Tag Archives: housing
UK viewers take just 38 minutes on average to decide to buy a property
On average it takes just 38 minutes to make a decision to buy a home and prospective buyers no longer spend as much time viewing, new research has found. It means that the average home buyer in the UK now spends less time than it takes to play one half of a football match, before making one of the biggest and most expensive decisions of their lives. With the vast amount of property and local information now available online, house hunters no longer need to spend hours viewing properties and interrogating estate agents before deciding on which property is right for them, say the research from online estate agent eMoov.co.uk. Property values, property purchase history, recently sold properties, photos, floor plans, Google street view, school catchment area, transport links, employment opportunities, crime rate, tax band and so much more is available at the click of a mouse. Nearly two thirds of people view a property on two occasions before making an offer to buy with 10% doing so after just one viewing and only 29% returning to a property more than twice. The research reveals women take slightly less time at 38 minutes than men at 39 minutes when viewing a property before deciding to put in an offer. However men were more likely to make a snap decision with 11% of them choosing to put in an offer after just one viewing, compared to 9% for women. The survey found that those spending £500,000 or more on a property did manage to take two minutes longer on average before deciding to buy, probably sensible given the amount of money involved. However it realistically doesn’t matter if you are spending £100,000 or over £500,000, the property price tag is relative to your situation and the research shows that there is only a matter of minutes between making a decision across each price bracket. ‘The fact of the matter is people don’t need to spend as much time on the viewing process as they once did. The reason for this is simple, now when a potential buyer views a house, they are viewing the house and the house only,’ said Russell Quirk, the firm’s chief executive officer. ‘With the internet providing a wealth of information, they already know if a property will suit them from a practical point of view before stepping through the front door. Most potential buyers will know within the first sixty seconds whether or not it is the one for them and the majority of buyers tend to return for a second viewing just to validate their thinking,’ he added. The research found that after one viewing 10% make an offer, 61% do so after two viewings and 29% after three viewings. Some 13% take less than 13% to decide to make an offer, 36% take 15 to 30 minutes and 28% 30 to 45 minutes while 23% take longer. Continue reading
£30 million more of Green Deal money announced for UK home improvements
More people in the UK will get help to improve the energy efficiency of their homes through a new release of the Green Deal Home Improvement Fund open to new applications. Up to £5,600 will be available to households in England and Wales to help with the cost of installing energy saving measures such as solid wall insulation, double glazing, boilers, cavity wall and floor insulation. Up to £30 million in vouchers will be available and details of further releases will be announced on a quarterly basis with the next release expected in February 2015. Up to £24 million will be available for solid wall insulation and up to £6 million for two measures from a list of home improvements available under the scheme. The Green Deal Home Improvement Fund launched in June and has already provided vouchers for more than 20,000 households. Through this second release of funding, domestic energy customers can now receive up to £4,000 for installing solid wall insulation, up to £1,000 for installing two measures from an approved list and up to £500 more if applying within 12 months of buying a new home. ‘This fund is a big success story for the Green Deal, helping thousands of people improve their homes so that they’re warmer, greener and cheaper to run. The best way people can cut their energy bills, this winter and every winter, is to improve their homes so that they leak less heat and use less energy,’ said Energy and Climate Change Secretary Ed Davey. ‘That’s why we’ve increased the funding available for the Green Deal to help even more people start saving money sooner,’ he added. To complete the two-stage application process, householders will need a Green Deal Advice Report (GDAR) or Energy Performance Certificate (EPC) that is less than two years old and a quote from a GDHIF registered installer or provider for work specified on the GDAR or EPC and included on the list of GDHIF approved measures. Energy and Climate Change Minister Amber Rudd said that more than three quarters of a million homes have already had energy saving improvements installed as a result of the Energy Company Obligation and Green Deal. ‘It makes sense to go even further to help more families install measures so that they see the benefits of lower bills and a warmer home for years to come,’ she added. Commenting on the availability of £30 million of new Green Deal Home Improvement Funding (GDHIF), Richard Lambert, chief executive officer of the National Landlords Association (NLA), described it as a positive step and clear evidence that the government has learned from previous mistakes that have so far held back the success of the Green Deal. ‘The NLA is particularly pleased that the Government has adapted the application process to ensure that the funds go to the owners or occupiers of a property who have the project priced up and ready to go, rather than speculators looking to use a GDHIF voucher to tout for… Continue reading
Average home prices in areas of high employment rise faster, research has found
Average house prices in the 20 top performing employment areas in the UK have risen by 45% over the past decade, more than double national average of 21%, new research has found. Home owners in the local authorities that have seen the largest rises in employment have also seen the average value of properties rise by over £100,000 over the past 10 years, according to the study by the Halifax. The average house price in the 20 local areas recording the largest increases in employment in the decade to June 2014 rose by 45% or £103,785. This was more than double the national average increase in house prices over the period at 21% or £35,456. At the same time, employment in these areas rose by an average of 26% well ahead of the average national increase of 4%. According to Martin Ellis, housing economist at the Halifax, there is a clear relationship between employment patterns and house price performance over the past decade. ‘Top performing areas for employment have generally seen well above average house price gains while the worst performing employment areas have typically recorded much more modest property house price rises. This demonstrates the importance of economic conditions to the health of the local housing market,’ he explained. The research also shows that over the past decade, the top 10 performing house price locations have been evenly split between northern Scotland and central London. Seven of these top 10 areas also feature among the top 25% of local areas in terms of employment growth over the period. Aberdeen and Aberdeenshire both feature in the top 10, with prices in these areas boosted by the strong performance of the oil sector during the past ten years. Tower Hamlets, Hackney and Lambeth also feature in the top 10, with prices in these areas boosted by the wider house price growth in London. Southwark and Lewisham have also recorded significant price gains. The top 10 performing house price locations have significantly outperformed the rest of the country as a whole, with an average house price gain of 89%, more than four times the national average of 21%. Employment in these 10 areas of house price growth has increased by an average of 15%; well above the national average of 4%. At the other end of the spectrum, the 20 areas experiencing the worst employment performance over the past 10 years have typically underperformed the national average in terms of house price gains. On average, these areas have recorded an increase in property values of less than £20,000. The average house price in the 20 local areas recording the smallest increases in employment rate in the decade to June 2014 rose by 13% or £19,698. This was little more than half the national average increase in house prices over the period. Employment in these areas fell by an average of 11%, well below the national average increase of 4%. The bottom 20 employment areas are concentrated in northern England (8) and the… Continue reading
