Tag Archives: british
Conveyancers set for a year of change ahead in UK home buying industry
The outlook for conveyancers in the UK is looking like one of change with extra stamp duty and high demand set to make 2016 a buoyant year for the industry, according to the latest sentiment tracker report. Some 27% of conveyancers believe transaction levels will increase by up to 20% this year, according to the report from Searchflow. It also says that with the UK Government encouraging first time buyers to the market and pledging to build new homes there will be change in the industry. The conveyancing industry is very likely to see a rush to complete property purchases prior to April when the extra stamp duty on buy to let and second home purchases becomes active. But according to Maud Rousseau, the firm’s group marketing and communications director this is likely to settle later in the year. ‘If rents remain high and housing stock is still in short supply, buy to let will remain a profitable investment for many. The market will continue to be boosted by new homes,’ she added. She also pointed out that last year saw a record level of new homes being built, up 25% year on year and reaching the highest annual increase in a generation. This trend is set to continue as the Government continues to roll out planning reforms to help increase housing supply. Technology is also set to have an impact. ‘With the advancement of agile technology and big data analytics, search companies are seizing upon the opportunities to drive through major changes. Data and technology providers are working together to create a one stop shop to not only streamline the process but help improve risk management,’ said Rousseau. ‘The trend for transparency within the conveyancing sector will continue to drive the delivery of new product offerings tailored for the homebuyers. These products will enable conveyancers to provide their customers with an improved service, whilst also benefiting from reducing their time required to update clients,’ she explained. The impact of online estate agents is set to be a major topic of debate this year is another issue highlighted in the report and it says that the conveyancing industry needs to be prepared to adapt quickly if online estate agents achieve their ambition of being ‘highly disruptive in the world of estate agency’. This year, there are a number of planned consultations that could have a very significant impact on the conveyancing sector. They included the Government’s consultation on the privatisation of the Land Registry will be closely monitored. And in advance of the review of Legal Services Act which is scheduled to be reviewed during this parliament, the Government has announced its consultation on alternative business models entering into the legal sector. The Government claims that it wants to ensure that innovative businesses are able to enter the market, providing greater choice for consumers. The Solicitors Regulation Authority (SRA)… Continue reading
Millions of pounds handed over to councils for new homes in UK
Housing Zones around the UK are now receiving funding that the government says will kick start work to build tens of thousands of new homes. Nearly £6.3 million is being distributed to help revive brownfield sites across the country which comes on top of a £1.2 billion Starter Home Fund designed to prepare brownfield sites for at least 30,000 new homes. The funds will be used to speed up work, enabling homes to be delivered quickly and most of it will go to councils to help with work in 19 out of the 20 flagship Housing Zones, which are described as a new approach to getting new homes built easily and quickly. The 20 Housing Zones, spread across the country, will see councils working in partnership with private developers to deliver the new homes on brownfield land. Housing Minister Brandon Lewis also said that the government is also committing to work with an additional eight short listed potential Zones and together these have the potential to deliver 45,000 new homes. ‘Housing Zones offer enormous potential to use brownfield land for new homes which is why this government is determined to get them built out as soon as possible. This funding will play an important part in getting work underway which will lead to new homes and more security for aspiring home owners,’ he explained. ‘Britain is building again with the number of new homes up 25% in the past year and these zones will play an important part in giving an extra million people the chance to achieve their dream of home ownership,’ he added. The funding includes £600,000 in Guildford, £27,000 in Hertsmere, £700,000 in Thurrock, £150,000 in Gedling, £165,000 in Greater Gainsborough, £240,000 in Stoke city centre, £213,616 in Derby and £220,000 in Gateshead. There is also £365,000 in York, £261,000 in Wakefield, £165,000 in Preston, £700,000 in Weston-Super-Mare, £124,116 in East Hampshire, £300,000 in Gloucester, £313,000 in Bath and North East Somerset, £100,000 in Hinkley, £300,000 in Bristol, £330,000 in Tewkesbury and £30,000 in Poole. The remaining £740,000 from the fund will be used to provide specialist technical support to the Zones. There will be further new developments coming in 2016 as part of the Housing and Planning Bill including a new legal duty on councils to guarantee the delivery of Starter Homes on all reasonably sized new development sites, and to promote the delivery of Starter Homes in their area. Also there will be permission in principle for sites identified in plans and brownfield registers to give certainty around the sites that are suitable for housing, while protecting the green belt and planning reforms to support small builders requiring councils to ensure they have shovel ready plots to match the local demand for custom build. Continue reading
Index shows Spanish property prices rose by 1% in 2015
Nationally residential property prices in Spain increased by 1% last year with the market having bottomed out and now on the way to recovery, new index figures suggest. The data from appraisal company Tinsa shows that the overall rise in prices was boosted by an increase of 2% in the regions of Catalonia, Madrid, and the Balearics. It is the first time since 2007 the Tinsa index has end the year higher than it started. The index, based on the firm’s own figures relating to new and resale properties, shows that prices rose the most in Catalonia with growth of 5.3%, followed by Madrid up 3.3% and the Balearic Islands up 2.7%. But not all regions did well. Prices fell by 8.5% in Navarre and by 4.3% in Murcia. The Tinsa report pointed out that there are considerable regional variations. ‘It’s important to remember the market is tremendously heterogeneous and evolves at different speeds according to area. Prices are rising in some areas, but still falling in others,’ the index report says. Some 21 provinces and 15 provincial capitals saw price increases in the final quarter of 2015 compared to the same quarter in 2014 but there were falls of more than 5% in nine provinces and 10 capitals. The firm expects 2016 to be a year of stabilising prices rather than a sudden recovery. ‘Prudence invites us to interpret rising prices in terms of stabilisation. The incipient change in the trend is based on market values currently at minimums, so a progressive normalisation of the market can mean large percentage change increases, which can be expected to moderate in the coming months,’ the report adds. Mark Stucklin of Spanish Property Insight believes this will be the case. He forecasts prices to rise by a fraction but showing no signs of taking off. He also pointed out that figures from another appraisal company, Sociedad de Tasación (ST), show that new property prices rose 2.9% in the course of last year, the first time that has happened since 2007, and up from a fall of 2.2% a year ago. The data also shows that new home prices rose 6.2% in Madrid and 4.8% in Catalonia and the firm reports rising sales, especially demand from overseas buyers. Meanwhile, the latest data from property portal Idealista shows that the fall in prices in the second hand homes market moderated in 2015 with values down 0.7% in the final quarter of the year. The Balearic Islands led the way with year on year price growth of 3.3%, followed by the Canary Islands up 1.9% and Madrid prices up 1.6%. However prices fell 6.4% in Extremadura, 6.6% in Castilla La Mancha and 6% in Asturias. Continue reading
