Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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It’s gloat AND gloom as industry debates ‘Brexit effect’ on housing
Leading estate agency Haart has today put the weight of its 150 branches behind an upbeat assessment of the property market since the EU Referendum, claiming buyers remain ‘defiant’ two years on from the vote. The company also attacks HM Treasury for its report published in May 2016 which predicted significant problems for the housing market following a Brexit decision. HM Treasury claimed at the time that higher costs of lending would reduce demand for homes and that prices could drop by between 10% and 18%. Instead, Haart says its research shows that prices have increased by 9% following the Brexit vote and that the company has seen transactions “at their highest for two years”. “EU or no-EU the need to move home will always be there,” says Paul Smith, CEO of Haart. “Brits move for a whole host of reasons including good schools, new jobs and better transport links. “‘Brexit’ is not a word our branches are hearing on the ground anymore, but instead, customers are much more focused on what is happening with interest rates and stamp duty, and for investors, the recent tax changes.” Falling transactions But another report published at the same time as Haart’s this…
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Number of cash buyers hits ten-year low as more investors exit market
The number and value of cash purchases of property within the UK has reduced significantly over the past decade, says Hamptons International.
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Average house value would be just £164,000 without ‘location, location, location’
The average house value in the UK is up to 68% more than the average cost of rebuilding a property, say insurer Direct Line.
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Investment properties offer sweet returns
Investors were out in force at SDL Auctions Bigwood’s 133 lot September auction which raised over £17 million with a success rate of 85 per cent.
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Majority of house hunters now say broadband speed is ‘key’ to making offer
Research by Strutt & Parker reveals significant increase in importance of decent broad speed among home buyers.
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Philip! Charge Stamp Duty by £100k bands, pleads leading industry CEO
Leading property industry boss David Westgate from Andrews believes charging Stamp Duty in £100k bands will revivie sluggish market in many parts of the UK.
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Rents rise across the UK as reduced supply squeezes market
Rents are rising by 1.7% across the UK but decreased supply created by landlord 'exodus' will accelerate rents increaes in the coming months, it has been claimed.
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Leading Scottish agent trials deposit-free renting at PRS apartments
Tenants at a large build-to-rent development in Edinburgh are to be offered deposit-free renting via Canopy by estate agency Rettie & Co.
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Exempt landlords from CGT and boost sales by 440,000 says Tory MP
Tory MP Neil O'Brien's new thinktank Onward claims exempting landlords who sell their properties to long-term tenants will create 400,000 sales.
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London borough requests new powers to rent out billionaires’ ‘ghost homes’
The London Borough of Kensington & Chelsea has requested extra powers to enable it to rent out the 600+ ghost homes within its borders.
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