The Bank of England has held the UK’s main interest rate at 0.5% despite speculation that it would cut rates.
The Monetary Policy Committee voted 8-1 to leave rates unchanged, but minutes of the meeting showed most members think the Bank will take some action next month. Continue reading
The supply of homes on the UK market fell at its sharpest rate to date and buyer demand hit an eight-year low as Brexit was confirmed, surveyors say.
House prices are expected to fall across the UK in the next three months, the Royal Institution of Chartered Surveyors (Rics) survey suggested.
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Fewer tenants are falling into serious rent arrears thanks to the improving employment market, according to letting agents Your Move and Reeds Rains.
In absolute terms, just 86,200 tenants across the UK are more than two months behind in their rent. This compares to 89,300 in the previous quarter. This represents a 4% fall and means that 3,100 households in homes to let have moved out of serious rent arrears since the end of 2015. Continue reading
The cost of renting a one-bedroom property in the UK has risen to swallow almost half of the average young worker’s take-home pay, according to figures, while those living in London are typically handing over 57% of their monthly wages.
The average cost of a new tenancy on a one-bedroom home hit £746 a month in May, taking up 48% of the take-home pay of a worker aged under 30, data from property firm Countrywide showed. Continue reading
Who wants to be a property millionaire? As house prices continue to rocket, particularly in the commuter belt, more village residents are winning.
This year, eight villages in Essex, Surrey, Greater Manchester, Hertfordshire and Hampshire, have joined the so-called “Millionaires’ Club”, where average asking prices, recorded by Rightmove, have leapfrogged the £1 million mark.
An incredible 17th century abandoned Italian castle is set to go under the hammer in mint condition – despite being left empty for 20 years.
The Castello di Sammezzano in Tuscany, Italy, was built in the early 17th century by Spanish nobles and was even visited by Emperor Charlemagne, before it was turned into a hotel-restaurant.
New research by estate agent eMoov has found property prices have increased by 84% from 2000 to 2015. And it’s forecast what prices would look like if they rose at the same rate over the next 15 years.
Oxford is the toughest town for first time buyers to get a foot on the UK property ladder, taking over from Brighton as the country’s premium property hotspot. Bradford & Hull, on the other hand, proved the most affordable, according to new analysis by job search engine Adzuna.co.uk.
The research shows that nearly three quarters (72%) of homes in Bradford fall within financial reach for first-time buyers on average local incomes. London, High Wycombe, Reading and Brighton are amongst the most unaffordable places to purchase first properties as wages stagnate and property prices soar across Britain. Continue reading
Interest from UK house buyers has dropped for the first time since March 2015, as uncertainty continues to affect the market, according to the latest RICS UK Residential Market Survey.
Following the buy-to-let rush that preceded the 1 April tax rise deadline, and with continued uncertainty caused by the EU Referendum, interest from buyers dropped in April with 22% more chartered surveyors reporting a drop in demand. Continue reading
When a higher rate of stamp duty was announced by the Chancellor last November, it was meant to cool the boom in buy-to-let.
Under the new rules, applying from April 1 this year, anyone buying a property who already owned another property would pay the usual rate of stamp duty – plus a three percentage point surcharge.
This means a buyer’s tax bill could increase by thousands of pounds.
For example, on a property worth £300,000, the charge would increase from £5,000 to £14,000.
George Osborne’s intention was to deter property investors and leave more property free for young families.
But the rules are having unexpected consequences for many. These are people who don’t put themselves in the same bracket as buy-to-let investors, but who nevertheless have discovered that they will have to pay the extra amount when they move, buy a family home or downsize.