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Demand for prime properties in London hotspots up 6% since February
Demand for properties in prime central London has increased by 6% since February with areas like Islington and Chiswick more popular than Kensington, new research suggests. The biggest increase in demand has been in Chiswick with a rise of 54%, followed by Islington up 30%, Belgravia up 22%, Knightsbridge up 21%, Mayfair up 8% and Chelsea up 1%. However 44% of areas are still in decline with Primrose Hill down 71%, St Johns Wood down 36%, Fitzrovia down 30%, Holland Park down 24% and Kensington down 16%, according to the property hotspots index from online estate agent eMoov. The index looks at demand for property over £2 million in 16 of London's most prestigious neighbourhoods, examining the total number of properties sold in comparison to those on sale. The latest figures show that the property freeze in prime central London has thawed ever so slightly since February, with the demand percentage rising by 6% on average. However, nearly half of the areas in question, 44%, have continued to decline substantially. The index report points out that although these areas would have been hit by a mansion tax, last week's election result will have restored confidence in buyers looking to buy at the top end of the market. Since eMoov's February index there has also been an increase of 5% in the number of properties over £2 million listed for sale, to the two major portals, Rightmove and Zoopla. This increase was driven for the most part by Fulham, Belsize Park, Notting Hill, Primrose Hill, Islington and Chiswick. Russell Quirk, chief executive of eMoov pointed out that uncertainty caused by the general election meant many potential buyers were waiting to see the outcome before committing to a property above £2 million. ‘We are already aware of a significant increase in buyer activity since the election. It is most likely this is going to translate into a more buoyant picture in the months to come,’ he added. Continue reading
Asking prices up across the UK, latest index shows
Asking prices in the UK have increased over the last month despite political uncertainty due to the general election, according to the latest index to be published. Average prices rose in all English regions, Scotland and Wales, reflecting an increasing and widespread confidence in the property market, says the latest index report from Home.co.uk. Confidence has increased even in lacklustre northern regions with prices in the North East and the North West both up by 0.6% since April, the data also shows. The fact that the new government looks set to continue Help to Buy and mortgage guarantee schemes will ensure further vigour in the vital first time buyer market. Moreover, the Right to Buy scheme and more home building will help ease supply problems over the next five years, the report points out. Time on market data shows that all regional markets have gained momentum over the last 12 months, with the exception of Greater London where the typical property is currently spending 14 days longer on the market than a year ago. Prices rise by 0.8% overall in England and Wales during the last month but the average annual home price appreciation for England and Wales moves down to 5.8%. The supply of property for sale is up by 8% compared to a year ago across the UK. The data also shows that the East of England becomes the most improved market over the last 12 months, with the average time on market falling by 15% to 125 days. ‘2015 is already looking like a more sensible and sustainable year for the UK property market. Confidence is growing in the northern regions and the London market has managed to exit a period of frenzied growth without a major catastrophe,’ said Doug Shephard Director at Home.co.uk. ‘Now we have the election out of the way, much uncertainty in the market has evaporated. Moreover, property prices are rising at a far more sustainable rate than we witnessed last year,’ he added. He also pointed out that the buy to let market looks set to continue to grow without the threat of rent controls as many look to property as a source of retirement income. Of course, this sector competes in the same space as first time buyers, and they are benefitting from government support and guarantees. And this is exactly the kind of grassroots stimulus that the market needs,’ said Shephard. He predicts a more ‘normal’ market over the course of 2015 and 2016 with prices rising steadily, mortgages available to those who can afford to pay them off and property taking a reasonable time to sell. The HAPI is based on asking price data which means the index can provide insights into price movements around 5 months ahead of mortgage completion and actual sales data. Properties above £1 million and below £20, 000 are excluded from the calculations. Continue reading
Dubai sees property sales plummet compared to a year ago
The sales market in Dubai is slowing with the latest figures from the Land Department showing that they halved last month compared with a year earlier. Transactions fell 51.8% in April compared with the same month in 2014 and the total value was DH35.3 billion, down 37.1% year on year. According to the industry sales have been falling steadily since the end of last year after the Dubai government introduced tough new mortgage caps and higher transaction fees in an attempt to slow what had been one of the fastest rising housing markets in the world. Real estate consultants JLL and the ratings agency Standard & Poor’s are predicting that average house prices in the emirate could fall by between 10% and 20% this year while Deloitte has estimated that they will fall by 1% and 5% in the first half of this year. Indeed, according to CBRE average house prices fell 2% during the first three months of 2015. ‘These figures come as no surprise although from the face of it they look quite dramatic. A fall in volumes is a good leading indicator that prices will fall and we expect that to continue for the rest of this year. Last April the market was still booming, so any year on year figures will reflect that fact,’ said Craig Plumb, the head of research at JLL’s Dubai office. And the latest quarterly report from Phidar Advisory shows that residential prices in the first quarter of 2015 continue to decline, compared to the previous quarter. However, it is not all bad news according to Jesse Downs, managing director of Phidar Advisory as the market downturn is attracting selective opportunistic investment. The report also shows that overall prices fell by 3.9% in the first quarter of the year while apartment lease rates were down 0.3% and for villas they were down 2.4%. But apartment sales were up 0.6% year on year while villas fell 57%. Continue reading
