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.
The number of property valuations for first-time buyers has risen in all areas of the UK except for London, according to the latest data released this week by UK Finance.
The largest increases in first-time buyer valuations were in the north of the country, where over 43% of first-time valuations are for properties priced less than £125,000. The North East leads the way with an increase of 3.8%, followed by the North West with 3.3%.
Across London, valuations in the first half of 2018 were down 3.9% on a year ago. A quarter of valuations were for properties priced over £500,000, compared to the UK average of just 4%.
First-time buyers are currently facing less competition for property from buy-to-let investors. In the first nine months of 2018 buy-to-let mortgage approvals across the UK have fallen by 13.5% compared to the same period a year ago.
Located on Compstall Road in the heart of Romiley village is this two double bedroom ground floor flat.
This property offers TWO double bedrooms, a large lounge with access to the balcony at the front, a modern fitted kitchen with plenty of worktop and storage space and a three piece family bathroom with shower. There is ample handy storage areas within the flat. Externally the property provides garage parking and communal areas.
This flat is positioned in a prime location with Romiley village on the doorstep, giving you easy access to public transport links, shops and bars/restaurants.
The yield you would look to achieve for this is 6%, with the rental achieving £650 pcm, this is based on its’ location and the benefit of two double bedrooms and garage parking.
Currently on the market with Reeds Rains, Marple for £130,000.
Marple Santa Dash is a fun run for all the family starting at 12 noon from Marple Memorial Park. It is organised by Romiley & Marple Lions on behalf of Kidneys for Life. The run finishes at Marple Garden Centre, where you will be greeted with a mince pie and a cup of tea, children will receive a present from Santa and everyone wearing a Santa Suit will get a free ride on the miniature railway. Transport is provided back to the Memorial Park.
Mellor Country House are selling non-drop Christmas trees and wreaths.
Order your Non Drop Nordman Christmas trees from Mellor Country House Charity before the 2nd December for delivery on the 8th December or collection from the home.
They are very good quality trees, at unbeatable prices and free delivery within 5 mile radius. Enjoy the start of the season with the fresh smell of a real tree, can’t beat it to get you into the spirit of Christmas.
Don’t miss out, you can phone on 0161 427 1893 or you can email the home on email@example.com and we will also have a stall at Winter Wonderland on 1st December in Marple Bridge. See you there!
A drop of more than a third of the average sole agency fee for a traditional estate agent in the UK, to 1.18% (plus VAT), since 2011 makes it among the cheapest prime location for agent fees in the world.
Of the places analysed, only China and Hong Kong had lower seller-side fees at 0.5% and 1.0% respectively. Other countries with significantly higher seller fees including Mexico (7.5%), the USA (5.5%) and France (5%).
The UK comes out as the cheapest location to buy in terms of estate agent fees when you consider the combined buying and selling commission fees (assuming no buying agent is used).
A survey carried out by TheAdvisory of over 2,000 property sellers in England and Wales, which was reported by Prime Resi, also identified that 95% chose a traditional agent over a new online and hybrid agencies (often with ‘no sale no fee’) to sell their home.
A quick analysis of sales volumes to date in 2018 indicates that in areas where sales have increased compared to the same period last year, on average virtually half of all properties have access to ultra-fast broadband, with an average download speed of 46.4mbps.
In contrast, in those areas where sales have fallen, just under one third of properties have access to ultra-fast broadband and the average download speed is slightly lower at just 42.9mbps.
While broadband coverage and speed may well not be the most important factors in choosing which home to buy, their impact on daily life is ever increasing. 89% of adults now use the internet each week, up from just 51% in 2006 (ONS), and a rising proportion of the population works from home for at least part of the week.
Upgrade to Inform’s new local demographic pages for analysis of connectivity in your area and check our blog to find out more.
This two bedroom terrace located on Birch Avenue, Romiley is the ideal buy to let property to add to your portfolio. In an ideal central location in Romiley close to the train station, local shops and restaurants this will attract a lot of attention.
Generously sized accommodation throughout including an entrance hall, lounge, dining room, fitted kitchen with certain integral appliances, 2 double bedrooms, a box/storage room and large bathroom with white suite. Gas central heating is installed along with UPVC double glazing and the property was re-roofed approximately 9 years ago. Outside there is a forecourt front garden and enclosed patio area to the rear. This property offers the potential to create a third bedroom by splitting the master bedroom at the front. This will open the market up to more tenants looking for a third bedroom.
The property in its current value will fetch £750 pcm, giving you a healthy 5% yield. If you were to create the third bedroom you could market the property at £850 pcm.
Currently on the market with Thomas Lardner, Romiley for £179,950.