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UK Property Market Predictions For 2015

UK Property Market Predictions For 2015

What Will Happen To
The UK Property Market In 2015?

Happy New Year to all our readers, and welcome to the usual confusion over what the year ahead will bring for the UK property market.

Property prices are still predicted to rise in 2015, albeit at a much slower pace than in 2014, with economists and property experts providing forecasts ranging from 3% to 5% property price growth.

However, there are a few events that might affect the UK property market in 2015, namely the general election that will be held in May and the growing probability of Bank of England (BoE) raising the base interest rate.

Regarding the general election, it all could depend which party wins or what coalition combination is named to form the Government, after Labour recently confirmed that they would introduce a mansion tax if they come to power. Meaning that the changes to Stamp Duty that were announced in the 2014 Autumn budget would be negated if Labour win.

Less clear is what will happen with Bank of England interest rates. It had been predicted that a small rise, either by a quarter to half of a percent, was going to be introduced before the end of 2014, but that didn’t happen. Then it was going to be early 2015 but that is now also looking very unlikely.

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Tenants Fighting Each Other Over Rental Properties As Supply Drops And Demand Increases

Tenants Fighting Each Other Over Rental Properties As Supply Drops And Demand Increases

Tenants Fighting Each Other Over Rental Properties
As Supply Drops And Demand Increases

Tenants looking to rent in the UK’s private rented sector face competition from other would be tenants as demand increases and supply contracts, according the Association of Residential Letting Agents (ARLA).

ARLA’s latest report has discovered that 68% of landlords surveyed reported more interested tenants than available rental properties.

This is the largest successive increase in tenant demand in the last 12 months, with tenant demand figures up from 46% in Q3 2013, 54% in Q1 2014, 59% in Q2 2014; meaning an increase of 9% between the second and third quarters of the year to date.

The tenant demand data is reinforced by the fact that supply of suitable rental properties in the private rental sector has decreased in the last quarter, with ARLA letting agent members recording a 6% drop in the average number of managed Buy To Let properties on their books, down from 143 to 135 per member agency.

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