Tag Archives: london
Over half of UK property owners don’t like their home, research suggests
One in 10 home owners in the UK regret buying their home with the biggest reason being that they think they rushed into it and 57% actually dislike their homes, new research has found. Buying a house is the biggest purchase most people will ever make, and 90% of people don’t regret their purchase. However, that leaves 10% who do, the survey carried out for mortgage and loans provider Ocean Finance has found. Some 28% said they had rushed into buying, 20% said they don’t like their neighbours, 16% said it is not big enough,12% said it needed more work done than they thought and 6% said they can’t really afford their mortgage. Also 6% said they would make a loss if they sold. The older you are, the more likely you are to make a considered buying decision it seems. Just 5% of people over 55 regret purchasing their home, compared with 23% of people aged between 25 and 34. Even people who don’t regret buying their home may not actually like it. While 43% of homeowners questioned for Ocean said that they liked everything about their houses. However 57% disliked one or more aspect of where they live. Some 28% said their home is too small, 21% said it needs too much work done on it, 17% said it is too cold, 15% don’t like the area where they live and 12% said there is not enough space outside. ‘The key lesson from our survey is to spend more time choosing a house before you buy. Getting to know the area and the neighbours before committing is really important, as is making an honest assessment about the amount of work that the property needs, how big it is and whether it will suit you not just now, but as your family grows,’ said Ocean spokesman Ian Williams. Continue reading
Property in French Alps now offers a better deal due to currency changes
Buyers in the French Alps are not happy to buy for the sake of buying but increasingly wanting to rent their property so it provides an income all year round, a new analysis has found. There is also strong demand for off-plan projects, according to the latest prime ski rental index report from international real estate firm Knight Frank. On top of this currency fluctuations are favouring certain nationalities such as the British and Americans. Overall Alpine resorts have seen muted sales activity since the financial crisis took hold in 2008 but new investment in infrastructure, a broader pool of demand and the realisation that a ski chalet is able to offer a competitive investment return is reinvigorating the market,’ the Knight Frank report says. During the 2013/2014 season demand continued to be focussed on the resorts located within an hour of Geneva Airport in particular Morzine/Les Gets, Megeve and Chamonix. The €1.5million to €2 million price bracket in Val d’Isere also saw strong activity, with many buyers wanting to be in the heart of the resort. In the year to June 2014 Knight Frank’s Alpine enquiries came predominantly from prospective European buyers, who together accounted for 61% of all applicants. The Europeans were followed by Asian and Middle Eastern buyers at 12% each, then Russians and CIS nationals at 5% and North Americans also at 5%. An analysis of Knight Frank’s enquiries data by price band shows that there was stronger demand for properties priced below €2.5 million in 2014 with this price bracket accounting for 72% of applicants, compared with 47% a year earlier. The proportion of buyers looking at properties above a €20 million threshold by comparison shrunk from 7.6% in 2013 to 3.8% in 2014. The report points out that price of a luxury home in the Alps can vary significantly, a fact that surprises some non-European buyers. Courchevel 1850 leads the pricing stakes with the average luxury property priced around €30,000 to €32,000 per square meter but in Chamonix, a two hour drive away and crucially outside the desirable Trois Vallées, prime prices are €7,000 to €8,000 per square meter. In the Alps, the authorities in Courchevel have announced they are spending over €100 million on upgrading the resort’s lift system, complementing the new €67 million aquatic centre which is due to open in 2015. Chamonix has gone one better announcing investment of around €477 million to improve its ski lift system, albeit over a longer time period. Knight Frank also says that sales enquiries are now less seasonal than they were. Buyers are recognising the year round appeal of the Alps and gardens, for example, now being sought by more applicants registering with the firm. ‘Buyers today are comfortable with the concept of buying off-plan through CGI imagery, floor plans, site plans and stage payments,’ said Knight Frank’s Roddy Aris, adding that over a period of four months the firm has sold virtually half of the Carré Blanc… Continue reading
Online research becoming important for many UK buyers, survey suggests
The impact that technology is having on the estate agency sector in the UK is changing the property buying and selling landscape, it is claimed. With the explosion in popularity of buyers and sellers using portals such as Zoopla and Rightmove and the wealth of historic pricing data available, the internet has become the essential tool for the modern day house hunter. A survey carried out by online estate agent eMoov has found that the majority of buyers are well armed with information before they step through the door when viewing a property. Some 98% of respondents said they would take it upon themselves to do some research before attending a viewing in anticipation of finding the right property. The first step in the process is usually to visit the property details page and read the full property description, the starting point for 67% of those surveyed. For some this was as far as the research process went, however 41% would also like to view a floor plan. The research found that 36% would also compare a property to others listed in the area and 21% of buyers would research previous property sold prices. Consumers showed less priority to researching the surrounding area with 14% investigating changes to their commute and 11% taking school catchment areas in to account when digging for further information. Local authorities provide a wealth of information on school catchment areas and make it readily available online for prospective and existing parents looking to relocate. Zoopla also keeps potential buyers well informed showing the nearest schools as well as information on transport links and crime rates amongst others. Broadly speaking women would conduct more research than men when preparing to view, taking more time to consider the look, layout and practicality of a house. However their male counter parts did pip them to the post where value for money was concerned, with 40% of men looking at other listed properties in the area and 24% researching historic property prices in comparison to 33% and 18% of women respectively. With the internet only coming to full fruition over the past two decades those over the age of 50 fall under the label of technological novices. Using technology as relative beginners and adapting in comparison to their younger counterparts, or technological natives, for whom it has become second nature. However the rise of the silver surfer has very much risen with the elderly becoming a core demographic for surfing the net, they account for a large percentage of people using the internet to help them buy. Three quarters of those surveyed over the age of 50 would log on to read a full property description before viewing, a far greater number than those in the younger age brackets. This was also the case when checking floor plans, researching properties in the surrounding area and checking historic property values and potential new neighbours. However younger buyers are more interested in Google Street… Continue reading
