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Detached new build homes outsell flats for first time in a decade
Flats are becoming less popular in England and Wales with the latest data from the Office of National Statistics (ONS) showing new build detached homes outselling apartments. Detached properties were the most commonly sold type of newly built home in the 12 months to September 2015 representing 32% of all new property sales, the first time flats have sold less in a decade. In the 12 months ending December 1995 sales of detached housing dominated the new build market with 44% of all sales for new properties. By 2000, the share of sales for new detached housing peaked at 52% but declined until 2008. Since then the share of sales for new detached property has been increasing steadily. The share of sales for new semi-detached properties has also been rising since 2008, albeit at a slower rate than the share of new detached properties. The percentage of new terraced housing exceeded that of semi-detached in 2001 and remained higher until 2014. For newly built flats, the share rose rapidly between 2000 and 2008, during which time many urban areas were regenerated. Since then the share of newly built flats has fallen steadily. The latest ONS data release also shows that the difference in median price between the most and least expensive parts of England and Wales was nearly £3.2 million in the year ending September 2015, down from a peak of £3.5 million in year ending December 2014. For all types of property, the median price paid ranged from £38,750 in one part of Pendle, Lancashire to £3,212,500 in one area of Westminster. The most expensive area outside of London was in Elmbridge, Surrey where the median price paid for all properties was £997,475 and house price growth has diverged for the most expensive and least expensive areas since the recession. Part of the difference in price paid between the least and the most expensive areas is caused by different types of dwelling being sold in those areas. For example, detached properties in England and Wales sold for 61% more than semi-detached properties on average in the year ending September 2015. Therefore, an area with a higher proportion of detached property sales is likely to have a higher median price overall than an area which had a higher proportion of semi-detached property sales. In the year ending September 2015 there were 581 middle layer super output areas (MSOAs) in which the median house price was in the lowest 10% of property prices in England and Wales overall. Generally, towns and cities in the north of England, the Midlands and also in south Wales contained most of these 581 MSOAs. There were 27 MSOAs in which the median price paid for all properties was more than £1 million in year ending September 2015. All these areas are in London and are predominantly in the central and western boroughs. The most expensive area outside of London was in Elmbridge, Surrey where the median price paid for… Continue reading
Miami residential property market prices still growing
Residential property in Miami, one of the most popular locations with overseas buyers in the United States is seeing prices continue to rise, the latest index figures show. The median sales price for single family existing homes rose 10.3% year on year in February to $270,221 while that for condominiums increased 9.5% to $206,950, according to the data from the Miami Association of Realtors. However, median prices are still significantly below their peak in 2007 and currently remain around 2004 levels despite some sectors seeing strong growth. For example the condo market has recorded prices rises in 56 of the last 57 months. ‘Miami real estate remains a bargain especially compared to other world class cities, and domestic and international consumers proved that in February as total dollar sales volume in single family homes increased 7% compared to the previous year,’ said Mark Sadek, chairman of the association’s board. Sales, which posted a record year in 2013 and near record years in 2014 and 2015, fell by 5.8% year on year but total sales for February remain in line with Miami historical averages. A breakdown of the figures shows that single family home sales fell by just 0.3% in February while condo sales fell by 10.4%. The index report suggests that this is due to a strong new home construction market. Single family home sales spiked 18.5% year on year in February in the $200,000 to $600,000 sector which represented about 59.6% of all total single family home sales in February 2016. Existing condos priced at $150,000 to $300,000 range experienced an 8.6% jump in February sales, representing about 38% of all total condo home sales in February 2016. The median number of days between the listing and contract dates for Miami single family home sales decreased 6% year on year to 63 days. The median number of days between the listing date and closing date for single-family properties decreased 0.8% to 120 days. For condos, the median time to contract decreased 12% year on year to 72 days. The median number of days between the listing date and closing date decreased 2.4% to 122 days. Miami real estate is selling close to listing price. The median percent of original list price received for single family homes was 95.2% in February 2016, an increase of 0.4%. The median of original list price received for existing condominiums was 93.8%, a 0.2% increase. Only 23.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 35% in February 2015. Short sales and REOs accounted for 5.7% and 17.8% respectively, of total Miami sales in February. Short sale transactions dropped 25.6% year on year while REOs fell 39.9%. Cash sales in Miami are still twice the national average and due to the high number of overseas buyers. Cash transactions comprised 52.4% of February total sales compared to 58.7% last year. Inventory of single family homes increased 4.7% in February while… Continue reading
New figures show 50,000 have used flagship Right to Buy scheme in UK since 2012
Nearly 50,000 households in the UK have now used the government’s Right to Buy programme since the scheme was reinvigorated in 2012, the latest published data shows. This means that overall some 291,000 households have now been helped to purchase a home through government backed schemes, which also include Help to Buy, since 2010. The data also shows that more than 3,000 people bought under the Right to Buy scheme between October and December and councils received £259 million from sales of homes which will go towards building additional homes. For every additional home sold under the Right to Buy a new additional affordable home is built which further increases the housing stock nationwide. There have now been nearly 5,000 starts on additional homes, exceeding the target for one for one additional sales. ‘We are determined that anyone who aspires to own their own home should have the opportunity to do so. These figures show people are still very keen to take up their Right to Buy and why we are now extending that opportunity to housing association tenants,’ said Housing Minister Brandon Lewis. ‘Britain is building again and homes are being delivered following the sale of properties. Alongside this a thousand tenants are registering each week to join those who have already realised their dream to own their home,’ he added. The figures reveal that the top 10 places taking up Right to Buy are Birmingham, Nottingham, Leeds, Sheffield, London’s Newham, London’s Tower Hamlets, Wolverhampton, London’s Southwark, Kingston Upon Hull and London’s Barking. And the voluntary Right to Buy will extend the discounts currently enjoyed by council tenants to 1.3 million housing association tenants giving them the chance to own their home too. More than 25,000 housing association tenants have already registered their interest in taking up this option with 1,000 registering their interest each week. The historic agreement between the government and housing associations also ensures an additional home will be built for every one sold nationally, significantly increasing supply across the country and two for one in London. The Right to Buy scheme gives qualifying social tenants the opportunity to buy their rented home at a discount. Under the reinvigorated Right to Buy, local authorities are now able to keep the receipts from additional Right to Buy sales to pay off debt and fund additional affordable housing. Since 1980, Right to Buy has helped nearly two million council tenants to realise their aspiration to own their home. Continue reading
