Direct Property News

February 1, 2017
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RLA Calls on Government to Delay Tax Changes Following Higher than Forecast Stamp Duty Revenue

The Residential Landlords Association (RLA) has called on the Government to delay its forthcoming tax changes for buy-to-let landlords, following the release of figures that show higher than forecast Stamp Duty revenue as a result of last year’s surcharge introduction. Since April 2016, purchasers of rental properties and second homes have been charged an additional 3% in Stamp Duty. At the time, the Government predicted that the surcharge would raise an additional £630m in the first year. However, figures published yesterday from HM Revenue & Customs (HMRC) show that in just the first nine months, the tax hike had brought in £1.19 billion – £560m more than forecast for the whole year. If this rate continues,…
February 1, 2017
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Cheapest and most expensive home sales in England and Wales revealed

Overall the official data shows that some 31,955 sales took place in England and Wales in December 2016. Some 610 were properties in England and Wales worth £1 million and over while 365 properties worth over a million pounds were sole in London in the last month of the year. The most expensive was in the London Borough of Kensington and Chelsea where a terraced home sold for £16.2 million 00,000 while at the other end of the market a terraced property in Peterlee, County Durham, sold for £14,000. The data also shows that a total of the 87,678 sales of residential and commercial land and properties lodged for registration in December some 64,924 were freehold…
January 31, 2017
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Manchester, Edinburgh and Birmingham set to be property hot spots of 2017

Property price growth is likely to be subdued in London with bigger regional cities in the UK expected to outperform the capital city, according to a new analysis report. Overall residential price growth of 0.5% is forecast for the UK, rising to 1% in London but the prime property market in the capital is set to be flat, according to the report from real estate advisors JLL. Very little house price growth is expected over the year as the country absorbs Brexit uncertainty and knock-on impacts to consumer price inflation and affordability, which is already stretched, the report suggests. But it adds that there will be hotspots such as Manchester, Edinburgh and Birmingham and points out…
January 31, 2017
Paul Rothwell owns a £33m property empire Credit: Lorne Campbell/Guzelian

‘Some say buy-to-let is dead – but my £33m portfolio is just the start’

While many buy-to-let landlords are in despair over a new tax due to be introduced in less than three months, large landlords see it as an opportunity – and some are even expanding to take advantage. Experts predict that as the tax changes come into force, the buy-to-let market may involve fewer small “accidental landlords”, who are more likely to be put off by the changes, and more professional landlords who will be able to capitalise by buying properties sold off by individuals. Professional landlords are in a better position than their smaller counterparts because many of them own their properties via limited companies, or can afford to set up a company quickly. They are also…
January 30, 2017
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New investor demand in UK commercial property market rebounds post Brexit

Despite some concern surrounding potential relocation of companies based in the UK due to Brexit, demand from overseas buyers in the commercial property sector was up notably across all areas of the market in the fourth quarter of 2016. Demand increased for a second straight quarter with the growth in enquiries gaining momentum but expectations for rental and capital growth moved back into negative territory in central London, according to the latest report from the Royal Institution of Chartered Surveyors (RICS). Some 21% more respondents saw a rise in demand in the final quarter of the year, up from 9% more in the previous quarter and foreign investment also saw a rebound, with the weaker exchange…
January 30, 2017
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Average house price in England could reach close to £1 million by 2037

Residential property prices in England could average over £300,000 in the next decade if they rise as much as they have in the last 10 years, new research shows. In London they would rise to over £800,000 and in the South East of England the average would be over £445,000, according to the study from online estate agent eMoov. The report says that in the last 10 years prices in England have increased by 29% and the same rise between now and 2027 would take the average house value to £301,864. In London they would rise 80% to £866,719 and in the South East a rise of 43% to £445.159. In other regions the rise would…
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