The Referendum, which took place in the UK in 2016, has left the British property market unsure and confused. Over the past three years, we have seen a gradual increase in property prices, but the public has been left confused as discovered by a recent survey. Buyers and Sellers Are Equally Reluctant and Unsure of …
Brexit is the word on everyone’s lips at the moment. October 31stis drawing ever closer, the date having been set by the UK government as the date the UK is set to leave the European Union. However, how is Brexit affecting the UK market? The Asking and Selling Prices Are Changing In recent months, the …
House prices are so uncertain currently. Brexit is causing a stir all over the UK. No one knows where we stand now, or where we will stand when it comes to house inflation, prices or our mortgages. Yet, Britain hosts a bargain house, which is going up for auction on 22ndOctober for only £1. The …
A new report from BDRC Continental (www.bdrc-continental.com) released today, indicates that 1.1 million interest-only mortgages appear to be ticking time bombs, with holders either having no investment plan for capital repayment, or one that is not on track to clear their debt.
According to the latest data from the Countrywide’s monthly lettings index, the landlords in the North West UK were the most to pay in cash for properties. The percentage estimated was 61%, where the landlords selling their property entirely through cash.
After Brexit, the UK is now outside the European Union and it is gradually decreasing economic benefits from EU. However, the property market has good news; the price automatically falls rather than rise.
Recent research predicts that in 2016, the average property in Britain could reach the value of £300,000. In the past year, it was calculated that the value of many properties had increased by £18,000.
In the aftermath of Brexit, the British Public who voted to leave the EU are still unclear. Bank shares have taken a significant hit with RBS down 15%, Barclays 10%, and Lloyds 8%, leading the London Stock Exchange to halt trading in those stocks.
The British Prime Minister Theresa May recently startled the property buyers in the UK when she announced an early election to be held on June 8. “We need a general election and we need one now. We have at this moment a one-off chance to get this done … before the detailed talks begin,” said May, addressing from 10 Downing Street. “I have concluded that the only way to guarantee certainty and stability for the years ahead is to hold this election,” she added.
On June 2016, the citizens of the UK and Northern Ireland voted to leave the European Union. Politicians and Economists from around the world termed this referendum as Brexit. The property experts from all over the world said that this referendum will prove catastrophic for Britain and could hit the property market badly.
Following Lane comes Way and Road, and then Close and Avenue. On average, most adults have moved house 7 times by the age of 40 “ which of these addresses have you lived on? I’ve been a resident of one Green, one Way, one Mews, one Terrace, a Street, and finally a Road, but the theory doesn’t seem to ring true for me.
One year ago, renting in the UK was £993 per year on average more expensive than servicing a mortgage, but this gap has now come down by 3.2% to £961 today. As a result, the proportion of towns and cities across the UK where it is cheaper to buy than rent has fallen from 90% to 86% over the past twelve months
The private rented sector continues to be the fastest growing tenure in England accounting for 3.8m homes (17%) of all households. However, until now it has been difficult to place a financial value on the rental market as a whole and to compare actual rental rates received by landlords according to a region and property type.
First set out by the Prime Minister in March, new legislation will stop rogue landlords cashing in from renting homes to illegal migrants; and new rules will ensure fair play in taxpayer-funded social housing.
Approximately 1 in 5 UK households will be renting by 2016 which will require 1.1 million rental homes to become available. Given this, there is a need for new buy-to-let landlord to enter the UK housing market in order to meet this demand.
According to the study -“ out of every three renters -“ two are in rent arrears or are severely struggling to pay rent. The study also shows that around 25% of renters have faced an increase in rent over the year -“ meaning that one-third of those who rent had to limit their spending on Christmas gifts.
Compared to January, the average rent in England and Wales fell by 0.1%, to £731 per month. However, due to a smaller monthly drop than a year ago, rents in February showed accelerated annual growth of 3.3%, compared to January when rents were 2.8% higher than a year before.
e.surv’s latest Mortgage Monitor reveals house purchase lending surprisingly fell by 11% in February from 54,719 in January to 49,019, the lowest level since July 2012. The fall comes despite a wider and cheaper range of mortgages
” This perverse tax is doing exactly what the Government promised it wouldn’t ” hitting the most vulnerable people in our society. They are being penalised for a weak housing policy that for years has failed to build enough affordable homes and reduce the housing benefit bill.
The fund for Discretionary Housing Payments (1) (DHPs) has been given a £30m boost this year as the Prime Minister announced that the extra money would specifically ensure that the most vulnerable people are protected from the bedroom tax cuts
Analysis of the latest ONS English Housing Survey by Castle Trust shows that the number of private renters in England rose to 3.8 million in 2012, an increase of 23% from the 2008 figure of 3.1 million.
Analysis has been undertaken on data containing over one million mortgage accounts and HML found that Northern Ireland will have the highest repossession rate at 1.29%, with 4,073 properties set to be repossessed.
The Financial Services Authority is introducing stricter regulations on interest-only mortgages from April 2014. Already the market has responded and tightened the criteria for interest-only mortgages, while many lenders have simply stopped offering them.
The UK could do much more to address the problem if many more people were enabled to design and build their own homes. They would not only achieve the best quality, most innovative, most sustainable and most affordable houses.
The proportion of properties currently on the market with a reduced asking price now stands at 31.5% “ down from 36.7% a year ago “ suggesting fewer sellers are feeling pressured to slash their asking price in order to achieve a sale.
In a recent poll results showed that 47% of intermediaries have considered recommending a secured loan to their client as an alternative to remortgaging, in order to protect their interest-only mortgage status.
On an annual basis, repossessions fell from 37,300 in 2011 to 33,900 in 2012 – the lowest annual figure since 2007. This brings the rate of repossession down from 0.33% in 2011 to 0.30% last year. The stock of properties in possession held by lenders at the end of 2012 was also at its lowest for over five years
One of the country’s leading landlords organisations is today calling on the industry and the Government to establish a common survey of the level of rents following an investigation showing a chasm between different rent surveys
UK house prices increased by 0.5% in January, though prices were unchanged compared with January 2012. While activity in the housing market remains muted by historic standards, there have been tentative signs of a pick up in activity in recent months.
While the UK economy as a whole shrank by 0.3 percent, there was a small increase in construction output. This follows a fall of 2.5 percent between Q2 and Q3 of 2012, which as a whole was a bleak one for construction.
The average five-year fixed rate for mortgage borrowers in December 2012 was better than at any point since before the recession, according to the latest National Mortgage Index from the UK’s leading independent mortgage broker, Mortgage Advice Bureau (MAB).
Increased lending during 2012 was not enough to improve housing affordability, as an annual review of the National Mortgage Index from the UK’s leading independent mortgage broker, Mortgage Advice Bureau (MAB), shows income growth among homebuyers was eclipsed by rising deposits and mortgages