With just days to go before the UK was expected to leave the EU, we seem no closer to a solution than when Article 50 was triggered almost two years ago. It is little wonder therefore, that uncertainty is expected to continue to impact the housing market
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.
As uncertainty and turmoil are at the heart of our Government and with only 15 days until we leave Europe, has our local property market been affected? We take a look back over the last 6 months to see if there has been any trends whilst also comparing them to the same months a year ago.
February has come out strong with listing 6% more properties
then the area did last year with 89 new properties coming to the market in comparison
to its 81 in 2018. This is re assuring not because it has increased but mainly because
it hasn’t decreased. Vendors are showing they still have faith in the market
despite the constant negative news in the media regarding our political
However the volume of sales agreed has dropped across SK6 by
12% this could be interpreted as buyers feeling unsure of where the market is
heading or simply they are catching up with Vendors actions to put their
property to the market. As other news outlets report record first time buyer
mortgages being approved as well at Brexit being finally put to bed this could
all lead to an even stronger market place. If you’re interested in exploring
the market further please let me know on 0161 427 0755 or at
Leaving home is often considered one of the biggest steps into adulthood, however, according to new research by the Office for National Statistics, young people are living at home for longer.
Twenty years ago, just one-quarter of those aged 18-34 in the UK still lived at home with their parents. Latest data indicates that the figure is now almost one third, equivalent to just over 4.7 million people.
There is also a significant difference according to gender: while just one-quarter of females remain at home with their parents, the figure is 37% for men.
Access to higher education, affordability of housing, and the ability to save money are just some reasons for staying put. The average age of a first-time buyer across England is now 34 up from 26 in 1997, while the average total income of purchasers has more than doubled from £18,080 to £41,839 over the same period (UK Finance).
If you are thinking of leaving your family home then please do get in touch on 0161 427 0755! We will help you find your own home and we have an in house mortgage advisor.
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.
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
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.
The income for HM Treasury from residential stamp duty receipts fell by nearly £1 billion in 2018 compared to 2017. It is estimated £8.454 billion was collected in 2018, a fall of £926 million compared to £9.471 billion in 2017.
20% of the fall is due to the devolution of the tax income to the Welsh Government. On 1st April 2018, Land Transaction Tax (LTT) replaced Stamp Duty Land Tax (SDLT) in Wales. Since April it is estimated the Welsh Revenue Authority has collected £177.9 million, from 48,140 property transactions.
Across England, the revenue from the 3% Higher Rate of Additional Dwellings tax (HRAD) fell by 16.6%, while the number of properties purchased eligible to pay the HRAD fell by 8.7%.
Nearly half a million (247,400) first-time buyers have benefitted from the introduction of stamp duty relief on the 22nd November 2017, the estimated cost to the Treasury £570 million.