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Multi freehold blocks provide highest gross yields in UK for landlords.

Multi-unit freehold blocks have overtaken houses in multiple occupation and now provide UK landlords with the highest gross yield at 9.3%, new figures for the fourth quarter of 2014 show.
This compares to 8.6% in the third quarter and is the highest yield on record for this property type, according to the latest complex buy to let index from Mortgages for Business.
 
Houses in multiple occupation (HMOs) saw rental yields rise to 9% in the fourth quarter of 2014, from 8.9% in the previous quarter, slightly lower than the yields recorded earlier in the year where HMO yields stood at 9.6% in the first three months of the year.
 
Source: Property Wire
 
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Average house prices static in England and Wales.

Average house prices in England and Wales remained static in May but were 4.6% higher than a year ago, according to the latest Land Registry figures.

This takes the average property value to £179,696, just under what it was at the peak of the housing market in November 2007.

The data also shows that London and the South East experienced the greatest increase in their average property value over the last 12 months, both with a rise of 9.1% while the East and North East experienced the greatest monthly rise at 1.6%.

 

Source: Property Wire

 

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Fewer loans for first time buyers and home movers in UK.

irst time buyers in the UK saw a drop in lending in January compared to the previous month and the same month in 2014, according to the Council of Mortgage Lenders.

There were 19,000 loans advanced to first time buyers January, down 27% on December and 14% compared to January 2014. These loans by value were £2.8 billion, which was down 26% on December and 10% down on January last year.

The data also shows that home movers were advanced 22,400 loans, a decline of 24% compared to December and 17% down year on year. These loans totalled in value £4.2 billion, 24% down on December and 14% down compared to January 2014.

 

Source: Property Wire

 

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UK buy to let landlords increasingly see their properties as their pension.

The new pension freedoms that came into force last week in the UK could trigger a huge interest in over 55s becoming landlords for the first time, it is claimed.

New research by Property Let By Us, an online letting agent, shows that for 70% of younger landlords, their buy to let portfolio is their only pension fund.
 
The study also shows that just one in five landlords said their property portfolio forms part of their pension provision. A further third of landlords are building their portfolios so that their children can benefit from the investment in the future. 

 

Source: Property Wire

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Average house prices in British seaside towns up by a third since 2005.

House prices have increased, on average, by a third across British seaside towns over the past decade, according to the latest research.

Prices are up by 31% or £49,207, equivalent to £410 per month, from £159,522 to £208,729, the data from UK lender the Halifax shows.

However, there is a marked north/south divide in property values in seaside towns, with all 10 of the most expensive seaside towns in southern England, and seven in the south west alone.

Salcombe at £672,874 in Devon and Sandbanks at £614,726 in Dorset are the two most expensive seaside towns in Great Britain and both are in the south west. Outside this region the most expensive seaside towns are Aldeburgh on the Suffolk coast with an average price of £413,393, Lymington in the New Forest at £404,781 and East Wittering in West Sussex at £330,146.

 

Source: Property Wire

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More tenants at check out day would reduce deposit disputes, it is suggested.

If more tenants in the UK attended the check out when they end a tenancy there would be less disputes, it is claimed.

The Association of Independent Inventory Clerks (AIIC) wants more tenants to attend the check outs which provide the landlord or their letting agent with the opportunity to record the condition of the rental property in comparison to when the tenants arrived.

The AIIC's plea comes in response to data released recently by the Deposit Protection Service which suggested that 48% of tenants had not attended their check out..

 

Source: Property Wire

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Over third of UK letting agents report rent rises.

Over a third of letting agents in the UK saw rent increases last month, the highest recorded this year, while a third saw an increased in short term let enquiries.

Indeed, more and more agents are witnessing increases in the cost of renting, according to the Association of Residential Letting Agents (ARLA) monthly private rented sector monthly report.

Some 36% of agents said that rents had increased between May and June, the highest number since tracking began and 80% predict that private rents will continue to soar over the next five years.

 

Source: Property Wire

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Interest rates and property tax concerns impacting prime central London market.

oncerns around interest rates and property taxes have impacted on sentiment within the prime central London residential market, it is claimed.

The latest market commentary report from W.A. Ellis says that sentiment within the housing market often reflects the mood of the overall economy and this has resulted in demand falling over the last four months.

Richard Barber, director of W.A.Ellis, pointed out that this coincides with the Bank of England’s ‘sabre rattling’ over raising interest rates and increasing taxes on property, particularly those with a high capital value or owned by foreign investors.

 

Source: Property Wire

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Northern UK cities catching up in house price growth terms.

UK house prices in key cities rose by 7.9% in the 12 months to January 2015, however prices were up just 1.1% in the last quarter of the year as the slowdown continued.


The data from the latest Hometrack cities house price index shows that year on year house price growth ranged from 4.1% in Glasgow, where house prices average four times average earnings, to 8.6% in Oxford and London where house prices average 12 times average earnings.

 

Source: Property Wire

 

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Prime central London rental values up for third month in a row.

Rental values in the prime central London rose by 0.2% for the third consecutive month in March, pushing annual growth to 4%, the highest rate in more than three years.

The rental value index is now at the same level it was during the summer of 2012, when London hosted the Olympic Games, according to the latest report from real estate firm Knight Frank.

Rental values subsequently dipped as the sales market strengthened but growth returned at the start of 2014 but the lettings market benefited as the UK economic recovery took hold and companies began hiring more staff.

 

Source: Property Wire

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