Tag Archives: homes
Rents in England and Wales rise for first time since October
Rents across England and Wales increased by 1.6% in the 12 months to February, the first month on month rise since October 2013, taking the average rent to £743 a month. Overall seven in 10 regions saw higher rents in February than January when the rate of increase was 1.4%, according to the latest Buy to Let Index from LSL Property Services. The firm, which owns the UK’s largest lettings agents network including Your Move and Reed Rains, also pointed out that February was the second best month on record for tenant finances as proportion of late rent falls to 6.9%. Landlords have earned an average annual return of 9.7%, or over £16,000, over the last 12 months. ‘Property to rent remains in high demand. Despite great improvements in the prospects of many first time buyers, there are still millions of households who rely on a healthy private rented sector for their homes,’ said David Newnes, director of LSL Property Services. ‘February’s annual increase remains below the rate of wider inflation. However, this latest uptick and the high level of demand in the lettings market emphasise the importance of ongoing investment. Landlords have invested heavily in expanding their portfolios and need to continue to do so to keep pace with demand from tenants,’ he added. The sharpest monthly rises were seen in Yorkshire and the Humber and the West Midlands, where in both regions rents rose by 1.2% on a monthly basis. The next fastest monthly rise was in Wales with a 1% increase, while the East Midlands saw rents rise 0.6% between January and February. Of the three regions to see a monthly fall in rents, the fastest drop was in the South East, down by 1.5% since January. Meanwhile rents fell by 0.6% on a monthly basis in the East of England, and by 0.1% in the North West. A majority of regions also saw higher rents on an annual basis. The South West saw the quickest rise, up 4.7% from February 2013. This was followed by 3.3% in London and annual rent increase of 2.2% in the North West. By contrast, rents in the East of England now average 3.1% less than a year ago, followed by a 2.3% annual drop for Wales and a 1.9% annual fall in the West Midlands. ‘Across the UK there has always been a huge level of variation between different local markets. But in the last year some of these differences have become more apparent as the property market has witnessed such a rapid shake up and improvement,’ explained Newnes. ‘Those looking to rent, or to let a property should look into the intricacies of their local market, which can have at least as much bearing on the level of rent as the property itself,’ he pointed out. The index also shows that gross yields on a typical rental property remained steady on a monthly basis, standing at 5.2% in February, the same as in January 2014. However, yields have fallen… Continue reading
Syria’s Assad makes rare visit to tense area
Syria’s Assad makes rare visit to tense area (AP) / 12 March 2014 The visit comes nearly four months before Assad’s seven-year term officially expires. In a rare public appearance, President Bashar Assad on Wednesday visited displaced Syrians in a frontline suburb of the country’s capital, where he vowed to keep up the fight against gunmen whom he blamed for driving people from their homes, state TV said. In this photo released on the official Facebook page of Syrian Presidency, Syrian president Bashar Assad, centre right, visits a shelter of internally displaced people in the Damascus suburb of Adra, Syria on Wednesday, March 12, 2014. – AP The visit to a shelter for displaced people in the Damascus suburb of Adra, just northeast of the capital, coincides with advances by his troops battling rebels who captured parts of the suburb in December, displacing thousands from the area. The visit comes nearly four months before Assad’s seven-year term officially expires. Syrian officials have said the presidential elections would be held on time, according to the constitution. Assad has suggested he would run again but has not confirmed it. The election must be held between 60 and 90 days before Assad’s term ends on July 17. The visit to Adra was Assad’s first public appearance outside Damascus since August, when he toured the suburb of Daraya, once a rebel stronghold, and in the same week, took part in a public iftar, the meal that breaks the dawn-to-dusk fast during the Muslim holy month of Ramadan. “The state will continue to fight terrorism and terrorists who displace people from their homes and commit ugly crimes against them,” Assad said. His government refers to opposition fighters as terrorists. Photos released by the president’s office showed Assad speaking to women, several of whom were carrying children in their arms. One photo showed Assad putting his hand on the shoulder of a child who was lying on a mattress. “The government will continue to provide for the main needs of the displaced until they all return to their homes, whether in Adra or other areas,” the TV quoted Assad as saying. Syria’s civil war, now entering its fourth year, has killed more than 140,000 people. According to U.N. figures, the conflict has also forced about 2.3 million Syrians to seek shelter in Jordan, Lebanon, Turkey, Egypt and Iraq. Also, a UN estimate from July said 6.5 million Syrians have been uprooted from their homes and displaced within the country. For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Mansion Tax Plans Could Affect 775,000 Homes Over 25 Years
Mansion tax plans could affect 775,000 homes over 25 years An assessment of the proposed Mansion Tax by Knight Frank suggests that its revenue targets will not be met at the current proposal for a £2m threshold and that in order to raise the targeted revenue, the value threshold for the tax would need to be reduced from £2m to either £1.5m or £1.25m. The tax would be levied largely on London and the South East of England where 86% of all £2m+ properties are located. Liam Bailey, Head of Research at Knight Frank, said that assuming historic rates of property price growth, the number of properties affected by the tax will increase from 55,000 homes – currently worth £2m – to 775,500 over the course of the next 25 years. “Our calculations point to the real threat of the mansion tax threshold being lowered substantially in order to meet the revenue targets of the political parties,” he said. “Even if the threshold is not lowered, it seems a fair assumption – given that it has remained at £2m since 2009 – that it would not be raised in line with future house price inflation thereby substantially increasing the number of properties affected by the tax. “Over the past 10 years house prices have risen by 69%. Assuming a similar rate of growth in the future, all houses worth more than £1.2m today would be paying a mansion tax 10 years from now, meaning that the number of homes covered would nearly triple from 55,000 to 157,300.” Continue reading
