Tag Archives: facebook
England and Wales property prices up 0.4% month on month
Property prices in England and Wales increased by 0.4% in November month on month and are up 5.6% year on year, according to the latest official data from the Land Registry. This take the average property price to £186,325 but there is considerable variations on both prices and price growth across the regions. London experienced the greatest increase in its average property value over the last 12 months with a rise of 11.2% and the greatest monthly growth with an increase of 1.6%, taking the average price to £506,724. Both Yorkshire and The Humber and the North East saw the lowest annual price growth with increases of 1.3% while Yorkshire and The Humber also saw the most significant monthly price fall with a decrease of 0.9%. The South East saw prices rise 0.4% month on month and 8% year on year to £258,137, while the East of England recorded a monthly rise of 1% and annual rise of 9.8% to £214,491. Average prices are lowest in the North East at £100,046 with a monthly and annual rise of 1.3% while it is £115,491 in the North West which saw prices flat month on month and up 3.1% year on year. Three regions saw monthly falls, down 0.3% in the West Midlands, down 0.7% in the East Midlands and down 0.9% in Yorkshire and the Humber, but prices are still up 2.9%, 4.1% and 1.3% year on year respectively. The Land Registry data also shows that the number of completed house sales in England and Wales during September 2015, the most up to date figures available, decreased by 8% to 72,397 compared with 78,877 in in September 2014. The number of properties sold in England and Wales for over £1 million increased by 1% to 1,273 from 1,265 a year earlier. Repossessions in England and Wales decreased by 45% to 406 compared with 733 in September 2014 and the region with the greatest fall in the number of repossession sales was the East with a decrease of 64% from September 2014. While average prices continue to rise in London it is emerging locations that are now overtaking traditional areas like Kensington and Chelsea, according to one agent in the city. ‘We are now seeing emerging districts consistently overtake traditional prime areas like Kensington and Chelsea, which are actually seeing prices fall,’ said Carl Schmid, owner of estate agency Fyfe Mcdade, which has offices in Shoreditch, Islington, Bloomsbury and Waterloo. ‘Buyers are increasingly seeking to make their money go further in areas like Tower Hamlets, Hackney, Lambeth and Southwark, attracted by relative value for money, improving transport connections and capital growth potential, which has already been squeezed out of prime central London,’ he added. According to Jonathan Hopper, managing director of the buying agents Garrington Property Finders, there are some encouraging signs though that the £1 million plus market is emerging from the slump triggered by last year's rise in Stamp Duty. 'Supply of these more expensive homes slowed… Continue reading
UK home values rose almost £1.4 billion per day in 2015
The UK’s 28.6 million homes grew in value by almost £1.4 billion per day in 2015 with Brentford, West Drayton and Thame seeing the largest increases, new research shows. Brentford in London saw prices increase by 24% and West Drayton and Thame both by 17%, according to the data from property website Zoopla, while Wales saw the lowest prices gains at 2.2% over the last 12 months. The figures show that homes are now worth a combined £7.76 trillion with the total value of residential properties up by 7.2% or £519 billion in 2015. This means that the average British property is now worth £290,827. Home owners in London have seen the highest price growth in 2015 of any region, with an 11.8% annual uplift. The East of England follows closely with an 11.6% rise, up from 9.6% during 2014. However, property owners in Wales and Scotland saw the lowest growth in house prices in the last 12 months, with values rising just 2.2% and 2.7% respectively. London, Edinburgh, and Bristol were the top three most searched for locations by British house hunters on Zoopla in 2015. Northern areas also performed well, with Glasgow rising in the rankings, moving from sixth place in 2014 to fourth place this year, while Leeds broke into the top 10, coming in eighth. Amongst the most popular keyword searches over the past year were ‘bungalow’, ‘cottage’ and ‘village’, with aspirational property also searchers for homes offering a ‘pool’ and a ‘sea view.’ ‘Whilst the property market typically slows at this time of the year, prices have performed well in 2015, with some standout towns such as Brentford faring particularly well. Regions like East Anglia continue to boom as professionals and families seek out properties beyond the London commuter belt,’ said Lawrence Hall of Zoopla. ‘Even regions like Wales, where growth has typically been very incremental, have totalled respectable annual growth rates. Of course, to every silver lining there must be a cloud and the price rises we’re seeing do make it harder for those looking to take their first step onto the ladder,’ he pointed out. ‘But with Government Help to Buy schemes still in place and the promise of new homes to ease demand both buyers and sellers should have at least some reason to be upbeat as we go into 2016,’ he added. Continue reading
New tax on property in New Zealand owned by non-citizens from April 2016
A new withholding tax on sales of residential property in New Zealand by people who live overseas and go on to sell the property within two years of purchase will be introduced in 2016. The Residential Land Withholding Tax (RLWT) is the third part of the Government’s investment property tax reforms announced as part of its Budget 2015. It will come into force on 01 July 2016 under a new Bill before Parliament. Revenue Minister Todd McClay said that the RLWT will act as a collection mechanism for the new bright-line test, which applies to gains from the sale of residential property purchased on or after 01 October 2015 and sold within two years. ‘The proposed RLWT will ensure the integrity of the tax system and will bring the collection of bright-line tax into line with other withholding taxes, which generally apply when there is likely to be a tax liability and collection may be difficult,’ he explained. RLWT will apply when the property being sold is located in New Zealand and defined as residential land under the bright-line test provisions; when the seller acquired the property on or after 01 October 2015 and has owned the property for less than two years before selling it; and the seller is an offshore person. An offshore person would include people who are not New Zealand citizens, people who do not hold residence class visas and New Zealand citizens and residence class visa holders who have been away from New Zealand for a significant period of time, three years in the case of New Zealand citizens. New Zealand trusts and companies may also be considered offshore persons if they have significant offshore interests in them. ‘Unlike the bright-line test there is no exception for the seller’s main home under the proposed new RLWT rules. As the withholding tax would only apply to a person living overseas, it is unlikely that the New Zealand property being sold would be the person’s main home,’ said McClay. The Bill does, however, propose an exemption from RLWT for transfers upon death, and for transfers made in relation to a property relationship agreement, in keeping with the bright-line test. The Bill also proposes that the obligation to pay the RLWT will primarily be the responsibility of seller’s conveyancing agent or in their absence, the purchaser’s conveyancing agent and in the absence of both, directly by the purchaser. ‘The RLWT proposal in the bill, together with the new bright-line test and changes to collect better tax information about buyers and sellers of residential property will help to ensure that everyone pays their fair share of tax on gains from property sales,’ added McClay. Continue reading
