Tag Archives: british
UK south coast towns becoming new property hotspots for young professionals
The East Sussex coastline along the southern edge of the UK holds the biggest allure for aspiring young professionals to buy property, new research has found. The seaside town of Hove is the leading property hotspot for many 25 to 44 year olds to buy homes while neighbouring Brighton is the fifth most popular in the country for young professionals. The research from Lloyds Bank points out that young professionals, graduates and/or those with professional qualifications, are in well paid occupations and like to take full advantage of living in or close to a city, either for work or leisure purposes. However, the bright lights of London still attract the young and 16 of the top 20 areas that attract the most young urbanite professionals are located in the city. Nine of these areas are in South West London and include Wimbledon, Wandsworth, Battersea, Streatham and Fulham. Other areas in the capital making the top twenty include West Kensington, Chiswick, Ealing and Islington. ‘The most popular areas for young professionals tend to be dominated by trendy locations in London. Whilst this is still the case, this year our report reveals the ascendency of Brighton and Hove as two of the leading property hotspots for this group of buyers,’ said Andy Hulme, mortgages director at Lloyds Bank. ‘Unlike many of the other areas in the survey, Brighton and Hove have the attraction of being by the sea with some outstanding beach front properties and, with average property prices here 38% or £199,000 lower than London yet still being within commuting distance, it is easy to see the desirability of living there,’ he added. The research also shows that away from London and the South East young professionals are flocking to South Manchester with Didsbury the only location in the northern half of the country in the top 20 hotspots list. Other regional areas becoming more popular for young professionals include Jesmond in Newcastle, Ilkley in Bradford, Clifton in Bristol and Harborne in Birmingham. The research points out that properties in areas popular with young professionals typically come with a hefty price tag, but there are instances where average property values are higher in surrounding areas. In Wimbledon the average property value is £624,110 and in Wandsworth homes trade at an average price of £672,178. As a result, young professionals would need to pay a premium of 19% and 28% respectively to live in these desirable areas, compared with London as a whole at £523,412. The two most expensive areas in the top 20 popular with young professionals are Paddington and Hampstead with an average price of £1,319,237 and £1,310,868 respectively, a premium of 150% compared with London as a whole. In Didsbury, young professionals pay an average premium of 59% compared with Manchester as a whole, some £239,734 against £150,751. The average house price in Ilkley is £267,799, a 136% premium compared with the whole of Bradford. In Harbourne, there is a 54% premium compared with Birmingham…. Continue reading
A strong pound is encouraging British investors to buy abroad, it is claimed
A strong currency in the UK is encouraging property investors to buy real estate abroad with some 46% keen to take advantage of the current state of the Pound, new research suggests. The survey has found that 23% of respondents are considering buying property abroad in the next 12 to 18 months due to the stronger economic climate for business and residential lettings in foreign countries. The study, commissioned in the aftermath of the Conservatives securing a majority in the recent general election, shows how a combination of financial factors are persuading property investors that now is the time to seek opportunities abroad for higher returns. Almost a quarter (23%) of respondents are considering buying property abroad in the next 12-18 months due to the stronger economic climate for business and residential lettings in foreign countries. The poll commissioned by FXcompared Intelligence, the research division of money transfer comparison site FXcompared, also found that Conservatives winning the general election is also a significant factor with 20% stipulating this as a prime reason for buying abroad. Other key influences include easier access to mortgage funding, cited by 22%, while some 16% said changes to UK Stamp Duty and property tax, 14% access to pension funds and 12% better mortgage deals abroad. The poll also asked what type of properties investors were interested in and found that 19 are looking to invest in multiple properties at one location, while the same number think coastal locations offer the best return on investment. Also 25% are now focusing on bigger properties as they seek to capitalise on the current opportunities in the market especially as a stronger pound has made it more affordable. Better weather is still the main lifestyle factor when considering foreign property ownership, mentioned by 48%, but 42% said it was how easy the location of the property is to reach while 21% mentioned finding an up and coming area. ‘With unprecedented opportunities for overseas buyers given the low euro, property investors believe they can get more bricks and mortar for their money abroad. 'Over the next 12 to 18 months we could see a trend among residential and commercial property investors, focusing heavily on major European countries such as Spain, Portugal, Italy and France,’ said Daniel Webber, managing director of FXcompared. ‘Aside from the financial reasons for pursuing foreign property ownership, lifestyle choices are still playing a big role too, with better weather and transport links major factors when choosing where to buy investment property,’ he added. Continue reading
Canadian property sales up for fourth month in a row
Nationally home sales in Canada have increased for the fourth month in a row, up 3.1% from April to May and prices are up 8.1% year on year. Actual, not seasonally adjusted, activity is now 2.7% above May 2014 levels although the he number of newly listed homes was little changed from April to May, according to the latest index data from the Canadian Real Estate Association. CREA said that the Canadian housing market remains balanced overall put national figures are being skewed by exceptional prices in Greater Vancouver and Greater Toronto. If these are excluded than the year on year price increase is just 2.4%. The data shows that national sales activity is at its highest level in more than five years and transactions were up from the previous month in about 60% of all local markets, led by increases in the Greater Toronto Area, Calgary, Edmonton, Ottawa and Montreal. One factor that could be responsible for the sales growth, however, is that “mortgage default insurance premiums increased at the beginning of June and this may have encouraged buyers to complete in May top beat the rise. Year on year price growth accelerated in May in all home categories tracked by the index with the exception of one storey single family homes. Two storey single family homes continue to post the biggest year on year price gains with a rise of 7.18% while the price of one storey single family homes increased by 4.11%, townhouse/row units by 4.09% and apartments by 2.91%. Annual price growth varied among housing markets tracked by the index. Greater Vancouver saw the biggest rise at 9.41% followed by Greater Toronto at 8.9%. Fraser Valley, Victoria, and Vancouver Island all recorded year on year gains of about 4% in May. The data also shows that price gains in Calgary continued to slow, with a year on year increase of just 1.21% in May. This was the smallest gain in more than three years and the eleventh consecutive monthly slowdown in year on year price growth. Elsewhere, prices held steady in Saskatoon and Ottawa, rose slightly in Greater Montreal and fell by about 3% in Regina and Greater Moncton. CREA chief economist Gregory Klump pointed out that sales in and around the Greater Toronto area played a major role in the monthly increase in May sales. ‘At the same time, the rebound in sales over the past few months in Calgary and Edmonton suggests that heightened uncertainty among some home buyers in these housing markets may be easing,’ he said. The number of newly listed homes was virtually unchanged, down 0.2% in May compared to April. The CREA report says that this reflects an even split between housing markets where new listings rose and where they fell, with little monthly change for new listings in most of Canada’s largest and most active urban markets. The national sales to new listings ratio was 57.6% in May, up from a low… Continue reading
