Tag Archives: italian
US home prices still rising but rate falls to 5% or below
Home prices in the United States showed continued growth in a majority of metropolitan areas in the third quarter, but all four major regions saw increases at or below 5% from a year ago. The data from the latest quarterly report by the National Association of Realtors (NAR) also shows that the median existing single family home price increased in 73% of measured markets, with 125 out of 172 metropolitan statistical areas (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2013. Some 47 areas recorded lower median prices from a year earlier but the number of rising markets in the third quarter was mostly unchanged from the second quarter, when price increases were recorded in 71% of metro areas. Sixteen areas had double digit increases in the third quarter of the year, a sharp decline from 54 areas in the third quarter of 2013. Nineteen areas experienced increases in the double digits in the second quarter of this year. According to Lawrence Yun, NAR chief economist, home prices in the third quarter continued to stabilise towards a healthier rate of growth. ‘Home price gains returned to more normalized levels of low to middle single digit rate of appreciation in many metro markets as inventory levels steadily increased,’ he said. ‘Moreover, there are a good number of local markets that are still remarkably affordable with median prices at or under $200,000,’ he added. The national median existing single family home price in the third quarter was $217,300, up 4.9% from the third quarter of 2013. The median price during the second quarter of 2014 increased 4.2% from a year earlier. Total existing home sales, including single family and condo, increased 5.2% to a seasonally adjusted annual rate of 5.12 million in the third quarter from 4.87 million in the second quarter, but are still 3.8% below the 5.32 million pace during the third quarter of 2013. ‘Given the improving labour market and historically low interest rates, more buyers are anticipated to enter the market next year,’ said Yun. The data also shows that total housing inventory continued to make strides at the end of the third quarter at 2.3 million existing homes available for sale, which is 6% higher than a year ago. The average supply during the third quarter was 5.4 months compared to five months in the third quarter of 2013. A supply of six to seven months represents a rough balance between buyers and sellers. NAR president Steve Brown said that traditional buyers are entering a more favourable market. ‘With inventory levels at a rate closer to supporting overall demand, bidding wars are occurring less, giving buyers more time to view homes and secure financing,’ he pointed out. ‘Additionally, Realtors across the country continue to report less investor activity and fewer all cash sales in their markets compared to earlier in the year,’ he added. Distressed homes, that is foreclosures and short sales generally sold at discount, accounted for 9% of… Continue reading
Official figures show rent increases in Scotland are largely below inflation
Between 2010 and 2014 most average rents in Scotland increased below the rate of inflation, with some rents falling, the latest data from the Scottish Government shows. In particular, a total of 16 out of the 18 rental market areas across Scotland have seen below inflation changes in average rents for two bedroom properties, the most common size of property in the private rented sector. Some areas of the country have seen higher increases over these years, including Aberdeen and Aberdeenshire where average rents for all property sizes have increased well above inflation. In Lothian increases for one, two and three bedroom properties have been above inflation. A breakdown of the figures show that the city of Aberdeen and Aberdeenshire has seen the highest increase in private rents for two bedroom properties from 2010 to 2014, with average monthly rents rising by 39.8% over four years. Average rents in the Lothian area have risen by a cumulative 17.2% over the last four years, whilst rents in Greater Glasgow have increased by 11.1% and rents in Fife have risen by 9.8% over this time period. For the remaining areas of Scotland, cumulative increases over the last four years have ranged from 5.7% in the Highlands and Islands to 0.6% in the Scottish Borders. In addition, three areas of the country have seen cumulative decreases in average rents from 2010 to 2014 with the Ayrshires seeing an 0.8% fall, Argyll and Bute a 1.5% fall, and West Dunbartonshire a 2.7% fall. These regional trends combine to show an 11.2% cumulative increase in average rents from 2010 to 2014 for 2 bedroom properties at the Scotland level. For the latest year the annual increase has been 3.6%. The data also shows that over the four year period, average rents for two bedroom properties in the Aberdeen, Aberdeenshire and the Lothian areas have risen faster than the consumer price index, whilst changes in average rents for two bedroom properties in other areas of the country have been below the rise in the consumer price index. For the year to the end of September 2014, Aberdeen and Aberdeenshire had the highest average monthly rents for two bedroom properties across Scotland at £898 per month. Other areas with higher rents included Lothian at £779, Greater Glasgow at £626, and East Dunbartonshire at £604. Areas with the lowest average rents for two bedroom properties included North Lanarkshire at £464, the Ayrshires at £461, the Scottish Borders at £444, and Dumfries and Galloway at £442. The data is from the first Private Sector Rent Statistics report is a result of a Scottish Government commitment to publishing more comprehensive statistics on rent levels across the country. ‘These statistics highlight wide variations in the rate of rent increases, with hotspots in the Lothian area and in Aberdeen, but modest rises, or even falls elsewhere. This is clearly good news for those tenants whose rents have risen at or below the rate of inflation, but a real problem for those affected by… Continue reading
Average residential tenancy deposit in England and Wales up 11% year on year
The value of deposits for the average home tenancy in England and Wales has increased by 11% over the last year, according to the latest published data. They average amount protected by mydeposits now stands at £1,210 up £121 from this time last year and up 1% from the second quarter of 2014, the firm’s latest tenancy deposit digest shows. The figures also show a difference of £1,266 between the average cost of deposits in the most expensive and cheapest regions in England and Wales. London stays at the top of the most expensive average deposit paid by tenants around the UK in the third quarter of the year with £1,859 on average being spent in the capital, a 9.8% increase from this time last year. The research also shows a 5.6% quarterly increase in London while the cheapest region for average deposit is the same as the second quarter with Yorkshire and The Humber on average spending £593. The South East saw the greatest monetary increase in deposit values quarter on quarter with a rise of 20.3%, however the North East has witnessed a growth in average deposit of 37.7% which is the biggest proportional growth across England and Wales. The East Midlands and the North West are the only two regions not to have seen a quarterly rise while the East Midlands saw the biggest fall of 9.3% which is subsequently more than double the amount in the North West where deposits fell by 3.7%. Deposits in the South West have risen similar to that of London year on year at 19.3% which is the biggest proportional growth across all the regions over the 12 months. The East of England saw the only drop in deposit value and growth with a fall of 0.3%. Despite deposits in the East Midlands growing at a similar rate to London over the last 12 months, the average value of deposits is three times more in the capital reflecting the higher overall cost of living in London. ‘Since the start of Tenancy Deposit Protection in 2007 the cost of the average deposit has risen by around 40%, and much like the cost of rents, deposits continue to rise year on year,’ said Eddie Hooker, chief executive officer of mydeposits. ‘The deposit value is usually tagged to the rental cost of the property, typically between four to six weeks’ worth of rent, so the only real way to relieve some of the pressures on the rental market is to tackle the huge issue of undersupply of housing in the UK at present,’ he explained. ‘It will be one of the biggest challenges for the next elected government, so it’s concerning to see that not all political parties have ironed out the details of their housing manifesto pledges in build-up to next May’s general election,’ he added. Continue reading
