Home owners’ appetite in the UK for downsizing and renting a retirement property when they get older continues to grow, according to new research.
There has been a 7% rise in enquiries from people looking for a smaller home to rent once their working life is over in the first seven months of this year compared to the same period in 2014, says retirement firm Girlings.
The number of first time buyers in the UK reached their highest level in July since the recession, paying an average of £161,985, some 8.9% more than a year ago, according to the latest index.
There were 29,700 sales of homes to first time buyers, some 4.9% above June with demand judges to be rising to an expected interest rate rise in the New year and despite the fact that the average first time buyer now needs a deposit of £27,975.
Buyers in Newry, Northern Ireland, lost it all after believing prices would keep rising – while other UK towns such as Ferryhill and Conwy are also suffering
Drops in home ownership and in social housing have fuelled growth in Scotland’s private rented sector.
The new Scottish Household Survey 2014 says that the social rented sector declined from 32% of all households in 1999 to 24% last year.
The supply of farmland in the UK increased sharply during the first half of 2015, as demand growth moderated, according to the latest report from the Royal Institution of Chartered Surveyors (RICS).
An increase in the supply of commercial farmland, coupled with a tailing off in demand growth across many parts of the country, has resulted in a significant reduction in price growth expectations, the report says.
Occupier demand in the UK regional office market increased 51% in the first quarter of 2015 compared with the previous quarter, with total investment at its highest level since 2007.
This growth totalled a combined take up of 2.08million square feet and 49% above the five year quarterly average, according to the latest data from real estate firm Knight Frank.
The UK government says it plans to significantly reduce subsidies paid to small-scale green power installations.
Under the proposals, the amount of money paid to home owners and businesses producing electricity from roof-top solar and small wind turbines will be limited from January 2016.
Subsidy schemes could be closed to new entrants from the start of next year.
Ministers want to ensure that consumers who pay for the schemes through their bills get the best deal possible.
Relaxed planning rules covering the construction of low cost ‘starter homes’ for local residents could be extended to rural towns and villages in England as part of plans to boost the rural economy which also include moves to make neighbourhood planning more straightforward.
Last week the Treasury and the Department for Environment, Food and Rural Affairs unveiled a package of proposals aimed at boosting rural productivity.
A key element would involve amending planning rules to allow so-called ‘starter homes’ to be built on Rural Exception Sites for the first time.
A landlord has been hit with costs of £75,215 after failing to license four HMOs and comply with various notices.
Gunapalan Vamathevan, of Acton in west London, received fines for nine offences at Ealing Magistrates’ Court.
He was ordered to pay court costs of £5,395 and a victim surcharge of £120, on top of a fine of almost £70,000.
Global stock market turmoil and fears about China raises the prospect of historically low borrowing costs staying in place for longer than expected
The first phase of a £75m luxury Salford residential scheme has sold out.
Adelphi Wharf - Knight Knox's 50th development - will be completed over three phases and is based on Adelphi Street on the bank of the River Irwell, within walking distance of Manchester city centre.
WORK has begun on a £40m, 200-home development as the "thriving" regional housing market continues to grow.
Beverley-based Lovel Developments secured planning permission last year for the family-owned 1.09 million sq ft site, which will also include NHS health facilities.
The cost of buying a home for first time buyers in the UK is £670 a year lower than renting, according to new research by the Halifax.
The average monthly costs associated with buying a three bedroom house in the UK for a first time buyer was £666 in June 2015, some 8% lower than the typical monthly rent paid on the same property type which was £722 a month.
The number of buyers being gazumped has fallen by 40% since October 2014, according to online estate agent eMoov.
Rents were up 4.6% in July on the year before, figures show, with median rent for one-bedroom flat in London now more than £1,000 a month
The City’s Cheesegrater skyscraper has a new tenant - its own developer.
Oxford Properties, the property arm of Canadian pension fund OMERS and joint developer of the tower with British Land, is taking up around 25,000 sq ft of space on floors 28 and 29 of the 224m high landmark, formally known as the Leadenhall Building.
There are few concerns about a rise in interest rates in the UK commercial property market which is regarded as being strong enough to take a base rate rise in its stride, according to a new report.
The all property capital growth index rose by 0.7% in July month on month, which is down on the 0.9% reported for June, the latest market outlook report from real estate firm Knight Frank shows.
More money was lent for mortgages in July than in any other month for seven years.
That is according to the Council of Mortgage Lenders (CML), which yesterday predicted that gross lending in July reached £22bn.
There were over 131,000 new homes completed in the UK in the last 12 months, some 15% higher than in the previous year and the highest annual total since June 2009, the latest figures shows.
Housing Minister Brandon Lewis welcomed the figures but promised that the rate of new building would keep rising to meet the government’s target of 275,000 per year by 2020 which he said would represent the fastest rate of building for 20 years.
Chinese investors, particularly those from the mainland are set to become the biggest group of investors in London with a relaxation of the amount of money that can be moved overseas due to be implemented soon, it is claimed.
The changes in the stock market may also play a key role as wealthy Chinese investors turn away from their domestic market to explore new investment opportunities overseas, says upmarket estate agent Harrods Estates.
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