Latest News
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Scotland – Potential Rise in Council Tax for Second Homes
Starting from April 2024, councils in Scotland might have the authority to double the council tax for families owning a second home in rural areas. This move aims to target second homeowners, especially in the Highlands and Islands, where young families often face challenges securing homes due to high property demands. Investing in Affordable Housing…
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Who’s Investing in Buy-to-Let? A Guide to Landlords
A recent study has peeled back the layers, providing a detailed profile of who these property investors really are in England. According to the in-depth analysis conducted by Confused.com, utilizing government statistics, industry figures, and its own data, a whopping 93.7% of landlords are private individuals. This insight dispels the common notion that big corporations…
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Homes Take Longer to Sell, Yet Determined Buyers Push Forward
Statistics reveal a notable decline in the pace of property sales. Only 37% of listings went under offer within a month of being advertised in September 2023, a significant dip from 53% during the same period last year, according to OnTheMarket’s (OTM) latest Sentiment Index. Despite this slowdown, the market isn’t at a standstill. Active…
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Are Falling Prices Tempting You to Buy a Second Home?
As house prices experience a notable decline, many Britons might be considering the investment opportunity that buying a second home presents. However, this decision isn’t one to take lightly; understanding the financial implications, including taxes and potential benefits, is crucial. Investors’ Chronicle has a guide. Current Housing Market: An Opportune Time for Buyers? Since March…
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Renters Squeezed: ONS Reports a Surge in Housing Affordability Issues
The Office for National Statistics (ONS) has shown an increasing number of individuals are finding it tough to keep up with their rent or mortgage payments. The ONS’s latest bulletin on ‘Public opinions and social trends’ shows a stark reality — 40% of adults who are either renting or paying a mortgage find these payments…
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Slim Profits: UK Landlords Squeeze 3.4% Yields from Buy-to-Let Investments
According to data from estate agents Benham and Reeves, the net yield from rental incomes, after deducting property maintenance costs, hovers at a modest 3.4%. A Rise, Yet Not So Rosy Interestingly, this figure marks an increase from the previous year’s 3.0%. However, Marc von Grundherr, a director at Benham and Reeves, notes that the…
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Wales’ Home Values Take a Dip: First Time in a Decade
The residential property market in Wales is experiencing its first year-on-year decline in house prices in ten years. According to research from Principality Building Society, the average cost of a home in Wales receded to £239,378 in the third quarter of 2023. This rate is not only a 1.1% decrease from the previous quarter but…
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Surge in Interest-Only Mortgage Searches Amid Affordability Concerns
The UK housing market has witnessed a significant uptick in the number of prospective buyers showing interest in specific mortgage products. Key among these are interest-only mortgages, with recent data indicating a pronounced increase in searches for these products. Interest-Only Mortgages: The New Favourite? According to insights from Legal & General Ignite’s research, there’s been…
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Expert Reactions to Latest House Price Index
As autumn unfolds, there’s traditionally an uptick in property asking prices. This October, however, the increase was modest at best. Rightmove’s House Price Index highlighted a mere 0.5% rise in property asking prices, the slightest seen since 2008 and significantly lower than the 1.4% average increase observed over the past 20 years. The restrained growth,…
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Mortgage Interest: A Growing Burden for Landlords
According to recent data from Hamptons, there’s a financial storm brewing for landlords. Mortgage interest payments have surged by a staggering 40% compared to last year. This upswing means that, as of August, landlords with mortgaged properties are now relinquishing an average of 37% of their rental income to cover mortgage expenses, a substantial increase…