Direct Property News

March 28, 2017

Brexit uncertainty prompts decline in UK property activity

Home buyer demand has seen a slow recovery from initial Brexit uncertainty. Now, there are only 24 hours to go until the Prime Minister plans to trigger Article 50, in what is set to be a historic day for Britain. A new YouGov poll for HomeOwners Alliance and warranty provider BLP Insurance has discovered than over one million people have put off plans to move this year because of Brexit uncertainty. Brexit The housing market in Britain has slowed during the past 12 months, against a backdrop of political and economic uncertainty. This is attributed somewhat to the outcome of the EU referendum, with 15% of people saying that they had postponed moving plans for this […]
March 27, 2017

Remortgage approvals down during February

The latest analysis from BBA has revealed that, during February, mortgage approvals slipped by 3.5% against January’s figures and remortgaging approvals were “well down” when also compared to the previous month. Remortgaging approvals totalled 25,414 in February compared to the 28,088 approved in January and 25,484 in February 2016. According to BBA, house purchase approval numbers of 42,613 were 4.6% lower than in February 2016 but above the 2016 monthly average of 41,287. The data also revealed that gross mortgage borrowing of £13.4bn in February was 4.6% higher than in the same month last year. After allowing for repayments, February’s net mortgage borrowing was 2.5% higher than in February 2016. Eric Leenders, BBA Managing Director for […]
March 27, 2017

House prices sentiment in UK remains steady but with regional variation

Households across the UK generally believe that the value of their home has risen over the last month, according to the latest house price sentiment index. March’s report from Knight Frank and IHS Markit was the eighth consecutive month that the index has been in positive territory, unchanged from February, but it does reveal fairly large regional variations. Households in nine of the 11 regions covered by the index perceived that the value of their property rose in February and those in the South East at 64.4 reported the biggest rise over the course of the month, closely followed by Londoners at 64. Households in the North East at 48.2 and Wales at 49.3 were the […]
March 24, 2017

Manchester replaces London with strongest annual house price growth

Property prices in key UK cities increased by 6.4% in the 12 months to February 2017, down from 7.8% a year ago but the headline figure is being dragged down by a slowdown in London. It means that city house price growth is now being led by regional cities, most notably Manchester which has seen the fastest annual growth at 8.8%, according to the city house price index from Hometrack. London has dropped to tenth in the list of top 20 cities with annual price growth of 5.6%, down from 12.8% a year ago. Other cities with strong house price growth include Portsmouth up 8.1% year on year, Bristol up 8%, Glasgow up 7.7%, Birmingham up […]
March 24, 2017

More young people giving up on homeownership

The ever-growing gap between incomes and house prices continues to rocket, leaving a rising number of young people giving up on the idea that they will ever own their own property. According to research from the Halifax, 48% of 18-34 year olds feel it is harder than ever to get a foot on the housing ladder. In fact, 25% of people in this age bracket feel the only way they will make it onto the ladder is if they inherit the money. Challenges One in five questioned said that homeownership is a thing of the past. This adds weight to the theory that many people are giving up on owning property and instead renting for more […]
March 23, 2017

Average prices in prime central London market reached a new high in 2016

Average prices in the prime central London property market reached a new high of £1,818,262 in 2016 with the market rallying in the final quarter of the year, a new analysis suggests. Indeed, in the final three months of the year prices in this sector increased 14% quarter on quarter and overall the year ended with prices up 3.75%, according to data from the Land Registry. However, sales were down substantially with only 3,330 during the whole year, the lowest number on record and a fall of 29% over the previous year. But the fourth quarter recorded 118 sales, a 19% increase over the previous quarter. But this was still down 33% compared to the fourth […]
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