Direct Property News

December 21, 2016
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Mortgage approvals up in November

The latest report from residential chartered surveyor, e.surv, has revealed that mortgage approvals grew 1.3% between October and November – the first significant growth in the market since the EU referendum in June. Following the vote to leave the European Union, mortgage approvals dropped dramatically but now, after a period of stability, growth has resumed. In total 64,407 house purchase mortgages (seasonally adjusted) were approved in the month of November. This is above the 62,522 recorded for October but remains below the 70,511 approvals in November 2015. This month’s figure also remains below the 2016 peak of 72,512. This figure was recorded in February and may have been artificially boosted by buyers making house purchases before…
December 21, 2016
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Investors remain active ahead of festive period

It is currently a time of cooling off for the UK housing market as Christmas approaches. However, there are still some signs that investors are remaining highly active. A clear sign of this was the outcome of Cheffins’ auction in Cambridge last week, where £1.65m worth of sales was achieved across 13 lots. This represented a sales rate of 77%. Activity Ian Kitson, associate at Cheffins, said: ‘December sales often feature slightly smaller catalogues than the rest of the year, but there was good interest in a range of the lots throughout the marketing period, suggesting that buyers remain motivated regardless of the looming festive period.’ ‘We saw a good turnout on the day and achieved…
December 21, 2016
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Property Investment Q&A #2: What Is Freehold Rentcharge?

If you are purchasing or selling a property or Land and it is affected by a rentcharge. Whether you are purchasing or selling a freehold property either registered or unregistered it is essential you are aware of any rentcharges that might affect the property or land. Despite freehold rentcharges reaching far back in the nineteenth century, they affect several properties including areas of Manchester, Bristol and various areas of south Wales.
December 21, 2016
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Rental growth slowed in 2016, but set to rise again in 2017

Britain’s average residential rent increased slightly in 2016 at 1.12%, latest data revealed, but growth is expected to rise in 2017. Compared to 2015 where growth was at 2.34%, rental growth slowed this year with rents in London dropping by 0.31%, the national rent review by buy-to-let lender Landbay states. Towards the end of 2016, the national average rent paid is at £1,188 per month, an increase of £132. Rents in London peaked in April at £1,894 before falling in May. Whilst the downward spiral seemed to continue in London, the rest of England has seen a yearly rent increase of 2%. The biggest annual rise happened in the East Midlands at 2.6%, followed by the…
December 20, 2016
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Research reveals few home owners really understand mortgage rates

Just one in four home owners in the UK with a mortgage understand how cuts to the Bank of England’s base rate could affect their mortgage payments, according to new research. In August the Bank of England made the first adjustment to the rate in over seven years, cutting it from 0.5% to 0.25% and mortgage rates soon fell as a result. Tracker rates dropped by 0.25% while fixed rates also hit record lows, with two year fixed rates available for as little as 1.39%. However lender Standard Variable Rates (SVRs), the default rates that borrowers often find themselves on as soon as an initial rate has ended, did not drop nearly as far. The average…
December 20, 2016
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November sees improvement in rental market activity

New data released from Agency Express has revealed that activity in the lettings market rose markedly during November. According to the firm, the number of new listings ‘to let’ rose by 13.9% year-on-year, from an increase of just 3.4% rise in new properties coming to market during October. Rental Volumes The actual volume of properties let last month slipped by just -1% in the same period, representing a marked improvement from the -6.2% recorded at the same period last year. Regionally, nine of the twelve regions recorded by the Property Activity Index saw a growth in new listings to let, while seven regions saw a rise in properties let. In terms of properties let, the top…
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