Tag Archives: house
Number of foreign buyers in Paris region rises as French look to Spain
Foreign buyers are increasingly snapping up properties in and around Paris with new figures showing they account for almost one in 10 sales. In the three districts that make up the Ile de France some 9.2% of buyers were from overseas, the first time such a number of sales has been seen for 15 years. The figures from real estate group Bien, said that there has been a big shift in where buyers are coming from. Italian, Chinese, Algerian and Portuguese buyers make up the bulk of sales to overseas buyers. But overall the number of foreign buyers has remained stable with fewer French people buying homes in the region, according to the firm. In Paris itself, some 8.3% of buyers this year have been foreign nationals, with the figure rising to 11.2% in the Inner Ring and dropping to 7.5% in the Outer Ring. Four years ago, foreigners made up just 6.3% of the sales total in the region. Italians accounted for the largest foreign group in Paris, with 17% of sales. Chinese buyers dominated the foreign market in the Inner Ring with 22.2% of sales while Portuguese buyers came out tops in the Outer Ring at 29%. It is not a case of foreign buyers moving to France. The data shows that some 90% of these buyers were already resident in the Paris region. Meanwhile, another report suggests that the French are buying more property in Spain. Some 18.2% of foreign buyers in Spain are French and 51% of enquiries are within an hour’s drive of Spain, according to the latest data from Spanish property portal Kyero. It means that the French are now the second largest group of foreign buyers of Spanish property. British buyer are still top at 54.5 and in third place is Germans at 7.5%. A multitude of economic factors over the past year have encouraged more and more French buyers into Spain, according to Martin Dell, Kyero director. ‘With the French property market looking pretty flat, many are casting their eyes further south in search of holiday home bargains that can satisfy both investment and lifestyle requirements,’ he explained. ‘Property in Spain is incredibly cheap right now and for French buyers, being part of the Euro, means that the headache of currency exchange is removed from the purchase process,’ he said, adding that the north of Spain is particularly popular due to it being easily accessible. Kyero figures show that Girona, just 55 minutes' drive from France accounted for 51% of enquiries, followed by Castellon at 46%, Tarragona at 29% and Cantabria at 25%. Continue reading
England and Wales asking prices up 0.9% in August, says latest index
Asking prices in England and Wales increased by 0.9% month on month in September taking the average asking price to £264,875, according to the latest index from Rightmove. This followed a 2.9% contraction in August and it is the first rise at this time of the year since 2011. Rightmove says that it marks an earlier than usual sign of autumn activity picking up. London also saw prices edge up by 0.9% over the month to reach £557,792 on average. Three regions have seen prices fall. They were down 1.8% in the West Midlands, down 1.6% in Wales and down 0.8% in the North West. The report says that the indications are that pent-up demand remains in spite of a summer lull and enquiries to agents are up overall by 16% year on year, the second highest ever monthly level. It also suggests that the upturn has been aided by holidaying home hunters being constantly in touch, with 45% growth in enquiries from mobile devices in August compared to last year. However it adds that the current ‘window to move’ may be compromised by economic uncertainty if Scotland votes for independence with the referendum vote later this week as markets do not like uncertainty. ‘We usually see a price fall at this time of year as potential home movers are generally still in holiday mode. However, it looks like there are early signs of a bounce back in demand after the summer lull, leaving those estate agents with a shortage of stock at a potential disadvantage and therefore eager to attract new instructions,’ said Miles Shipside, Rightmove director and housing market analyst. ‘While there is more property coming to market this year, it has been more than swallowed up by increased sales. There is already 10% less property available per estate agency branch compared to this time a year ago, and with enquiries by phone and email to agents up by 16% compared to August last year, and at near record levels, you can see why there has been an earlier than usual price pick-up,’ he explained. ‘The ability of potential buyers to remain on-watch and in-touch and react more quickly is also a factor. While you may be switched off from work during the summer break, many people’s mobile devices are still switched on to the internet to see what’s coming to market,’ he added. But he pointed out that there is a risk of less certain consumer outlook for remainder of 2014. So far 2014 has proved to be the ‘year to move’, with consumer confidence buoyed by consistently low interest rates and improving economic data after several years of an uncertain outlook. The number of housing transactions recorded by HMRC in England and Wales for the year is currently on course to be between 1.1 and 1.2 million, which would be a significant improvement on the 970,000 transactions last year and the 800,000 average of the previous five years. HMRC’s transaction numbers for completed sales in… Continue reading
London and South East skewing average house price figures, latest index shows
The average property price in England and Wales has reached £274,302 but this drops to £185,496 if London and the South East are removed, the latest monthly index shows. This means that these two regions are skewing average house prices by a record £89,000, the biggest disparity since 1995, according to data from the LSL Property Services index. It is due to cooling house prices in some regions and the figures shows that the slowdown outside of London and the South East on an annual basis has dropped to 4.3%. This contrasts with average house price growth of 10.7% in the past year across all of England. On a monthly basis prices have increased by 0.9%, according to the data from the August index report. According to Richard Sexton, director of e.surv chartered surveyors, part of LSL Property Services, a game of two halves is being played out in the UK property market. ‘In terms of average house price growth, a gap has developed between the South East corner and the rest of the country. If we exclude the key players of London and the South East from the game, a whole different playing field is revealed,’ he said. ‘House prices across the remaining parts of England and Wales have only increased 4.3% in the past year, or less than half of the overall measure of 10.7% when we include London and the South East. In absolute terms the difference would seem to add £88,806 to the average price tag for a home across England and Wales, the highest absolute difference since 1995,’ he explained. ‘This obscures cooler prices in much of the country. Further afield, it is critical that support mechanisms like Help to Buy aren’t dismantled. In July, house price growth slowed across all regions except for London, the South East and East Anglia. While these three regions continue to set new house price highs, the rest of the country is nowhere near these levels of growth,’ he added. Sexton also pointed out that compared to the nadir of 2008/2012, activity in the housing market has improved, but is not completely out of the woods yet, and still needs to recapture some of the vitality of its pre-recession health. ‘There is also much more to be said beyond the headlines for London. The annual rate of growth in London house prices is the fastest witnessed since 2000. Most recently we’re seeing asking prices in the capital start to be reined in, which will apply the brakes on annual house price inflation as the market steadies,’ said Sexton. ‘What’s happening in London may be eye-catching, but it is akin to looking through a kaleidoscope and skews any view of the current total housing landscape. Peeling back the regional layers gives a much more informed view of the core reality of the current housing market,’ he added. ‘With evidence of London starting to cool off after strong growth earlier in the year, it is critical that the underlying momentum… Continue reading
