Direct Property News

March 2, 2017

Call for UK stamp duty to be changed in upcoming Budget

Stamp duty is prohibiting first time buyers in the UK and should be altered in the Budget later this month, preferably to make sellers pay the tax rather than buyers, a new report suggests. According to the Yorkshire Building Society report the latest figures show that in 2016 just 26% of first time buyers bought properties worth under the stamp duty threshold of £125,000, down from 47% in 2006. It says that this means stamp duty was paid by an unprecedented 74% of first time buyers last year, significantly more than the 53% paying the tax 10 years ago. Along with this the proportion of first time buyers able to find a home under the stamp […]
March 1, 2017

Rental prices up 1% year-on-year in England and Wales

The rental market in England and Wales saw rental prices increase by 1% in the twelve months to January with all regions but one recording growth, an index has revealed. Average rent in January was £798 with England’s East seeing the fastest rent rises over the year and London properties continuing the lead in the country’s highest rents. This growth came despite a minor fallback between January and December, as data from YourMove’s buy-to-let index has revealed. In England’s East, rental prices saw an increase of 6.9% in the twelve months to january 2017 and currently average at £870 per month. The region also experienced the fastest growth month-on-month , mainly being explained through Londoners looking […]
March 1, 2017

Official data shows where homes in England and Wales are least affordable

A quarter of neighbourhoods in England and Wales were off-limits to many prospective home owners last year because average income in these areas was below the level needed to buy, new research suggests. According to analysis of data from the Office of National Statistics (ONS), the cost of an entry level property on average across England and Wales has increased by almost 20% in the last decade to £140,000. For new properties, the price was nearly £180,000. The data suggests, however, that home ownership prospects varied across the country. Those in England who succeeded in making it onto the property ladder in 2016 paid on average more than £198,000 while would be home owners in London […]
February 24, 2017

Rental prices in England and Wales up 1% year on year

The lettings market in England and Wales saw rental prices up by 1% over the 12 months to January with all regions bar one recording growth, the latest index shows. The average rent in January was £798 in January with the East of England seeing the fastest rising rents over the year and London properties continuing to attract the highest rents. The annual growth came despite rents dropping back slightly between December and January, according to the data from the Your Move buy to let index. In the East of England rental prices increased by 6.9% in the year to January 2017 and now stand at £870 per month. This region also saw the fastest growth […]
February 24, 2017

New home starts in England up by 5% last year, but completions fell

The number of new homes started in England continued to rise last year and reached the highest level since 2007, the latest official data shows. Some 153,370 new homes were started in the year to December 2016, up 5% on the previous year and more than 140,500 homes were completed in the same period, according to the figures from the Department of Communities and Local Government (DCLG). But the number of completions at 140,666 were down by 1% and although they are 43% above the low point of the second quarter of 2009 they are still 26% below the peak recorded in the second quarter of 2007. All starts are now 143% above the trough in […]
February 24, 2017

Brexit hits UK rural land market with demand, rents, yields and prices falling

Brexit uncertainty is affecting the rural land market in the UK with demand falling and in turn having an impact on prices, the latest analysis shows. Demand has now been falling for the last 18 months with concerns about future subsidies once the UK leaves the European Union and low commodity prices weighing on the sector, according to the market survey from the Royal Institution of Chartered Surveyors (RICS) and the Royal Agricultural University (RUA). The report shows that alongside the decline in demand, the amount of land available for sale has also decreased across the country for the first time since 2014, with19% more respondents noting a decline in availability rather than an increase. The […]
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