Direct Property News

February 16, 2017

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

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 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

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…
February 14, 2017

UK property markets in good position to weather Brexit, says two new reports

Regional property markets around the UK currently offer potentially better investment opportunities than those in London, with Brexit likely to hit the capital harder than anywhere else in the UK, a new report suggests. While commercial real estate investment returns in London are unlikely to plummet during the Brexit negotiations, which are due to get underway officially in March, the market could be affected in the short term, according to an analysis from Kames Capital. Brexit does pose a risk to the city’s outlook in the short to medium term so for the next 12 months at least better property returns will be found elsewhere in the country, according to David Wise, investment director of Kame’s…
February 14, 2017

New property listings in key UK towns and cities almost doubled in January

Over 27% of UK towns and cities saw new property listings more than double in January compared to December, led by Lichfield, Edinburgh and Hastings, according to new research. Lichfield saw listings rise more than threefold with growth of 268%, while in Edinburgh and Hastings supply was up 173% and 169% respectively, the data from online estate agent HouseSimple shows. Overall the number of new properties listed across the UK in January was up by 93.3% month on month and more than twice as many properties came on the market in London in January compared to December, with supply in the capital up 121.7% The data was compiled from more than 500,000 listed properties with the…
February 13, 2017

Number of cash landlords at highest level for 10 years

The proportion of landlords using cash to pay for a property hit 61% in January 2017, which was the highest since records began in 2007. Investors choosing to purchase since the introduction of the 3% Stamp Duty surcharge in April 2016 have used more cash transactions to fund their buys. Cash Increases In the last decade, the proportion of landlords purchasing with cash has increased steadily. In 2007, only 41% of landlords purchased a home without a mortgage. By region, landlords in the North of England were most likely to use cash in order to fund their purchases. 70% of those investors in the North West used cash to fund their transactions-the greatest proportion seen in…
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