Author: Coast to Country Lettings

Reports from a recent survey by estate agency Your Move and Reeds Rains show that first-time home buyers in the UK may have to break the bank in order to buy a house, even though the market has been shaky following results of the European Union referendum. In May, first-time buyers paid a standard £173,282 in order to become homeowners, and the figure went up 2.7 per cent from £168,656 last April–15.8 per cent higher than the average £149,645 that was seen in May 2015. This means that in the past 12 months, first-time buyer house costs have surged upwards…

Britain’s exit from the EU has brought a lot of uncertainty to the UK housing market. Here are comments from industry experts as they give their takes on how the market has reacted to the “Leave” vote. Activity in the UK Housing Market Will Cool, Especially in London Insight Director at Hometrack, Richard Donnell, says that the UK’s decision to leave the EU brings a lot of uncertainty to the UK housing market. According to him, the market is likely to experience an immediate fall in housing turnover, as well as a sharp fall in house price growth. He explained…

Just under one in three (30%) landlords were undecided until very late as to whether to vote leave or remain in the EU in the UK referendum on Thursday. This was the finding of a survey conducted by the National Landlords Association. Landlords were equally as divided on the decision to stay or remain as the rest of the country. The survey showed that 35% intended to vote to remain, while 35% intended to vote to stay. We are yet to see the actual data of how the votes turned out, but let’s take a look at what the surveys…

Sharp Year on Year Increase Recent figures show that the East of England has become the prime market in the UK property industry. The region’s property market has seen the sharpest increase in asking prices in the UK, which has prompted concerns about its sustainability. The past year has seen prices for the East of England rise twice as fast as figures for the rest of the UK, according to Home.co.uk’s index figures for June. Year over year, the East of England saw a 13.9 price increase,  while England and Wales saw an average rise of 6.8%; and 6.7 %…

Buy-to-let investment may no longer be as profitable a venture as it used to be in the UK. That’s because the government is introducing new tax changes that will change some of the financial implications of running your buy-to-let property or purchasing a new one. Here’s a look at these new measures and how they will affect you as a landlord. Extra 3% stamp duty From April 1, an extra 3% stamp duty land tax will be imposed on the purchase of second homes and buy-to-rent property. If you are investing in buy-to-rent property or buying a new home -…

The number of landlords in the UK rose to reach 1.75 million in 2013-2014, up 7 per cent from 2012-2013 which was 1.63 million. The figures released by estate agent Ludlow Thompson from analysis of Her Majesty’s Revenue and Customs records also revealed that net income for landlords increased from £13.1 billion to £14.2 billion in the same period. Figures from the Council of Mortgage Lenders show that the total rent collected by private landlords hit a record £53 billion to the year in April 2015, which is about a 10 per cent year on year increase. These figures are…

In 2015, rental prices right across England and Wales rose rapidly. It was a great year for landlords, as rental prices grew more rapidly than any other period in the previous four years. Even though there were significant decreases in the average rent price towards the end of the year (November and December), the overall increases were still at record highs for the previous few years. Towards the end of 2015, it was shown that six out of ten regions in the United Kingdom experienced a drop in the average price of rent. The reason the growth was as strong…

Mortgage brokers are concerned about the growth potential for the BTL market over the course of 2016, according to new industry research carried out by NatWest. 66% of the 441 intermediaries that took part in the survey used in the research said there has been an increase in demand for buy-to-let mortgages over the last six months, with only 7% of customers experiencing a decline. An Increase in Buy-to-Let Business Just over 32% of those surveyed expect to see an increase in buy-to-let business over the first and second quarter of this year, while 41% expect a slight decline. 27%…

In the past, the private rented sector (PRS) mainly consisted of people who were unable to afford the cost of their own homes. Today, that has changed.  The convenience and freedom offered by rented properties have driven up the number of people living in rented properties across the UK. Indeed, the entire country is witnessing a massive resurgence of rental culture. For investors, this shift in preference is significant. Previously, tenants didn’t have to spend too much time on the decision making process before renting a property. Today, however, the scrutiny is much more intense, especially among the younger generation…

From the 1st of April 2016, property owners that invest in a second property will be required to pay the extra 3% of the purchase price in stamp duty.  Properties affected by this new policy include buy-to-lets and second homes, however, commercial, semi-commercial, land and residential purchases are exempted. The additional 3% charge is applicable to current stamp duty land tax rates. While the new regulations appear to be targeting the buy-to-let market, landlords need to be aware of certain things: The Treasury is becoming stricter regarding what qualifies as a main residence when it comes to paying the extra…