Direct Property News

January 27, 2017
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Mortgage Values Reached Highest Level Since 2008 Last Year

Although house purchase mortgage approvals dropped in 2016, mortgage values rose to the highest level since 2008, figures suggest. Data from the British Bankers’ Association (BBA) for December show that banks approved 43,228 mortgages last month, up from 41,003 in November, but down by 4.1% on an annual basis. Meanwhile, estimates on mortgage values from the Council of Mortgage Lenders (CML) claim that gross mortgage borrowing reached £20.4 billion in December. Although this is 4% lower than November’s figure, it takes the total mortgage values of 2016 to a post-2008 high of £246 billion. An Economist at the CML, Mohammad Jamei, says: “The UK housing market, much like the wider UK economy, ended 2016 on a…
January 27, 2017
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Prime London property lettings market showing signs of improvement

Some areas of the prime property lettings market in London are seeing an upturn with locations outside of the central part of the city most likely to see a rebound, according to new research. Suburban locations are currently underpinned by a strong local market and those with improving transport links saw the biggest rent rises in 2016, the report from Benham & Reeves Residential Lettings suggests. It signals out Colindale in north London which saw rental rises of 4.7% but also points out that some prime rental locations are also seeing growth such as new developments north of Oxford Street. The firm suggests that even parts of prime central London which have suffered the most in…
January 26, 2017
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Brexit creates opportunity for UK property investment says industry organisation

The property industry in the UK is being urged to look at and act upon the opportunities that could open up as a result of Brexit rather than focusing on the negatives. According to the Property Industry Alliance (PIA), which brings together leading representative bodies from the UK’s commercial property industry, the Government also needs to take into account the real estate industry when formatting its Brexit deals. The PIA has identified five key areas that it believes the Government should take on board and points out that while Brexit poses risks to the real estate industry, it also opens up opportunities if the Government takes the right steps. It points out that overseas investment in…
January 26, 2017
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UK Property: 174,000 new homes a year is everything England needs

To hit the Government’s target of building one million new homes by 2020, England needs to build an additional 174,000 homes every year, a new review has revealed. The National Audit Office (NAO) has come to this conclusion after reviewing the housing market in England as well as the Department of Communities and Local Government’s housing strategy and housing policies overall. The need for additional housing has been on the rise in recent years in England across the board, with London experiencing the most dramatic increase. Amyas Morse, head of the National Audit Office, says, “The need for housing in England has in recent years grown faster than its supply, and housebuilding needs to increase across…
January 25, 2017
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Sales in the UK increased last month but were well below a year ago

Residential property sales in the UK in December increased month on month but are still some way below where they were a year ago, the latest official data shows. Seasonally adjusted sales increased by 0.2% between November and December 2016 but this was 8.5% lower compared than the same month in 2015, according to the figures from HMRC. The HMRC report also points out that the large increase in transactions for March 2016 followed by the substantial reduction in April is likely to be associated with the introduction of the higher rates on additional properties in April 2016. However, whilst April and May 2016 are lower than the corresponding months in 2015, it should be noted…
January 25, 2017
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How the Real Estate Industry can Benefit from Brexit

Following Theresa May’s crucial speech on the UK’s Brexit strategy, the Property Industry Alliance (PIA) has come together to identify the opportunities and key considerations that the real estate industry must take from the country’s departure from the EU. The PIA, which includes leading representative bodies in the UK’s real estate industry, has highlighted five key areas for the Government to consider. The group recognises that while Brexit poses risks to the real estate industry, it also opens up opportunities, if the Government takes the right steps. Capital Overseas investment in the UK’s commercial real estate industry is a highly significant driver of gross value added (GVA) and productivity, and must not be put at risk…
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