Direct Property News

April 7, 2017

Stamp duty rise hits rental growth in the UK

The pace of rental growth in the UK has more than halved since the end of March 2016, slowing consistently since the introduction of an additional 3% stamp duty on second homes a year ago. Overall, rental growth slowed to 0.9% in March, less than half of the 2.27% recorded in the same month last year, according to the latest rental index from Landbay. The index also shows that outside of London the pace of growth has slowed by over a quarter since the stamp duty change from 2.43% in March 2016 to 1.78% in March 2017. At the end of April 2016, the first full month of the changes, rental growth had slowed to 2.17% […]
April 6, 2017

UK property supply increases for third straight month

UK property supply increased by 3.7% month-on-month in March, according to the latest report from House Simple. This was the third straight month in which supply has risen. This said, new listings in the capital fell flat during the last month, sliding by 0.3% over the period. The largest falls were experienced in Lewisham and Hounslow, with new listings dropping by 41.4% and 40% respectively. Rises When London is excluded from the findings, UK property supply actually rose by 10.3%, which is a firm example of the divide being seen across Britain. In fact, listings increased in more than three quarters of UK towns and cities in March. Stirling and Dundee, both in Scotland saw the […]
April 6, 2017

Landlords in UK set for tax change from 06 April

From tomorrow, Thursday 06 April, buy to let landlords will begin to feel the direct effects of tax changes with relief on mortgage costs being restricted to the basic rate of income tax amid concerns that higher costs could result in higher rents. And, over the next three years, the proportion of their borrowing costs that landlords can offset against tax will taper down to zero in changes that the industry has campaigned to be cancelled. Some landlords have taken measures to limit the effect on their tax but many are still unsure or even unaware of the change, according to experts. Since the changes were announced in the 2015 Budget some landlords have changed to […]
April 5, 2017

New built homes in London set to reach record levels in London in 2017

The number of new homes in London will reach record levels in 2017 but what is being built currently does not match the demand, new research has found. And while the majority have sold off plan, more homes will complete unsold this year than at any time over the past decade, according to international property adviser Savills. Total net completions, including sub-market and intermediate housing provision, are expected to peak at 46,500 this year, ahead of the minimum 42,000 homes a year target set by the London Plan. But this is still well short of real housing demand, which Savills puts at 64,000 homes per year. Lead indicators suggest that 41,000 homes were completed in 2016. […]
April 5, 2017

Property Trends: What to Expect In 2017

The property market has already had a strong start to 2017, with many estate agents reporting their busiest start to the year. In fact, property specialists Leaders announced a 67 per cent increase in the amount of properties coming into the market during the first week of January 2017 compared with the monthly average in the fourth quarter of 2016. With a potentially busy year ahead, it’s important to stay ahead of the game and look at what property trends are on the horizon – particularly when you take into consideration the effects that stamp duty taxation and the United Kingdom’s decision to leave the European Union will have on the economic and political landscape. Here […]
April 4, 2017

Buy-to-let tax changes: The investor’s guide to changes happening in April 2017

More than two years ago, the Government announced a series of changes to the buy-to-let industry in the hopes to reduce the sector’s attractivity to investors and tackle the housing crisis all in one. Whilst some of these announced changes have already been implemented to their fullest, others are just about to be phased in. The announced changes are: – 3% stamp duty tax hikes (came into effect in April 2016) – Reform to 10% wear and tear allowance (landlords have to give proof of any repairs to receive reductions) – Cut to mortgage tax relief (from 45% down to 20%, phased in over the next three years) On Saturday, April 1st, the phasing in of […]
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