Tag Archives: cookies
Rents in Scotland show no rise, latest index shows
Residential rents in Scotland have begun to plateau as growth cools off in urban centres but are still at an all-time record high of £549 per month. In July there was no change in the average rent and there has been a down turn in annual growth, according to the latest buy to let index from lettings agent network Your Move. Scottish rents are now 2.8% higher than a year ago, however this slowed from 3.1% in the year to June, after a prolonged period of accelerating rent rises in the first half of the year. ‘We reached a tipping point in July. Rents in Scotland have been building to a crescendo so far in 2015, and rent rises have been quickening their step. But now we’ve reached a mid-point in the year, the rental market has clearly paused for breath,’ said Brian Moran, lettings director at Your Move Scotland. ‘Tenants will be relieved for now, but only time will tell whether we’ve reached a fork in the road for the private rented sector, or whether rent growth will start to ramp up again as autumn approaches, and the age old disparity between available homes and those looking to rent rears its head again,’ he pointed out. He explained that the record rents are not necessarily found in areas where they would expect to be. ‘With the severe squeeze on housing in the cities, households are casting their nets much more widely for places to live, which is driving somewhat of a renaissance in the more affordable areas of Scotland. And rental prices are holding up a mirror to this nationwide demand for homes,’ said Moran. A regional breakdown of the figures show that rents are higher than a year ago across the country while they are at an all-time high in the East, the Highlands and Islands and the South of Scotland. The average monthly rent in the Highlands and Islands has increased at the fastest rate over the past year, up 5.4% since July 2014 to reach a record £568 per month. Compared to a year ago, the East of Scotland has witnessed a 3.8% rise, bringing the average monthly rent to a historic peak of £531. Rents in the South, while still the cheapest location in Scotland to rent, now stand at £513 per month on average, after a 2.7% rise year on year. But rent growth in Scotland’s foremost urban centres appears to be on a cooler trajectory. In Edinburgh and the Lothians the typical monthly rent is now 1.8% higher than in July 2015, while Glasgow and Clyde has witnessed a 1.7% yearly climb in rental prices. Average rents in both these regions are below past peaks. On a monthly basis, rents have increased across four of the five regions of Scotland, one fewer than last month. The only region to experience a fall in rents during July was Glasgow and Clyde, where average rents dropped 1.5% during the… Continue reading
Modern kitchen makes a property more desirable, new research suggests
A modern kitchen most likely to make homes more desirable to buyers and tenants in the UK while off street parking and a back garden are also influential, according to new research. A survey of estate agents found that 28% said a modern kitchen was the one feature most likely to prove attractive to potential buyers, 23% said a driveway or off street parking, 17% an open plan kitchen/diner and 14% a back garden. Other features chosen as most desirable to buyers were an en-suite in the master bedroom, neutral painted walls, fast internet connection, a conservatory, a front garden and real wooden floors. The data was gathered by property portal OnTheMarket and it also found that according to some agents, a modern kitchen could add up to £50,000 to the value of a property and the majority said it could add between £4,000 and £5,000, depending on the property’s overall value and size. Agents who said a modern kitchen was the most likely feature to make a home more desirable were mainly based in the South East. ‘Whilst the kitchen has always been a central part of the British home, its popularity amongst buyers and tenants has increased, triggered in part by the surge in culinary TV programmes,’ said Martin Flashman, a partner at Martin Flashman & Co, which has branches in Weybridge and Walton in Surrey. ‘Buyers are particular about kitchens, their existing facilities and the ability to extend them. Families are now spending more time in the kitchen, cooking together, baking and generally being foodies,’ he added. Nick Guy, director of Martin & Co lettings in Reigate also cited the popularity of cooking television shows. ‘This has led to more people experimenting with food and pushed the kitchen to the forefront of a tenant's/buyer's mind when they view a property. Everyone likes to picture themselves cooking impressive meals among family and friends,’ he said. ‘Buying a new home represents an investment in a certain lifestyle and for some, having a top of the range kitchen with a wow factor is part of this. It is true that this is the room that can often make or break a property deal,’ he added. The majority of agents suggested that off street parking could add £10,000 to £20,000 in value, depending on the property’s overall value and size. Agents who chose this option were mainly from the South East, Wales and the Midlands. Brian Thomas, from Ferriers Estate Agents, which covers Mid/West Glamorgan in Wales, said the appeal of off street parking was no longer confined to big cities. ‘Some of our potential buyers and tenants will not even consider looking at a property if it doesn’t have off street parking,’ he said. ‘Most families now have at least two cars, so… Continue reading
Housing affordability falls in the United States
Housing affordability at a national level in the United States is down from a year ago and is struggling to keep pace with the growth of home prices, according to new research. The analysis from the National Association of Realtors shows that housing affordability is down from a year ago in June as the median price for a single family home in the US is up from a year ago. Regionally, the West had the biggest increase in price at 10% while the Northeast experienced the slowest price growth at 4.4%. The Midwest and the South both contributed solid price gains of 7.2%. Nationally, affordability is down from 155.2 in June 2014 to 153.1 in June 2015 and down month on month in all regions. The Midwest had the largest drop of 4.8% while the West fell only 3.5%. From one year ago, affordability is down in all regions except the Northeast which had an increase of 1.1%. The West saw the biggest decline in affordability at 3.6% and the Midwest had the smallest decline of 0.7%. Despite month to month changes, the most affordable region is the Midwest where the index is 191.1. The index is 161.4 in the South, 150.7 in the Northeast, and 113.9 in the West. With rates on the rise potential home buyers may try to hasten their search and purchase process. Lending options with low down payments are now more widely available. Mortgage applications are currently up but demand may level off if prices and rates continue to increase, the report explains. It also points out that new home construction has favoured the multifamily inventory stock while single family homes have been lagging in production. An increase in single family construction will help ease the inventory shortage issue and slow down price growth, it suggests. Continue reading
