26th Jan 2023|Commercial|News|Sales|Lettings|New Homes|

Property News 26th January – Five Things You Need To Know This Week

Keeping up with the ever-evolving property industry can be challenging. Centrick makes it easy with our weekly roundup of the five most significant pieces of property news. The roundup includes all facets of the market, from residential to commercial, land to BTR – which ensures that you’re up-to-date with the latest property news and trends. With yet another week in January drawing to a close, we’re looking back at everything you might have missed…

Deadline approaching for overseas landlords to register with Companies House

Any landlord that owns a property via an international company will need to register with Companies House by the end of January, or face a large fine or jail time. This is a result of the 2022 Economic Crime Act, which aims for greater financial transparency when it comes to overseas entities owning British property. With over 90,000 properties in the UK being owned by overseas investors or businesses, this change will undoubtedly impact many property owners.

Retail property experiencing increased footfall as post-pandemic recovery continues

The pandemic saw a distinct departure from the norms of high street shopping. However, commercial property owners will be glad to hear that this trend is starting to reverse, with the latest statistics indicating that the high street is well and truly making a return. January 2022 saw a decline in footfall of 20.8% compared to pre-pandemic levels, which has now been boosted to a decline of 14.2% – this is a marked increase in footfall over the course of the year.

New Save To Buy scheme launched for first time buyers

First time buyers in London and Essex that are purchasing through Fairview New Homes will the first to access the new Save To Buy scheme, which is due to be rolled out more broadly as the year progresses. This scheme allows tenants to move into their first home early under a pseudo-rental agreement, even before their property purchase has been completed. These ‘rental payments’ will be deemed part of their deposit, thereby expediting their move-in process. First time buyers are able to pay their deposit as rent from 6 months to two years before their official sale goes through. With 100% of these rental payments going directly towards a deposit, this will make finding an affordable first home much more accessible for the majority of new buyers, and will make the transition from renting to owning far less daunting.

New build stock rises to 18.5%

Despite the ongoing disparity between supply and demand in the residential property market, it appears as if the completion of many new build property developments is beginning to have a tangible impact on the market. Research carried out by Alliance Fund has found that the amount of new build property stock is slowly increasing, which bodes well for investors and homebuyers.

UK property value grew by £80m every hour in 2022

Zoopla’s latest research indicates that 92% of homeowners saw their property accrue value over the course of 2022, with an overall surge in value of £80 million every hour. This means that 27 million homes experienced a significant increase in market value, with the average property receiving a £19,000 market boost – property investors and homeowners will surely rejoice at this impressive statistic! If you’re looking for an up to date valuation of your home in seconds, use our Instant Valuation tool.

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