BTL changes signal worrying times for landlords and tenants
Recent changes to lettings legislation and the rise in stamp duty have meant that it’s already proving to be a challenging year for a number of landlords. The Government have wanted to make strides towards making home ownership a more accessible prospect; however in a number of cases this seems to be at the expense of landlords.
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.
Land Registry Market Trends – February 2015
The Land Registry launched their February 2015 key market trend highlights on Friday, 27 March.
The data illustrates an annual price increase of 6.5%. This takes the average property value in England and Wales to £180,252.00; this is stronger than the pre recession data which peaked in November 2007 at £181,083.00.
Regional data shows that the North East experienced the greatest monthly rise at 6.2%.
||Monthly change since January 2015
||Annual change since February 2014
||Average price February 2015
At GFW Letting we are encouraged to see North East regional monthly property increase has over taken the London property market for February 2015.
ONS Review November House Price Index Report
The Office for National Statistics have released a review of the House Price Index for November 2014.
The statistics map key trends and the January report illustrates an increase in UK house prices, although they are down on the year compared to October 2014.