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Published UK Property Data For 2014 Suggests A Record Start To The Year

Published UK Property Data For 2014 Suggests A Record Start To The Year

Published UK Property Data For 2014 Suggests
A Record Start To The Year 

Confirmation that the UK’s residential property market has returned to health is the first data from Rightmove covering 2014 which suggests that the year ahead looks good for property!

The Rightmove House Price Index (HPI) of 2014 shows that property asking prices increased by 1% in January.

Property prices are traditionally subdued in the first month of the year, prices increased just 0.2% in January 2013 and have usually fallen by an average of 0.2% in the month of January over the last decade.

The number of properties coming to market and activity is also up as both estate agents and property vendors look to cash in on the increased confidence in the UK property market.

Year on year property asking prices are up 6.3%, the highest annual rate of increase since November 2007, before the onset of the UK’s credit crunch. 

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Empty Property Rates - £1.1 Billion Tax Bombshell

Empty Property Rates – £1.1 Billion Tax Bombshell

The taxpayers Alliance have reported that a massive £1.1 Billion (GBP) was paid last year in Business Rates on empty properties, a rise of 19% between 2009/10 and 2011/12

This is the first time that a figure has been calculated for the amount collected in empty property rates since exemptions for empty commercial and industrial properties were abolished at the 2007 Budget.

Before 2007, empty industrial properties were exempt from Business Rates and empty commercial properties were subject to extensive reliefs and reductions.

Apart from a short exemption period and extremely limited reliefs, full Business Rates are now payable on all empty commercial and industrial properties.

With the economic downturn making it increasingly difficult for commercial landlords to find new tenants, this tax has had some devastating effects:

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UK Residential Property Prices Fall At Fastest Rate For Three Years

UK Residential Property Prices Fall At Fastest Rate For Three Years

UK residential property prices have dropped at the fastest rate for three years and now UK economists are warning that the double-dip recession will push them down further.

Nationwide published figures last week showing the average value of a residential property has dropped by 2.6% since July 2011.

The news is the biggest annual fall in UK property prices since August 2009 and follows a drop in property values almost every month since December.

In July 2012 the average UK residential property lost 0.7% of its reported value.

The figures from Nationwide also reveal a slump in average property prices since the peak of the UK property market in October 2007 when average residential property values stood at £186,044 (GBP).

Today the average property value is worth £164,389 (GBP), a fall of £21,655 (GBP) which is almost the equivalent of an average UK annual wage.

Robert Gardner, chief economist at the Nationwide said “The drop is unsurprising given the disappointing performance of the wider economy”.

Official figures showed that last month the UK was still struggling with the longest economic downturn in history.

National residential property prices mirror the economic struggle in the UK with only the shortage of habitable residential properties available preventing larger price falls in many parts of the country.

Mortgage lending figures are still poor, and lenders’ reluctance to lend is being felt most keenly by first-time buyers and landlords who want to expand their property portfolios.

Nationwide refuses to predict if house prices will continue to fall, but economists have already made their own bleak forecasts, stating that UK house prices are likely to remain under pressure for the rest of the year.

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