Tag Archives: london
Drones allowing estate agents to give an extra dimension to property marketing
Estate agents are known for going that extra mile to get a sale and now they are set to embrace the very latest technology to make sure a property looks its very best. Savills is one real estate company that is leading the way in their use of drones and have explained how they are increasingly helping estate agents to market properties. It enables them to take airborne photographs and videos to help market properties. The firm says that drones, or unmanned aerial vehicles (UAVs), present a number of advantages over traditional aerial photography techniques. They’re are measurably much cheaper and can produce better quality video than helicopters. Also, with the necessary consents they can be flown almost anywhere unlike aerial masts which must be set up and positioned, and are limited in height. Additionally, many commercial drones are based on the open source Arduino platform, which allows savvy users to customise them to a specific purpose. Savills began using UAVs to market homes on a wider scale in 2012, having seen their potential to convey properties in 3D, and thereby bringing the property to life for potential buyers. To date, the company has used drones on many occasions, including for Donhead House in Wiltshire, and Lasborough Park and Bell’s Castle also in Gloucestershire. They have found that drone-captured video and photography can offer not only the dramatic details of a property, but a sense of place, something that can be difficult to capture using traditional techniques. ‘It’s not just about selling the house, it’s also about selling lifestyle and the wider area. A brochure would normally lead with images of the house and formal gardens, whereas a video can capture the whole,’ said Ed Sugden, director of Savills Country House Department. ‘It allows a potential buyer to look beyond the brochure, and allows us to convey a lot of information far more quickly and efficiently,’ he added. However, it is not as simple as letting the drone do all the work. There is an art to using drones as well as a science, and one common mistake is showing too much of the property’s roof. Savills advises taking video and photography from a 45 degree angle, which allows the property’s best attributes, including its grounds and architecture, to be captured in the most aesthetic way. The novelty of drone photography itself can also help to capture buyer interest, and encourage people to take it forward with a viewing. So far, this strategy has been working for Savills and their clients. For example, one property’s video has had over 7,000 visits from around the world, which must lead to more viewings and interest. However, as useful as they are, drones aren’t suitable for every situation. ‘If a particular house has a pig farm on one side, a pylon and a motorway on the other then an aerial overview is not the… Continue reading
UK home owners over 55 considering downsizing, research suggests
Some 41% of home owners in the UK over the age of 55 plan to sell their current property and many will downsize, according to new data. This is up from 38% six months ago according to the figures from the bi-annual Prudential Downsizing Index. The data shows that 75% of home owners over the age of 55 who are planning to sell, say they will downsize. The average amount of capital they hope to free-up as a result of these property sales is £87,600, up from £85,300 in May of this year. Of those expecting to release equity from downsizing, 45% will spend newly released cash on big ticket or luxury purchases like holidays, 48% say they will save or invest the money, while 40% will use the funds to boost their pension pots. Some 61% say having too much space is the main reason for downsizing, 58% want the convenience of running a smaller home, while 34% want to access the equity in their home. The data also shows that 22% plan to reduce the day to day costs of running a large home while 21% are prompted by changes in personal circumstances, including divorce or separation. The index suggests that many are looking for a change, with 35% of those who are planning to sell saying they will relocate to another town or city within the UK. ‘Our homes are often our most valuable assets, but also one of our greatest expenses. The financial benefits of downsizing, from both a cost-saving and releasing capital perspective, can be very enticing. But those who are considering it should exercise caution and be careful not to overestimate the level of funds they expect to receive,’ said Vince Smith-Hughes, retirement income expert at Prudential. ‘Freeing up cash as a result of selling your property may be appropriate for some, but it should never be seen as a substitute for saving for retirement. The best way to secure your desired standard of living in retirement is to save as much as possible from as early as possible and to seek professional financial advice on the best retirement income options available for your needs,’ he added. Separate analysis of data from The Census reveals that Cornwall, Arun and North Somerset are the most popular destinations for retirees to move to in England and Wales, for those aged 65 and over. Continue reading
US housing market not set to normalise for at least three more years
Real estate professionals in the United States, including economists, agents and investment strategists, don't expect the housing market to normalise for at least three more years. The majority of the panellists on the Zillow Home price Expectations Survey predict that home values will end 2014 up an average of 4.8% from 2013, to a median value of $176,760. On average, respondents said they expect home values to exceed their pre-recession peak in February 2018 and in the longer term, respondents are most concerned by low household formation rates, would be first-time buyers in a weak financial position and demographic changes that are affecting the housing market. So shifting demographics and would be first time buyers financially ill prepared to buy will continue to hold back the housing market over the next several years. However, despite these hurdles, nearly all of the 107 panellists surveyed said they expect the housing market to normalise within the next five years. The report suggests that people are delaying home purchases both for financial reasons, as high rents make it difficult to save, and because they are generally waiting longer to marry and have children. Also, because rent is so high, many renters are forced to find roommates to share the costs, and more than a third of U.S. adults are living with a roommate, up from a quarter in 2000. As a result, household formation rates are well below average, slowing the housing market's recovery. Additionally, those near retirement age are staying in their homes longer rather than selling and downsizing or renting. Those two demographic factors are contributing to a falling homeownership rate and tighter than normal inventory levels, respectively, and are among the reasons experts say the market is being held back from a full recovery. ‘We've reached a point in the recovery where the only real cure-all is time. The market remains very challenging for younger, first time home buyers who face an uphill battle saving for a down payment, qualifying for a mortgage and finding an affordable home to buy,’ said Zillow chief economist Stan Humphries. ‘At the same time, many older homeowners are trapped underwater or are unable to find buyers for their homes. But the landscape is slowly changing, as incomes begin to grow, negative equity fades and new households start to form. These shifts won't occur overnight, but they are happening. Patience will be a virtue over the next few years as we wait for these traditional fundamentals to more fully take hold in the market,’ he pointed out. Asked when they expect the US housing market to normalise, 30% of panellists said they expected the market to stabilise one to two years from now, and 40% said it would take three to five years. Almost 20% said they believe the market either already has returned to normal, or will in the next 12 months. Panellists said they expect US median home values to rise 4.8% in 2014, on average, to $176,760, and another 3.7% in 2015. Panellists… Continue reading
