Direct Property News

January 25, 2017

Sales in the UK increased last month but were well below a year ago

Residential property sales in the UK in December increased month on month but are still some way below where they were a year ago, the latest official data shows. Seasonally adjusted sales increased by 0.2% between November and December 2016 but this was 8.5% lower compared than the same month in 2015, according to the figures from HMRC. The HMRC report also points out that the large increase in transactions for March 2016 followed by the substantial reduction in April is likely to be associated with the introduction of the higher rates on additional properties in April 2016. However, whilst April and May 2016 are lower than the corresponding months in 2015, it should be noted […]
January 25, 2017

How the Real Estate Industry can Benefit from Brexit

Following Theresa May’s crucial speech on the UK’s Brexit strategy, the Property Industry Alliance (PIA) has come together to identify the opportunities and key considerations that the real estate industry must take from the country’s departure from the EU. The PIA, which includes leading representative bodies in the UK’s real estate industry, has highlighted five key areas for the Government to consider. The group recognises that while Brexit poses risks to the real estate industry, it also opens up opportunities, if the Government takes the right steps. Capital Overseas investment in the UK’s commercial real estate industry is a highly significant driver of gross value added (GVA) and productivity, and must not be put at risk […]
January 24, 2017

House price sentiment in UK up for six months in a row post Brexit vote

Households across the UK perceive that the value of their home has risen over the last month, but there are regional variations, the latest sentiment index shows. It is the sixth in a row when the house price sentiment index from Knight Frank and IHS Markit has been in positive territory following a post-referendum low in July 2016. Some 17% of the 1,500 households surveyed across the UK said that the value of their home had risen over the last month, while 5.3% said that prices had fallen. This resulted in a HPSI reading of 55.8. January’s reading was a slight fall compared with the 56.1 recorded in December, although it remains notably above its post-referendum […]
January 20, 2017

North-South house price divide set to narrow again in 2017

The latest Hometrack UK Cities House Price Index has revealed that London recorded growth of 7.3% over 2016. This is the lowest annual rate for more than 3 years as impetus for house price growth is shifting from the capital to regional cities. According to the report,  strengthening market conditions and high demand has propelled Manchester’s house prices by 8.9% over the last 12 months – the highest rate of annual growth in the city since July 2005. The headline rate of the Index stands at 7.2%, down from 7.7% in 2015. However growth in the final quarter of the year bounced back (+2.2%) after weak growth over Q3 (+0.3%) following the Brexit vote. London is […]
January 20, 2017

Buy-to-let market sees strong start to 2017

It is widely acknowledged that 2016 was not the best for buy-to-let landlords, The raft of changes impacting on the sector, including the additional Stamp Duty surcharge and Right to Rent, saw many investors deterred from purchasing more properties. However, 2017 seems to have started more positively, with more landlords looking to add to their property portfolios. Surge The latest mortgage lending figures from Fleet Mortgages indicate that there has been a surge in demand from buy-to-let landlords trying to add to their existing properties. There were 21,000 buy-to-let loans issued during November, up 13% on October, with this trend expected to continue. Bob Young, chief executive of Fleet Mortgages, said: ‘Overall, the market has kicked […]
January 19, 2017

Re-mortgaging a Property

Most clients tend to re-mortgage when their fixed term mortgage comes to an end. They tend to re-mortgage before the variable rate comes into force under their original mortgage. When you re-mortgage property, it is likely that your initial point of contact will be a mortgage broker. It is best to approach a whole of market mortgage broker who is not tied to any particular lender, so they can get you the best mortgage rates. Once you have found a lender, and you are happy with the rates they are providing, they will ask you to sign a copy of their mortgage offer, and ask you to nominate the solicitor who will be acting on yours […]
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