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Number of UK property millionaires tops 1/2 million

The number of homeowners in Britain whose property is worth £1m or more – making them “property millionaires” – has exceeded half a million for the first time, according to the 2015 Zoopla Property Rich List

 The number of property millionaires now stands at 524,306 – an increase of 8.3% on last year’s figure.

 

Source: Land Lord Expert

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UK property market cooling in run up to general election in May.

Almost a third of house sales in the UK are going to first time buyers but overall the market is cooling in the run up to the general election, according to estate agents.

Some 30% of total house sales in February were to people getting on the housing ladder for the first time, the highest number since September 2014, says the latest monthly survey from the National Association of Estate Agents (NAEA).

 

Soure: Property Wire

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Prime London property prices up 1.6% in second quarter of 2015

Values across London’s prime housing market grew by an average of 1.6% in the three months to the end of June, but remain 0.7% below where they were a year ago.

Increased stamp duty rates and unsold stock levels restricted a bounce in property values after May’s general election, according to the latest analysis from real estate firm Savills.
 

Source: Property Wire

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Newly let property rents up in the UK while others remain stable.

Rents in the UK remain stable for renewed and occupied tenancies but continue to increase for newly let properties in the first quarter of 2015, according to the latest rental index.

Overall average rents for newly let properties increased 4.5% in the quarter to £894 per calendar month, up from £853 in the fourth quarter of 2014.

Arrears continue to decrease in England, Scotland and Wales, a sign that household income is less stretched than a year ago, the index from Countrywide also shows.

 

Source: Property Wire

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House of Commons issues new lettings sector briefing

The House of Commons library has issued a 30 page guide on the private rental sector, covering everything from the current state of the lettings industry to Build To Rent, Buy To Let and social rental initiatives.

Source: Lettings Agent Today

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Third of UK home owners can’t afford to move up the housing ladder.

Some 34% of UK home owners looking to step up the housing ladder think it’s going to be difficult to move, new research has found.

On average, current mortgage holders believe they need to save £10,549 before they can move and high house prices and the expense of moving are cited as the two main reasons people haven’t yet moved up the property ladder.

The research from comparison website MoneySuperMarket found that 26% think it will be difficult to move up and a further 9% think it will be very difficult.

 

Source: Property Wire

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Demand for UK property at its highest for almost a year

Demand for property in May in the UK was at its highest level since September 2014 at a time when supply has seen a large fall year on year, according to estate agents.

There were 383 house hunters registered on average per branch compared to 344 the previous month, according to the latest monthly report from the National Association of Estate Agents (NAEA).

Source: Property Wire

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Number of rental properties available for new tenants in UK falls.

The number of rental properties available for tenants in the UK decreased in May at a time when demand is increasing and is predicted to keep rising over the next five years.

Supply of rental property fell by 7% compared with April with just 179 properties per branch of lettings agents who are members of the Association of Residential Letting Agents (ARLA), the organisation’s latest monthly report shows.

 

Source: PropertyWire

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Global prime city property prices experience a mixed quarterly performance.

Prime property prices in key cities around the world continue to outperform the mainstream residential market but it is a mixed picture depending on location, the latest index shows.

The index increased by 3.9% in the year to March 2015 but previous strong performers such as London have slipped back while North American cities have climbed the rankings, according to the prime global cities index from real estate firm Knight Frank.

On average, prime prices in North America and Australia increased by 8.4% and 7.3% respectively in the year to March, whilst Europe’s cities saw prices slip by 0.2% on average.

 

Source: Property Wire

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Confidence in UK housing market continues, latest sentiment index shows

Households in the UK perceived that the value of their home rose in June and are more confident that they will continue on an upward trend, the latest house price sentiment index shows.

Some 23.7% of the 1,500 households surveyed across the UK said that the value of their home had risen over the last month, while 4.6% reported a fall, according to the index from real estate firm Knight Frank and Markit Economics.


Source: Property Wire

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