UK Number of Homes on Market At 10 Year Low
House in the UK
Some investors are buying property in the low-priced housing markets in the UK. For example, an Irish hotelier Pat McCann, who owns nine hotels in the country, is preparing to buy two more in the coming months. He is preparing to buy four more in 2020 and at least two more in 2021.
The hotelier said he does not think the UK will be out of Brexit without a deal and expects endless modifications in the coming decade with continuing talks. He is preparing to buy in Manchester, Birmingham, Bristol, and Glasgow. He said one of the issues related to Brexit in London is that fewer workers are arriving in the city.
Housing Shortage Issue
The government is preparing to announce several measures to handle the housing shortage, boost productivity and improve people's living standards. Currently, the number of homes for sale is at one of the lowest levels in a decade, where only a few buyers are applying for a mortgage.
Last autumn, the stamp duty was abolished for first-time buyers, and it helped at least 121,500 people to buy homes, and the number of first time buyers is at 11 years high in the current season.
Similar provisions have been offered for shared property worth £500,000 or below. Currently, there are more than 200,000 shared properties in the country.
The help-to-buy scheme was introduced for first-time buyers, which has been extended to April 2021. The government can identify the benefits of offering such discounts and exemptions, while many buyers are unaware of the provisions offered on the property transaction. In addition, there are plans to convert commercial space into homes and to create new homes in spaces on top of shops.
The government authorities claim it struck a deal to deliver 13,000 homes with nine housing companies across the UK. In addition, the government is inviting small and medium-sized enterprises to build houses, where it may announce a bank guarantee of more than £1 billion.
Northern Cheaper Homes
Some investors are looking for cheaper homes in the north where the stamp duty is less, and returns are better on the property than in other regions. However, the figures find landlords spent at least 30 per cent less in the first six months of the year than in 2015 (before the increase in stamp duty) and reported a decline in South East and London in the same period.
Several buyers are looking for cheaper areas to reduce the risk of the future, where some regions offer better rentals and affordable homes. For example, a city like Manchester has several young mobile tech workers and new offices. In addition, the recent tax hikes on mortgage landlords led the investors to seek better rentals.
Rents grew at the rate of 1.6 per cent across various regions in the country in September to £980 – as per Hamptons' data. However, the average rate of homes in the first half of 2018 was 4 per cent less as compared to last year to £174,580.
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