Highest Sales Registration Received for Terraced and Semi Detached in May

The UK property growth has been constant since 2014, and the average house cost rose to 4.9 per cent in January 2018. However, according to HM Land Registry, the growth was 5 per cent in December 2017, and the buyers prefered detached and semi-detached properties over other options like flats or apartments. 

According to the HM Land Registry, the highest queries were for detached and semi-detached homes in May 2018. 

The new law to give occupants a term of three years, with the condition that they can leave early if necessary, has been refused by homes owners. Instead, the current law prevents the tenants from leaving homes without prior warning. 

Right now, a vast majority of the occupancies are set for a half year or a year, and this is a regular practice in purchase-to-let properties where landowners can vacate home in a half year; however, the new guideline will promote longer tenures, and it will be helpful for tenants. 

National Landlords Association (NLA) survey of tenants found that 40 per cent of the occupants wished to have longer tenure agreements, while more prominent than 50 per cent are content with the current patterns. 

The guidelines concerning purchase to-let are not satisfactory, even in the current circumstance when up to 46 per cent of young residents between 25 to 34 are living in rental accommodation. 

Land library Insights 

In April 2018, the prices grew 3.9 per cent, RICS found the normal stock level is declining, and the new purchaser’s requests remained as before in the month. 

The report by the Bank of England suggests a roughly 62,455 home loans were approved in April 2018. 

Overall the completed deals related to land and property in the UK and Wales in May were 83,400. The highest 22,363 deals were made for detached properties, which was more than April numbers of 20,714, yet not as much as March, when 23,036 properties were sold. 

Area Astute Property 

The average cost of a property in the UK was £226,906. The total number of homes enlisted was 11,286. Twenty-one thousand three hundred forty-nine sales were completed in May, including 375 individual luxury homes from the UK and Wales worth over £1 million.

The study on different zones finds the highest sales were made in Greater London, Birmingham and Greater Manchester. 

As far as property deals are concerned, the South West has been the fastest growing. Some high-value properties sold in May 2018 include the detached properties in Chelsea, London and the Royal Borough of Kensington.

In the commercial real estate market, a property worth £92,500,000 was sold in London, and at the lowest, a property in Greater Manchester was sold for £555. 

The most popular deal was recorded in Manchester. The average cost in Manchester was £153,600 as compared to other developing property hotspots. 

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