It could well be a better year for the UK’s property market as a whole, and particularly for tenants and first-time buyers. Various changes in government policy and an increase in construction projects look set to boost the fortunes of those looking to get started on the property ladder. Continue reading
Property experts Rightmove has predicted house prices will rise across England and Wales by 1% next year. However, they also point towards a decline of a further 2% in London in 2018. Continue reading
Stamp duty will be scrapped immediately for first-time buyers of homes below £300,000, Chancellor Philip Hammond announced in his Budget. Richard Carr asks does it go far enough?
The number of transactions in the UK property sector fell again between July and August. This could be seen as evidence that the property market is beginning to stagnate. Continue reading
Recent commentary from a UK-based estate agents suggest that British house prices are experiencing a ‘reverse ripple’ effect, as Central London loses its influence over the rest of the nation.
Traditionally, UK house price rises originate in Central London. The heart of our capital is home to some of the biggest businesses and wealthiest individuals on earth, so demand for Central London property has been high historically. This pushes up Central London residential property values, sparking a ripple which hits outer London, then South East England and finally the rest of the nation. Continue reading
New figures from the Office For National Statistics (ONS) indicate that average UK house price growth increased in the year to August 2016, defying expectations. Richard Carr comments. Continue reading
London’s housing crisis continues to worsen as the latest research suggest that the majority of housing in the least affordable areas of London is on average eight times the cost of the average UK wage, writes property developer Richard Carr.
According to eMoov, London as a whole has average house prices which succeed the average wage by 14 times!
Unsurprisingly, both London and Kensington top the list with the average property price at £1.2m. The price of property in the borough is a ridiculous 46 times the average wage of £26,624 and the nation’s biggest gap in wage to property ratio by a long way.
Despite the trials and tribulations that many developers and house builders face in the UK, supply in the country’s housing market reached its highest level since March this year, writes property developer Richard Carr.
The number of new homes available to buyers increased by 41% in August, which is the highest level experienced by estate agents since March 2016 when there was an average of 54 properties registered per branch.
This has resulted in there being an increase in the number of first time buyers with the National Association of Estate Agents (NAEA) reporting that the number of sales made to new property owners increased in August from 25% of total sales in July to 28%.
Investors can accrue strong returns from buy-to-let. Some markets are more lucrative for buy-to-let investors, with recently released data indicating that renting to students can provide significant returns, writes Richard Carr.
Changing British market
The Guardian writes that buy-to-let investors earned average returns of 1,400% from 1996, when specialist buy-to-let mortgages were first introduced, until the end of 2014. However according to What Mortgage, the British government has recently introduced a number of measures which could make buy-to-let a less profitable investment strategy for UK-based investors.
But a study conducted by property crowdfunding firm Property Partner indicates that letting property to students can still prove lucrative. Buy-to-let investor interest in this market usually crests at this point in the year, as students are moving through the housing system before starting university, providing landlords with many opportunities to attract tenants. Continue reading
New figures indicate that average British residential property rental values rose significantly within the year to July 2016.
Many Britons are finding it increasingly hard to step onto the property ladder. According to Letting Agent Today, Tony Williams of property consultancy Building Value recently noted that at present, “the house price to earnings ratio remains around 5.5 times against a long term average of 4.25 times.”