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
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
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.
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.
Average house prices in England and Wales grew 6.6% in 2015, up £17,963 since December 2014 to reach £292,077 according to Reeds Rains and Your Move.
Property values in Central London fell by 8.7% on average during 2015, dragged down by higher Stamp Duty.
September house price data from The Land Registry shows an annual price increase of 5.3 per cent which takes the average property value in England and Wales to £186,553. Monthly house prices are up 1.0 per cent since August 2015.