February and by 1.7% to an average of £219,949, according to the latest index data to be published. Year on year they are 5.1% higher but this annual rate of growth has slowed from 5.7% in the previous month and is now the lowest since July 2013 and almost halved in the last 11 months, the figures from lender the Halifax shows. Prices set to keep moving upward as long as the current demand and lack of supply continues, said Martin Ellis, Halifax housing economist. He pointed out that housing demand is being supported by an economy that continues to perform well with employment still expanding.…
March 6, 2017
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Private Tenant Population Highest Since 1961

Yesterday’s English Housing Survey revealed that the private tenant population in the country is now at the highest level since 1961. The Headline Report, which can be found here, shows that the private tenant population in England now stands at 4.5m, including 1.6m families with dependant children and 1.5m households whose head is aged 45 or over. According to the Department for Communities and Local Government (DCLG) Live Table 104 on Tenure in England, there were 4.377m private rental households in 1961. However, the tenure was larger at the start of the 20th Century. Responding to the report that shows that the private tenant population has now hit 4.5m, the Director of tenant lobby group Generation…
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