Direct Property News

February 1, 2017

Birmingham and Manchester lead the way as construction booms in the regions

The biggest UK regional cities are reporting record levels of construction activity, boosted by new transport links and the rise in popularity of city centre living. Birmingham, Manchester, Leeds and Belfast have all seen a significant increase in development across a number of sectors, according to the latest Deloitte crane survey. In Birmingham, the amount of office space under construction has increased by 50pc since last year, from 969,000 sq ft to 1.4m sq ft – the highest level of activity since the report began in 2002. Birmingham has also witnessed a 10-fold increase in residential schemes starting construction last year, totalling 2,331 units in the city centre. Deloitte found that as the new High Speed […]
February 1, 2017

Property price growth set to be subdued in 2017

A new report has revealed that property price growth for 2017 is likely to be most prominent in regions outside of London. Data from an investigation by real estate advisors JLL suggests there will be overall residential price growth of 0.5% in the UK during the year. This is set to increase to 1% in the capital, but the prime market here is set to be flat. Uncertainty The forecast for house price is so low due to economic and political uncertainty. Apprehension over Brexit could have knock-on effects to other area, the report suggests. However, it states that cities such as Manchester, Edinburgh and Birmingham could well perform best. Manchester city centre has seen poor […]
February 1, 2017

RLA Calls on Government to Delay Tax Changes Following Higher than Forecast Stamp Duty Revenue

The Residential Landlords Association (RLA) has called on the Government to delay its forthcoming tax changes for buy-to-let landlords, following the release of figures that show higher than forecast Stamp Duty revenue as a result of last year’s surcharge introduction. Since April 2016, purchasers of rental properties and second homes have been charged an additional 3% in Stamp Duty. At the time, the Government predicted that the surcharge would raise an additional £630m in the first year. However, figures published yesterday from HM Revenue & Customs (HMRC) show that in just the first nine months, the tax hike had brought in £1.19 billion – £560m more than forecast for the whole year. If this rate continues, […]
February 1, 2017

Cheapest and most expensive home sales in England and Wales revealed

Overall the official data shows that some 31,955 sales took place in England and Wales in December 2016. Some 610 were properties in England and Wales worth £1 million and over while 365 properties worth over a million pounds were sole in London in the last month of the year. The most expensive was in the London Borough of Kensington and Chelsea where a terraced home sold for £16.2 million 00,000 while at the other end of the market a terraced property in Peterlee, County Durham, sold for £14,000. The data also shows that a total of the 87,678 sales of residential and commercial land and properties lodged for registration in December some 64,924 were freehold […]
January 31, 2017

Manchester, Edinburgh and Birmingham set to be property hot spots of 2017

Property price growth is likely to be subdued in London with bigger regional cities in the UK expected to outperform the capital city, according to a new analysis report. Overall residential price growth of 0.5% is forecast for the UK, rising to 1% in London but the prime property market in the capital is set to be flat, according to the report from real estate advisors JLL. Very little house price growth is expected over the year as the country absorbs Brexit uncertainty and knock-on impacts to consumer price inflation and affordability, which is already stretched, the report suggests. But it adds that there will be hotspots such as Manchester, Edinburgh and Birmingham and points out […]
January 31, 2017

‘Some say buy-to-let is dead – but my £33m portfolio is just the start’

While many buy-to-let landlords are in despair over a new tax due to be introduced in less than three months, large landlords see it as an opportunity – and some are even expanding to take advantage. Experts predict that as the tax changes come into force, the buy-to-let market may involve fewer small “accidental landlords”, who are more likely to be put off by the changes, and more professional landlords who will be able to capitalise by buying properties sold off by individuals. Professional landlords are in a better position than their smaller counterparts because many of them own their properties via limited companies, or can afford to set up a company quickly. They are also […]
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