Growth in house prices in the UK slowed down in 2017, according to the latest figures from the House Price Index. The annual growth rate for 2017 was 4.8%, compared with 7% in 2016. On a calendar year basis, that is the lowest rise since 2013. The figures showed a wide variation in growth rates
The government has announced new measures to prevent unfair and abusive practices within the leasehold system. They include a ban on leaseholds for almost all new build houses. Changes will be made so that ground rents on new long leases – for both houses and flats – are set to zero. It will also become
The government may appoint a housing ombudsman to help people settle disputes if they face problems relating to property. The idea was put forward by the Communities Secretary Sajid Javid as he discussed government plans to provide an extra 300,000 homes a year by the mid-2020s. Currently, there are four government approved providers of redress
Average house prices throughout the UK rose by 4.5% in the year to October but there are signs that they may be starting fall. There was a decrease of 0.5% between September and October 2017. However, Wales bucked the trend with an increase of 0.8%. The price of the average house in the UK is
The decision by Chancellor Philip Hammond to abolish stamp duty for most first-time home buyers in England and Wales has met with a mixed reaction from property experts and analysts. In the Budget, Mr Hammond announced that the first £300,000 of the price of a property will be exempt from tax for people entering the
The government is investing a further £10 billion to provide 135,000 new homes through the Help to Buy Equity Loan scheme. More than 130,000 properties have already been sold through the scheme, which helps people buy a new build home with only a 5% deposit. The new funding means that Help to Buy Equity Loan
The government says it wants to streamline the process of buying and selling a home so that it’s easier, cheaper and less stressful for all concerned. It’s begun a public consultation seeking ideas on how to make the system work more smoothly. A survey of 2,000 people who have bought or sold a home recently
The government has announced a £2.3 billion fund which will help unlock 100,000 new homes in areas of high demand. Communities Secretary Sajid Javid said hundreds of housing developments were being held up because of a lack of local infrastructure. The Housing Infrastructure Fund (HIF) will solve that problem by enabling the construction of roads,
More than a million people have opened a Help to Buy ISA, the government savings account designed to enable first time buyers to get on the property ladder. The scheme was launched on 1 December 2015 to provide potential buyers with the opportunity to save up to £200 a month with the government topping up
The government has announced plans to clampdown on unfair practices involving leasehold homes. The measures include a ban on new build houses being sold as leaseholds as well as restricting ground rents to as low as zero. Leaseholds generally apply to flats with shared spaces, but increasingly, developers have been selling houses on these terms.