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.
Is it possible that homes are, at last, about to become more affordable? The Government announced last summer, at the Conservative party conference in Manchester, that, having won the general election, it was going to grasp the housing problem by the windpipe and sort it.
That energised Brandon Lewis, the Duracell-powered housing minister, and the Government came up with a raft of initiatives – including, most surprisingly perhaps, that investing in homes as a financial asset should be discouraged. Generation Own, rather than Generation Rent, was the aim.
House hunters browsing listings in the Beverley, East Riding area are doing a double take after one home owner decided to dress as a panda called Vinny to help market his property.
Read the full story here: Continue reading
Property prices in Britain may be surging due to a horrendous imbalance of supply and demand — but the market is poised to implode.
Buy-to-let investors and second-home owners were behind three in five property purchases made in Prime London during Q1 2016, boosting the proportion of purchases made in cash, according to estate agent Marsh & Parsons’ latest London Property Monitor.
Accounting for 36% of all sales from January to March, buy-to-let investors were the most prolific type of buyer across Prime London in the three months immediately preceding the April 1st implementation of an additional 3% Stamp Duty. This represents a significant spike from 26% of purchases during the previous quarter, and a sudden reversal of the recent trend of weakening investor influence. Investor share of the market has been in slow decline last year since it peaked at 37% in Q4 2014.
The Housing and Planning Bill, which includes measures to tackle criminal landlords and letting agents, should also address the issue of problem tenants, according to the Association of Independent Inventory Clerks (AIIC).
Included in the Bill are proposals to ban and fine criminal landlords and letting agents, introduce rent repayment orders and establish a database of ‘blacklisted’ landlords and agents.
In a story from The Guardian the government’s starter homes initiative could deliver a taxpayer-backed windfall of £141,000 each to 200,000 lucky first-time buyers, but 2 million more aspiring homeowners will be stuck renting, campaigners say.
London will become a city of renters, with just 40pc owning their own home in 2025, according to new research from PwC and reported today in The Telegraph.
This is a reversal of the situation in 2000, when 60pc of Londoners owned a house, either outright or with a mortgage.