Category: property market news

ONE IN TWELVE LANDLORDS UNAWARE OF LEGISLATIVE CHANGES

  • One in twelve landlords is unaware of a suite of legislative changes that occurred across the lettings industry in recent years, according to the findings of the English Private Landlord Survey 2018 published in January.
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1000 SALES PER WEEK AIDED BY HELP TO BUY

  • On average 965 sales per week have been completed using Help to Buy across England and Wales during 2018 (to the end of September), according to data released by the Ministry of Housing, Communities and Local Government and the Welsh Government.
  • Over 160 properties are purchased each week with the aid of Help to Buy across the South East, double that recorded in Yorkshire and the Humber, and three times as many as across the North East.
  • 81% of purchases in England and 75% across Wales, have been to first-time buyers.
  • The estimated average purchase price of a first-time buyer property aided by Help to Buy is £198,001 in Wales, £262,886 across England (excluding London) and £457,775 within London.
  • We can help you find your first home please call on 0161 434 4311 to register!
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UK HOUSEHOLD SPEND

  • At £572.60, average weekly expenditure (all costs, adjusted for inflation) per household in the UK is at it its highest level since the financial year 2004–2005, according to data published in January 2019 by the Office for National Statistics.
  • At £632.00 per week, households in owner occupation spend on average £52 more per week than those in the private rented sector at £580.10.
  • Across the UK, the average weekly amount spent on a mortgage is £159.60, equivalent to 27% of total weekly expenditure. 44% of weekly mortgage costs are attributed to interest payments.
  • For those in the private rented sector, rental costs account for 26% of weekly expenditure. Across London and Wales, the average spend on rent per week is higher than the average spent on a mortgage. In all but four regions, the differential is less than £20 per week.
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ONE IN THREE HOME HUNTERS HAVE DECIDED ON THE SPECIFIC STREET THEY WANT TO LIVE ON

  • Close to one in three home hunters know the specific house or street they want to live in before starting a property search, according to new research by Zoopla
  • Londoners are most likely to have a definite idea of location, virtually half (48%) have a specific street or house in mind. This compares to less than one in five across Wales and the South West
  • If it’s not a specific street, then it’s most likely house hunters have an idea of what town they have in mind. A third of house hunters across the East of England, East Midlands, South East and Wales know which town or town(s) are of interest
  • With just one in sixteen prospective home hunters having no clue as to their location of choice, as an agent, knowing the ins and outs of your local area is critical
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LET’S DO BUSINESS

  • The UK has been crowned by Forbes, for the second year running, as the best country for business following its latest survey published in December 2018. A total of 161 countries are assessed on 15 different criteria.
  • The UK is the only country to land among the top 30 in all 15 metrics, including property rights, innovation, taxes, technology, corruption, freedom and workforce.
  • Forbes states that although sterling plummeted 9% against the US dollar the day after the EU referendum result and remains down, the economy has ‘held up relatively well’.
  • With the official exit from the EU scheduled for this March, Forbes recognises that uncertainty remains. Some UK companies are holding off investments to see how Brexit affects trade relations, but on balance the business climate remains attractive, with a globalised economy that is more open than most in terms of trade, investments and capital flows.
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DISTANCE TENANTS MOVED TO THEIR CURRENT RENTAL HOME

  • With renting offering more flexibility than ownership, some tenants have traditionally used the sector as a way to get to know a new area before committing to buying.
  • Indeed, the majority of tenants stay within their local area when moving home.
  • In 2018, over a quarter (27%) of tenants moved within a mile of their previous rental property, and two thirds (68%) stayed within ten miles.
  • At the other end of the scale, 8.1% of tenants starting new tenancies in London in 2018 moved from overseas. Despite political and economic concerns, this is actually an increase from 7.3% in 2017.
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HOW CLOSELY ARE UK HOUSE PRICES RELATED TO THE STRENGTH OF THE ECONOMY?

  • Brexit continues to make long-term and strategic decisions difficult for UK-based businesses and homeowners. Yet both the UK economy and its housing market registered around 3% annual growth in each of the first three quarters of 2018.
  • Since the last troughs in GVA* in Quarter 4 2009 (Q409) and house prices (Q109), both indicators have risen a similar magnitude of 36% and 42% respectively. The relationship between the two indicators, using annual % change on a quarterly basis, suggests a correlation of some form does exist, with changes in house prices lagging by approximately three months.
  • GVA recorded a slight uptick in annual change in Q318 (4%) yet Gross Domestic Product (another measure of economic performance) indicated that the economy was starting to slow.

  • The consensus of economic forecasters (OBR, IMF, NIES and OE**) for total GDP growth in 2019 to 2022 is however positive at 7.2%, with 1.8% expected to be confirmed for 2018. Ernst and Young’s Regional and City Forecasts for GVA predict that London and the South East will continue to outperform in terms of annual GVA growth until at least 2020.
  • *One widely used indicator of overall economic performance is ‘Gross Value Added (GVA)’. It measures the increase in the value of the economy due to the production of goods and services. ** Office for Budget Responsibility, International Monetary Fund, National Institute of Economic and Social Science, Oxford Economics.

If you are curious about the value of your property, please do get in touch on 0161 434 4311 and we can arrange a valuation.

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SECONDS TO SELL

  • Looking to sell in 2019? A property was sold somewhere across England and Wales every 9 seconds of working hours between January and July of 2018.
  • With 10 regions in the country, assuming an even distribution, this would equate to a property sale in every region within a minute and a half period. However, with regional differences including the number of available properties and volume of housing stock, there are variations.
  • In the South East and North West, a property was sold during every working minute of the day.
  • In the North East where fewer properties are sold than in other, more densely populated regions, there was still a sale every 3 minutes
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RESIDENTIAL PROPERTY TAXATION

  • Despite tax revenue from residential property seeing its usual annual rise between July and September, total tax revenue in the first nine months of 2018 across England and Wales was 9.5% lower than a year ago, according to the latest data published this week by HMRC and the Welsh Government.
  • It is estimated that £6.3 billion has been netted by HMRC and the Welsh Government between January and September, a fall of £662 million compared to the same period in 2017.
  • The number of properties liable for the 3% Higher Rate of Additional Dwelling (HRAD) levy fell over 5% in this period. The amount collected from the HRAD 3% element was down £243 million, the equivalent of 14.3%, to £1.24 billion.
  • Since its introduction in the 2017 Autumn Budget, the government has also ‘lost’ £427 million, owing to the introduction of first-time buyer tax relief which has benefitted over 180,000 first-time buyers. That number will rise thanks to the backdating of the scheme for first-time buyers purchasing shared ownership properties, as announced this autumn. On average, first-time buyers account for just over one fifth of residential property purchases each quarter.
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didsbury festive market at emmanuel church

Put on your Santa hat and soak up the festive atmosphere at two winter markets in the hall and grounds of Emmanuel Church.

Search for the perfect Christmas gifts amongst stalls selling crafts, art, photography, vintage clothes and more. Winter-warming food, tea and coffee will be served up by The Art of Tea, with a fully licensed bar taking care of your mulled wine requirements!

Live music throughout the day will bring Christmas cheer. All proceeds to the Hope for Children International Charity.

Taking place between 1pm and 6pm on 24th November and also on Saturday 15 December. https://www.didsburychristmas.co.uk/event/didsbury-festive-market1/

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