This week saw Philip Hammond’s relatively predictable Spring Statement touch upon what the government plans to do about the UK housing market, including a major new deal in the West Midlands. New figures have also revealed the profits made by buy-to-let landlords last year, while the focus on build-to-rent and off-plan purchases remains key for many investors. Here are seven things you might have missed this week…
1. House prices near commuter stations rise as people move further afield
Transport remains a key concern for anyone looking to purchase a property, while the importance is particularly heightened for those commuting into places like London and Birmingham – and better transport means higher house prices.
2. This is where rents are rising three times the national average in the UK…
Across the UK in the 12 months to February, average rents crept up by just 0.69% according to data from the Landbay Rental Index, but one part of the country saw triple the average growth.
3. Buying off-plan property: how does it work and what are the benefits?
Investing in a property before it’s been built, known as off-plan, has become an increasingly popular way for both individual and institutional investors to achieve greater returns, but some are put off by the idea of buying something they haven’t seen…
4. Buy-to-let landlords made over £86,000 profit after selling up last year
UK landlords who decided to offload a rental property last year stood to gain an average of £86,651 profit from the sale, although there were massive regional variations across the country…
5. What the Spring Statement will do for the UK housing market
Today, Philip Hammond delivered his annual Spring Statement, a mini-budget setting out the country’s financial situation and plans for the year ahead – and it included some key promises for the property market.
6. There’s a new way to rent and it’s taking over the market
Traditionally, renting has been seen as a means to an end, a short-term option mainly for youngsters before they get onto the property ladder. But things have changed, and there’s a new tenant in town who is renting out of choice rather than necessity.
7. Borrowers heed the warnings as remortgages reach nine-year high
After the Bank of England base rate rise at the end of last year, the market has been poised for the next raft of rises, with experts predicting as many as three base rate hikes this year and warning borrowers to find the best deals now.
