Despite tax revenue from residential property seeing its usual annual rise between July and September, total tax revenue in the first nine months of 2018 across England and Wales was 9.5% lower than a year ago, according to the latest data published this week by HMRC and the Welsh Government.
It is estimated that £6.3 billion has been netted by HMRC and the Welsh Government between January and September, a fall of £662 million compared to the same period in 2017.
The number of properties liable for the 3% Higher Rate of Additional Dwelling (HRAD) levy fell over 5% in this period. The amount collected from the HRAD 3% element was down £243 million, the equivalent of 14.3%, to £1.24 billion.
Since its introduction in the 2017 Autumn Budget, the government has also ‘lost’ £427 million, owing to the introduction of first-time buyer tax relief which has benefitted over 180,000 first-time buyers. That number will rise thanks to the backdating of the scheme for first-time buyers purchasing shared ownership properties, as announced this autumn. On average, first-time buyers account for just over one fifth of residential property purchases each quarter.
There are many factors that influence our quality of life and well-being. In 2010, the ONS started the ‘Measuring National Well-being’ (MNW) programme in order to have a standardised monitor of well-being. The latest bulletin was published on 28th November 2018.
At a national level, previous research has shown that how people view their health is the most important factor, followed by employment status and relationship status. At a local level, a wide range of local conditions can affect people’s well-being, with housing affordability a key issue. In particular where local house prices are too high relative to incomes, thereby preventing prospective buyers from getting on to the housing ladder and they subsequently remain in rented accommodation.
Comparing June 2017 with June 2018 there were no significant changes to personal well-being measures (life satisfaction, feeling that things done in life are worthwhile, happiness and anxiety) in the UK, or indeed across any of its countries. Also, fewer people reported low happiness ratings and more people reported very low anxiety ratings.
The positive changes in well-being across the UK may be influenced by the improvement in economic indicators during the 12 months, such as the unemployment rate which was at its lowest level between April and June 2018 since the period from December 1974 to February 1975, at 4%. Also, average weekly earnings for employees in Great Britain increased by 2.7%, in nominal terms, compared with a year earlier. However, in June 2018, the rate of annual house price growth was also at its lowest level since August 2013, at 3%.
A quick analysis of sales volumes to date in 2018 indicates that in areas where sales have increased compared to the same period last year, on average virtually half of all properties have access to ultra-fast broadband, with an average download speed of 46.4mbps.
In contrast, in those areas where sales have fallen, just under one third of properties have access to ultra-fast broadband and the average download speed is slightly lower at just 42.9mbps.
While broadband coverage and speed may well not be the most important factors in choosing which home to buy, their impact on daily life is ever increasing. 89% of adults now use the internet each week, up from just 51% in 2006 (ONS), and a rising proportion of the population works from home for at least part of the week.
Upgrade to Inform’s new local demographic pages for analysis of connectivity in your area and check our blog to find out more.
A drop of more than a third of the average sole agency fee for a traditional estate agent in the UK, to 1.18% (plus VAT), since 2011 makes it among the cheapest prime location for agent fees in the world.
Of the places analysed, only China and Hong Kong had lower seller-side fees at 0.5% and 1.0% respectively. Other countries with significantly higher seller fees including Mexico (7.5%), the USA (5.5%) and France (5%).
The UK comes out as the cheapest location to buy in terms of estate agent fees when you consider the combined buying and selling commission fees (assuming no buying agent is used).
A survey carried out by TheAdvisory of over 2,000 property sellers in England and Wales, which was reported by Prime Resi, also identified that 95% chose a traditional agent over a new online and hybrid agencies (often with ‘no sale no fee’) to sell their home.
Just 35% of 25 to 34 year olds were homeowners in 2017, down from 55% twenty years ago. Only 60% of young adults with a 10% deposit and a loan based on an income multiplier of 4.5, can afford the cheapest properties in their local area according to a new report produced by the Institute of Fiscal Studies.
Rising property prices, primarily prior to the financial crisis, compared to incomes have been the major factor in this change. Adjusting for inflation, average house prices in England have risen by 173% over the last twenty years, compared to real incomes of those aged 25 to 34 which have risen by just 19%.
Regional disparity in house prices is far more acute than among incomes. Across London and the South East over 90% of young adults would need to save at least six months’ income for a 10% deposit on an average priced home in their area. This compares to under 60% across the North East, North West and Yorkshire and the Humber.
The introduction of incentives such as Help to Buy, have undoubtedly proved beneficial for many first-time buyers. Nearly 170,000 have benefitted from a Help to Buy equity loan since its introduction in 2013. Similarly, over 69,000 first-time buyer households have saved on average £2,300 each thanks to the first-time buyer stamp duty tax relief announced in the 2017 Budget.
If you have ever sold your home, you will be all too familiar with the pressure to make the property look tip-top in time for a viewing. Your home must appeal to the most likely type of person to buy it, so it’s vital to understand a bit about the demand profile in your area. The chart above shows the demographic profile of our part of the world.
Preparations are well underway for the brand-new arts and culture festival Heart of the Heatons! Running from Friday 5th to Sunday 14th October various cultural events will be hitting the streets of SK4.
From the spoken word, to music and theatre, artists will be exhibiting their works celebrating all things ‘art and culture’. Heart of the Heatons is platform for local talent as well as bringing more well-known artists into unique and intimate performance spaces.
Positioned opposite Heaton Chapel train station in one of the huts is the latest place to buy yourself a quality coffee. Partners Nick Harris and Richard Wright will be opening the café Monday to Friday 6am – 3pm and later in the year Saturdays 9am – 2pm. The boys are keen to promote their speciality coffee and will hold regular cupping sessions where they will offer different samples of coffee and talk about the origin, taste and qualities.
The boys will also be selling artisan sandwiches made by Kauri Fine Foods, so get yourself and to quench your thirst and fuel your appetite.
P.S. – Bespoke Coffee are already the flagship in the Heatons #kicktheplastic scheme.
On the 5th to the 14th October, a brand-new arts and culture festival is arriving, ‘Heart of The Heatons’.
This exciting festival will be providing a diverse programme of events at various locations across the area. All things ‘Art and Culture’ will be celebrated so if your wanting to get involved in something like this, here’s your chance.
If this interests you, please see below how to make contact.