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UK Property Prices Rise Most in Six Years

UK Property Prices Rise Most in Six Years

Residential Property Prices Continue To Increase

UK residential property prices have increased by 0.4% in May 2013, the biggest monthly increase since May 2007, as, according to Hometrack Ltd, a shortage of available residential properties boosted average property values in London.

Average residential property prices in England and Wales have seen a gradual increase in value during the last six months with property prices increasing gradually, while London property prices have jumped 0.9% over the same timeframe.

Demand for residential property in the capital has surged 15% in the past six months alone, while supply of available properties has fallen 0.6%.

Richard Donnell, Director of Research at Hometrack said, “The impetus for rising house prices is originating almost exclusively from London and the South East. Elsewhere housing market conditions are improving gradually, with prices trending slowly upwards.”

The Government initiative to ease the strict lending conditions set by lenders has improved the overall health of the UK property market but the Funding for Lending scheme needs to be backed by more solid initiatives.

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Countrywide’s Quarterly Lettings Index Results

Survey Reveals Favourable Rental Market For UK Landlords

Survey Reveals Favourable Rental Market For UK Landlords

Results from the latest Countrywide Quarterly Lettings Index has revealed a favourable UK lettings market for buy to let landlords.

Countrywide’s Quarterly Lettings Index analyses rental prices, rent arrears and gross rental yields in the UK private rented sector and is the UK’s largest national lettings index based on over 50,000 properties across England, Scotland and Wales and the latest survey has uncovered a number of interesting statistics:

  • Average monthly rents in Inner London are the highest in the UK and four times more than in Scotland
  • Scotland has the cheapest rental accommodation in the UK and is the only region where arrears have increased
  • Average monthly rents increased the most in Wales and the East of England at 5.5%, followed by Outer London at 5.4%
  • Average UK rental yields of 6.2%, with Wales topping list at 6.7%
  • Rising rents, falling arrears and fast letting times provide perfect recipe for buy-to-let investors
  • Average rents have risen and rental payment arrears have fallen in Q1 2013 compared to the prior year.

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UK Buy-to-Let Needs New Landlords

UK Buy-to-Let Needs New Landlords

The demand for rental property in the UK is such that many experts are predicting that as many as 1 in 5 households will be living in rental property as tenants by 2016.

In order for this estimate to be accurate there will need to be an additional 1.1 Million more rental properties made available in the UK private rented sector.

Experienced property investors are expanding their rental property portfolios and the demand for rental property is so strong that many new property investors are being encouraged purchase property for longer term rental yields and become landlords.

UK PRS landlords are reported to control as many as 4.8 Million PRS rental properties throughout the UK, up from the reported 2.5 Million in 2002.

PRS rental properties in London account for 27% of all residential properties while social renting now accounts for just 24%.

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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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What’s in store for the UK residential property market in 2013?

What's In Store For The UK Property Market In 2013?

What’s In Store For The UK Property Market In 2013?

Many of the predictions made by property analysts have so far been reasonably positive in that the state of the UK property market can’t really get much worse.

2012 was a rollercoaster kind of year with the Queen’s Diamond Jubilee and the Olympic and Paralympic Games having an effect on the market.

But overall UK residential property prices and property sales have been fairly stable, probably ending the year just higher than where they started, although by how much depends on whose figures you look at.

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Residential property prices increase by 0.8% say Land Registry

Property Values Rise Again...Just!

Property Values Rise Again…Just!

Property prices across England and Wales grew by an average of 0.8% in July 2012 to stand at £162,900 (GBP), the Land Registry has reported.

Meanwhile, Nationwide reported that residential property prices shot up by 1.3% in August 2012.

Although the uplift sounds sizeable, it translates into a £340 (GBP) difference between July’s average price of £164,389 (GBP) and August’s £164,729 (GBP).

The data from the Land Registry means that UK residential property prices are now just 0.3% ahead of where they were in July 2011.

But the UK statistics were boosted by a monthly price rise of 2.7% in London, bringing annual house price inflation in the capital to 6.5%. The average house price in London now stands at £367,785 (GBP).

In Wales residential property prices also went up 2.3% during July, and there were also rises in East Midlands (1.2%) and theSouth-East and East (both 0.4%).

Contrastingly, property values fell by 0.1% in Yorkshire & the Humber , 0.6% in the South-West , 1.7% in the North-West  and 2.1% in the North-East during July.

The Land Registry’s latest data also shows an increase in property sales transactions. From February to May 2012, there was an average of 49,343 sales a month, up from 46,531 for the same period in 2010.

Private Rental Sector (PRS) Tenants are finding Buy To Let rents are unaffordable as many are handing over more than half of their take home pay to keep a roof over their heads according to the property website – Rightmove.

The average pay to rent ratio across the UK is 38% – but up to a 1 million of the country’s 3.4 million Private Rented Sector tenants are paying much more, say the online property portal.

Tenants paying out the most rent from their pay packets:

  • South East – 41%
  • London – 40%

Paying the least rent from gross wages:

  • Scotland – 35%
  • North East – 36%

Some tenants pay even more – with 16% in London and 19% in the South East forking out 60% of their net income.

Despite demand far outpacing the number of properties available to rent, Rightmove Director, Miles Shipside reckons tenants cannot afford to pay any more.

Searches for buy to let properties have soared by 43% in the past 12 months, while the number of properties to rent has only nudged up by 3% according to Rightmove’s latest quarterly consumer confidence report.

61% of tenants and 47% of landlords predict higher rents in the next 12 months, but 43% of landlords expect rents to hold steady.

Mr Shipside said: “While the rental bubble is unlikely to deflate as there is no readily acceptable alternative to the rented roof, it does appear to be approaching a limit in some areas. Agents report that the seemingly incessant demand is causing rental price pressure to spill over into other previously less sought-after areas and some tenants are attempting to negotiate lower rent. This is a clear sign that rents may be hitting an affordability ceiling in some locations. It is an early warning of some overheating and, as well as raising demand in cheaper locations, it will force some to find alternatives such as stay with parents or squeeze more people into smaller spaces.”

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).

There really could not be a better time to invest in UK property, and London is a favourite spot for Buy To Let Landlords.

Property investors looking for Buy-To-Let investment opportunities may have the chance to bag a property bargain after average residential property asking price fell by more than £7,000 (GBP) last month. That’s the biggest fall in monetary terms for almost 4 years.

The average asking price for a residential property in England and Wales in November is now £232,144, down 3.1% compared with October, according to the latest survey by property website Rightmove.

The number of new property instructions on the market also fell back to levels last seen during the 2008 collapse of American investment bank Lehman Brothers, which sent the global economy into recession.

Even London could not buck the trend in dipping valuations as all regions in England and Wales were hit by monthly property price falls for the first time in over 3 years.

Although London is still the prime location for buy-to-let investors, as rental rates rose faster in the UK’s capital city than in any other UK region over the past 12 months.

Amid a flagging market, London’s annual increase in rental rates remains significantly higher than other parts of England and Wales.

Rental rates in London increased by 5.7% in October, compared to a 4.6% rise in the West Midlands, and a 4.4% rise in the South East.

Rental yields also rose in the capital, increasing to 5% last month from 4.9% in October 2010

However, the rate at which rental rates are rising has slowed, and the annual increase to 5.7% in October does represent a fall from 5.8% in the previous month. But rents have now risen for 9 months in a row and already stand at a new record high, while the average yield remained steady at 5.3%.

When these figures are combined, buy-to-let landlords with rental property in the UK’s capital city are very happy investors.

For the rest of the UK, the average property asking price in November 2011 fell by £7,528 compared with October 2011, the biggest monthly drop in financial terms since December 2007, although this is still 1.2% higher than November 2010

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The latest UK report from Rightmove has found property asking prices in the South are now more than double the property asking prices in the North, creating a record divide.

Home owners in the South are putting their homes on the market for £336,743, compared with £164,347 in the North, sparking thoughts of a “two-tier twist” that could stall more widespread growth in the UK property market.

The monthly index revealed an overall 2.8% increase in asking prices, a jump of £6,533 from mid September to reach £239,672 in mid October.

The whopping £170,000 difference in property prices is the largest (in monetary terms) since Rightmove’s records began in 2002.

The property price rise was driven by the South, including London, the South East, the South West and East Anglia, which experienced a 4.7% overall upsurge in property values.

Meanwhile, the North (including Wales), the West Midlands, East Midlands, Yorkshire and Humberside, the North West and the North of England, saw property values go the other way and prices fell back by 0.7% in the space of a month to levels similar to May 2005.

There Will Never Be A Better Time To Invest In Property

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