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In our continuous bid to keep all of the investors and consultants at the forefront of the UK market we bring you

BREAKING NEWS from the UK Property Market


Article:           “Housing news round-up”

Published:       Thursday, July 21st 2016

Source:           NETHOUSEPRICES

After several weeks of uncertainty following the Brexit vote, things are finally showing signs of stabilising. We have a new Prime Minister who has taken a "new broom" approach and ushered in an almost entirely new Cabinet. The stock and currency markets reacted - at least initially - with an almost audible sigh of relief and both FTSE100 shares and Sterling rallied after plunging fairly dramatically after the referendum.

Housing, of course, hasn't escaped this treatment. It was a hot political potato under David Cameron's watch and it doesn't look to be cooling down anytime soon. There's a serious housing shortage that, frankly, all the well-meaning buy-to-let taxes and help-to-buy schemes in the world won't remedy.

Do we really have a housing crisis in the UK?

The situation is complicated and various bodies tend to use different methodologies for preparing their statistics. If you conflate the different reports, the one take-away is that there simply aren't enough houses and those that are available are often too expensive for first time buyers (FTBs). This is essentially a supply and demand problem, and, as much as it suits the agendas of various political parties to blame each other for the problem, it has actually been percolating away quietly for decades.

What are the latest proposals?

In the wake of Theresa May's appointment, various trade and professional bodies have made suggestions, as have numerous economists. A key commonality between the various proposals is a desire to reduce regulation, whether it be at planning level or at the more esoteric level of health and safety. Brexiters point out that this deregulation will be facilitated by leaving the EU although even the most optimistic among their number would concede that this won't happen overnight.

Taxation is another huge bugbear. Abolition of stamp duty is routinely recommended, with the inference seeming to be that any tax applied to property is connected with income on sales and rentals. The argument is that this will make the cost of buying a house less prohibitive, with fewer add-ons beyond the purchase price. It should also, say proponents, help to contain rental prices since landlords will have fewer expenses.

Incentivising house building programmes through subsidies or tax breaks is a further idea being mooted. Whether this can be executed without adding to the average person's tax bill will be a central factor in whether the Government elects to follow the advice.

As an adjunct, Parliament’s Economic Affairs Committee has recently published a report into the housing crisis and its headline recommendation is that the Government should build some 300,000 residential properties each year, with housing associations and councils being given greater freedom to construct affordable homes. This would almost equal the post-war house building programme.


Article:           “How the Leave vote may affect UK property prices - what you need to know”

Published:       Wendesday, June 29th 2016

Source:           NETHOUSEPRICES

 

The result of the EU referendum will impact on property sectors across the UK in different ways. Knight Frank's residential research team puts forward their views on how leaving the EU may affect UK's residential property markets both in short and long-term.

    Uncertainty could  result in a further dampening of homes coming onto the market

    Base rate may well be cut in the coming weeks

    The second-round effects from a slowing economy and growing unemployment will also be felt in the housing market

    Some demand, especially from investors, will be delayed and in some cases redirected to other markets...

"The UK vote in favour of Brexit has the potential to make a relatively swift impact on the housing market," says Grainne Gimore, Knight Frank's Head of UK Residential Research. "The scale of this effect, especially in the medium to long-term, will depend on the outcome of negotiations on the UK’s exit.

"In the short-term, consumer confidence is likely to be knocked by the continued uncertainty, especially with regards to trade. This may weigh on activity in the market, especially those making discretionary purchases, which could result in a slip in transaction volumes, and prices.

However, uncertainty could also result in a further dampening of homes coming onto the market, and this lack of supply will provide a floor under prices.                          

"In the short to medium-term, the fundamental demand and supply dynamics in the market are unlikely to change, with a continued structural undersupply of homes across the country, underpinning pricing in some of the most desirable and best connected areas."


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