Landlords of failed BHS face a bill for at least £4 million after the beleaguered retailer fell into administration, property experts have warned.
The 164-store chain’s collapse puts 11,000 jobs at risk with administrator Duff & Phelps taking over its running.
One property agent forecast landlords could collectively be more than £4 million out of pocket due to unpaid rents and empty shops.
Households across the UK perceive that the value of their home rose in April, but it was a slight decline compared to the previous month.
It indicates that households perceive the rate of house price growth has slowed marginally, according to the House Price Sentiment Index (HPSI) from Knight Frank and Markit Economics.
‘Slightly weaker house price sentiment follows a period of healthy market activity between January and March which was in part promoted by purchasers trying to complete purchases ahead of the April introduction of the extra 3% stamp duty on additional homes,’ said Gráinne Gilmore, head of UK residential research at Knight Frank.
Sales to first time buyers in the UK were up in March and real estate agents expect to see further increases in sales to the group following the buy to let stamp duty changes.
Some 28% of total sales in March went to people buying their first home, an increase of 4% compared to February, according to the latest housing market report from the National Association of Estate Agents (NAEA).
The report also says that 39% of estate agents expect the stamp duty change which saw the introduction of 3% rate on buy to let properties and second homes to increase availability for first time buyers as interest from investors slows.
The seller hopes to achieve bids as high as £150m for its 11.7% ownership in 20 Fenchurch Street, EC3, which would reflect a yield close to 3.1% and value the building at £1.3bn.
However, sources close to the other owners of the building valued it at closer to £1bn, which would put MSREI’s stake in the region of £120m, reflecting a 4% yield.
Revenue from the Land and Building Transaction Tax (LBTT) in Scotland failed to reach forecasts for residential sales in the 2015/2016 financial year.
The Scottish Government has hoped to raise £235 million but the published figures show it was £201 million, some £34 million below expected and 26% below the £270 million collected the year before.
However this fall is likely to have been exacerbated by property market activity brought forward at the end of 2014/2015 as buyers raced to beat the new LBTT when it was introduced in April 2015.
Private sector residential landlords in the UK are strengthening their credit profiles as they shift investment away from new acquisitions and towards the upgrading of existing portfolios, a new report suggests.
Following announcements from the government last year that tax relief on rental income would be reduced, and stamp duty increased on buy to let purchases there has been a fall in buying intentions in the first quarter of 2016.
The latest Private Rented Sector Trends report from Paragon Mortgages shows that just 9% of respondents intend to purchase a property over the next three months, down from 14% in the previous quarter.
Property prices in England and Wales fell by 0.5% in March, taking the average price of a house to £189,901, the latest land registry figures show.
This takes annual house price growth to 6.7% but prices vary according to location with London and the East of England the only two regions with month on month growth.
In London property prices increased by 0.2% month on month and by 13.9% year on year, taking the average price to £534,785. In the East of England price were also up 0.2% month on month, taking annual growth to 10.7% and average value to £220,989.
House prices growth in key cities in the UK was 4.2% higher in the first quarter of this year, the highest for 12 years, the latest index shows.
The normal seasonal upturn in demand was boosted by investors rushing to beat the stamp duty deadline in April which saw a 3% rate on buy to let properties and second homes, according to the cities house price index from Hometrack.
It suggests that tougher lending criteria and tax changes are likely to push investors into higher yielding, lower priced markets, and city level house price growth is expected to moderate in the second quarter of the year.
Buy to let investors and second home owners were behind three in five property purchases made in the prime London market in the first quarter of 2016, new research shows.
This boosted the overall proportion of purchases made in cash, according to the latest London Property Monitor report from estate agent Marsh & Parsons.
Accounting for 36% of all sales from January to March, buy to let investors were the most prolific type of buyer across the prime London market in the three months immediately preceding the 01 April implementation of an additional 3% stamp duty on additional homes.
SUI Generis Investments has acquired Atlantic Street Retail Park – an 80,000sq ft scheme in Altrincham, Greater Manchester – for £14m.
Commercial property company Cushman & Wakefield acted on behalf of Sui Generis on the deal for the park which was marketed by Savills on behalf of vendor LaSalle Investment Management.
Atlantic Street Retail Park is situated in the Broadheath area of Altrincham opposite the Crown Estates’ popular Altrincham Retail Park. It was previously home to Dreams and Allied Carpets. B&Q is the only remaining occupier with seven years left on its lease.
A Conservative MP is to raise the portal juggling controversy in the House of Commons.
Derek Thomas, MP for St Ives in Cornwall, says he is going to try to secure a Commons debate or raise parliamentary questions on the issue because the juggling scandal exacerbates what he calls a “bust” housing market.
Members of Parliament have approved measures that will give greater protection to landlords wanting to evict illegal immigrants.
A four bedroom home near a beach or a city centre is the most sought after dream homes in the UK, according to new research.
Some 45% dream of a home built to their own specifications designed by an architect or themselves but only 38% think they'll only get to live in their dream house if they win the lottery and 26% don't think they'll ever achieve it.
Most people would want an array of high technology and glamourous features that costs £3 million, the research from home buyers estate agency Tepilo found.
UK house price growth slowed in April, following the surge of buying in March, according to the Nationwide Building Society.
The annual pace of house price growth slowed to 4.9% in April, compared with 5.7% in the previous month.
In April alone, house prices rose by just 0.2%, the lowest monthly increase since last November.
Residential property sales in Scotland increased by 18.2% in the first quarter of 2016 compared to the same period a year ago, the latest official data shows.
The figures from the Registers of Scotland also show that prices are down by 8.4% compared to the previous year, bringing the average price to £159,198.
A total of 19,802 properties changed hands between January and March, the highest volume of sales for these months since 2007/2008 and the total value of sales across Scotland increased by 8.3% compared to the previous year to just over £3.15 billion.
Recent and forthcoming changes to tax for buy to let landlords in the UK seems to have dented confidence with new pieces of research showing many are set to re-evaluate their situation and put new strategies in place.
One new report reveals that just one in five landlords believe there is still money to be made in the buy to let market even although many purchased buy to let property in the last three months to beat the Chancellor's stamp duty reforms.
The study conducted by online letting agent PropertyLetByUs, shows that 43% of landlords are considering putting their properties into a limited company to beat the tax rises. Some 5% of landlords have sold buy to let property because of the increased tax burden and 6% plan to reduce their property portfolio and invest their capital in stocks and shares.
People in the UK want to live in villages but the need to have easy access to shops, transport and medical facilities and good broadband, new research has found.
Some 21% of people who are moving home said that they wanted to live in a village, making it easily the most popular type of location, compared to 14% for a market town and only 12% for either a big city or a suburb, according to the study by Strutt & Parker.
The Housing Futures Report found that broadband and mobile connections are essential to rural life. Access to broadband was a key factor for 49% of those intending to move to a village, while 38% highlighted mobile connectivity.
It reveals that with 60% want to be able to walk to shops, 48% close to local transport and 45% near to medical facilities.
AA five-pennant rated Troutbeck Camping and Caravanning Park in the Lake District has been sold from a guide price of £1.1m by the specialist Parks division of real estate advisers Colliers International.
Acting on behalf of owner Fraser Smith, Colliers International sold the 4.6-acre site at Hutton Moor End, Troutbeck, to Neil Thompson, an existing park operator.
The park provides pitches for 20 static caravans, another 36 for motorhomes and 18 for camping with a remaining pitch occupied by an owner’s lodge. The park is served by an amenity block with comprehensive facilities and an onsite shop.
STUDENT accommodation specialist Unite Students has acquired a site in the centre of Liverpool which has planning consent for 713 student bedrooms, and has set its sights on a £70m development project.
The site has the potential to be significantly improved and is expected to provide a home for more than 1,000 students, listed company Unite said.
The firm anticipates that the new development will be open in time for the 2019/20 academic year.
Rush to beat stamp duty deadline lifts lending to the peak levels seen before the financial crash of 2008
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