In the latest property news, we see some good increases in property prices!
Halifax’s latest House Price Index shows that in the month of February house prices across the UK rose by an average of 5.9%, to reach £236,800.
On a yearly basis, house prices in the first three months of 2019 are 2.8% higher on average than in the same three months last year, which is up from the 0.8% annual growth rate recorded in January.
In the latest quarter (Dec-Feb), property prices we up by an average of 1.8%, compared to the preceding three months (Sept-Nov).
HM Revenue & Customs reported 101,170 home sales in January (for which the latest data is available), which, as in December, is very close to the five-year average of 101,291 – the fifth consecutive month where more than 100,000 homes were sold. When comparing transactions in November-January to August-November we see a 0.9% quarterly rise. Home sales in January 2% higher than the previous 12-month average.
There is also good buy-to-let news, with the total rental income for buy-to-let landlords in the 12 months from 2017-18 jumping by 15% to hit £18.7 billion, which is up from £16.2 billion in 2015-16.
With demand for properties increasing, when the supply of much needed private rental stock is decreasing, rents are recording strong growth in many parts of the country.
The supply to demand ratio ensures that buy-to-let remains one of the highest yielding mainstream investments in the UK.
The total rental income received by landlords has increased by 55% in the last five years, according to figures revealed. In contrast, income from cash ISAs or savings has continued to drop, due to low interest rates.
So, if you are looking to buy-to-let or purchase a property for an investment now’s a great time! You can view our current listing here.