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Residential property sales up in UK after election slowdown
Residential property sales in the UK increased by 4.7% between May and June 2015 and the seasonally adjusted transaction figure was 3.2% higher compared with the same month last year. he official data from HMRC also shows a total of 104,590 residential and 10,460 non-residential transactions in June. The number of non-adjusted residential transactions was 15.7% higher compared with May 2015 and the number of non-adjusted residential transactions was 5.8% higher than in May 2014. It means that the UK property market is back on track after disruption caused by a wait and see attitude in the run up to May’s general elections, according to Peter Rollings, chief executive officer of Marsh & Parsons. He said that the jump in sales in June has started to make up for any shortfall in the months preceding the general election and the market is seeing growth on an annual basis once again. ‘In London, supply of properties for sale and buyer demand are head to head, squaring up for steady price growth over the rest of the summer. Confidence is returning to the capital once again, particularly in the sector £1 million,’ he explained. ‘Buyer registrations are building as aspiring home owners seize hold of low mortgage rates and other incentive schemes currently available to them,’ he added. Continue reading
Year on year US foreclosure inventory falls for 43rd month in a row
Foreclosure inventory in the United States has fallen for 43 consecutive months, year on year, down to just 1.3% of homes. The latest data from CoreLogic shows that national foreclosure inventory fell by 27.4% in May compared with the previous year to approximately 491,000 homes. Also in May 2015, the 12 month sum of completed foreclosures fell by 18.1% to 528,000, since May 2014 while the seriously delinquent inventory fell to 1.3 million loans, a 22.7% year on year decline. There were 47 states that posted year on year declines in the foreclosure inventory, and 27 of those states had decreases of more than 20% while only three states had year on year increases. The five states with the largest year on year drop in the foreclosure inventory were Florida with a fall of 47%, Connecticut at 36.5%, Idaho at 35.6, Washington at 35.3% and Illinois at 34.5%. The District of Columbia saw a 22.5% rise and the three states with foreclosure inventory growth were Massachusetts up 22.4%, Wyoming up 18.2% and South Dakota up 1.1%. Judicial foreclosure states continued to have higher foreclosure rates in May 2015 than non-judicial states, averaging 2.2% and 0.7% percent, respectively. The data also shows that the foreclosure rate for judicial states peaked in February 2012 at 5.4% while non-judicial states experienced peak foreclosure rates of 2.5% in January 2011. As of May 2015 some 42% of outstanding mortgages were in judicial states, but 71% of total loans in foreclosure were in those states. Continue reading
Australian office leasing market growth led by New South Wales
The New South Wales office leasing market is leading the way in the Australian commercial market in the first half of 2015, with almost twice as much office space leased year on year. There has been a 13% increase in the number of leasing deals done nationally in 2015, compared to the first half of 2014, according to figures from Colliers International. The amount of space leased is up 22% from 198,360 square meters last year to 241,551 square meter this year, led by New South Wales with 112, 937 square meters leased year to date, compared to 64,629 in the first half of 2014. Cameron Williams, Colliers International National Director of Office Leasing, said there was increased traction nationally at the larger end of the market. ‘This is in contrast to 2014 enquiry data, which is a reflection of what we are seeing on the ground. Larger firms are driving demand for office accommodation in 2015 compared to 2014, when we saw smaller space in strong demand,’ he said. ‘Our enquiry data for the second quarter of 2015 also shows a significant shift in the industries searching for office space,’ he added. The research also reveals that in 2014 the government sector dominated as they put large requirements into the market. However, moving into the second half of 2015 it is business services, communications and finance that are catching up and dominating both in enquiry levels and leasing deals being negotiated. Businesses searching for substantial office accommodation were driving demand across key office CBD markets, with the business services, communications and finance sectors accounting for the lion’s share of enquiries. Overall, enquiries for office space nationally increased by 31% from the second quarter of 2014 compared to the second quarter of 2015 for office space in the 1,000 square meters to the 3,000 square meters category. Sydney in particular saw an increase in this category, with a 25% rise in demand from the first quarter of 2015 with 51,003 square meters to 63,650 square meters in the second quarter. Williams said activity was increasing in the Sydney CBD office market, particularly in the last quarter. ‘The big change has been growth. The tenants that are in the market at the moment are predominantly growth driven,’ he explained. ‘The growth in the market is mostly being driven by technology companies and finance. At the smaller end of the market there has been a lot of activity from Asian investment companies that have a preference to be located in Sydney’s midtown,’ he said. ‘This growth is naturally having a positive impact on net absorption and lessors are becoming more confident,’ he added. Continue reading
