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UK home owners would rather improve than move, new research suggests
Most home owners in the UK would rather spend money improving their current property than moving, new research suggests. An overwhelming majority (94%) of UK homeowners would rather spend money improving their current home than sell up and move on, research reveals today. Despite the recent reduction in stamp duty and 0.7% rise in house prices, 49% of the nation’s respondents plan to stay put and renovate in 2015, and are happy to spend over £5,500 doing so. Indeed 94% would rather spend money and 43% say one of their main reasons for renovation is to make their home look nicer, whereas only 6% cite it for the purpose of selling in 2015. The survey, commissioned by Wooden Blinds Direct, questioned home owners from across the UK on their home improvement spending in 2014 and projected spend in 2015. Regionally there were differences. Just 35% of Scottish home owners are planning a renovation in 2015, with an average £4,576.21 spend. In contrast, South West home owners plan to spend over double this, forking out an average £10,430 for their extensions, decorating and other renovations. The home improvement survey also found that men plan to spend on average £1320.78 more than women on home renovations in 2015 who would spend on average, £6216.52. Northern Ireland is set to have the biggest increase in home renovation during 2015, rising 173.5% while Wales the biggest drop in home renovation, falling 51.18%. Some 43% of North East home owners would like to invest in their homes to reduce energy bills, compared to only 17% of Scottish households. ‘The housing market is still volatile and that’s reflected in the results of our survey. People are more concerned with making the house they’re in more comfortable than moving out. Whether that’s by extending and building or even by simply redecorating rooms it’s obviously a much cheaper alternative,’ said Lee Fisher, marketing manager at Wooden Blinds Direct. Most home owners in the UK would rather spend money improving their current property than moving, new research suggests. An overwhelming majority (94%) of UK homeowners would rather spend money improving their current home than sell up and move on, research reveals today. Despite the recent reduction in stamp duty and 0.7% rise in house prices, 49% of the nation’s respondents plan to stay put and renovate in 2015, and are happy to spend over £5,500 doing so. Indeed 94% would rather spend money and 43% say one of their main reasons for renovation is to make their home look nicer, whereas only 6% cite it for the purpose of selling in 2015. The survey, commissioned by Wooden Blinds Direct, questioned home owners from across the UK on their home improvement spending in 2014 and projected spend in 2015. Regionally there were differences. Just 35% of Scottish… Continue reading
Residential rents in prime central London rising again
After months of decline, rents in prime central London have begun to climb upwards again, according to new research. Rents in many of London's most prestigious locations such as Knightsbridge, Belgravia and Mayfair increased by 4% or more over the final quarter of 2014, the data from lettings firm Benham & Reeves says. Inner suburbs, meanwhile, saw more modest rental increases but indicators suggest the market is still very strong. Agents also report a number of tenants choosing to rent until the sales market stabilises after the general election. However, Chelsea and South Kensington saw significant falls in rents in contrast to neighbouring areas and the firm pointed out that they rely much more heavily on the domestic market so have not seen the same uplift from foreign demand. Most of the inner suburbs saw rents stabilise or enjoy modest growth although the rental market in north London areas such as Hampstead and Highgate continued to cool. The firm also pointed out that fewer new homes are being built in the area so tenants are drawn to newer and often less expensive developments in east London. The two boroughs that reportedly saw the biggest capital growth in London last year, Hackney and Greenwich, also saw large rent increases as new developments came to the market. ‘Prime central London is seen as a blue chip investment for a reason. Capital growth may have slowed but its popularity remains undiminished, especially in the eyes of tenants,’ said Marc von Grundherr, lettings director at Benham & Reeves Residential Lettings. ‘Bearish headlines at the end of last year were cause for concern, but landlords who have kept their nerve in the latter half of 2015 are finally seeing their just rewards,’ he added. Continue reading
UK politians favour council tax change rather than new mansion tax
The majority of MPs in the UK believe additional higher rate council tax bands would be a better way to reform annual property taxes on high value homes than introducing a mansion tax. A survey found 69% back the council tax change while 75% agree with the need for a revaluation of council tax in general. The poll commissioned by the British Property Federation (BPF) also looked specifically at what Labour MPs think as it is the Labour Party that wants to introduce a mansion tax if it comes to power at the general election in May. It found that 39% of Labour Party’s MPs favour additional higher rate council tax bands over a mansion tax, despite the party championing the tax as one of its flagship policies ahead of the election. Just over half, 56%, thought a mansion tax would be preferable. The majority of the Liberal Democrat MPs surveyed, 89%, also prefer additional council tax bands to a mansion tax, as do 92% Conservative MPs. The Liberal Democrats first mooted the idea of a mansion tax in 2012. Asked separately whether they would support a revaluation of all homes to update council tax, 75% of MPs agreed. Support is strongest amongst Labour MPs at 87%, compared to 64% of Conservative MPs. It seems that this is a priority issue for MPs, with the majority, 53%, of those who would like to see reform preferring revaluation during the next parliament. The BPF has long made the case for council tax reform, pointing out that the 24 year old tax is still calculated on house prices in 1991. Since then, house price inflation has varied significantly, ranging from 160% to over 400% across England’s regions. It has urged policymakers to consider council tax revaluation and the addition of more council tax bands as a fairer and more efficient alternative to the mansion tax, which would be unfairly concentrated in London and could act as a deterrent to investment in the UK’s built environment. The BPF says that a council tax revaluation would be very easy to implement in the next Parliament because there is already legislative provision for it in the Local Government Act 2003. It would also accord with the advice of the Lyons Inquiry to Labour in 2007, which amongst its recommendations, suggested that a future government should revalue council tax and add new council tax bands, in order to update the tax base and improve fairness for taxpayers. ‘This poll shows that a full council tax revaluation rightly commands widespread political support, particularly across the Labour party, and that the majority of MPs recognise that basing council tax on 1991 house prices is simply unsustainable,’ said Ian Fletcher, director of policy at the British Property Federation. ‘The mansion tax is a political gimmick that is more about the narrative of rich vs the rest than anything else. Reforming council tax through a revaluation and raising revenue… Continue reading
