Direct Property News

March 6, 2017
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Low rates and more choice boosting remortgage market in the UK

Home owners in the UK are remortgaging more frequently with the majority consulting a broker to find them the best home lending deal, new research shows. January recorded the most frequent remortgaging since February 2009 with home owners doing so every four years, four months more frequently than they did in the same month in 2016. The value of remortgage transactions also rose month on month by 7% but suffered an annual fall of 15%, from £5.8 billion in January 2016 to £4.9 billion in January 2017. The data from conveyancing service provider LMS also shows that there was a 10% rise in remortgage activity between December 2016 and January 2017 and the firm suggests it…
March 3, 2017
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More UK properties selling for over their asking price

The latest report from the National Association of Estate Agents (NAEA) has revealed that there are now on average 11 buyers chasing each property for sale. As a result, a number of properties are selling for over the original asking price. Demand Figures from the report suggest that there were 425 potential buyers registered per branch during January in comparison to the previous month. Housing stock is also fairly low in comparison. The volume of properties ready to purchase on estate agents’ books during January stood at 38. This is a slight decrease from December when there were 41 available. However, the NAEA sold that 76% of properties actually sold in January fetched more than the…
March 3, 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…
March 2, 2017
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UK regional rental prices: North West leading the way for yield and demand

In 2016, London was the only region within the UK to not record a rise in asking rents. With the national average rising 3%, Yorkshire and Humber (4.5%) and the North West (4.4%) overtook East of England as the best performing individual regions. The top UK locations for rental properties on Rightmove, driven by tenants, is dominated by the north. Three Greater Manchester and Cheshire areas, namely Ashton-Under-Lyne, Oldham and Stockport, sit in the top five most highly demanded destinations outside of Greater London, accompanied by Edinburgh and Wellingborough, Northamptonshire. In Greater London, Rightmove noticed a trend in tenants looking to Outer London, in search for better value, with areas such as Rainham, Bexleyheath and Erith…
March 2, 2017
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Call for UK stamp duty to be changed in upcoming Budget

Stamp duty is prohibiting first time buyers in the UK and should be altered in the Budget later this month, preferably to make sellers pay the tax rather than buyers, a new report suggests. According to the Yorkshire Building Society report the latest figures show that in 2016 just 26% of first time buyers bought properties worth under the stamp duty threshold of £125,000, down from 47% in 2006. It says that this means stamp duty was paid by an unprecedented 74% of first time buyers last year, significantly more than the 53% paying the tax 10 years ago. Along with this the proportion of first time buyers able to find a home under the stamp…
March 1, 2017
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Rental prices up 1% year-on-year in England and Wales

The rental market in England and Wales saw rental prices increase by 1% in the twelve months to January with all regions but one recording growth, an index has revealed. Average rent in January was £798 with England’s East seeing the fastest rent rises over the year and London properties continuing the lead in the country’s highest rents. This growth came despite a minor fallback between January and December, as data from YourMove’s buy-to-let index has revealed. In England’s East, rental prices saw an increase of 6.9% in the twelve months to january 2017 and currently average at £870 per month. The region also experienced the fastest growth month-on-month , mainly being explained through Londoners looking…
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