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The Property Industry: In A Nutshell, Jan 2016

The Property Industry: In A Nutshell, Jan 2016
London Deposits reach £91,000Deposits for first time buyers reached £91,409 in 2015. The figures, released by Halifax, show that London deposits were three times the national average of £32,927. As such, the number of first time home buyers fell last year. 310,000 first timers bought last year, a slight drop on the 311,700 in 2014. ?????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????? Mortgages reflect the risk of buying. 26pc of first-time buyers took out 35-year mortgages, up from 16pc in 2007. The Government’s Help-to-Buy scheme hasn’t significantly affected the London property market since its introduction. Furthermore, the Royal Institution of Chartered Surveyors has predicted a 5pc increase for London house prices in 2016, which could potentially drive more first time buyers away from the capital. Surge In Buy-to-Let Loans For Companies There has been a surge in applications for privately owned companies since landlords learned of April’s Stamp Duty changes. Mortgages For Business, a specialist broker, found that 38pc of its applications in December 2015 were from limited companies – up from just 15pc in October. Another lender, Aldermore, has reduced rates and removed fees for its limited company mortgages. Landlords will be incentivised for two reasons – avoiding the Stamp Duty surcharge, and getting mortgage interest relief, therefore only paying tax on rental profits. Landlords can avoid the stamp duty charges if their portfolio has more than 15 properties. Any landlord with a smaller portfolio will only be exempt if they turn their portfolio into a privately owned business – therefore swapping landlord taxes for corporation tax. Source: This is MoneyUK Rents Ballooned In 2015 Rents rose in ten of 11 regions in 2015. Brighton and Bristol recorded an increase of 18pc in rents, with Edinburgh and Newcastle following closely with rises of 16pc. London rents increased by 11pc, a figure also matched by Liverpool. Source: City AMSupply Is At A New Low Just 386,000 properties are up for sale in England and Wales, nearly half the number in 2008. The property search engine, Home, says the number has fallen 47pc since the recession. New supply has increased, but not at the rate that properties came off the market. Average house prices in January are up to £288,000, an 8.2pc increase from January 2015. Properties are staying on the market for an average of 117 days. Source: Property Industry Eye