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UK residential market set to see widening gap in demand and supply in 2015.

Next year is set to see a widening gap between demand and supply as not enough new homes are being built, according to members of the National Association of Estate Agents (NAEA).

Almost half of NAEA members predict a rise in demand for housing in 2015, however demand was down by 4% in November, the association’s latest report shows.

It also says that interest rate rises, changes to stamp duty, and the general election, will cause the biggest impact to the residential property market in 2015.

 

Source: Property Wire

 

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Prime London lettings market sees demand exceed supply post-election.

The prime London lettings market has experienced a complete shift this month from a quiet lull before the election to a mass influx of new applicants registering since polling day.

The latest market report from agency W.A. Ellis, part of the JLL Group, indicates that while the mid-term break is normally a quiet period this year the firm has seen a 20% increase in tenancies starting year on year with the seasonal student market in full swing and demand exceeding supply.

 

Source: Property Wire

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2015 set to see strong growth in demand for prime properties in Spain.

The international financial markets are expected to be a key driver in the uptake of Spanish prime residential property during 2015, according to a new analysis.

The latest market reports from Lucas Fox International Properties, suggest there has been an increase in demand from UK, US and Swiss buyers thanks to the rise of the dollar, pound and Swiss franc against the Euro.

Conversely, the number of Russian investors is expected to dwindle as the rouble goes further into free fall in 2015.

 

 

Source: Property Wire

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Over half of UK landlords will increase rent due to tax cuts, poll shows.

More than half of UK landlords who took part in a new poll said that they are likely to increase their tenants’ rents as a direct result to tax changed announced in the Mini Budget.

Some 56% said they would need to respond with rent hiked to Chancellor George Osborne’s cutting of mortgage interest reliefs from 45% to 20%, in the poll by lettings agent Rentify.

The poll also found that 57% are likely not to expand their property portfolio beyond its current size in the face of the cuts and 23% said they may plan to sell off their current properties.

 

Source: Property Wire

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Monthly landlord survey reveals effect of general election on private rented sector.

Three quarters of letting agents are concerned that proposals for the creation of three year tenancies in England and Wales put forward in the run up to this week’s UK general election, a new report reveals.

Members of the Association of Residential Letting Agents (ARLA) believe that the proposal put forward by the Labour party will see landlords exit the market and reduce supply.

However, over a third of ARLA agents agree the Conservatives’ pledge to build 200,000 new starter homes will benefit the private rental sector the most. The report comes at a time when demand for rental accommodation was down in March, whilst supply rises.

 

Source: Property Wire

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Figures show huge surge in student lettings sector

Investment into the country’s student housing market hit £3.98 billion in the first half 2015, well ahead of the £2.35 billion recorded for the whole of last year, says property consultancy CBRE.

Within that total, London has witnessed a record £1.98 billion of transactions across the first half of the year.

 

Source: Lettings Agent Today

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UK lenders launch new products including holiday let mortgages.

A British building society has launched a new range of mortgages aimed at those wishing to buy property and rent it out as a holiday let, just one of a number of new offerings from lenders in the UK.

Leeds Building Society said that its new dedicated range of Holiday Let products is a result of demand which has increased significantly over the last five years.

 

Source: Property Wire

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Demand sees average rents in UK go up, especially at end of 2014.

A slowdown in the sales market in the UK during the last six months of 2014 saw a demand for rental accommodation grow with average rents up 1.8% during the year.


But this headline figure hides what has actually been happening towards end of the year as there was a 4.2% rise in average rents for new lettings, according to research by Countrywide Residential Lettings.

 

 

Source: Property Wire

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UK housing trends survey finds more people living alone and renting.

The housing market in the UK is experiencing a number of key trend changes which mean the more people are living along and more are renting a home for the long term, new research has found. Of the 43% of those taking part in the Housing Futures Survey by Strutt & Parker who are single and planning to move in the next five years, some 75% expect to be living along and 45% of those aged 18 to 29 indicated they would consider living in a professionally managed private rental unit.
 

 

Source: Property Wire

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UK lettings agents and landlords surprised at proposal for mandatory licensing.

The private rented sector in the UK said it is surprised about proposals to introduce a mandatory licensing system due to be in the Queen’s Speech later this week at the opening of the new parliament.

Prime Minister David Cameron said in his speech on immigration last week that landlords throughout the country will be required to check the status of immigrants who rent their property following a pilot in the West Midlands.

But, without giving details, he also said that a new mandatory licensing scheme will be introduced along with new rules allowing landlords to evict illegal immigrants more quickly.

 

Source: Property Wire

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