LinK-UK

When one Bristol tenant complained about a mould problem, her landlord told her she was “breathing out too much”

With over 80,000 households renting in Bristol, a lot of people have experienced the testy relationship between a tenant and landlord.

So, it may come as no surprise that a recent study has revealed just how many unhappy renters there are out there with almost half of UK tenants admitting to having fallen out or argued with their landlord in the past.

It also seems there are common complaints or issues that have people dialling their landlord.

The top five reasons for calling landlords include damaged windows (66 per cent), permission to decorate (49 per cent), broken appliances (46 per cent), blocked plug/toilet (44 per cent) or a dirty property (33 per cent).

Figures show, when it comes to problems within the home, people in the UK are not afraid to pick up the phone even for the most unusual of requests.

The research by LightbuilbsDirect also revealed some of the more unusual requests landlords had to put up with, including being asked to unblock toilets and even clean their home.

Some have even reported asking for help hanging photos on the wall, tightening screws on a door frame or moving furniture around the property.

But reports of landlords refusing to help tenants with problems are not rare either. One renter Lauren was told by her landlord that she was “breathing out too much” when she told them about damp issues in the house.

Part of her deposit was then taken to paint over the mould when she decided to move out.

A huge 89 per cent of people said they would consider moving out of their home if they did not have a good relationship with their landlord, shockingly 18 per cent of tenants described their landlords as unapproachable.

When it comes to disagreements, it may come as no surprise that the younger you are the more likely you are to fall out with your landlord.

Between 65-66 per cent of 18 to 34 year olds are had arguments with their landlords in the past compared with only 34 per cent of people aged 65 and over.

By Marc Da Silva

A number of buy-to-let landlords are turning their attention to student housing, which is regarded by many property investors as a serious and lucrative asset class.

Successful landlords increasingly own student properties as part of their portfolio, as do big institutions, including insurers Aviva and Legal & General.

With Universities lacking the funds required to build or maintain their own housing, there is a severe shortage of student accommodation across many parts of the UK, and this has helped to push up rents in the sector.

“There’s a real buzz about student accommodation right now,” said property solicitor Lisa Evans from Kirwans law firm. “With 2.28 million students studying at UK higher education institutions between 2015-2016, there’s clearly a huge market for this type of property.

She added: “Students needs have changed over the years, and landlords need to be aware of this. For example, while I had a typewriter at university and shared a bathroom with 13 others, many students now expect free wi-fi and en-suite bathrooms.

“As with any financial venture, it’s vital to do your homework first in order to ensure that your investment doesn’t leave you worse off.”

Here are nine things about investing in student property that Evans believes every landlord should consider:

1) There are increasing ways to invest

In times gone by, investing in student accommodation typically meant buying a property, gaining a house in multiple occupation (HMO) licence, and renting out each individual room, usually with decent yields.

But as the UK’s student population has increased, so have the range of investment options on offer. While HMOs are still a big draw, purpose built student accommodation (PBSA) is also attracting a lot of interest.

Investors reportedly ploughed a total of £3.1bn into the PBSA market last year, with industry giants Knight Frank revealing an increase in terms of the number of foreign investors purchasing purpose built student property.

A 2016 report by specialist energy provider Glide Utilities revealed that, when it came to this type of property, more than half of UK students wanted accommodation that included all utility bills, and expected broadband internet and energy prices to be included in the rental rate.

Over half of students wanted to be as close as possible to their university campus, and around 30% expected good transport links. One third of those questioned saw en-suite bathroom facilities as an absolute must – a fact worth knowing when you’re about to invest thousands.

2) Do your sums

The introduction of various pieces of legislation over the past 18 months has made it harder to get a good return from rental property. Investors now have to pay a 3% stamp duty surcharge on any property, or part of a property, which could be classed as a second home.

In addition, landlords can no longer claim tax relief on 100% of their mortgage interest. Prior to April of this year, a landlord whose rental income was £10,000 but who paid £9000 in interest on their mortgage were taxed at their usual rate on only their profit of £1000.

However, interest tax relief is now being cut back, with landlords currently able to offset only 75% of their mortgage – a figure that will fall to 50% next year, 25% in 2019, then in 2020, none of their mortgage interest will be tax deductible. Instead, they will have to pay tax on their total income, before claiming a 20% tax reduction.

In addition, the general ‘wear and tear’ tax relief of 10% that landlords were previously entitled to automatically deduct from their tax bill has also changed, with landlords now only allowed to claim tax relief on repairs and replacements they have actually paid for.

3) Understand your obligations

There are a number of crucial health and safety obligations that all landlords must adhere to.These include;

Having the correct insurance policies in place such as public liability, contents and buildings insurance;

Carrying out a fire risk assessment and insuring that the property has the requisite number of fire doors, fire exits and fire extinguishers. The Residential Landlords Association (RLA) has published a helpful guide on fire safety legislation that makes for important reading, while Merseyside Fire Brigade’s checklist for student landlords is also extremely helpful. It is also now strongly advised to install sprinkler systems in properties.

Making sure that there are no inherent risks on the property that can cause injuries;

Mounting handrails along the full length of the stairwells with the correct lighting fitted, and installing emergency lighting at the property; while there is no absolute obligation under the Occupiers’ Liability Act 1957 to do this, it would be best practice and advisable to do so;

Ensuring that the windows and doors meet the correct safety standards;

Making sure that the property is fit for human habitation (Landlord and Tenant Act 1985, Section 10).

Also, don’t forget to factor in the cost of fitting smoke and carbon monoxide alarms – or you could face a £5,000 fine.

While extensive, this list is by no means exhaustive. Specialist legal advice should be taken before renting out your property to ensure you have met all your legal obligations.

4) Location is everything

If you’re buying a student property purely for investment purposes rather than because you’re tied to a particular city or town, then it’s important to do your research on which areas offer the best yields.

Industry reports are regularly published on the top performing towns for student rental yields – the most recent of from Simple Landlords Insurance placing St Andrews in Scotland, Lancaster and Loughborough in the first three places on the league table.

Choose a town or city in which student accommodation is highly sought after, then look into which properties, in which streets, tend to get snapped up first. Local specialist student letting agents should be able to help you with this.

Naturally, the university needs to be nearby, but equally important is the property’s proximity to student nightlife, whether that’s located on campus or in the town.

5) Check which licence you’ll need from your local council

Various areas are subject to the Selective Licensing Scheme, which requires that all private landlords must hold a licence for each of their rented properties.

Prospective landlords will be asked to declare any convictions for dishonesty, violence, or drug-related offences, or breaches of housing or landlord and tenant laws.

The licence can cost several hundred pounds, although some councils do offer discounts for additional lets, and punishments for failing to sign up to the scheme can be harsh; last October a Liverpool landlord was fined £1000 for failing to sign up to Liverpool Council’s Landlord Licensing Scheme, and ordered to pay the council’s legal costs.

However, if your property is let to at least three tenants who form more than one household and who share a toilet, bathroom, or kitchen facilities, then you may need an HMO licence instead. It’s best to contact your local council to make sure you apply for the correct licence.

6) Make it easy on yourself

Look for easily maintainable property – the newer the better – which will require less spend on updating and repairs, and search for three-or-four bedroomed options which tend to be highly popular among student groups.

Student properties can be heavily exposed to wear and tear, so go for durable surfaces and furnishings over aesthetics to avoid eating into your profits by shelling out on replacements.

7) Seek specialist advice on contracts

You might want to think about using a joint tenancy agreement for the whole group, rather than an individual agreement with each tenant. Then, if someone leaves the house, you won’t need to worry about how you’ll make up the shortfall.

Many student landlords also stipulate that each student tenant should have a guarantor to ensure that payments are met. Speak to a solicitor for specialist advice.

8) Market your property

You could have the best property in town, but if it’s not being marketed, potential students won’t even know it’s there. Find out if local universities compile directories of accredited private student accommodation in the area and, if so, make sure you’re in them. You might even want to invest in advertising on social media which can prove extremely effective in reaching students.

9) Have a long-term plan in mind

Do you plan to build a property portfolio and pass it on to your children when you retire? Or maybe you hope to eventually sell your property and use the equity as your pension. Whatever your plan, you’ll need to think strategically, so check out the financial health of the university you wish to provide for and look for any red flags over its own future as, if the institution goes bust, there’s a good chance your investment will too.

Decide at what point you wish to sell the property, and the sort of return you hope to see. Having these ideas mapped out at the start will help you to stay focused on your reasons for becoming a landlord in the first place, and will stop you from spending on the property unnecessarily.

PUBLISHED : Monday, 28 August, 2017, 3:49pm

CC Land, the Hong Kong property developer that made headlines earlier in the year for its acquisition of London’s landmark “Cheesegrater” skyscraper, is keen on snapping up more property in Britain, where targets have become “much more affordable” compared with Hong Kong, says its deputy chairman.

The company has completed three headline London acquisitions so far this year, as part of its change in strategic focus from mainland China to overseas markets.

The developer surprised the market in March when it bought the Leadenhall Building in London, the Square Mile’s tallest tower known as the “Cheesegrater”, for £1.135 billion (US$1.4 billion), marking the largest ever Chinese purchase of British real estate.

Most recently, partnering with Guangzhou R&F Properties, it has also emerged as the buyer of a £470 million, 10-acre high-end apartment project at New Covent Gardent Market in the UK capital’s Nine Elms district.

That land plot had been set to be sold to Chinese magnate Wang Jianlin’s Dalian Wanda Group, but Wanda scrapped its plans last week, amid heightened scrutiny of its debt levels by the Chinese government.

Peter Lam, CC Land’s deputy chairman, said it and R&F will have an equal 50/50 share of the Nine Elms development, a project consisting of three residential towers which will provide around 1,800 units and start pre-sales of phase I next year.

“The depreciation of the pound after Brexit and its high liquidity make London very attractive for us,” said Lam, “And as we speak English, we feel more comfortable investing in London.”

He described London properties as very “good buys” even the iconic Cheesegrater, where current prices are less than HK$20,000 per square foot.

“With the same money, you could only buy a second-class commercial building in North Point,” Lam said.

He added the owners of Hong Kong’s best buildings have become unwilling to sell, and that the market is not as vibrant as London. And even if they do sell, the yield could be much lower as it could cost HK$60,000-70,000 per square feet.

The company said both its One Kingdom Street and Leadenhall Building offices in London are 100 per cent leased, the current yield of the former is 5 per cent, and the latter 3.5 per cent.

The company expects to take 6-7 years to complete the Nine Elms project, which will also contain affordable housing, office and retail space.

“The project will target global buyers,” said Lam, adding he believes it will draw strong attention from Hongkongers as the prices could be put on a par with buying a flat in Hong Kong’s City One Shatin, for instance.

CC Land, controlled by Chinese tycoon Cheung Chung-kiu, posted an 84 per cent rise in its first-half net profit to HK$59.9 million although revenue slumped 92 per cent to HK$61.9 million.

The reduction in revenue was blamed on decreased property sales after the company disposed of all its mainland property assets over the past few years. Profit was mainly contributed this time round to a HK$101.8 million rental top up received from the seller of the Leadenhall Building.

Lam said CC Land will continue to target investment opportunities in the UK, Australia, US and Japan, stressing the company is not exiting China, but is still open to good investments in first-tier cities.

“We want to develop a global footprint, with our investment properties,” Lam said, “accounting for 30 per cent of our revenue.”

22nd August 2017

More than one million Help to Buy ISAs have now been opened since it was launched in 2015, helping first time buyers across the UK save towards their first home, the latest official figures show.

It means that first time buyers have saved over £1.8 billion in their ISAs and Economic Secretary to the Treasury, Stephen Barclay, said it is proof that the product is a success.

‘Our Help to Buy schemes continue to prove hugely popular across the country, as we support people to get on in life and achieve their dream of climbing the housing ladder,’ he added.

The Government’s Help to Buy: ISA scheme was launched on 01 December 2015 to provide first time buyers with the opportunity to save up to £200 a month with the Government topping up their contributions by 25%, up to a maximum of £3,000.

First time house buyers across the UK can open an ISA, which is available for home purchases up to £250,000 or £450,000 in London. If a person plans to buy a home with someone who also qualifies, they are each able to separately claim the bonuses on their savings and put both towards the home buying process.

The scheme has proven to be hugely popular, with the equivalent of 1,500 Help to Buy: ISAs being opened every day since its introduction. The number of providers of the scheme, which includes banks, building societies and credit unions, has doubled since its launch to 28, with the Nottingham Building Society being the most recent to sign up.

Savings in a Help to Buy: ISA are tax free and are also quick and easy to open. Savers can receive on average 2.4% interest rate on their savings which is typically higher than an instant access savings account.

First time buyers will be able to open a Help to buy ISA until 30 November 2019. Existing account holders can continue to save in their ISA account until 30 November 2029 when accounts will close to additional contributions. Bonuses can be claimed until 01 December 2030.

http://www.liverpoolecho.co.uk/

1 AUG 2017 BYALISTAIR HOUGHTON

Farhad Moshiri’s purchase of the Royal Liver Building has helped spark a Liverpool property boom, property giant CBRE says.

Global property expert CBRE – which handled the £48m sale of the Liverpool landmark and is working with Everton on its new stadium – says the city has become a “hot spot” for commercial property over the past 18 months, with deals worth more than £300m.

And CBRE says Mr Moshiri’s Royal Liver Building deal was “pivotal” in helping the city become more attractive to overseas investors.

The building was put on the market for the first time in its history last year, with a £40m price tag.

In February it was sold to a consortium led by Corestate Capital for £48m . The ECHO later revealed that Everton’s majority shareholderFarhad Moshiri was Corestate’s partner in the deal .

CBRE said: “Corestate’s decision to invest in Liverpool shows its confidence in the city’s economy – and has sparked a wave of interest from other global investors.”

Another key sale over the period was the £45m sale of the Exchange Flags office complex behind the Town Hall. CBRE also worked on that deal – and is also working on the £2bn Knowledge Quarter regeneration scheme.

The firm, which has its Liverpool office in St Paul’s Square, is part of Everton’s advisory team on the Bramley Moore Dock stadium plan.

CBRE is now working with Corestate and Mr Moshiri on plans to renovate the remaining office space in the Royal Liver Building. They want to upgrade those offices to the “Grade A” standard needed to attract new businesses.

Neil Kirkham, director of CBRE’s office agency team, said Liverpool’s strong legal and creative sectors, as well as its universities, were helping the city become more popular with investors.

He said: “CBRE has transacted approximately £250m worth of property across Liverpool and Merseyside in the past two years. It is an exciting time to live and work here, as illustrated by our pipeline of projects.

“Interest from Investors and occupiers have reached unprecedented levels in recent times, a reflection of the significant rental growth potential due to the lack of supply and the excellent demographic and economic factors to retain and attract talent.”

CBRE also says the Royal Liver Building deal shows finance firms are now more likely to back big deals in Liverpool.

Victoria Hill, regional director at CBRE’s debt and structured finance division, said: “As recently as a year ago, there would have been fewer lenders and terms would have been more conservative as it (the Royal Liver Building) was a large lot size for the city. However, the city now has robust demand and supply dynamics for lending, and this transaction has put Liverpool firmly on the map.”

By HARVEY JONES

PUBLISHED: 08:30, Wed, Aug 9, 2017

Buy-to-let has been an incredibly popular investment over the past 20 years, but that is changing as it wilts under a relentless tax attack.

Amateur landlords fear sums no longer add up following an assault that includes a stamp duty surcharge and cuts to mortgage interest tax relief and the “wear and tear” allowance.

IS it still worth investing in buy-to-let?

A) PROPERTY remains a solid investment with the attractive combination of income plus capital growth.

However, some tax benefits have been cut and higher rate payers can no longer claim 40 or 45 per cent relief on mortgage interest payments.

Now they pay tax on their full rental income and get a reduced tax credit instead, phased in over four years and worth just 20 per cent in the 2020/21 tax year.

Higher rate taxpayers with several houses could get around this by setting up a limited company to run their properties.

SHOULD I set up a limited company?

A) THERE are some tax benefits to incorporation. The Government has not cut tax relief for companies.

You will pay corporation tax rather than income tax which may be lower as the current rate is 19 per cent.

There are other benefits too as the Bank of England’s Prudential Regulation Authority recently tightened up criteria for buy-to-let mortgages and applicants must demonstrate that they can afford their mortgage should rates rise.

They must also show that rental income will be at least 45 per cent higher than mortgage repayments.

Again, these changes do not apply to limited companies. You may also be able to avoid capital gains tax by incorporation but only if you can show this is a fulltime job or business.

Seek specialist tax advice before incorporating.

WHAT is the stamp duty surcharge?

A) SINCE April 2016 investment property and second home buyers must pay a surcharge of 3 per cent on top of standard residential stamp duty, adding to initial costs.

Say you buy a £200,000 property. There is no residential stamp duty on the first £125,000.

It is then charged at 2 per cent on the remaining £75,000, costing you £1,500.

The investor surcharge is then applied to the entire purchase price of £200,000, costing £6,000, thus the total bill is £7,500.

Worse, the surcharge applies to all properties above £40,000, rather than £125,000.

So an investor who purchases a property for £100,000 will pay the 3 per cent surcharge on the purchase price, costing £3,000 whereas an owner-occupier would pay nothing.

SHOULD I use a letting agent or do it myself?

A) MANY landlords get into property investment to escape the nine-to-five only to spend a lot more time managing their properties.

Hiring an agent allows you to pass on the day-to-day running of the property, but a bad one will create more work, so do your research.

Be warned, management fees can swallow up to 15 per cent of your rental income.

WHAT insurance would I need to protect myself?

A) I STRONGLY advise taking landlord insurance. You would be surprised how many landlords buy residential home insurance.

Buy-to-let lenders will insist that you have buildings insurance to cover bricks and mortar, but a comprehensive landlord insurance policy will also give you cover for contents, liability insurance in case of legal disputes with tenants and loss of rent insurance.

8th August 2017 UK

The East of England is seeing residential rents rise almost four times the average for the UK with annual growth of 2.35% in July compared to a national rise of just 0.64%.

Strong demand for lower rent accommodation by long distance commuters is thought to be a contributing factor as people move further away from London. Indeed four of the hottest commuter hotspots are outside of the M25.

The latest index report from Landbay shows that rents in Luton, Peterborough, Thurrock, and Bedfordshire, are all less than half the London average, but have grown more than 3% in response to growing demand.

Rents have increased by 4.23% in Luton, by 3.75% in Peterborough, by 3.56% in Thurrock and by 3.19% in Bedfordshire in the last 12 months yet actual rents are less than half of the London average of £1,873.

In London rents have fallen by 1.05% year on year and the current pace of growth means a tenant in Luton is now paying £789 each month in rent compared to £757 a year ago, an extra £384 over the year.

The average UK rent is £1,193, up 0.06% month on month and 0.64% year on year. Excluding London rents increased by 0.13% month on month and by 1.56% year on year to an average of £756.

The data also shows that year on years have increased by 1.34% in Wales, by 1.23% in Scotland and by 0.18% in Northern Ireland to an average of £639, £726 and £560.

According to the report the figures highlight a growing affordability crisis for young people working in London, suggesting that many are moving further afield to reduce their rent burden, possibly while they save for a house of their own.

Less affordable areas in London’s commuter belt, those with higher average rents and particularly those in the South East, have seen less demand and therefore slower rental growth.

While the East of England has seen competition push up rents across the board, just three out of 19 counties in the South East have seen rental growth above 2%. With rises of 3.16% in Medway, 2.28% in Kent and 2.03% in West Sussex, these locations all have more affordable average rents, less than half the London average.

Indeed the two counties in the South East with the highest rents, Surrey at £1,439 and Windsor and Maidenhead at £1,270 have both seen rents fall by 0.13% and 0.23% respectively.

Elsewhere, already expensive areas surrounding London have seen far less rental growth. For someone in Windsor or Maidenhead, traditionally deemed as ‘desirable’ regions for commuters, rents have seen the biggest slowdown.

‘With rising inflation and rock bottom interest rates it is little surprise to see demand in the more affordable Home Counties rising faster than pricier parts of London and the South East,’ said John Goodall, chief executive officer of Landbay.

‘Naturally these surrounding areas are starting to experience a surge in rental prices, creating a ripple effect out from the capital. There are of course a number of factors at play, but as yields tighten in the capital landlords may well be branching out to the East of England in a bid to meet this demand,’ he added.

7th August 2017 UK

The Help to Buy equity loan scheme in the UK, which has helped tens of thousands of people to buy a new home, will continue until 2021 it has been confirmed.

The Department for Communities and Local Government (DCLG) issued a statement amid reports that the scheme was set to be scrapped soon. Since its launch in 2013 it has helped more than 120,000 buyers.

‘We remain committed to the Help to Buy Equity Loan Scheme to 2021, ensuring it continues to support homebuyers and stimulate housing supply,’ the statement said.

‘The Government also recognise the need to create certainty for prospective home owners and developers beyond 2021, so will work with the sector to consider the future of the scheme,’ it added.

It may be that the reports of the demise of the scheme stemmed for leaks relating to the regular reviews of progress undertaken by officials at the DCLG, with the last review having taken place in 2015.

Under the scheme the Government lends a buyer up to 20% of the cost of newly built home so they need only a 5% cash deposit and a 75% mortgage to make up the rest. There are no loan fees on the 20% for the first five years of owning your home.
Because of rising prices in London, in February 2016 the Government increased the upper limit for the equity loan it gives new home buyers within Greater London from 20% to 40%.

The statement came after shares of leading house builders fell amid reports that the scheme was to end early. It is estimated that 38% of private home builders use the scheme.

The most up to date Government figures from 2015 show that the Help to Buy equity loan scheme has contributed 14% of total new build housing output.

By DEBORAH STONE PUBLISHED: 09:13, Fri, Jul 28, 2017

Growing faster than any other city in Britain, Manchester is expected to see more growth in office-based employment than elsewhere in the UK – including Greater London – over the next five years.

More than 4,000 jobs in media and technology are expected to be created within 10 years says Savills and, according to Hometrack, by 2021 house prices will go up 28.2 per cent.

Crucial to Manchester’s success was the BBC’s decision to move many of its jobs from London to Salford Quays in 2004, leading to the development of MediaCityUK.

Today it is home to more than 200 businesses and the University of Salford, with Kellogg’s relocating its UK headquarters there from the city’s Old Trafford next year.

But while prices in Salford are still affordable they are not expected to stay that way and it’s the area’s location among a network of canals that is adding to its attraction.

Millions have been spent clearing and restoring Manchester’s waterways, with once-derelict land now used for leisure activities and communal space.

“Waterfront living provides welcome breathing space for people living in overcrowded communities,” says Jonathan Stephens, managing director of property developer Surrenden Invest.

“Living on a canal has and always will hold great appeal; the calming nature of being close to the water combined with the leisure activities available makes homes such as those at Royal Canal Works a true urban oasis.”

Royal Canal Works (0203 3726 499; surrendeninvest.com) is a canal-side development in south Manchester’s Stretford, featuring 43 one and two-bedroom apartments with waterfront views and landscaped gardens from £105,000.

It is less than a minute’s walk to the city’s tram line and just 15 minutes from the city centre, set in a private gated community.

But Manchester is not the only place to be rejuvenated through waterside homes.

London’s Docklands continues to be the country’s biggest regeneration success story since government investment in the area during the 1980s.

Although Canary Wharf, named after the dock where Canary Islands bananas used to be unloaded, is home to some of the biggest financial companies in the world, Docklands is mostly a residential area.

And despite starting out as an office area about two thirds of Canary Wharf’s new district is residential.

One of the most spectacular new developments being built there is One Park Drive, overlooking the River Thames.

The 58-storey cylindrical tower block is already a landmark building thanks to its unusual design and when it is finished in 2019 its 483 apartments will range from studios to four-bedroom penthouses.

Each apartment will have a balcony, cleverly designed to ensure none are overlooked, with studios starting at £575,000, one-bedroom apartments at £750,000 and two-bedrooms from £1,080,000 (0207 001 3800; canarywharf.com/ residential).

“This is more than just a building,” says Canary Wharf Group chairman and CEO Sir George Iacobescu, “it is a piece of art.”

As both London’s Docklands and Manchester’s canalside regeneration continue to redefine both cities in terms of jobs and homes, the only thing that separates them – apart from their football teams – is the price.

By KATRINA TURRILL

PUBLISHED: 11:05, Tue, Jul 25, 2017

HOUSE SALES in the UK have increased despite Brexit wavering and the General Election bringing uncertainty to the property market. House prices are on the rise, and house prices are increasing in 2017 across the UK.

House sales in the UK have incrased. New buyers stalled their house search until after the election at the beginning of June, but house sales appear now to have made a recovery.

NAEA Propertymark (National Association of Estate Agents) has issued its June Housing Report today.

In terms of sales agreed and sales to first-time buyers, the number of sales agreed per branch rose from 10 in May to 11 in June.

The proportion of sales made to first-time buyers rose to 30 per cent in June – the highest amount since January.

When it comes to demand for housing, the number of house hunters registered per estate agent branch increased by 10 per cent last month.

In May, there were 350 per branch, compared to 384 in June.

This is also a 16 per cent increase from June 2016 when 330 potential buyers were registered per branch.

The supply of properties in June indicated that the gap between supply and demand is increasing.

The number of properties available per branch fell last month, dropping from 40 in May to 37 in June.

Only two properties sold for more than asking price in June, a decrease of one percentage point from May.

The number of homes which sold for less than asking price rose to 79 per cent last month – up two per cent from May.

Mark Hayward, Chief Executive, NAEA Propertymark, said: In May, we saw a period of political uncertainty, with new buyers stalling their house search until after the election.

“In June however, it seems the market has bounced back, with the number of house hunters rising.

“Although we have seen a decrease in the number of houses available per branch, we have seen a rise in the number of sales – which is typical of this time of year as buyers and sellers push through their property transactions ahead of the quieter summer months.”

House prices are continuing on a downwards trend according to new figures, but a city you might not expect has seen a massive increase in sales.

Your Move released its latest England and Wales House Price Index last week that shows prices are starting to cool ahead of the summer but that a North-South divide is re-emerging.