Direct Property News

March 15, 2017

Private Renting to Match Homeownership Levels in London by 2025

Private renting in the capital will match the levels of homeownership in London by 2025 – just eight years away, according to a new report from the Mayor of London. The study, titled Housing in London: 2017, will form the basis for the Mayor’s forthcoming London housing strategy. It shows that private renting was once the single largest housing tenure in London, but shrank from 46% of all households in 1961 to just 14% in 1991, a decline that was similarly matched across the rest of the country. By 2011 – the latest date quoted in the report – the private rental sector accounted for 26% of all London households. In contrast, social housing made up […]
March 15, 2017

Mayor of London gives go ahead for hundreds of homes denied planning by councils

The Mayor of London has stepped in and given the go-ahead to two developments of affordable homes in the city after planning permission was refused by councils. The developments in Wealdstone and Tottenham Hale will provide what the Mayor Sadiq Khan described as hundreds of genuinely affordable homes and he said it is part of his determined approach to accelerating the delivery of new housing in London. Both were refused permission by their respective borough councils and both applications offer high density schemes near well connected transport hubs in outer London locations. Hale Wharf rises up to 21 storeys and is four minutes’ walk from Tottenham Hale and will provide 505 homes of which 35% or […]
March 14, 2017

Build-to-rent could deliver 240,000 new homes by 2030

Sustained levels of institutional investment could help deliver 240,000 new homes in the UK, a study has recently revealed. The report was produced by the British Property Foundation, Savills and the London School of Economics and has named the huge investment opportunity that the UK’s build-to-rent market offers could play a key role in fixing Britain’s growing housing crisis. According to the report, some options like building on prime urban sites close to public transport and addressing increasing demand for rental property could lead to a three times higher level of housebuilding than currently. Ian Fletcher, Director of Policy at the British Property Federation, commented: “By measuring build-to-rent’s growth and the other benefits it delivers, and […]
March 13, 2017

Research reveals how much a home ‘earns’ for an owner

Property owners in one in three areas in UK areas earn more from owning their home than they do from their work, new research has found. Overall house prices outpace owners’ earnings in 119 areas and 17% of all local areas have seen average house prices increase by more than total average pay, according to a study from home lender the Halifax. Average house prices have increased by more than total average employees’ net earnings in 31% of local authority districts in the past two years and the proportion of areas where house prices are outpacing earnings over the last two years has edged up from 28% in 2015. More than nine out of 10 are […]
March 13, 2017

Surge in house prices see fastest rise in 12 months

The latest data from Your Move has revealed that house prices grew at their fastest pace for 12 months in February, with average prices increasing 0.6% – double the rate in January According to the report, strong performance in the East of England, new peak prices in Merseyside and Birmingham, and a return of growth in high value London property pushed average prices up to £297,832. Despite this boost, annual house price inflation continued to fall for the twelfth consecutive month, dropping to 2.4%, the lowest annual rate since 2013. Estimated transactions in England and Wales in February, at 62,000, are also down 0.4% on January, but year-to-date remains higher than in 2015 and 2013. A […]
March 10, 2017

UK property market growth continues to rise modestly apart from in London

Modest growth is continuing in the UK property market but the outlook is less positive in London than the rest of the country, according to the latest report from chartered surveyors. Some 24% have seen a rise rather than a fall in prices over the past three months and the North West was seen to have performed particularly well with a net balance of 64% reporting rising prices. However, central London bucked the growth trend with 62% of respondents saying that prices had fallen rather than risen during the same period. But it is in the private rented sector that the biggest change is likely with the report from the Royal Institution of Chartered Surveyors (RICS) […]
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