Direct Property News

February 3, 2017
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North West house prices to rise 18% in next five years

A combination of high demand and low supply means that both rents and house prices will see their values rise, despite UK-wide uncertainty. House prices in the north west are set to sore by 18.1 per cent over the next five years, according to the Manchester Residential Predictions Seminar in the city centre. A combination of high demand and low supply means that both rents and house prices will see their values rise, despite UK-wide uncertainty. And JLL predicts that prices in Manchester will grow by a massive 28.2 per cent in the next five years. The average two-bed apartment in the city currently fetches £230,000 but if predictions are correct, it could cost £246,000 by…
February 3, 2017
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Home buyers in UK set to benefit from continued low mortgage rates during Brexit negotiations

Home owners and would be first time buyers are unlikely to see mortgage rates rise in the short term, according to experts who say the Bank of England monetary policy committee report signals unlikely change due to Brexit negotiations. The committee’s report says that is expects the economy to slow down during the difficult Brexit negotiations that lie ahead in the next two years with the formal triggering on the process now expected in the first week of March. Members unanimously chosen to keep interest rates at 0.25% despite the Bank of England upgrading its forecasts for growth to 2% for 2017 and slightly increasing its expectations for inflation which it now believes it will peak…
February 3, 2017
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New home registrations top 150,000 in 2016

According to new data, more than 150,000 new homes were registered in the UK by NHBC in 2016, the second highest in almost a decade. 151,687 new homes were registered by NHBC in 2016, a slight decrease of 2% compared to 2015 when 155,504 new homes were registered. The 2016 figures represent a 70% increase in registrations compared to levels seen at the time of the housing crash in 2008/09. 115,689 new homes were registered in the private sector, compared to 117,506 in 2015 with 35,998 registered in the affordable sector, compared to 37,998 the previous year. NHBC’s latest data also revealed that seven out of 12 regions experienced an increase in registrations, most notably Yorkshire…
February 3, 2017
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Low mortgage rates keeping affordability low for home borrowers in UK

Historically low mortgage rates are the main driver behind a significant improvement in affordability for home borrowers in the UK since 2007, new research shows. Mortgage affordability, that is the proportion of income spent on home loan payments, has remained well below the peak of 2007, according to the study from lender the Halifax, up 18% in the last decade. Typical mortgage payments for new borrowers, both first time buyers and home movers, at the historic average loan to value ratio stood at 30% in the fourth quarter of 2016 compared to the peak of 48% in the third quarter of 2007. Despite average house prices growing by 7% in the past year, mortgage affordability in…
February 1, 2017
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Birmingham and Manchester lead the way as construction booms in the regions

The biggest UK regional cities are reporting record levels of construction activity, boosted by new transport links and the rise in popularity of city centre living. Birmingham, Manchester, Leeds and Belfast have all seen a significant increase in development across a number of sectors, according to the latest Deloitte crane survey. In Birmingham, the amount of office space under construction has increased by 50pc since last year, from 969,000 sq ft to 1.4m sq ft – the highest level of activity since the report began in 2002. Birmingham has also witnessed a 10-fold increase in residential schemes starting construction last year, totalling 2,331 units in the city centre. Deloitte found that as the new High Speed…
February 1, 2017
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Property price growth set to be subdued in 2017

A new report has revealed that property price growth for 2017 is likely to be most prominent in regions outside of London. Data from an investigation by real estate advisors JLL suggests there will be overall residential price growth of 0.5% in the UK during the year. This is set to increase to 1% in the capital, but the prime market here is set to be flat. Uncertainty The forecast for house price is so low due to economic and political uncertainty. Apprehension over Brexit could have knock-on effects to other area, the report suggests. However, it states that cities such as Manchester, Edinburgh and Birmingham could well perform best. Manchester city centre has seen poor…
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