Tag Archives: crisis
Money and stress are biggest concerns of people selling their home
Money, stress and time constraints are still the biggest fears for UK home owners when selling their home, new research has found. Despite home owners currently enjoying a very buoyant UK property market, securing the right price still tops the list of fear factors, according to a survey from online estate agent eMoov. Some 55% of those asked said not getting the price they wanted or needed was their primary fear when selling, with the stress of the selling process the second biggest fear factor for 46% of home owners. Time constraints completed the top three fear factors, with 43% of home owners afraid they wouldn’t be able to sell their home in the time they needed to. The survey also shows that 36% fear paying too much in estate agent fees, 22% finding a new property to live in upon selling, 14% dealing with the buyer, 12% picking the wrong estate agent in the first place, 10% getting a mortgage for their next home and 4% that their new property might drop in value in the future. ‘Price is always going to be the primary concern home owners and it is only natural that securing the best price will weigh heavy on a seller’s mind,’ said the firm’s founder and chief executive Russell Quirk. ‘Generally speaking, our home is the most expensive asset we are ever likely to own and for the majority of us, our home is our nest egg, setting us up for retirement when we do finally sell and downsize. So it’s understandable that it be the biggest fear during the selling process, as that couple of extra thousand gained or lost, can make a big difference in the grand scheme of things,’ he pointed out. ‘Our previous research found that selling your home is more stressful than your wedding day and so it doesn’t surprise me that this also ranks highly amongst UK sellers. When you add time constraints to an already laborious process, you can see why selling a home in the UK can seem a daunting task and evoke such feelings of fear,’ he explained. ‘I have to say I am a little surprised that paying too much in estate agent fees didn’t make the top three. High street estate agent fees have rocketed in line with house prices over the years despite no additional service being offered, some may argue the service has even declined, and so the dated commission fee structure is one of the biggest obstacles to moving home,’ he added. Continue reading
Scottish rents rise at two thirds the speed of England and Wales
Scottish rents are rising at just two thirds the speed of those in the rest of England and Wales with a rise of 2.1% year on year, the latest index data shows. This compares with a 3.3% rise in England and Wales and month on month in Scotland average rents have stagnated at £548 and some areas, such as the Highlands and Glasgow have seen rents fall compared with January. The figures from the latest buy to let index from lettings agent network Your Move also shows that while rental growth has seen a slowdown from 2.3% in the 12 months to January, it is an uptick from the 1.1% annual change recorded in February 2015. According to Brian Moran, lettings director at Your Move Scotland, it is ironic that Scotland is witnessing one of the biggest government interventions into the private rented sector, at a time when rents have been moving at a much slower pace than in other parts of the UK. But he pointed out that Scottish rents are still making incremental upwards progress but crucially, against a bedrock of stronger tenant finances. ‘Like in any market, affordability is a fundamental check on prices. Rental arrears are a great benchmark of affordability in the market, and their frequency is falling,’ he said. However, he also pointed out that the passing of the Private Tenancies Bill last week signals a paradigm shift in the private rented sector in Scotland, introducing a new artificial influence in the market, aside from regional supply and demand. ‘Intervention in the market has had negative side effects in the past, noticeably the abolition of tenancy fees in 2012, and it will be interesting to see how landlords recuperate and recover from this regulatory blow,’ he explained. ‘Anything that makes buy to let investment slightly harder to swallow, and managing property portfolios more of a painful process for landlords, risks cutting off the inflow of investment. Tenants will ultimately be the ones who feel the effect on their bottom line, if the supply of properties to let dries up, Moran added. A breakdown of the figures show that in the year to February 2016, three of five regions in Scotland have recorded positive annual growth in rents. Edinburgh and the Lothians is leading rent growth across Scotland, with the strongest year on year rise in rents, at a record speed of 7.7%. This is the fifth successive acceleration in annual rent growth and has taken average monthly rents in the region to a new peak of £644, up £46 from £598 in February 2015. Rents in the South of Scotland are also now standing at a record high of £515 per month, up from £498 a year ago. This 5.3% annual rise is the second fastest increase recorded in the year to February. In the Highlands and Islands, rents are now 2.5%… Continue reading
Lack of off street parking means a home takes longer to sell in big UK cities
Properties in resident parking zones in the UK can take twice as long to sell as homes with off street provision, particularly in some of the biggest cities, new research has found. An analysis of property sales data for the last 12 months shows that properties with off-street parking provision take on average just 25 days to sell compared to 50 days for properties in areas where parking restrictions exist. Highlighting the parking permit postcode lottery in different parts of the country, the survey conducted by Quick Move Now reveals that lack of parking availability in the North West is the main motivation for moving to a new property as 34% of vendors in this area opt to sell up and move home due to parking concerns. A quarter of households in London and the South-East have decided to sell up and move house due to parking concerns, but in contrast only 2% of vendors in the East Midlands have similar worries. In addition, just 10% of home owners in Wales and 12% in the South West decide to sell up and move due to parking problems. These findings follow research that shows 62% of councils issue parking permits. Birmingham and Manchester head the list of the highest annual parking permit charges in the UK followed by the London Borough of Islington. Whilst the national average cost of an annual car park permit is £59.17, Birmingham City Council and Manchester City Council both charge £750. The research suggests that parking is a bigger reason for putting a property on the market than lack of space, crime, distance to work and neighbour. Indeed, a recent survey by The AA suggested that almost one in four drivers in London put off making car journeys in order to avoid losing their parking space and almost 20% of drivers nationally say they always worry about being able to find a parking space as they approach their home. And with car ownership increasing by almost 600,000 in the last year according to the Society of Motor Manufacturers and Traders, this situation is set to become more and more acute. ‘Our findings show that properties with off-street parking provision sell in half the time and are very attractive to prospective buyers. With no guarantee of being able to park outside, or even near, their property, and a postcode lottery determining the cost of on-street parking permits, parking is a real issue for a large proportion of UK home owners,’ said Danny Luke, Quick Move Now managing director. ‘While it's an inconvenience for many home owners, issues with being able to secure an on-street parking space near their property can make many homes completely inappropriate for families with young children or older home owners who are beginning to struggle with mobility. This becomes an even more significant problem when you consider the current UK property shortage,’ he added. Luke pointed out that Manchester city council charge 12 times the UK average… Continue reading
