Tag Archives: europe
Homes in commuter locations in Peterborough and Milton Keynes sell fastest in UK
Properties in Peterborough and Milton Keynes are selling faster than anywhere else in the UK, taking a median average of just 13 days for a sale to be agreed, new research shows. A key factor is that both towns are considered an easy commute to London, as home buyers and property investors alike look to move out of the capital in search of better value, according to the research by Home.co.uk. Bristol is another area where property sells fast with city having five out of the top 10 postal districts in the firm’s property hotspot list of fastest selling location outside of Greater London. This includes the BS2 postcode area, which is next to the city centre's university, suggesting that the buy to let market for student accommodation is a strong motivator for buyers in Bristol. The continued interest in investing in student accommodation is also a factor in the Woodley area of Reading being named another property hotspot. In this area of the city, which is close to Reading University, it takes just 15 days to sell, in terms of the median average. Suburban Glasgow is another property hotspot. Clarkston and Giffnock, which are both affluent areas to the south of the city centre, take two top 10 spots in terms of median average time to sell outside of Greater London. Greater London's property hotspots are also dominated by suburban areas, showing heightened interest in commuter belt homes, the research report says. But while 10 areas outside of Greater London have a median average time to sell of 15 days or less, just two areas of the capital, Uxbridge and Sidcup, have such a quick turnaround. This research shows that properties in the UB7 area of Uxbridge, near to Heathrow Airport, and the DA15 area of Sidcup take only 15 days to sell. Sidcup takes one further Greater London top ten property hotspot place, with nearby Dartford claiming two places and Bexley, which is also near to Sidcup, another spot. The remaining top 10 places also show how popular such commuter belt districts are. Sutton has two postal code areas ranked among this elite group, while Romford and Kingston-upon-Thames claim the remaining places in terms of median average time on the market. ‘Our figures show that the really hot areas in the current property boom are now outside of the M25. These top sellers' markets are typically well to do districts where already premium prices are going through the roof, as buyers compete for the very limited supply of properties for sale,’ said Doug Shephard, the firm’s director. Continue reading
Lack of homes for sale hampering buyers in the United States
A lack of homes for sale across the United States continues to limit choices available to potential buyers, putting a strain on markets across the country, new research reveals. In January buyers had 8.6% homes to choose from than they did last year, according to the latest real estate market report from property firm Zillow. It also shows that housing starts reached a three month low in January, indicating that newly built homes will not be a significant benefit for buyers, either. The firm says that a restricted supply of homes for sale will mean increased competition for homes that are available, and bidding wars that can price out entry level or first time buyers. Low inventory, along with a strong job market has been driving up home prices, especially on the West Coast. Across the country, only a quarter of markets saw inventory increase over the past year. Among the largest metros in the country Atlanta saw the largest increase in available homes for sale at 6.8% while buyers in San Diego have significantly fewer options with inventory down 30%. Besides inventory, Zillow looks at price cuts and days on market to help identify whether markets are better for buyers or sellers. It found that markets that benefit sellers are mostly grouped in the West, where buyers are more likely to face bidding wars. Buyers will find themselves with more bargaining power in the East, in markets like Philadelphia and Baltimore. ‘If you're looking for a home or trying to sell, it's important to know what kind of market you're in. Hopeful buyers in a strong sellers' market should be prepared to move quickly, since homes don't stay on the market as long,’ said Zillow chief economist Svenja Gudell. ‘In a buyers' market, they can afford to take their time and be more selective. However, low inventory is a factor affecting the majority of the country, so buyers should be prepared for a limited selection as we enter the home buying season,’ she explained. National home values rose 4.2o % $184,000, according to the Zillow data meaning that the pace of home value appreciation has increased for 10 months in a row. Denver and Dallas continue to lead the way, with strong double digit increases in home values. Rents, on the other hand, continued their recent trend of levelling off, growing 2.9% year on year from January 2015. San Francisco was the only large metro to see double digit rent increases. Continue reading
Homes for sales in UK slump to 14 year low
The supply of available housing in the UK is at its lowest level in 14 years with buy to let landlords rushing to complete ahead of tax change, new research shows. Property investors are trying to avoid the additional 3% stamp duty charge on buy to let and second homes from 01 April, according to the report from the National Association of Estate Agents (NAEA) but sales to first time buyers are also up. The January Housing Market report shows that the number of properties available per member branch fell to 33 in January, the lowest recorded since December 2002 when just 25 properties were available per member branch. In contrast, demand for housing soared in January, with an average 453 house hunters registered per branch, the highest recorded since July 2015 and a 21% increase from December when there were an average 374 registered, during a seasonal lull in activity. This reflects increased activity from landlords pushing to complete sales ahead of the upcoming buy to let stamp duty surcharge, the report suggests. Indeed, 72% of estate agents reported an increase in interest from landlords, a rise from 44% in December. Almost a third, 29%, of the total sales made in January were to first time buyers, an increase of 5% from December 2015, the report also shows. ‘Our findings this month reflect what we are all seeing across the market which is that landlords are trying to complete on sales ahead of the changes to stamp duty on additional homes in April. It continues to be a sellers’ market as demand outstrips supply,’ said Mark Hayward, NAEA managing director. ‘The number of sales made to firs time buyers has increased this month, and we should expect to see their market share rise after April. The fact that housing supply has reached a 14 year low really highlights the need for the government to push the house building programme to the very top of their agenda and help more first time buyers make their first step on to the housing ladder,’ he added. Continue reading
