Semi-detached homes best performers since 2008- plus a daily roundup of all the key property news
Posted by The Oracle Group on 2nd August 2019 -
INDUSTRY
Semi-detached homes best performers since 2008
Semi-detached properties have proven to be the most profitable homes to own in the UK since before the credit crunch 10 years ago, according to Springbok Properties. These homes have soared in value from the average house price of £162,201 following the financial crash to £291,087 today. The average price of terraced homes has increased by 33.93% from £139,195 to £186,418, while flats have seen a growth of 32.78% from £150,878 to £200,341. The value of detached houses has increased by 32.61% from £262,199 to £347,706. “The UK market has bounced back and there has been a steady level of growth over the last decade, with semi-detached homes standing out as the most profitable property type to invest in pretty much regardless of location,” Shepherd Ncube, founder and chief executive of Springbok properties.
Owning a house means being a proper adult
Over a fifth of Britons will only consider themselves to be proper adults when they own a house or flat, according to a study by Nottingham Building Society. About a third said they don’t feel like a ‘proper adult’ because of not being good at managing money and the same number believed they needed more savings. “The survey data has given an interesting insight into British attitudes towards saving and how having control of your finances is such a big part of feeling like a true ‘adult’,” said Jenna McKenzie-Day, senior savings manager at The Nottingham.
MORTGAGES
Santander joins Podium
Santander is the latest lender to join Podium - MoneySuperMarket's remortgage platform. Existing Santander mortgage holders can complete an execution-only product transfer or move their mortgage to Santander from a different lender through the platform, with the online financial support from a mortgage broker or lender. Santander’s launch on MoneySuperMarket follows Nationwide’s Product Transfer pilot on the platform in May this year.
Savvy homeowners scupper Barclays
Barclays’ profits have been hit by frugal homeowners shopping around for mortgages. Customers are scrambling to secure a new fixed-rate deal as soon as their old one ends, the bank said, reducing the amount of time they spend on an expensive standard-variable rate (SVR). The trend has cut the amount of money Barclays earns in interest from its mortgage borrowers, it said. It contributed to a fall in profit, which stood at £3.1bn for the first half of 2019, down 15% on a year earlier.
LEGAL
Landlords and tenants failed by courts
Around 20% of private landlords have expressed dissatisfaction with how the courts have processed property repossessions, according to the Residential Landlords Association. The data explains that the majority of landlords (91%) would support the establishment of a dedicated housing court, which has been a central idea of proposed reforms to the private rented sector for some time. From the tenants perspective, research carried out by Citizens Advice shows that 54% of tenants say the complexity of the current process puts them off taking a landlord to court, with the top reason being the time involved, at 45%. “Ministers are proposing some of the most far-reaching changes the private rented sector has ever seen. If the new government decides it wants to proceed with these it is vital that significant and bold reforms are made to the court system,” said the RLA’s policy director David Smith.
HOUSING
Almost £13bn needed annually to end housing crisis
The Government needs to invest £12.8bn a year to finally end the housing crisis in England, according to new research from the National Housing Federation. Over a decade, this investment would be used to fund a nationwide housebuilding programme of around 1.45m social homes to rent and shared ownership properties to buy across the country. It would also stimulate the economy and help more buyers to get on the housing ladder. Now, a coalition of leading housing groups and charities, including the National Housing Federation, is calling for the Government to make this significant investment in ending the housing crisis. The coalition argues that a stimulus from the Government is the only way to solve the housing crisis, since the private market alone cannot build the quantities or types of homes the country needs.
FIRMS
Kier shares soar on debt announcement
Kier Group enjoyed a 40% boost to its market value this morning as it announced “significant interest” in its house-building arm, which it is trying to sell to reduce its debt. RPC Group finance boss Simon Kesterton is to take over as Kier’s new chief financial officer.
Westfield owner suffers UK income fall in first half
Retail landlord Unibail-Rodamco-Westfield (URW) saw UK rental income fall in the first six months of the year as store closures and leasing delays affected its two London sites, with like-for-like net rental income down 3.1% compared to 2018.
ECONOMY
Bank of England cuts growth forecast on Brexit uncertainty and trade tension
The Bank of England has forecasted a 30% chance that the UK economy will shrink at the start of 2020, amid growth of just 1.3% this year and next. The bank also revised expected mortgage approvals for house purchases for Q3 2019 – Q1 2020, increasing from 60,000 per month to 65,000 per month, plus the prediction that the UK house price index would fall by 1.25% in 2019 has been revised to predict an increase of “just over” 2% in the year to Q1 2020, and that housing investment would fall by 0.50% per quarter would now fall by 0.25% per quarter.
INFRASTRUCTURE
£15m funding boost for Birmingham rail expansion
The Government has agreed to provide £15m in funding to a £40m project to open three new train stations in Birmingham in time for the Commonwealth Games in 2022. The proposals, put forward by the West Midlands Rail Executive, Transport for West Midlands, West Midlands Railway and Network Rail, will see the Camp Hill line reopen to passenger services, with stations initially opening at Moseley, Kings Heath and Hazelwell.
OTHER
Centrica ‘smart home’ boss quits as revenue targets are slashed
Claire Miles, the head of Centrica’s “smart home” tech business, is leaving the company after it slashed revenue ambitions for the division by more than 80%. Ms Miles has run Connected Home since the start of 2018, and was pursuing a target of £1bn of revenues by 2022, a target slashed to £150m-£200m by Centrica this week.The Times
Buckingham Palace hiring a Property Project Manager
Buckingham Palace is hiring a Property Project Manager to maintain the Queen's London residence. According to the ad, the role will involve appointing contractors and scheduling work within the royal estate. The perfect applicant for the role must have a wealth of project management experience, ideally gained within 'historic occupied buildings'.
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