Search Results for: 1.5 million new homes
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Buy-to-let lenders
"The world has gone mad, says Adam Walker, as a client (with a £7m portfolio) is asked by his buy-to-let lender how much he spent, each month, having his hair cut... "
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Latest property news
Agents join short-lets brigade
Lavanda, the ‘super short-term’ rental platform, has launched Lavanda AGENT, enabling estate agents to tap into the super short-term rental market...
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Latest property news
House hunters are returning to the property market, claims Rightmove
The latest house price index from Rightmove reveal rising home hunter activity, an increase in properties coming to market, and asking prices going up in all but one region of the UK. Also, the portal says the contraction in the number of homes being sold in recent months is now losing steam. Its figures, which are for January, reveal that the average asking price has increased by 0.8% across the UK; that the number of properties coming to market rose by 2%; and that agent stock held steady (see graph, right). Also, the number of homes sold contracted by only -1.6% during January, compared to -5.5% in the final quarter of 2017. As well as reporting record traffic to its website at 141 million visits last month, Rightmove says the hottest property market is in the Midlands, where asking prices are rising three times faster than the national average. “The average price of newly-marketed property in the Midlands is up by over 5% compared to a year ago, a marked contrast to parts of London and its commuter belt,” says Rightmove’s Miles Shipside (pictured, left). “Many buyers in the Midlands are willing and able to pay more to secure their…
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Connells reveals good start to year and increased market share during 2017
The Connells Group has made a bullish opening trading statement for 2018 revealing that more applicants are registering to buy homes with the company. “We are delighted to be entering 2018 with a pipeline that is up compared to last year, and we are confident that, through our breadth of experience, we will continue to build on the success of 2017 and further increase our market share in 2018,” says David Plumtree, Connells Group Estate Agency Chief Executive (pictured, below). Connells also says the company increased its market share last year by 4% despite official figures likely to reveal a 10% decrease in the number of people moving home during 2017, it says. Despite the sales slowdown, Connells says the number of properties it sold decreased by only 3% last year and that “clearly the increase in our share of the new instruction market has enabled us to fare better than the market as a whole in respect of our sales results,” says David Plumtree. Connells results are in stark contrast to its main rival in the market, Countrywide, which yesterday revealed that its income from sales and lettings decreased by 14% last year. Unwavering focus “During the course of…
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Features
The Budget unravelled
There’s been a great deal of fuss about the so-called ‘Housing Budget’, but, says Jamie Till, at Instinctif Partners, does it do what it says on the tin?
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Latest property news
Strawberry Star enters London’s development market
Strawberry Star Group, a London-based international property company, has marked its entry into the London’s residential property development market with the launch of BRONZE...
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Barratt promises not to repeat ‘Stamp Duty paid’ claims
Developer Barratt London, which trades as BDW Trading Ltd, has been reported to the Advertising Standards Authority for an email it sent out to potential buyers. One of the recipients complained to the watchdog about claims made within the email that buyers could “secure your Zone 1 apartment with Stamp Duty Paid”. But the claim made appeared to be less generous than the email suggested and the member of the public challenged whether the claim was misleading. This was because it implied that all the Stamp Duty due would be paid by Barratt when in fact only Stamp Duty up to 3% would be paid. Therefore, because of the cost of the properties, this meant none of the apartments within the development would have all the stamp duty paid. On the Barratt website it states that Barratt “may be able to pay the Stamp Duty for you up to a maximum of 4% of the purchase price of your new Barratt Home”. But the duty is levied at 5% for properties between £250,000 and £925,000, and at 10% between £925,000 and £1.5 million. So for example at Barratt London’s luxury Landmark Place overlooking Tower Bridge within Zone 1 of the…
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Latest property news
Auction sales and revenues drop
Essential Auction News (EIG) reports that the number of auction sales – and revenues – dropped this Spring.
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Features
Does dressing properties pay?
Furnishing a property to make it more attractive to buyers isn’t cheap, but, says Joanne Christie, the better it looks, the more buyers will pay!
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Latest property news
Foxtons revenues down by 25% during Q1
Foxtons revenues across its three core areas of business fell during the first three months of the year compared to the same period of 2016, the company has revealed. Commission from sales sank by 44.5% from £20m to £11.1 million, lettings revenues were down slightly from £15.8m to £15.5m and mortgage broking fees fell by £500,000 to £2.1m. The company says the dramatic drop in sales revenue has been created by last year’s rush by landlords and second homes buyers to buy properties before the Stamp Duty increase deadlines. This has left a sizeable hole in its first quarter 2017 group revenues which dropped by 25% from £38.4m last year to £28.7m. But Foxtons’ board says this was “expected”. Sales commission Similar reductions in revenue particularly from sales commissions reported in its 2016 accounts were said by Foxtons chairman Garry Watts to be caused by a substantial reduction in transactions in London, driven principally by rising house prices, stamp duty changes and the EU referendum. The results have pushed the company’s strategy off-course somewhat – it’s stated aim to investors for some time now has been to target “higher-volume, higher-value residential property markets within London”. Its shares on the London…
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