Rishi Sunak, the newly appointed Chancellor of the Exchequer will deliver the government’s first Budget since leaving the EU this week, 2019 the first year in over a century that no Budget took place. Headlines for the housing market may well include changes to Stamp Duty Land Tax, support for first-time buyers and housebuilders … Continue reading Budget watch
The government has announced its First Home scheme, a policy which plans to offer first-time buyers a 30% discount on some new build homes, aiding affordability by lowering mortgage and deposit costs. The First Homes scheme would reduce the average price of a first-time buyer property in the UK from £285,874 to £200,112. Assuming … Continue reading Potential saving for first homes
Nearly half a million (464,700) first-time buyers have benefited from over £1.1 billion of tax duty relief since the First Time Buyers’ Relief was introduced in November 2017, each saving on average £2,387. Zero tax is charged to first-time buyers on purchases between £125,000 and £300,000, which account for 77% of benefiting purchases. The … Continue reading First time buyers’ relief
Buying a home is like falling in love, you can expect to go through the same ups and downs, emotional tugs and pulls, and even similar stages. The one that got away, don’t panic, there are plenty more fish in the sea! An estimated 1.2 million residential properties were sold in 2019 (HMRC). Broken … Continue reading Fall in love with the right home
4.6 million households now live in the private rented sector, and their property is increasingly home for longer. Data from the recently-released English Housing Survey indicates the average number of years a private sector tenant has been in their current home is 4.4 years, up from 3.7 years back in 2010/11. Over half (56%) … Continue reading Renters nest for longer
After a decade of decline, the proportion of 25–34 year olds in owner occupation is now equal to the proportion in the private rented sector across England. 727,000 first-time buyers acquired keys to their first home in the year to March 2019. The average age of a first-time buyer is 32 years outside of … Continue reading Owner occupation and private renting
40% of UK households own a pet, yet only 7% of landlords advertise homes as suitable for pets. It is no wonder many people struggle to find a pet-friendly home. Research conducted by the Property Academy found that 35% of all tenants would be willing to pay a premium of £40 per month (£50 … Continue reading Pets at home
According to the National House Building Council just 44,361 new homes were registered to be built in the UK in the three months to November, far short of the Government’s target of 300,000 new homes per year by the mid-2020s. Across the UK the number of new homes registered to be built was up … Continue reading New homes registrations
The latest house price data published by Land Registry shows that UK House prices are growing and have increased by 2.2% in the year to November 2019. This is the highest level of annual growth recorded since November 2018. As of November 2019, the average price of a property across the UK is £235,298. … Continue reading 2.2% house price growth in the UK
New spending aimed at breathing new life into high streets and town centres may well impact local house prices. The government has made a very public commitment to spending money in order to rebalance the economy, a process called ‘levelling out’. 10.7 million people, equivalent to 16% of the British population, live within 200 … Continue reading Helping hand for the High Street
As expected, the Government has laid The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020. What does this mean? Subject to approval by both Houses of Parliament, landlords and agents will need to ensure electrical installation inspections and testing are carried out for all new tenancies in England from 1 July … Continue reading ELECTRICAL SAFETY REGULATIONS TO COME INTO FORCE
Across England and Wales, properties located close to parks, gardens, playing fields and other publicly-accessible green spaces generate a price premium, according to research conducted by the Office for National Statistics. Houses and apartments located within 100 metres of public green spaces are on average, £2,500 more expensive than those located more than 500 … Continue reading Urban green spaces
An average of independent forecasts predicts the average price of a property will rise by 1.8% over 2020 and 15.9%, cumulatively, over the next five years, an increase in purchase price of just over £37,000 With predicted growth of 2%, Scotland and the North West are anticipated to experience the fastest rate of price … Continue reading Regional property price growth forecasts
New research from Barclays Mortgages reveals over half (57%) of British homeowners don’t know the size off their home and one in four don’t understand what a square foot is. However, one third consider property size more important than location in choosing their home, 38% wish they had moved into a bigger property and … Continue reading How big is your home?
‘Garage’, ‘Garden’ and ‘Parking’ have proved the top three most searched-for property terms for house hunters on Zoopla’s property portal, over the past 12 months. ‘Garage’ took top spot in all regions except London, where ‘Freehold’ featured in the top three instead. ‘Help-to-buy’ also featured in the capital’s top ten list of most-searched terms. … Continue reading The top three searches for house hunters
A review of selected market indicators since the UK’s referendum on EU membership, show that house prices across England and Wales have risen by 10%. A buyer now requires over £22,000 more to purchase now than they did back in June 2016. Double digit growth is evident in half of all regions across England … Continue reading The markets since the referendum
Nine in every ten home sellers expects to complete their property transaction within three months of their property being ‘Sold Subject To Contract’ (SSTC), according to results of the 2019 Property Academy Homemovers Survey. In reality, just over half (55%) met that timescale. Research by proptech company, View my Chain, suggests the process from SSTC … Continue reading SOLD? SSTC
The government has announced an initiative to use proptech (property technology) to “digitally transform house-buying”, helping to speed up how we build and sell homes. However, research by KMPG suggests just 58% of real estate companies have a digital strategy in place. Most companies use prop tech to streamline processes and reduce costs but 40% … Continue reading How do homeowners and landlords think technology can help?
Buy for Uni mortgages are now offered by three Building Societies. They allow students to buy a property while at university and pay the mortgage with the rent they charge other students. Of the 2.3 million students in higher education across the UK, over three-quarters, 1.84 million are students studying on full-time or sandwich courses. … Continue reading Buy for Uni – A new mortgage market?
Across the UK, it is estimated in the region of £500 million is spent celebrating Bonfire Night and the foiling of the gunpowder plot back in 1605. Around half the population is set to don woolly hats and scarves to attend organised events. To date in 2019, every weekday on average twice this amount of … Continue reading Ooh Aaaahhhhhh!
39,364 new homes were registered to be built across the UK in Q3 2019. This is 4,000 fewer (the equivalent of a 9% fall) on the same period in 2018, albeit that was a record high. The National House Building Council report private sector registrations fell 16% year on year, while there was an 11% … Continue reading New build registrations down
The population of the United Kingdom is set to grow by 3 million, or 4.5%, over the next decade, according to the latest population projections released by the Office for National Statistics this month. 80% of the increase will be among people aged 65 years plus. This age bracket set to account for one fifth … Continue reading One fifth of the UK population with 65+ by 2028
Nearly eight in every ten renters have experienced a problem renting, according to the HomeOwners Alliance 7th annual Homeowner survey, polled by YouGov. Issues with landlords account for a significant number of problems, with nearly two-fifths of all renters finding it difficult to get their landlord to carry out maintenance and repairs. A third of … Continue reading 78% of renters encounter problems
£4,753 is the total amount an average household spends on food and non-alcoholic drinks per year, the equivalent to 20 weeks’ average rent. Whether it’s cereal, sandwiches, roast dinner, cream tea, fish and chips, curry or fine dining, what we eat and where we eat it makes quite a dent in household expenditure. The average … Continue reading Weighing up food and rent
At £8.32 billion, Treasury coffers netted £750 million less in residential SDLT (Stamp Duty Land Tax) receipts across England in the financial year to the end of April, compared to 2017/18. This is despite just 16,000 fewer transactions taking place. All regions witnessed a fall in receipts except for the East and West Midlands. The … Continue reading Less SDLT for Treasury
The 50p is 50! First introduced in October 1969 to replace the 10-shilling note, today there are over 100 different designs in circulation. 1997 saw the introduction of the new, lighter coin. In October 1969, the average price of a UK property was just £3,899. Today the average price is over 58 times higher at … Continue reading The 50p turns Fifty
Older homeowners are increasingly accessing wealth from their properties through equity release. In 2018, 50p of housing wealth was unlocked for every £1 of flexible pension payment, highlighting the role of property wealth to finance later living. The lifetime mortgage market saw the biggest annual increase in new loans compared to other mortgage market sectors … Continue reading Strong growth in lifetime mortgages (17-18)
The top 10 most mispronounced place names in the UK have been revealed by the creators of language app Babbel. Frome in Somerset, most commonly pronounced as rhyming with ‘home’, tops the list, average property prices here are just over the UK average. Although English is the second most spoken language in the world, the … Continue reading The 10 most mispronounced place names in the UK
In a previous article we reflected on what may replace section 21 of the Housing Act 1988, a proposal by the Government. The consultation about the replacement for section 21 was promised before the summer, but was not published until 21 July. The decision to repeal section 21 has already been made. The Foreword … Continue reading A consultation not to ignore!
September 21st is the official start to autumn, and in households up and down the country the conversation will soon turn to ‘is it cold enough yet to turn the heating on?’ Across England and Wales, 17% of homes sold over the past year have achieved the top Energy Performance Certificate (EPC) rating of A … Continue reading How Energy Efficient is your Home?
The ninth Rugby World Cup commenced this weekend in Japan. 20 teams are set to scrum, kick and tackle it out over 48 matches until the champions are crowned on 2nd November in Yokohama. Based on pre-tournament rankings, Ireland and New Zealand should battle it out in the final, with England and South Africa completing … Continue reading Rugby World Cup & Property Price Growth
Serving a notice under section 21 of the Housing Act 1988, has been one route for private landlords to seek possession of their property after the end of a fixed term of an assured shorthold tenancy. Are we now seeing the beginning of the end of section 21? How have we got here? On 2 … Continue reading Is there life beyond section 21?
At 1.3%, annual rental price growth across the UK in the year to May is at its highest level in 18 months, according to the latest figures released by the Office for National Statistics The East Midlands, South West and Yorkshire and the Humber are currently ranked the top three regions for growth, with rents … Continue reading Rental growth is heating up
Nearly 9 million households across England and half a million across Wales are classed as under-occupied, defined as having at least two more bedrooms than the household needs. The latest English Housing Survey estimates that half of all owner-occupied properties are under-occupied, while this figure is one in every eight in the private rented sector. … Continue reading Who lives in a house that’s too big?
On a seasonally adjusted basis, latest figures from the HMRC show the number of homes sold in April 2019 in the UK has risen by 0.8% compared to April 2018. This implies that confidence in the housing market is slightly higher than it was at the same time last year. Furthermore, it is also possibly … Continue reading Confidence on the up?
Household projections are a useful starting point for calculating housing needs. The latest projections are 2016-based for England, which estimate that 3,970,000 additional households will form between 2016 and 2041. In Wales, it is projected that 140,000 households will form between 2014 and 2039. The main projection shows how many additional households would form … Continue reading Family Homes Shortage?
This week (21st to 25th May) marks the biggest show in the gardening calendar, The RHS Chelsea Flower Show. Planting trends emerging from the garden designers this year include lupins, foxgloves and an abundance of British flowers Reflecting our love of horticulture, many English and Welsh home addresses feature floral names. In the last … Continue reading Flower Power
Wednesday 20th March marks the official start of spring, traditionally a busy time for the country’s estate agents. On average, over the past five years, March has been the busiest month of the year for property viewings, with May and then April following in second and third place. Indeed, if history repeats itself, agents will … Continue reading March Market Spring Up
The slew of new legislation either in force or in the pipeline appears to be geared to driving from the market both rogue landlords and rogue agents the consequences of which is aimed at driving up living standards and improving conditions for tenants. Tenant Fees Act 2019 The Chancellor of the Exchequer announced the … Continue reading Driving out ‘rogue’ landlords
Nearly one quarter of new tenancies agreed in the last year were for rentals where tenants included children in the household. Of these, half were for families that included one child, while 37% of tenancies involving children were for families with two children. These figures remain remarkably consistent across all regions of England and Wales. … Continue reading Rising number of families in the private rented sector
It is widely expected that come the 31st March 2020 the selective licensing scheme operating in Waltham Forest will be extended for a further 5 years. Last year Newham extended their licensing scheme and Redbridge has recently introduced two new licensing schemes of their own, so it’s important for landlords to keep an eye on … Continue reading Legal Update Feb 19
The Ministry of Housing, Communities and Local Government (MHCLG) has announced the introduction of mandatory electrical installation checks for private rented housing in England, a move which we welcome and one that will give landlords absolute clarity. In some cases, these checks are already required, such as with HMO’s or as a condition of licence, … Continue reading 5-yearly electrical installation checks to become mandatory
From 1 October 2018 new licensing rules will apply for Houses in Multiple Occupation (HMO) in England in relation to the number of storeys. We will also see the introduction of minimum room sizes and the requirement for adequate domestic refuse facilities in licensed HMOs. Please note that various councils may also be operating a … Continue reading Will your HMO become subject to mandatory licensing ?
Trading Places have a strong presence in the community and local life in Leytonstone. We want to share this with you so you can also join in. May’s Highlights LUNA LOUNGE 5th May 6 PM Stelios Kyriakidis- guitar solo 8 PM Prime Panda is a new 5 piece of awesomeness from London. A modern psychedelic take … Continue reading Leytonstone Local News
Properties in Leytonstone and surrounds increased in value by two percent last month, bringing the average price of real estate in the area to £610,074. But it’s good news for first-time buyers and ‘second steppers’ where the average price of property in both sectors has fallen throughout the UK. One and two bedroom properties fell … Continue reading Property Values in Leytonstone Experience Monthly Increase
An eight-week consultation aimed at tightening up electrical safety regulations for landlords ended on April 16 this year. Introduced by Housing Minister Heather Wheeler in an effort to make buy to let and shared housing safer for tenants in the private rental sector, it is asking for a raft of new measures including: electrical safety … Continue reading New Tougher Electrical Safety Regulations for Landlords on the Way
Buy to let is an area of investment that can reap large yields – provided you choose the right property in the first place. Let’s explore what you can look for … Find the right location. One of the most important areas in this respect is to – literally – find the right area in … Continue reading How to Choose the Best Investment Property
Today an increasingly popular route to property ownership for many young people, and indeed those in their 30s and 40s with families is either via inheritance or a loan from mum and dad. This is despite the fact that employment is higher than ever before and unemployment the lowest since the 1970s. The reason … Continue reading Bank of Mum and Dad: Rising Trends
At the risk of blowing our own trumpet, here at Trading Places, we are delighted to be able to tell you that we won gold at the British Property Awards this year. Our first place ranking means we came first mean the estate agencies in the E11 postcode area. A prize-winning team effort from all … Continue reading Trading Places Offers You Award Winning Services