The price gap between the first and second rung of the UK property ladder has more than doubled since the global financial crash, according to Land Registry data analysed by modular housebuilder Project Etopia. Sold house price data shows that the price difference between an average flat and terraced house has grown by 141% — […]
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A think tank has called on the next Mayor of London to launch a programme of affordable house building, review the green belt and develop a ‘fair and transparent’ approach to setting rents. Centre for London said housing supply is failing to keep pace with the city’s growth, while housing is increasingly unaffordable to Londoners […]
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Foreign buyers and British expats are expected to show more interest in UK buy-to-let ahead of the 2% stamp duty surcharge coming into force in April 2021. That is according to numerous property professionals, following the announcement made in the Budget on Wednesday. Andy Foote, director at investment company SevenCapital, said: “Ahead of the April […]
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The government has unveiled plans to revamp the planning system, in a document entitled Planning for the Future. The changes should make it easier for developers to demolish vacant buildings and replace them with new homes. Councils will be encouraged to build upwards, as well as above and around stations. The government said it will […]
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Jude Salmon, property associate, Joelson The Ministry of Housing, Communities & Local Government is the latest body to call time on ground rents, subjecting all leasehold properties sold under the 2021-23 Help to Buy Scheme to a peppercorn ground rent Although there are many that argue that ground rents on new build developments have got […]
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first direct has committed to extending the mortgage term or switching the rate for customers affected by coronavirus. Similarly, the bank is offering customers with unsecured debt ‘breathing space’, as well as giving them early access to fixed rate savings accounts without closure charges. Anna MacFarlane, commercial director at first direct, said: “We know some […]
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The RICS UK Residential Market Survey found that demand, sales and instructions all rose in February – before the threat of coronavirus likely put the brakes on activity. Some 22% more contributors saw an increase in sales compared to a fall in February, with activity rising in every region barring Scotland. Some 20% more contributors […]
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The Chancellor and Bank of England Governor met with representatives from the banking industry yesterday to discuss helping SMEs affected by coronavirus. The government is offering a Coronavirus Business Interruption Loan Scheme, which provides lenders with a guarantee of 80% on each loan, extending statutory sick pay, business rates relief, and small business grant funding. […]
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The government will introduce a 2% stamp duty surcharge for non-UK buyers from April 2021, the Chancellor confirmed in yesterday’s Budget. While a number of property professionals are disappointed with this change, it’s expected to fuel stronger activity before it comes into force in April next year. Fraser Slater, chief executive of real estate consultant […]
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Guy Gittins, managing director of Chestertons This was no normal Budget. The backdrop of a seemingly unavoidable health pandemic, combined with Brexit and a need to end 12 years of austerity was a complicated setting in which to stage a financial statement. We have seen a healthy resurgence in buyer interest, especially in Prime Central […]
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