Direct Property News

March 1, 2017

Official data shows where homes in England and Wales are least affordable

A quarter of neighbourhoods in England and Wales were off-limits to many prospective home owners last year because average income in these areas was below the level needed to buy, new research suggests. According to analysis of data from the Office of National Statistics (ONS), the cost of an entry level property on average across England and Wales has increased by almost 20% in the last decade to £140,000. For new properties, the price was nearly £180,000. The data suggests, however, that home ownership prospects varied across the country. Those in England who succeeded in making it onto the property ladder in 2016 paid on average more than £198,000 while would be home owners in London…
February 24, 2017

Rental prices in England and Wales up 1% year on year

The lettings market in England and Wales saw rental prices up by 1% over the 12 months to January with all regions bar one recording growth, the latest index shows. The average rent in January was £798 in January with the East of England seeing the fastest rising rents over the year and London properties continuing to attract the highest rents. The annual growth came despite rents dropping back slightly between December and January, according to the data from the Your Move buy to let index. In the East of England rental prices increased by 6.9% in the year to January 2017 and now stand at £870 per month. This region also saw the fastest growth…
February 24, 2017

New home starts in England up by 5% last year, but completions fell

The number of new homes started in England continued to rise last year and reached the highest level since 2007, the latest official data shows. Some 153,370 new homes were started in the year to December 2016, up 5% on the previous year and more than 140,500 homes were completed in the same period, according to the figures from the Department of Communities and Local Government (DCLG). But the number of completions at 140,666 were down by 1% and although they are 43% above the low point of the second quarter of 2009 they are still 26% below the peak recorded in the second quarter of 2007. All starts are now 143% above the trough in…
February 24, 2017

Brexit hits UK rural land market with demand, rents, yields and prices falling

Brexit uncertainty is affecting the rural land market in the UK with demand falling and in turn having an impact on prices, the latest analysis shows. Demand has now been falling for the last 18 months with concerns about future subsidies once the UK leaves the European Union and low commodity prices weighing on the sector, according to the market survey from the Royal Institution of Chartered Surveyors (RICS) and the Royal Agricultural University (RUA). The report shows that alongside the decline in demand, the amount of land available for sale has also decreased across the country for the first time since 2014, with19% more respondents noting a decline in availability rather than an increase. The…
February 24, 2017

Bristol, Oxford and Manchester lead annual house price growth in UK cities

House prices in key cities in the UK increased by 6.9% in the 12 months to January 2017, led by Bristol, Oxford and Manchester, the latest index data shows. But the annual rate is down by 1% and London has seen growth fall to 6.4%, its lowest level for three and a half years, according to the figures from the Hometrack index. Indeed, London is now in eighth place in the city price ranking. With a rise of 9.5% year on year to an average of £263,200 Bristol is top, followed by Oxford, up 9.2% to £430,200 and Manchester up 8.3% to £150,600. The only city out of the 20 ranked to continue to see an…
February 23, 2017

Demand from investors leads to rise in bridging loans

Demand for short term loans continued to rise in the last quarter of last year, with more property investors turning to bridging finance in order to fund their property acquisitions. Figures compiled by The Association of Short Term Lenders from its members show that the value of bridging loans written rose by 26% in the final quarter of 2016, in comparison to Q3. The year as a whole saw more modest growth, with value of loans written 9.4% greater in 2016 than they were in 2015. Lending in the year totalled £2.83bn, up from £2.59bn in 2015. Finance Benson Hersch, CEO of the ASTL, noted: ‘While lending by ASTL members didn’t quite hit £3bn, there are…
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