Tag Archives: housing
Buyers and sellers in UK nationwide not put off by election jitters
The UK property market has seen a surge in buyer and seller activity despite reports of election uncertainty with average prices up 0.9% month on month, latest index shows. It takes the average price in March to £206,726, according to the index from haart estate agents, the highest on record and prices are up 5.6% annually. New buyer demand increased 22% month on month and sellers are not being put off by the election with homes for sale up 27%. The data also shows that London property prices have moved out of negative territory, increasing 0.3% annually and 6.7% on the month after falling in February. This takes the average price in the city to £492,119. ‘Our advice to both buyers and sellers has been to enter the property market before heading to the ballot box in May, if they are considering doing so this year,’ said Paul Smith, chief executive officer of haart which has a network of over 200 branches nationwide. ‘History tells us property prices tend to take a swing upward after a general election and even for those current homeowners upsizing, the increase in price on their new home will be greater than any gains made through sitting tight in their current property,’ he explained. ‘Our latest data indicates that prospective buyers and sellers have put their ducks in a row and are entering the market in high levels this spring, undeterred by the whispers of market uncertainty. This in turn has driven up UK property prices by almost 1% in a single month and 5.6% annually,’ he pointed out. Continue reading
Housing stock in prime central London up 8.6% in six years
Housing stock in the prime central London property sector has increased by 8.6% since 2009 and has outgrown inner London boroughs by 4%, new research shows. It means that stock has increased by 5,200 over the last six years and some 7,000 more homes are in the pipeline, according to figures from Pastor Real Estate. The report says that developers have taken advantage of low land costs following the 2008 market crash and prime central London has been high on the investment agenda since 2008 from both domestic and overseas buyers. In the six years some 144 development schemes have been completed in prime central London, with almost two thirds consisting of 10 units, and most comprising studio and one bedroom apartments. Now in 2015 there are 277 development schemes in the pipeline, which will deliver 7,179 units to the market. This represents twice as many schemes and three times as many units than have been completed since 2009. Responding to growing demands from overseas buyers coming into the market and domestic buyers increasingly choosing inner city family homes over vast country spreads, developers are shifting from small single occupancy units to larger homes suitable for families. For example, there is at least one three bedroom unit within 71% of the developments currently in the pipeline. There is also a marked increase in unit sizes, with an increase of 40% in units in application compared to those currently under construction. Pastor Real Estate has found that that average unit size for schemes under construction in Prime Central London is 543 square feet compared to 763 square feet of units currently at application stage. The report has also identified Marylebone as the rising star of the prime central London market with the area currently undergoing a rapid transformation. The report identifies that of 13 development schemes set to complete in 2015, 11 are in Marylebone. The area will provide almost 50% of schemes in the pipeline, equating to 644 new residences. ‘Not only are new homes getting bigger in Prime Central London, but everything that comes with them is getting grander. As wealth continues to pour into the capital, ultra prime living standards increase,’ said Susan Cohen, head of sales and lettings at Pastor Real Estate. ‘New buyers not only want larger homes providing more space for larger families, they also want all of the luxury amenities such as concierge services, porters, five star hotel quality spas and gyms, IMAX cinema rooms and private dining rooms to entertain guests at will,’ she explained. The report also says that ultra prime and super prime residences are increasing and the market for new build property across prime central London is changing. Size and space are becoming as important as sophisticated luxury. Those acquiring large ultra prime and super prime new build residential properties in prime central London are both domestic and international buyers, seeking… Continue reading
General election garden city manifesto pledges welcomed
The Town and Country Planning Association (TCPA) has welcomed the manifesto pledges for a new generation of Garden Cities from the major political parties but raised questions about their commitment to delivering genuinely sustainable new homes. The TCPA has campaigned for a new generation of Garden Cities for over a century and believes they can provide a powerful and unique model of development, and are much more than just homes with gardens. ‘We need brave political leadership in order to bring forward new Garden Cities, and the TCPA is keen to work with the new government to ensure that the socially just, high quality Garden Cities that the nation deserves become a reality,’ said Kate Henderson, TCPA chief executive. She pointed out that while the manifestos all pledge support for Garden Cities, none of them set out how these Garden Cities will be delivered, or how a new government will ensure that the new communities adhere to the Garden City principles. The Labour manifesto states that the party wants to boost housing if it is in power after the May general election and pledged to build a new generation of garden cities but Henderson says it fails to include any commitment to ensuring if and how new Garden Cities will meet the Garden City principles. ‘The Lyons Review sets out a clear mandate for the delivery of Garden Cities, and referenced the need to make their delivery mechanism fit for purpose with the recommendation to update the New Towns Act,’ she explained. ‘The Review also recognised the need to consider the quality of new homes, particularly in regards to of the need for space standards, high quality design and zero carbon standards. To deliver genuine Garden Cities we should act on these recommendations,’ she added. The Conservative manifesto states the party will support locally led garden cities and towns in places where communities want them, such as Ebbsfleet and Bicester but Henderson says that another of its proposals to extend the Right to Buy scheme risks undermining the achievements of genuine mixed communities. The Liberal Democrat manifesto is the most detailed and sets out plans for at least 10 new Garden Cities in England, in areas where there is local support, providing tens of thousands of high quality new homes, with gardens and shared green space, jobs, schools and public transport. It has also pledged to encourage rural Local Authorities to follow these principles on a smaller scale, too, developing new garden villages or suburbs as part of their plans for growth along with the creation of up to five major new settlements along a Garden Cities Railway between Oxford and Cambridge. Henderson said the TCPA would have liked to have seen references as to how these Garden Cities or development will be brought forward. Continue reading
