Direct Property News

February 17, 2017
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Manchester and Salford see biggest rise in rental yields

The majority of residential landlords in London and elsewhere in the UK do not intend to buy or sell more properties to let in the next five years, new research has found. Three quarters are not planning change but of those who are some 13% in London plan to buy more properties and 9% to sell. This compares with 8% planning to buy and 15% to reduce their portfolio outside of London, according to the report from the Council of Mortgage Lenders (CML). The survey set out to gain an insight into how landlords are coping with changes in the lettings sector and how tax is affecting buy to let property owners. The research found that,…
February 17, 2017
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Manchester and Salford see biggest rise in rental yields

At the end of 2016, towns in England’s North and Scotland saw the biggest increase in rental yields, hitting up to 4.3% whilst London averaged out at 3.2%. Properties across Manchester and Salford saw average yields of 6.7% and 6.6%, while Cambridge only climbed up to 2.7%, the latest buy-to-let index revealed. To get the data, peer to peer lending platform Kuflink analysed the average house price and rent in 50 of the country’s major towns and then figured out the average rental yield for every single location. Manchester came out as Number One with an average rental yield of exactly 6.73% and was closely followed by neighbour Salford ar 6.68%. Other areas in the North…
February 16, 2017
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Industry reacts to latest House Price Index

The Land Registry and ONS have just released their final house price index for December 2016 showing an annual increase in house prices of 7.2%, with prices up 1.4% between November and December, to finish one of the toughest years in recent memory for UK property on a strong note. Founder and CEO of eMoov.co.uk, Russell Quirk, said, “There has been a number of sceptics where the state of the housing market in 2016 is concerned and although the likes of Halifax and Nationwide provide a snapshot of performance, the fact they are based on mortgage approval data, not cold hard completions, will always leave room for doubt. But today’s data from the Land Registry provides…
February 16, 2017
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60% of buy-to-lets are bought mortgage free

New figures have now revealed that the amount of landlords buying properties in cash has reached new record levels. Letting agent Countrywide has revealed that 61% of buy-to-let purchases in the UK last month were made without a mortgage. Overall, the highest level of cash transactions was found in England’s North, which is seen as a direct reflection of the lower prices. In more detail, Countrywide’s index for January showed figures of 70% in the North-West, 68% for Yorkshire and the Humber and 67% in the North East. Further down south, however, landlords have to rely more heavily on mortgages. Overall, only 42% of house sales in London are financed with no mortgage needed. Countrywide also…
February 15, 2017
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Home prices up marginally in England but fall in Scotland and Wales at start of 2017

Average home prices increased marginally in England in January month on month and fell in Scotland and Wales with a north south divide showing in the latest published index. Average prices in England increased by 0.3% compared to December and fell by 0.2% in Wales and fell by 0.3% in Scotland, according to the Home.co.uk index. Price growth in England was led by a 1.9% month on month rise in the East of the country, taking the average price to a new all-time high if £348,651. But Greater London saw the weakest growth in England with a monthly rise of 0.1% and prices in the capital are now 1.2% lower than a year ago. The overall…
February 15, 2017
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Bank promises to pay first-time buyers’ stamp duty – so what’s the catch?

A major lender has offered to pay first-time buyers’ stamp duty – in exchange for a higher rate of mortgage interest. Many mortgage lenders offer “cashback” to buyers (usually a small sum released when the mortgage deal completes), but Barclays’ new mortgage goes further. Here the cashback element is designed to pay the buyer’s stamp duty on properties worth up to £250,000. High stamp duty is a barrier to many first-time buyers who spend years saving up a house deposit and struggle to raise the extra amount to pay the upfront tax. Seven in 10 buyers are now affected by the tax, which applies on to properties costing more than £125,000, and the cost of paying…
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