Tag Archives: crisis
Property sales in Scotland reach highest annual figure since 2008
Residential property sales in Scotland exceeded £16.5 billion in 2015, according to the latest statistics published by Registers of Scotland (RoS). A total of 97,701 sales took place across the country last year, the highest annual figure since 2008, and an increase of 4.5% compared to the previous year. Edinburgh had the largest volume of sales at 11,991 in 2015, up 8.3% on 2014 followed by Glasgow, up 12.2% to 11,616. East Renfrewshire experienced the largest annual growth in the volume of sales, with a 13.1% increase to 1,861. Aberdeenshire saw the largest decrease in volumes, down 11.8% to 5,108. The average price of a residential property rose in 2015 by 3.6% to £169,402 and the local authority area with the highest average price was Edinburgh, where the average price for the year was £238,036, an increase of 4.9% on 2014. The highest annual change in average price was in West Lothian, up 9.1% to £161,014 in 2015. The only local authority area to show a slight decrease in average price was East Renfrewshire, down 0.6% to £227,369. While the average price for all property types increased in 2015, semi-detached houses showed the largest rise in price, up 3.4% to £157,995. Detached properties had the highest average price at £249,921. Flats have the highest volume share, claiming 36.2% of the total market. The lowest share of the market was semi-detached houses, with 17,974 transactions accounting for 18.4% of the market. These statistics cover all residential sales between £20,000 and £1 million, including those that did not involve a mortgage. ‘The total value of the residential property market continues to make a significant contribution to the Scottish economy,’ said Registers of Scotland's director of commercial services, Kenny Crawford. ‘In 2015, the market totalled £16.5 billion, an increase of 8.2 per cent on the previous year. The Edinburgh property market represented over 17.2% of this figure, bringing in over £2.8 billion to the Scottish economy. This is significantly larger than the next biggest property market, Glasgow, with 9.8% of the market at £1.6 billion,’ he added. Continue reading
Buy to let surge results in house price growth doubling in England and Wales last month
House price growth in England doubled in February compared to the previous month and was led by a surge in buy to let sales due to the new stamp duty surcharge due to come into effect in April. Average property prices increased by 0.8% or £2,277 on a monthly basis and demand from landlords and second home buyers contributed to a 12% month on month rise in sales. The data from the latest Your Move index also shows that average prices were up 6.2% year on year, but this drops to 4.6% in London and the South East are excluded. It rakes the average house price to £289,229. London house prices rose 6.8% or £36,903 in the past year, taking the average price to £582,783 and exceeding the average Londoner’s £35,333 annual salary. Hull’s house price rise of 0.9% in a month to hit new record of £111,409, boosted by new jobs and City of Culture status. Meanwhile, the strongest sales were in Sandbanks, with property purchases in Poole up 21% year on year due to demand for luxury flats with views over Poole Harbour and Sandbanks. The report suggests that wealthy buyers are seeking to avoid the additional stamp duty surcharge and property prices have also risen as a result, up 11.6% over the year, as affluent buyers place a premium on luxury homes by the sea. ‘Growth could be as a result of buy to let investors rushing to complete quickly to avoid April’s additional 3% Stamp Duty surcharge, which has also seen sales shoot up 11.8% since January,’ said Richard Sexton, director of e.surv chartered surveyors. He believes that February’s house price growth is fantastic news for home owners, particularly those considering cashing in on the additional demand and making the most of the current sellers’ market. ‘Typical property values are now £16,866 higher year on year, the fastest annual growth rate seen in eleven months, driven by the gulf in the number of aspiring home buyers, compared to the limited supply of homes for sale,’ Sexton added. The index figures reveal that the East of England is outranking London with the fastest growing property prices of all regions, with a 7.2% uplift in the last 12 months. ‘This pace is being fuelled by commuter towns, as London’s workers search for more affordable housing. The trend towards higher house price growth in cheaper areas can also be seen elsewhere,’ Sexton explained. He also pointed out that while house prices in Yorkshire and Humberside have remained flat on a monthly basis, property values in the City of Kingston upon Hull have hit a new record of £111,409, up 0.9% compared to the previous month, as the city has one of the lowest average home values in the country. ‘The upswing in Hull’s home values is due to the increase in new jobs resulting in more demand, with major firms including Samsung lifting employment in the city. Recently winning City of Culture 2017… Continue reading
New homes sales in Australia up by over 3% in January, led by detached properties
New home sales in Australia increased by 3.1% in January with detached properties leading the growth, according to the latest report from the Housing Industry Association. Detached house sales were up by 5.8% while the sale of multi-units dropped by the same amount but there was quite considerable regional variation. Detached house sales increased by 7.9% in Queensland, by 7.3% in Western Australia, by 5.5% in Victoria, by 4.2% in New South Wales, and by 1.3% in South Australia. Meanwhile, the latest data from the Australia Bureau of Statistics shows the number of homes approved fell by 1% in January, continuing a 10 month decline. Approvals decreased in January in the Australian Capital Territory by 11.3%, in the Northern Territory by 9.5%, in New South Wales by 3.5%, in Western Australia by 1.8% and in Tasmania by 1.7%. But they increased by 1.3% in Victoria, by 0.3% in South Australia and by 0.1% in Queensland. Also in trend terms, approvals for private sector houses rose 0.1% in January, while approvals for private sector dwellings excluding houses fell 2.3%. The value of total buildings approved fell 1.8% in January, in trend terms, and has fallen for seven months. The value of residential building fell 2% while non-residential building fell 1.3%. According to HIA chief economist Harley Dale once the current pipeline is exhausted, new home construction activity will soften. ‘This year will be another healthy one for detached house and multi-unit construction, but we won’t surpass the heights of 2015,’ he said. ‘The new home building sector is crucial to Australia’s economic prospects in 2016 and should continue as a mainstay of domestic economic activity. That is provided policy considerations and debates underway now don’t have adverse consequences for confidence towards housing,’ he added. Continue reading
