Housing market activity: sales, rentals, development & investment
- UK residential sales rose by 16.6% in March compared to the previous month and were 1.7% higher than in March 2014, according to HMRC data.
- New figures released by the NHBC for Q1 2015 show that more than 40,000 new homes were registered in the UK during the first three months of the year, an increase of 18% on the same period last year. At regional level, the South East recorded the highest number of registrations (6,624) during Q1, followed by London (5,622).
- Research from the National Landlords Association reveals that nearly a quarter of UK landlords – approximately 360,000 – came into the market accidentally or unintentionally. Central London was found to have the highest proportion (31%) of accidental landlords.The findings reveal various reasons for becoming an accidental landlord, including inheriting property, job relocation, gaining an extra property after marriage and owners wanting to sell but experiencing difficulties.
- There has been a big jump in UK landlords looking to buy semi-detached property while demand for terraced houses has fallen to almost half previous levels, according to research from Paragon Mortgages. Among investors looking to buy, 30% of landlords expressed interest in adding a flat to their portfolio, 35% were on the look-out for a semi-detached house, 35% for a terraced house and 22% said they were considering more specialist units such as multi-unit blocks and HMOs.
- M&G's UK Residential Property Fund is understood to have agreed its third private rented sector (PRS) deal, a £50m investment in west London. The 205 units, part of Inland Homes' Drayton Garden Village scheme, take the fund's overall PRS portfolio to 850 units.
- Phones4U founder John Caudwell has unveiled plans to develop a luxury apartment block on the site of a car park in the heart of Mayfair. A planning application has been reportedly lodged to build 30 "super prime" flats and townhouses in a bid to eclipse One Hyde Park in Knightsbridge as London's most exclusive new address.
- It was reported that over £100m worth of residential transactions took place in prime central London on the day after the General Election.