Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Agents should stick to lettings and selling flats, suggests Nationwide research
Estate agents should focus on both the lettings sector and selling apartments, according to Nationwide, as the overall sales market continues to show few signs of revival. The comments are published in its latest house price index covering May’s housing market. Overall it reveals a continuing “trickle” of properties coming on to the market and subdued buyer interest. The average house price now stands at £213,600, a 2.4% increase on the same time last year, the index shows. “Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low,” says Robert Gardner, Nationwide’s Chief Economist (pictured). “Overall, we continue to expect house prices to rise by around 1% over the course of 2018.” But several trends picked up by Nationwide should make interesting reading for agents. The UK’s rental sector is to continue expanding despite increased taxes for landlords helping persuade more of them to quit the market over the past year, it says, and that apartments are set to represent an ever greater proportion of the nation’s housing stock. Nationwide’s research confirms that the…
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Super prime London agents sold just 114 properties over past 12 months
Only 114 super prime properties were sold in London over the past 12 months, according to the latest research from Knight Frank.
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Design-led houses sell for 12% more on average, claims agent
Niche estate agent The Modern House says its research shows design-led homes sell for 12% more on average across all price ranges.
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97% of landlords in London don’t welcome pets
Even in the most pet friendly boroughs the vast majority of rental properties listed online don't allow cats or dogs.
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‘Don’t blame buy-to-let landlords for first time buyer problems’
TheNational Landlords Association believes mortgage access and high deposits are real reason for first time buyer pain, not buy-to-let landlords.
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300,000 property transactions fall through every year
Research by YouGov has revealed how 300,000 property transactions a year fall apart mainly due to buyers pulling out
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Clubcard launches to help tenants and buyers save house deposit
An innovative new service enables consumers to earn points towards a property fund when they shop at overt 220 online and high street shops and services.
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Landlords set to make £162,000 profit per property over next 25 years
Landlords in the near future will not be the dying breed some industry commentators would have agents believe, research by a leading lender has revealed. Chatham-based KentReliance says its data shows landlords in the UK will make an average net profit of £162,000 per property over the next 25 years – in today’s money – despite the government’s recent tax take. This equates to £6,500 per property per year and includes both rental income and capital gains. KentReliance says the figures prove buy-to-let investment still has long-term appeal for landlords, even though over the 25-year term they will pay £100,000 in tax. That includes £60,000 in capital gains tax, £29,000 in income tax and £10,000 of stamp duty, assuming the landlord is a lower rate tax payer. “The buy to let market is undergoing a sea change,” says John Eastgate of KentReliance’s parent company, OneSavings Bank (pictured, below). “Regulatory and taxation changes have altered the market dynamic, reducing its attractiveness to amateur landlords, and increasing the tax bills of higher-rate investors. “In spite of rising costs, there are still healthy returns to be found in property for committed investors, but the days of speculation are gone. “It is a long-term…
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Wales launches ground-breaking green scheme for Help to Buy
The Help to Buy scheme in Wales is being modified to offer those buying greener homes through the scheme a better chance of being accepted.
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Who is James Brokenshire, the new Secretary of State for Housing?
A quick guide to the new Secretary of State for Housing, Communities and Local Government and his property experience to date.
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