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2014 UK Property Prices To Increase Further

2014 UK Property Prices To Increase Further

UK Property Prices Extend Best Run Since 2007

There was some good news for property investors looking for capital appreciation this week as it was reported that UK property prices have continued to rise, increasing for the 14th consecutive month in March 2014, the longest run of price growth for nearly 7 years.

Residential property values across the UK increased by an average of 0.6% in March, with the South West and East Anglia regions recording the largest property price increases of 0.8%, according to data supplied by Hometrack Ltd.

Yorkshire & Humberside and the North West regions registered the smallest gains, with property values increasing by just 0.2% in March 2014.

Even independent surveyors are forecasting property prices to increase by a further 6% this year and are including this information on property condition reports for prospective purchasers.

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Portfolio Buy-To-Let Landlords Are A Minority

Portfolio Buy-To-Let Landlords Are A Minority

Only 6% Of UK Buy-To-Let Landlords Own More
Than One Rental Property

New data from the latest Countrywide Residential Lettings Index shows that portfolio landlords with multiple rental properties are the minority of the UK’s private rental sector.

According to the research data, the average the size of a UK landlords’ buy-to-let portfolio tends to be small, with only 6% owning more than a single rental unit, however in London this figure reduces to just 4%.

Countrywide also report that 56% of private rented sector landlords own at least 1 rental property within 10 miles of their own residential properties.

When the data is expanded to account for buy-to-let landlords who live within 25 miles of their rental properties, the North East recorded 83%, followed by 81% in the North West and 71% in East Midlands. Landlords who live within 25 miles of their rental properties in London average just 60%.

London has the highest proportion of landlords who live more than 100 miles away from their rental properties, with over 20% of UK PRS landlords doing so, twice the UK average.

Wales and the East of England are more rural than other regions of the UK with less dense population clusters, so many landlords purchase properties in busier areas and choose to live within a commutable distances in order to keep an eye on their rental assets. The proportion of landlords living between 10 and 25 miles away in Wales and the East of England is the largest in the UK.

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Property In The North Is Cheaper

Property In The North Is Cheaper

North of England Leading The Way
For Renting Property

Renting property is more affordable in Northern regions of the UK as property prices in some areas stretch beyond of the reach of the average earnings of first-time and next-time buyers.

Chichester is the least affordable place to buy or rent property in the UK, whereas Hull and Belfast are the most affordable.

Middlesbrough, Dudley and Wolverhampton have the most affordable rental markets in the UK with 99% of properties within an average working couple’s budget.

The North-South divide is still prevalent in the UK property market with the most affordable properties located in the North of the country, where first-time and next-time buyers in full-time employment have the largest pool of properties within budget to choose from

Rental prices in East Anglia and the South East of England are among the highest in the UK according to analysts as these areas outperform the rest of the country, due to high tenant demand.

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Landlords Face Closer Scrutiny From HMRC

Landlords Face Closer Scrutiny From HMRC

HMRC Want Landlords
To Pay Up

Her Majesties Revenue and Customs (HMRC) are determined to hit private rental sector (PRS) landlords for as much tax as possible.

Over the past few months, HMRC inspectors have been closely scrutinising PRS landlord activity, focusing on any money generated by sales of buy-to-let properties that were purchased by property investors.

HMRC have created dedicated task forces in the Yorkshire and Humber region and in the South East of England to ensure property investors are not evading tax obligations.

HMRC have also been publicising a property sales campaign to try and round up property investors who have yet to declare income from the sale of rental properties, so if you are a property investor who has recently sold a rental property, (that has never been your main residence), you better hurry up and declare it to HMRC before 6th September 2013.

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UK residential property prices are

expected to continue rising during 2013

 

UK Property Market Confidence Grows As Prices Rise

UK Property Market Confidence Grows As Prices Rise

UK residential property owners are expecting house prices to rise by 4.5% within the next six months, according to new research by the property search portal – Zoopla.

The property portal based its findings on replies from 4,116 people in the last week of March 2013, of whom 3,485 were residential property owners.

This is the biggest predicted UK house price increase by home owners in more than three years, the property search site said.

The proportion of home owners who think that residential property prices will increase this year is also at the highest level for almost three years, with 74% predicting house prices in their area will increase, the most since the second quarter of 2010.

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March 2013 Sees PRS Rents up by 0.5%

UK PRS Rents Increase Again

UK PRS Rents Increase Again

UK private rented sector (PRS) rents increased for the first time in five months in March 2013, led by busy regions such as London, according to LSL Property Services. 

The latest figures reveal that average monthly PRS rents rose by 0.5% in March compared with February to reach an average of £735 (GBP). 

London private sector rents surged to a new average high of £1,106 (GBP) per month, following a 1.3% month-on-month increase.

The study, which has been running for five years, is based on rents achieved on 18,000 UK PRS rental properties, show that average rents in the capital are now £81 (GBP) higher year-on-year.

However, the increase in rents has left a greater number of tenants struggling to keep up.

Tenants’ finances worsened to levels not seen since before Christmas 2012, with 8.5% of all rent late or unpaid in March, compared with 7.4% in February.

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PRS Rents have fallen back for the first time since March across most of UK, says LSL

PRS Rent falls for first time in 8 months

PRS Rent falls for first time in 8 months

Private Rented Sector (PRS) Rents fell in November 2012 for the first time in eight months, but still remain 3.4% higher than in November 2011.

The latest LSL rental survey, which measures PRS asking price rents, says that the average rent was £741 (GBP) last month.

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Residential property affordability is at its most favourable in almost a decade, according to the latest Lloyds TSB Affordable Cities Review.

My home town of Salford, in the North West, is the most affordable UK city with an average property price of £102,391 that is 3.81 times the average gross annual earnings.

This partly reflects a 32% fall in house prices in this part of Greater Manchester since 2008.

The average price for a home in a UK city is £173,202 equating to 5.5 times the average gross annual earnings.

This is an improvement on 5.7 times the average gross annual earnings in 2011 and is significantly below the peak of 7.2 times the average gross annual earnings observed in 2008.

10 most affordable UK cities, 2012

UK cities

Region

Price to Earnings ratio

Salford

North West

3.81

Londonderry

Northern Ireland

3.87

Bradford

Yorkshire and the Humber

3.98

Lancaster

North West

4.00

Stirling

Scotland

4.04

Belfast

Northern Ireland

4.08

Durham

North

4.08

Lisburn

Northern Ireland

4.09

Hereford

West Midlands

4.26

Birmingham

West Midlands

4.43

UK cities average

 

5.51

Sources: Lloyds Banking Group, ONS

The marked improvement in affordability in UK cities over recent years has been driven by the significant fall in residential property prices.

Since 2008, the average house price within a city has fallen by 18% (£37,403) from £210,605 in 2008 to £173,202 in 2012.

  • 7 out of the 8 most affordable cities are in Northern Ireland and the North of England.
  • Ely in the East of England is the most affordable city in the south of England (4.60).

The least affordable city in the UK is Truro in the South West where the average property price (£250,489) is nearly ten times (9.71) the average gross earnings in the area. The benefits to the quality of life associated with living in this picturesque part of Cornwall have supported residential property prices in this area for the past decade.

Oxford (8.80) is the second least affordable city, followed by Winchester (8.76). Inverness (5.97) and York (5.95) are the least affordable cities outside Southern England.

Suren Thiru, housing economist at Lloyds TSB, commented: “The improvement in housing affordability within many of our major urban conurbations has been significant during the past few years and reflects the decline in house prices over the period. There is, however, a distinct north-south divide to the locations of the most affordable UK cities. Looking forward, the marked improvement in city affordability is likely to help support demand for those able to enter the housing market. Much of this benefit, however, maybe offset by the continuing difficulties many households face in raising a deposit and uncertainty over the outlook for the UK economy.”

Despite the economic downturn still affecting the country’s economy during 2011, private rental sector landlords witnessed increasing rental yields in all parts of the UK.

Monthly Buy To Let property rents increased by 4.8% in 2011, giving property investors a rental yield of 6.1%.

The average monthly private rented sector (PRS) residential property rent climbed up from £682 in 2010 to £716 in 2011.

Figures from BM Solutions (part of Lloyds Banking Group), show that in East Anglia residential property rents increased by 8%.

In the North of England rents were up by 6.9% but property rents in Greater London saw slower growth and only increased by 5.6%, although the average residential property rent in London ended the year 69% higher than the national average at £1,212 per calendar month.

The areas with the lowest average PRS residential property rents in the UK during 2011 were:

  • Wales – £474
  • The North – £488
  • Yorkshire & Humber – £488

While London may prove to have the most expensive streets in the UK within Kensington and Chelsea ,  MyPropertyPowerTeam.com lists  the other expensive streets Lloyds TSB identified across England and Wales by region.

Property investors should be on the lookout for properties available in these top locations. Remembering the old adage of “buying the worst properties in the best streets” in order to maximise capital appreciation.

  • East Anglia

The most expensive streets in East Anglia are concentrated in Cambridge.
All are close to the main University area (particularly around the Botanic Gardens) in the CB2 and CB3 postal districts.
The most expensive street is Sedley Taylor Road with an average house price of £ 1,111,000. 

  • East Midlands

Valley Road in the Nottingham suburb of West Bridgford is the most expensive street in the East Midlands with an average price of £823,000. Unlike in other regions, the most expensive streets in the East Midlands are spread around the region in towns such as Northampton (Golf Lane, £795,000), Leicester (Swithland Lane, £675,000) and Belper (Hazelwood Road, £790,000). 

  • North

Seven of the ten most expensive streets in the North are in Newcastle, with many of them in the Jesmond and Gosforth areas.
Graham Park Road is the most expensive with an average price of £1,228,000 followed by Oakfield Road (£896,000) and Darras Road (£750,000). 

  • North West

The ten most expensive streets in the North West are all in areas south of Manchester.
Withinlee Road in Prestbury is followed by Macclesfield Road in Alderley Edge (£1,320,000) and Torkington Road (£1,285,000) in Wilmslow. 

  • South East

Five of the ten most expensive streets in the South East are in Surrey. Properties on Leys Road in Leatherhead have an average price of £3,108,000 (highest outside London).
Other expensive streets in the region include Moles Hill in Leatherhead (£2,608,000), Nuns Walk in Virginia Water (£2,574,000) and both Phillippines Shaw (£2,352,000) and Wildernesse Avenue (£2,293,000) in Sevenoaks. 

  • South West

Poole has six of the ten most expensive streets in the South West.
Brundenell Avenue in Sandbanks in Dorset has an average house price of £2,024,000 and is the most expensive street outside of London and the South East.
Sandbanks is well known for commanding premium property prices, with Chaddesley Glen (£1,443,000), Crichel Mount Road (£1,415,000), Elms Avenue (£1,366,000) and Bingham Avenue (£1,310,000) all having an average price above £1 Million (GBP). 

  • West Midlands

Four of the ten most expensive streets in the West Midlands are in Solihull. The most expensive streets are Quarry Park Road in Solihull (£1,070,000), Rosemary Hill Road in Sutton Coldfield (£990,000) and Alderbrook Road in Solihull (£939,000). 

  • Yorkshire and the Humber

The most expensive streets in Yorkshire and the Humber are all located in the area that makes up the “Golden Triangle” between Harrogate, Wetherby and North Leeds.
The region’s most expensive street is Bracken Park in Scarcroft in Leeds with an average price of £934,000, followed by Wigton Lane in Leeds (£840,000) and Orchard Close in York (£800,000). 

  • Wales

The most expensive street in Wales is Druidstone Road in Cardiff with an average house price of £685,000.
Eight of the ten most expensive streets in the Principality are in Cardiff and Swansea; the remaining two are Gannock Road in Conwy (£677,000) and Glasllwch Lane in Gwent (£485,000).

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