News
Damp is number one turn off for UK house hunters
Damp, poor maintenance and a lack of parking top the list of UK house hunters’ biggest turn-offs, according to new research which is published as the spring house season begins. Damp patches staining walls and ceilings are the biggest problem for potential home buyers according to a new survey commissioned by Gocompare home insurance. It found that 67% of people would be deterred from buying a property which showed signs of damp. Others include poor maintenance, wooden windows, no garden, stone cladding and nasty odours. Some 60% would be put off by windows being rotten or in a poor state of repair, 55% by no parking, 54% by no garden, and 53% by smells caused by pets, damp, food and cigarettes. Some 53% would also be put off by unfinished building work. Poor natural light and dark rooms would be a turn off for 46% while 45% would be put off by small rooms. Some 42% would not like poorly finished DIY, 40% a small kitchen and 36% a dirty house. ‘If you’re looking to sell your home it’s important to make sure it’s well presented, both inside and out, to make it as appealing as possible to would be buyers. Buying a home is a big financial commitment and most house hunters will want to think that the property they’re buying has been well looked after by its current owners,’ said Ben Wilson of Gocompare home insurance. ‘Damp can be expensive to repair and may be an indication of a costly problem with a property such as a leaking roof. Unfinished or badly carried out work can be expensive to remedy and can detract from the value of a property as well as deterring potential buyers,’ he pointed out. ‘Bad housekeeping can also kill a sale. During a viewing many buyers will try to imagine themselves living in the property, so a dirty home, nasty smells and cluttered rooms can be a big put-off. They can also be a sign of other problems with the property. Clutter could suggest a lack of storage space, while a dirty home may suggest to buyers that the house has been unloved and in a poor state of repair,’ he explained. ‘So, a good spring clean is one of the easiest and most cost effective ways to create bright, fresh airy rooms and increase the saleability of your home,’ he concluded. Continue reading
Over half of UK first time buyers rent before they buy
More than half of the UK’s first time buyers now try before they buy when it comes to owning their first home, according to an annual survey. The research from Clydesdale and Yorkshire Banks found that 54% of the nation’s first time buyers rent before they take the house buying plunge. A further 35% stay with family and 6% rent but move back to the family home to save for a deposit. The same survey last year revealed that 67% of first time buyers in the UK were waiting longer than planned to buy their first home with more than half of those surveyed revealing it had taken up to three years longer than anticipated. There is a clear financial benefit with 39% of those at home claiming to live rent free. Some 61% pay rent every month and a further 21% make a contribution through helping at home, paying bills or buying food for the household. However, 80% of Scots living at home pay rent compared to just 46% of those in London. The majority, 56%, of first time buyers said they feel pressure to buy their own home and this is felt most keenly amongst those renting a property. There were regional variances with 65% of first time buyers in London admitting to pressure to take their first step onto the property ladder. This compared to just 37% in the North East. ‘We know that first time buyers face a number of pressures and challenges and are focused on providing support throughout the process from helping to save for a deposit to finding the right mortgage to suit different needs and budgets,’ said Steve Fletcher, head of Clydesdale and Yorkshire Banks retail network. He pointed out that Clydesdale and Yorkshire Banks are offering first time buyer mortgages with a 5% deposit. ‘We are proud that we were one of only a handful of lenders who continued to support this market throughout the economic downturn,’ he said. First time buyers with a deposit from as little as 5% can apply for a first time buyer mortgage and receive the benefit of no arrangement fee, £250 cashback and one free home valuation. The Banks offer a three year fixed rate of 3.59% with 90% LTV or 4.89% for a three year fixed with a LTV of 95%. Continue reading
Most property hotspots in UK are in London
Nine out of 10 property hotspots in the UK are in London with Sutton named in the latest index that monitors the number of properties sold in comparison to those on sale. The south west London borough has seen a 67% demand for property with the previous top spot of Bexley pushed down to sixth position with 62%, according to the index from online estate agent eMoov. The two London Hotspots are joined in the top 10 by a number of other outer London boroughs and commuter friendly towns, with quick and improving transport links into the heart of the capital. They are Cambridge at 66%, Watford at 64%, Bristol and Reading both at 63%, Guildford at 59%, Aylesbury at 57%, Havering at 57% and Hillingdon at 56%. Some parts of London have seen demand drop severely, for example Wandsworth at 32% has seen a fall of 11% since December 2014 and has dropped out of the top 50 hotspots. With a property demand of just 12%, Nine Elms is the coldest spot in the UK. The firm says this is a surprise as the area is due to benefit from the planned extension of the Northern Line. But it seems that those already selling their property in Nine Elms, may have jumped the gun and increased the price in anticipation. The resulting inflation in house prices looks to be a factor influencing the low demand in the area at present, it is also contributing towards the decline in property demand for Wandsworth as a whole. Although outer London and the surrounding commuter areas have continued to enjoy a strong demand for property, it is in fact the North West that has seen the most marked improvement. The hotspots that have enjoyed the biggest turn around in demand since December are mostly located in the North West. Sefton has seen the greatest improvement in demand, up 80% since December, followed by Huddersfield up 56%, Trafford up 24%, Bradford up 23%, Stoke-on-Trent and Bolton both up 21% and Warrington up 19%. Half of the top 10 coldest spots in the UK are in the north east. North Tyneside with a current demand percentage of 13%, is the second coldest spot across the UK and has seen the biggest decrease in demand for property since December, falling by 43%. It is closely followed by County Durham, where demand declined over the course of 2014 and has continued to do so, dropping by a further 37% on December’s hotspots index. ‘It’s almost a tale of two halves in the North alone, let alone the North and South. The North West seems to be flourishing as demand for housing increases almost across the board. It is however a very different picture in the North East, as it accounts for a number of the coldest spots in the March Hotspots Index,’ said Russell Quirk, the firm’s chief executive officer. ‘As we predicted last summer, commuter towns around the capital… Continue reading
