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Land owners in Scotland urged to register voluntarily for new mapping process
Registers of Scotland (RoS) is to work with Scottish Land and Estates to make sure that landowners in Scotland are part of the process that will see all privately owned land registered and mapped by 2024. The Scottish Government has asked RoS to complete the country’s land register by 2024 for privately owned land and property and by 2019 for publicly owned titles. At the moment, around 58% of all Scottish properties are on the register and around 27% of Scotland's land mass. Almost all the remaining properties are held on the General Register of Sasines. Property currently transfers from the Sasine to the Land Register through change in ownership, or by the owner voluntarily applying for registration. However from April next year this register will close to standard securities, such as a remortgage, and any change to title will automatically come on to the land register. Landowners are being urged to register their land voluntarily with officials pointing out that benefits will include clarity of title on the map based system, which provides greater certainty and security about what is owned. A voluntary registration also includes a state backed warranty of the information contained in the title deed. The Keeper of the Registers of Scotland has a new lever known as Keeper Induced Registration (KIR) where she can register land and property with no involvement of the owner. The details of how this process will work have yet to be finalised and a public consultation will be held later this year. ‘Our commitment is to take reasonable steps to ensure that ownership of land is visible and to ensure that landowners or their named representatives are accessible and contactable,’ said David Johnstone, chairman of Scottish Land and Estates. ‘As owners and managers of land, members are concerned about the process and professional costs of voluntary or keeper induced registration of title and in particular the impact of any changes from a practical perspective. In general, we are concerned to ensure the integrity and accuracy of the land register for landowners across Scotland and will continue to work closely with Registers of Scotland as it progresses this work to achieve its target,’ he explained. Charles Keegan, head of Land Register Completion at Registers of Scotland, said that when titles are added to the map based public register, RoS will provide a title sheet that provides greater clarity on what is owned and should make any future transactions quicker and easier. ‘We look forward to continuing to work with Scottish Land and Estates members going forward on registering their titles and would encourage anyone with an interest in voluntary registration to get in touch with the team,’ he added. Continue reading
Home prices rising steadily in most metro areas in the US, new data shows
A climb in home sales throughout the United States amidst insufficient supply caused home prices to steadily rise in most metro areas during the second quarter of 2015. The median existing single family home price increased in 93% of measured markets, with 163 out of 176 metropolitan statistical areas (MSAs) showing gains, according to the latest quarterly report from the National Association of Realtors. Just 13 areas or 7% recorded lower median prices from a year earlier and the number of rising markets in the second quarter increased compared to the first quarter, when price gains were recorded in 85% of metro areas. The data also shows that 34 metro areas or 19% experienced double digit increases but this was a decline from the 51 metro areas in the first quarter while 19 or 11% double digit increases in the second quarter of 2014. Lawrence Yun, NAR chief economist, said that the housing market has shifted into a higher gear in recent months. ‘Steady rent increases, the slow rise in mortgage rates and stronger local job markets fuelled demand throughout most of the country this spring,’ he explained. ‘While this led to a boost in sales paces not seen since before the downturn, overall supply failed to keep up and pushed prices higher in a majority of metro areas. With home prices and rents continuing to rise and wages showing only modest growth, declining affordability remains a hurdle for renters considering homeownership, especially in higher priced markets,’ he added. The national median existing single family home price in the second quarter was $229,400, up 8.2% from the second quarter of 2014 when it was $212,000. The median price during the first quarter of this year increased 7.1% from a year earlier. The five most expensive housing markets in the second quarter were the San Jose, California metro area, where the median existing single family price was $980,000, followed by San Francisco at $841,600, Anaheim-Santa Ana, California at $685,700, Honolulu at $698,600, and San Diego at $547,800. The five lowest cost metro areas in the second quarter were Cumberland where the median single family home price was $82,400, Youngstown-Warren-Boardman, Ohio, at $85,000, Rockford, Illinois, at $94,700, Decatur, Illinois at $96,000, and Elmira, New York at $98,300. Total existing home sales, including single family and condo, increased 6.6% to a seasonally adjusted annual rate of 5.3 million in the second quarter from 4.97 million in the first quarter, and are 8.5% higher than the 4.89 million pace during the second quarter of 2014. ‘The ongoing rise in home values in recent years has greatly benefited homeowners by increasing their household wealth,’ said Yun. ‘In the meantime, inequality is growing in America because the downward trend in the home ownership rate means these equity gains are going to fewer households,’ he added. At the end of the second quarter, there were 2.3 million existing homes available for sale, slightly above the 2.29 million homes for sale at the… Continue reading
Development land prices in England and Wales down 0.9% in second quarter of 2015
The average price of greenfield land in England and Wales fell by just under 1% between April and June, according to the latest sector index. The 0.9% fall was a more moderate decline than the 1.8% fall recorded in the first quarter and it takes the annual fall in prices to 2.4%, the residential development land index from Knight Frank shows. However, the market remains localised. Development land prices in prime central London, for example, are up by 0.9% in the second quarter of the year and up 12.1% on an annual basis. Prices have returned to levels last seen in Autumn 2013. The firm’s index report says that prices reflect the fact that house builders have had access to relatively higher levels of consented land in the last few years because of the National Planning Policy Framework which has allowed them to top up their supply of land. As a result, house builders and developers are more selective about the sites they are now choosing to buy. There is a shortage of supply of consented greenfield land in some areas of the Home Counties due to the planning system for example, and a resulting premium for the sites that do come on the market. The report says that in central London there is still good demand for development land, although buyers are applying more detailed criteria before making offers, with a bigger consideration being paid to build cost inflation. ‘The sales market has returned to more normal conditions, along with absorption rates, and this is being reflected in a slowing in the growth of development land prices,’ said Gráinne Gilmore head of UK residential research at Knight Frank. ‘While there are also signs that build cost inflation, which has risen sharply over the last 18 months, is now levelling off, developers are still having to factor these higher costs into their offers. In addition, house builders are generally maintaining their margins, and this is weighing on land prices,’ she explained. ‘However there is still strong competition in areas which are considered to have real opportunity for growth, these include areas in outer London, and particularly for sites where completed units can be delivered for less than £1,000 per square foot,’ she added. Continue reading
