Brits pay £1.3 billion in moving costs
It’s not just the cost of the new house you need to worry about when moving, it’s also the costs of physically moving all your belongings from one location to another. Ocean Finance have calculated that most movers in the UK underestimate how much moving will actually set them back with the main cost being the removal company coming in higher than expected. On top of this such costs as needing a skip, paying a cleaner and having mail redirected, not to mention that expensive takeaway on the first night in the new home, all contributed to movers shelling out more than expected.
Source: Property Reporter
Property value increases remortgaging rate
With house prices rising more and more home owners in Britain are opting to remortgage their property. According to the Mortgage Advice Bureau the average remortgage loan reached a new high of £170,094 in July. The research demonstrates that people are choosing to cash in on their property gains rather than take out loans to meet monthly payments. The number of remortgage applications rose to 35% year-on-year as people react to the prospect of a rise in interest rates. ““Mortgage rates have been tumbling since the beginning of the year, and many borrowers have jumped at the chance to secure a low rate deal” said Brian Murphy, the MAB’s head of lending.
House prices increase 1.7% in July
According to the Land Registry house prices rose 1.7% in July due to the lack of houses coming on the market. It means the average house price in England and Wales has risen to £181,861 with the annual price change now standing at 4.6%. Danny Waters the Chief Executive Officer of Enterprise Finance said “UK house prices are now back where they were before the financial crash and for once it’s not London at the forefont of value growth, but the East region”. The East saw an annual price increase move of 8.9% with a monthly price rise of 2.8%.
Source: Property Reporter
Liz Hurley cashes in on farmland
The actress Liz Hurley has tripled her money on the Cotswolds property she bought 13 years ago. At the time Hurley said she wanted to live the famers life and purchased the land for £3.3 million. But clearly the pigs and the cattle she bought didn’t take and she’s now sold the 410 acre land and Grade II listed building for a massive £9 million. The house has nine bedrooms, six bathrooms, a drawing room, dinning room and sitting room. There’s even a party barn amid various other buildings. At £9 million it will be one of the biggest sales of the year outside of London. Henry Pryor, an independent property analyst, said “Farmland has outperformed even Mayfair house prices over the past decade and despite changes to inheritance tax, farming remains one of the few businesses given significant tax advantages by the Exchequer”. The result is that farmland prices are on the rise even if the rich and famous aren’t quite finding the love for farming.
Source: Daily Mail
New home registrations up 15%
The number of new homes being built across the UK continues to outperform those of 2014 according to NHBC figures. In the rolling months May to July last year saw 38,365 new homes registered compared to this year which has seen 43,684 registered. While the increase in the housing supply is a step in the right direction it is still well below what the demand currently is. NHBC Chief Executive Mike Quntino said “the UK is still building way below the volumes of homes that we desperately need”.