Is the UK turning into a rental economy?
Despite the fact that the first choice for many in the UK property market is to buy a property for the future, there are now signs that more and more people are looking to rent in the short to medium term. The Chartered Institute of Housing has today issued a report suggesting that those on incomes between £12,000 and £25,000 are stuck in between being eligible for social housing and been able to afford their own property.
In what has the potential to become a self-fulfilling prophecy, the fewer people who can afford to acquire their own property the more pressure this will place on the rental market and the more properties will come under the "buy to let" banner. This is despite the fact that many buy-to-let participants have fallen by the wayside after the credit crunch and the worldwide recession. However, there is also the UK phenomenon of a housing shortage which has been ongoing for decades and many people believe is one of the reasons why UK property is so expensive.
Despite the fact that the UK government recently announced a number of incentives for local authorities to build affordable housing this will take some time to kick in and more and more people will be forced to look at renting property before acquiring their own property in years to come.
Er, is that something to do with freemasons?
Young homebuyers have displayed a startling level of confusion over property terms, with two per cent of 18 to 24-year-olds believing that a freehold property is one that only freemasons are allowed to buy.Although the above is probably the most alarming display of ignorance, a poll from AA Legal Services revealed that only 59 per cent of 18 to 24-year-olds could accurately define the term freehol...Read More
Rightmove reports a 39% increase in half year profits
Internet-based property operation Rightmove has today announced half year profits up 39% to £24.5 million. Despite the fact that the UK property market is under pressure the internet company reported a record level of buying interest in March which appeared to remain fairly high during the often quiet summer months. Indeed the company is suggesting that trade numbers continued to grow in July and...Read More
Is the buy to let market in freefall?
Many estate agents across the UK are reporting a significant increase in the sale of buy to let properties and a number of landlords who are on the verge of "calling it a day". The demise of the buy to let market was reflected in the collapse of Bradford & Bingley which is the leading but to let mortgage provider in the UK. Unfortunately, the more properties which go on to the market the more pres...Read More
Is London commercial property on the rise?
Figures today from Great Portland Estates seem to indicate that property values in London may have turned a corner. The company reported a 15.5% increase in net asset value per share and two new acquisitions which would seem to indicate a renewed appetite for London commercial property. So is this the turning point we have been waiting for? While there's no doubt that commercial property in Lon...Read More