"Although housing has climbed the policy agenda, with supply issues dominating the private housing market, our forecast suggests that the likely increase in prices in 2016 will outstrip any rise in household income." Read the full story:
"Although housing has climbed the policy agenda, with supply issues dominating the private housing market, our forecast suggests that the likely increase in prices in 2016 will outstrip any rise in household income."
Housing has clearly leapt up the Government’s agenda, but despite the raft of initiatives announced over the past year, the lags involved in development mean that prices, and for that matter rents, are likely to rise further over the next twelve months. Lack of stock will continue to be the principal driver of this trend, but the likely persistence of cheap money will compound it for the time being.
Looking further out, there is some justification for taking a more optimistic view of new build with significant incentives being put in place to deliver starter homes. While this may not on its own stem the upward trend in house prices, it could help to slow the rate of growth to something closer to the probable rise in household incomes.
Critically our principal concern with the measures announced by the government is that they are overly focused on promoting home ownership at the expense of other tenures. Discouraging buy-to-let could see private rents take even more of the strain if institutional investment doesn’t increase significantly, particularly given the likely reduced flows of social rent property going forward.
With house prices predicted to rise across the whole of the UK in 2016, East Anglia is continuing the trend seen in that region during 2015 with the highest predicted rise at 8%. Meanwhile, the North East is likely to see more modest price rises with our predicted increase for 2016 at 3%.
The strongest areas of the UK for transaction levels are likely to continue trends seen in 2015, with the North East, Wales, Scotland and Northern Ireland outpacing the rest of the UK.
Stephen Woodward of Woodward Chartered Surveyors commented: "Our Chartered Surveyors and Registered Valuers cover an area from Oxford to Oxford Street, with our Head Office in Harrow on the Hill, North West London. We review and track changes in property value for homes in London, Middlesex, Hertfordshire and Buckinghamshire at monthly meetings attended by all our Surveyors. The RICS projection is on message with many other economist's views for 2016 and beyond."
When it comes to auspicious dates, 5th April 2015 is certainly one for all who represent Non UK Resident Landlords.
From 5th April 2015 all Non UK Resident Landlords become liable for Capital Gains Tax (CGT). However, the good news is that the “Gain”, calculated only when the property is sold, is only taken from the value as at 5th April 2015.
For this reason many Non UK Resident Landlords are requesting a special CGT Valuation by registered Valuers of the Royal Institution of Chartered Surveyors (RICS), in accordance with the RICS guidance manual, the “Red Book”...... more .......
Oddly, those landlords who are non UK resident have not had to pay Capital Gains Tax (CGT) when selling their UK investment property. The government have however confirmed that this perk, or perhaps oversight, is to be abolished from April 2015.
But this “levelling of the playing field” between ...more ...
