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Month: July 2015

Reaction to budget announcement

Commenting on the social housing benefit cut that was announced in yesterday’s Budget, Fran Mulhall, Regional Operations Manager at GFW Letting, North East property rental specialists, said: “The government’s move to cut housing benefits to high earners living in housing association homes signals a huge opportunity for professional landlords across the North East. Those living in social housing across the region, earning at least £30,000 per year, will no longer be eligible for benefit entitlement. Those affected therefore might look to move into the private rented sector.

Given that 63% of homes across the North East are social housing properties, this benefit cut will affect quite a large number of working professionals. As such, it won’t be a great surprise if the region experiences inflated growth rates in the private rented sector – an opportunity that North East landlords, or those looking to get into the property development sector, would be imprudent not to capitalise upon”.

To read more on the budget announcement click here.

Conservative win pushes property asking prices through the roof…

Asking prices have risen by 3% in June, following a decline in May due to pre-election uncertainty

UK property prices have hit record highs in June, post Conservative win, with Rightmove seeing a dramatic increase in high values properties being marketed.

Average property asking prices increased by 3% between the months of May and June 2015, as the countries buyers and sellers realigned themselves post election. The average property listing was £294,351 according to Rightmove.

Labour’s proposed mansion tax pushed the decline in house prices in May 2015, with prices hitting a 0.1% decline in the month.

The recoil form the election results have instilled more political confidence promoting an upturn in buyer demand.

Rightmove reported an 86% increase in properties worth £2m being put up for sale in the 30 days after the election compared with the previous 30 days.