Direct Property News

October 2, 2018
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Plan announced for foreigners to pay more property tax in the UK

Foreigners who buy property in the UK are set to pay a higher rate of stamp duty, the tax payable on purchase, it has been announced. Prime Minister Theresa May told her Party Conference that it is part of the overall strategy to tackle the housing crisis amid concerns that foreign buyers have been using property as a way of stashing money and pushing up prices, particularly in London. There will be a consultation period but it is likely that anyone buying a property who does not pay tax in the UK will find themselves paying a higher rate of stamp duty. Research from York University estimated that 13% of new London homes were bought by…
September 14, 2018
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New £1 billion fund announced for building new homes in England

The Government and Barclays have announced a £1 billion housing development fund to help deliver thousands of new homes across England. Under the agreement loans ranging from £5 million to £100 million, which will be competitively priced, will be available for developers and house builders who are able to demonstrate the necessary experience and track record to undertake and complete their proposed project. Funding is open to new clients as well as existing Barclays clients, and will put greater emphasis on diversifying the housing market, as at present almost two thirds of homes are built by just 10 companies. A key priority of The Housing Delivery Fund is to support small and medium sized businesses to…
September 14, 2018
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Remortgage market in the UK reaches decade high for month of July

Residential remortgage market in the UK saw its strongest July for a decade and buy to let mortgage numbers have risen, according to the latest figures to be published. There were 46,900 new home owner remortgages completed in the month, some 23.1% more than in the same month a year earlier and the £8.7 billion of remortgaging in the month was up 26.1% year on year. The data from UK Finance, which represents almost all lenders in the country also shows that there were 32,600 new home mover mortgages completed in the month, down 3.8% than in the same month a year earlier while the £7.3 billion of new lending was the same year on year.…
September 14, 2018
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Asking prices falling across most of the UK, latest index data shows

Asking prices in England and Wales fell further this month, down 0.3%, with overall price growth trending towards zero, and values also down in Scotland, according to the latest index figures. Price falls across most English regions have dragged the average down and both mean and median marketing times are longer than a year ago, according to the data from the Home.co.uk index. Year on year asking prices are up by just 0.9%, a lot lower than the 3.5% recorded in September 2017. The data also shows that overall, the supply of property for sale is up by 7% year on year and the total stock for sale has increased by 8.8%. London and the South…
September 14, 2018
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Parliamentary event examines future of PRS

The Secretary of State for Housing has attended the launch of a collection of essays which examine the future of the Private Rental Sector an event held in Parliament. Provided by organisations such as Shelter, the Chartered Institute of Housing, the Institute for Public Policy Research and Crisis representing tenants, landlords, enforcing bodies and think tanks, the essays ahead to where they believe the sector should be heading in the next 20 years. Co-ordinated by the Residential Landlords Association (RLA), the essays have been launched at an event in the House of Commons to mark the RLA’s 20th anniversary. Speaking at the event was the Housing Secretary, James Brokenshire MP and the Shadow Housing Secretary, John…
September 11, 2018
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Latest lender index suggest British residential property market is stable

House prices in the UK increased by 3.7% year on year in August compared and were also up month on month by 0.1%, the latest lender index shows. The data from the Halifax also reveals that on quarterly basis prices rose by 1.9%, taking the average price of a home to £229,958. Russell Galley, managing director of the Halifax, pointed out that the annual rate of growth increased from 3.3% in July. ‘While the pace of employment growth has recently slowed, a low unemployment rate and a gradual pickup in wage growth are helping to support household finances,’ he said. ‘This has been accompanied by interest rates still remaining at a historically low rate and a…
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