Tag Archives: london
Edinburgh property market not affected by referendum vote in third quarter
Despite the uncertainty caused by the Scottish referendum during the summer months, new statistics show that the property market maintained momentum and interest. There was a large rise in the number of good quality homes coming on to the market in the third quarter of the year, according to research conducted by property consultants CKD Galbraith’s Edinburgh office. The number of potential buyers registering with the firm also increased compared to the previous quarter of this year, indicative of pent up demand in the property market from purchasers following buoyant sales market during the first half of 2014. Overall the number of properties brought to the market through CKD Galbraith increased by 50% compared to the second quarter of 2014 and the number of interested buyers registering with the firm rose by 5% compared to the last quarter. On average properties in the Edinburgh area have sold two weeks quicker than the last quarter of this year; the shortest time taken to sell a property this quarter was two weeks. ‘The Edinburgh market wasn’t quite as affected by the referendum as other regions and although we saw a slight decrease in sales and viewings in the fortnight leading up to the 18 September, there has since been a lot of new activity as confidence returns to the market,’ said Andrew Jarvie, of CKD Galbraith’s Edinburgh office. ‘Whereas last quarter we saw an influx of buyers from south of the border and overseas, the summer period has been a little quieter in comparison as was expected and buyers have predominantly been from within the Edinburgh area. Buyers and sellers are now waking up to the implications of proposed changes to stamp duty which will take effect from April 2015,’ he added. CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year which it expects to continue into the final quarter of 2014. Continue reading
Prime arable farm land prices in parts of UK up almost 18% year on year
Prime arable farm land prices in Britain have increased by 17.9% year on year but this substantial growth land masks some early signs of potential change to the market. According to the latest quarterly report from Savills the average rate of growth during the three months to the end of September for prime and average quality land across England slowed as the implications from weak commodity prices dawned for many potential purchasers. However, as with all averages these figures hide some exceptional sales where the right product in the right location, which often represent a once in a lifetime opportunity for a purchaser, buck the trend. Conversely, higher average growth rates were recorded for some of the poorer quality land, according to Alex Lawson head of Savills farms and estates team. ‘The range in values for farmland is now so significant that there are buyers who are choosing to take advantage of the relatively good value poorer quality livestock land,’ he said. The research from Savills shows that just over 120,500 acres of farmland were publicly marketed across Britain during the first three quarters of 2014, a fall of 7% compared with the same period in 2013. However there are significant differences between countries with Scotland seeing a 28% fall, Wales a 22% fall while in England the acreage increased by 4%. Supply across England continues to be historically low and our records highlight that this year the volume of publicly marketed farmland is the second lowest since 1995 as 2004, the year before Single Farm Payment, being the lowest with 114,400 acres being advertised to end September. Savills says it is worth noting that the private market accounts for some of the shortfall, which this year includes the sale of the substantial Co-operative Farms portfolio. Moving into 2015 there are a few factors that might increase supply and affect ongoing growth in values. These include pressure on farm incomes and political uncertainty. At a national level Savills is expecting some growth in average values, but this will be more muted than in 2014, with a continued diversity in the ranges of values achieved. ‘Clearly an understanding of local market conditions will be critical to both buyer and seller to ensure realistic expectations,’ said Ian Bailey head of rural research at Savills. Continue reading
Prime central London experiencing shortage of three bed homes to rent
As the lettings market in the capital continues to thrive, one leading national estate agent is experiencing a shortage of rental properties available, particularly for three bedroom homes which are in high demand. The demand for three bedroom homes for rent in central London is seemingly insatiable, according to Zoe Rose, head of London lettings at Strutt & Parker. ‘As soon as we get a good one on our books, it lets in a flash. We recently let a three bedroom lateral top floor apartment on Cranley Gardens in South Kensington for £1,300 per week within two days on its first viewing and similarly we let a three-bedroom apartment on Ladbroke Gardens within one week for its asking price of £1,500 per week,’ she explained. She said that while buy to let investors often believe owning a one or two bedroom flat is a failsafe option when it comes to attracting tenants and optimising rent, the firm’s experience suggests that it’s actually three bedroom homes that are the most sought after at present. Indeed, Rightmove recently reported that more than a third of its top 5,000 most viewed homes were all three bedroom properties. ‘Owning a three bedroom property is clearly good news for landlords. They are a great investment because they have such broad appeal. Prospective tenants include young couples, small families and older couples looking to downsize. At a time when there has been a surge in working from home, having a spare room to use as an office is also very attractive to tenants,’ Rose pointed out. Strutt & Parker’s latest figures for lettings transactions in the third quarter of 2014 also indicate that it’s the larger, more expensive properties that are performing most strongly. When compared to the same period last year, transactions are up 18.4% for properties between £2,000 and £2,999 per week, up 14% for properties between £3,000 and £3,999 per week and up 16.7% for properties over £4,000 per week. However, lower priced properties costing less than £999 per week to rent, were down 7.5% on last year and properties between £1,000 and £1,999 per week were also down very slightly by 1.4%. Rose predicts that 2015 will be a good year for landlords with property in the prime central London market. ‘We are anticipating a 2.5% increase in lettings prices in prime central London for 2015 and we’ve already seen 2% growth for lettings in 2014,’ she explained. ‘This slow but steady growth will be underpinned by the simple fact that there are still so many people out there that can’t afford to buy a home in London and these people will continue to rent. Not to mention the large number of people who enjoy the flexibility of renting and the threat of rising interest rates rising will also play an important contributing factor,’ said Rose. ‘We currently have 25% less property available for… Continue reading
