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New home registrations in the UK soared to a five-year high in the first quarter of this year, increasing by 22% year-on-year, fresh data shows.
Despite the sluggish nature of the UK economy, residential property prices are expected to continue rising in 2013, albeit marginally, according to the Royal Institution of Chartered Surveyors (RICS).
With a chronic shortage of new homes in relation to growing demand for housing, RICS estimate that the property prices will appreciate by 2% over the course of next year while the cost of renting a home should increase by around 4%.
If you are thinking of entering the buy-to-let market, now could be a great time to do so. Two recent property market reports have shown that investors are set to make steady returns over the next decade as increasing rents and a house price recovery boost the sector. With competition between buy-to-let mortgage lenders resulting in falling interest rates, it could be the perfect time to buy.
Could now be the perfect time to join the buy-to-let revolution? New research has found that the buy-to-let market represents a growing share of the UK mortgage market and that rents in the UK are continuing to rise. Cheap homes, competitive buy-to-let mortgages and rising rents make it a great time to invest in a rental property.
Homebuyers rushed to beat the end of the stamp duty holiday in March pushing new buyer enquires higher, with 9% more surveyors reporting increases rather than decreases in demand. This is the highest reading in almost two years.
The end of the stamp duty holiday for first-time house buyers means that they will join other homebuyers in paying 1% tax on properties worth between £125,000 and £250,000.
Surveyors expect residential property sales in England and Wales to increase over the next few weeks ahead of the end of the stamp duty holiday on 24 March.
According to the Royal Institution of Chartered Surveyors' (RICS), sales expectations for the next three months were at their highest level since May 2010, with many first-time buyers expected to secure a new home before the 1% stamp duty rate for first-time buyers, on homes worth between £125,000 and £250,000, is reintroduced.
A shortage of new homes coming onto the market is a main driver for booming rental prices, as more people are forced into rental accommodation, according to a new RICS Residential Lettings Survey released today.
Tenant demand is soaring as more people are priced out of the housing market, due to high property prices, caused in part by a lack of new build homes in relation to demand, and a lull in mortgage lending.
The volume of homes in Scotland sold increased last month, while the number of prospective purchasers enquiring about property for sale rose sharply for the second month in succession which showed there was more activity in the Scottish housing market, according to the latest RICS Housing Market Survey.
Falling supply of new homes to the rental market coupled with greater demand, makes now a great time to enter the buy-to-let market.
The latest Buy-to-let index from LSL Property Services plc shows that rents increased for the 10th consecutive month in November, with the average UK rent at £692 per month.