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Stamp duty thresholds 'have to be modernised'

Stamp duty thresholds should be altered to make the property market fairer, a national body has stated. There are a dearth of properties on sale for between £250,000 and £275,000 because buyers are worried about the additional costs associated with such a move, according to the Royal Institution of Chartered Surveyors (Rics). Under the current system, people who ...

10th Mar 2014

House prices increase at fastest rate since 2007

House prices increased by their strongest annual rate since 2007 in February as consumers continue to take advantage of cheap mortgage offers. In the three months to February 2014, property prices rose by 2.1 per cent when compared with the preceding three-month period, according to figures from Halifax.  The 2.4 per cent month-on-month hike in February represents the ...

7th Mar 2014

Property news archive

Renters to benefit from 'high quality properties'

Up to 6,500 new homes are to be built specifically for the private sector under the latest round of the government's Build to Rent scheme. Some £1 billion is being made available and it forms part of the coalition's commitment to deliver up to 10,000 newly-built homes for private rent. Projects are being supported throughout the country - from London, ...

6th Mar 2014

MMR will 'dampen' mortgage market

Processing times for mortgages will increase significantly as a result of the Mortgage Market Review (MMR), it has been stated. The more forensic approach to checking affordability will result in higher costs and Mark Harris, chief executive of mortgage broker SPF Private Clients, thinks these will end up being passed onto the customer.  He also fears product ...

5th Mar 2014

First-time buyers 'overlooking stamp duty charges'

Nearly a quarter of prospective first-time buyers fail to factor in the cost of stamp duty when looking at houses. It means they could find themselves stretched financially because of this oversight as the average stamp duty outlay exceeds £5,000, according to research by TSB. First-time buyers are not the only guilty parties, however, as 14 per cent of people buying ...

4th Mar 2014

Positive housebuilding figures 'boost property market'

There was a 14 per cent year-on-year increase in the number of new homes registered in the UK in January as the industry enjoyed a strong start to the year.  It builds on the positive results seen throughout 2013, which saw the highest amount of properties built since 2007, according to figures from the National House-Building Council (NHBC). Some 11,489 new homes were ...

3rd Mar 2014

House prices rise 9.4% in February as market strength grows

House prices in the UK were 9.4 per cent higher in February than a year ago as the sector goes from strength to strength, according to Nationwide.  It represents the strongest rate of annual growth since May 2010 and means house prices are now only three per cent behind their 2007 peak.  The average price of a property in the country now stands at £177,846, ...

28th Feb 2014

Lenders share concerns over new mortgage checks

Mortgage lenders are worried about the viability of new affordability checks for borrowers, according to a national body. The Mortgage Market Review (MMR) comes into force in April and is supposed to safeguard against irresponsible lending by introducing more strict affordability checks.  However, nearly two-thirds of lenders and half of brokers have admitted they have ...

27th Feb 2014

First-time buyers 'driving housing recovery'

Lending to first-time buyers increased in all parts of the UK during the final quarter of 2013 as this group continues to drive the market's recovery.  London led the way, as 13,400 loans were advanced in the three-month period and this represented a 33 per cent year-on-year increase, according to figures from the Council of Mortgage Lenders (CML).  People ...

27th Feb 2014

Private renting overtakes social housing for first time

More people are paying to rent privately rather than use social housing in England for the first time ever, official figures have revealed.  Of the 22 million households in the country in 2012-13, 18 per cent (four million) were private renters, while only 17 per cent (3.7 million) were social renters, according to the latest English Housing Survey.  ...

26th Feb 2014

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