Tag Archives: london
Finding the right home is most stressful part of buying, research has found
Finding the right property is the most stressful aspect of the buying process for people in the UK, according to new research. Moving day is seen as more stressful than finding a mortgage or negotiating on price and one in three people claim that buying a property is either more or as stressful as the end of a serious relationship. The research, conducted on behalf of Ocean Finance, also reveals that 22% claim buying a property matches or exceeds the death of a relative in terms of stress. Following the house market crash of 2008, the UK’s property market has shown signs of recovery with house prices rising across much of the country supported by continuing low interest rates and schemes such as Help to Buy and 16% of survey respondents said they have bought a home in the last five years. There are many steps to take when purchasing a home, but the one voted as most stressful by those who have bought in the past five years is simply finding a property. Some 45% of people who have bought in the last five years say finding a place they wanted was the most difficult part. However, despite the recent credit crunch, securing a mortgage is seen as less stressful than moving day itself. Some 42% of buyers rate packing and physically moving their belongings as the most stressful thing about moving house, compared to 37% who cite applying for a mortgage. Moving also beat negotiating with the sellers on price (41%) in the stress stakes. ‘Buying a house can be incredibly stressful as there’s so much involved but it’s still surprising to find that some people rate it as more stressful than breaking up with a partner or a loved one dying,’ said Ian Williams, spokesman for Ocean Finance. While finding a suitable home, applying for a mortgage and actually moving can all cause anxiety, the end result is often worth it. Owning your own slice of the property market can be a great feeling and hopefully it will be a few years before you have to cope with all that stress again,’ he added. Continue reading
Activity in prime central London property market stable, says latest monthly report
Activity across all prime price ranges in central London are stable although sales at the top end of the market are down, according to the latest estate agent research. Overall transactions between £2 million to £5 million have increased by 11.7% this year but sales above £5 million are down by 5.5%, the latest sales and lettings report from W.A. Ellis shows. But the sector’s lettings market is buoyant with a 14% increase in tenancies starting in August compared to the same period last year. ‘If we compare the current year's activity from January to August with the same period in 2007, within our area of expertise of Chelsea, Knightsbridge, Mayfair, Belgravia and Kensington, we see a 35% diminution in activity,’ said Richard Barber, partner at the prime central London estate agency. However, he pointed out that when the inflation that the capital has enjoyed over the last four years, some 18.5% in the last year alone according to Land Registry data, a more interesting picture emerges. Property transactions between £2 million and £5 million have increased by 17.5% and those in excess of £5,000,000 have increased by 72% on 2007. ‘Whilst the media are reporting more bearish sentiments across the market and reduced levels of new buyer registration, we should not necessarily predict that the bubble is about to burst,’ said Barber. ‘Activity across all price ranges is very stable, and our research suggests that between January and August 2013 there were 1,288 transactions, and in the same period in 2014, 1,242, a reduction of only 3.5%,’ he explained. ‘Whilst the Damoclean sword of mansion tax continues to hover over the market, the figures suggest that it has not as yet impacted. Indeed, sales between £2 million and £5 million have increased by 11.7% this year. However, sales of properties over £5 million have diminished by 5.5%. ‘The reduction in activity over £5 million is perhaps indicative that the foreign investor may tolerate a tax of £15,000 per annum, based on the current ATED charges, but not the more punitive £35,000 charge per annum currently applied to properties held in company names with values in excess of £5 million,’ he added. But he pointed out that there is always a healthy appetite for the right product, and if vendors' expectations are realistic, there is no reason why we should not enjoy a normal market. Lucy Morton, senior partner and head of lettings at W.A.Ellis, said that the firm has been surprised by the level of activity over what is usually a very quiet month, with a 14% increase in tenancies starting compared to the same period last year. ‘The seasonal student market is in full swing, with students focusing on finding accommodation for the upcoming year and demand exceeding supply,’ she explained. Overseas tenants are even agreeing tenancies without seeing the property. Clients living in California were talked through the property over the phone and using Face-Time on an iPad, and went on to complete, as did two students from Norway… Continue reading
Aviation growth in Dubai set to boost real estate sectors, it is claimed
The real estate sector in Dubai is expected to emerge as one of the principal beneficiaries of the development of Al Maktoum International Airport, according to property firm Cluttons. Plans for the two phased project, which will cover an area of 65 square kilometres in Jebel Ali have been unveiled with the city's entire economy set to benefit significantly. Dubai International Airport, is already the world's busiest hub for international traffic, and continues to play a vital role in the development of the emirate's economy as aviation remains a core pillar for growth. With the aviation sector's contribution to GDP set to rise to 32% by 2020 from 28% at present, there will be a significant ripple effect on the number of jobs created. ‘Aviation has historically been a significant contributor to the city's growth. Once again, the sector looks set to deliver the next wave of growth for Dubai, well beyond the current horizon of the 2020 Expo, which is already translating into a flurry of construction activity across the city,’ said Faisal Durrani, Cluttons' international research and business development manager. ‘The residential sector will no doubt be an obvious long term benefactor of the significant rise in the number of jobs being created, with both lettings and buyer demand set to rise significantly as the number of households in the city increases. However, it is the commercial sector that stands to benefit the most in the short to medium term,’ he added. According to Cluttons, the office market continues to recover following the downturn, with occupier activity still ticking upwards across the city as occupancy levels recover in many pockets of the city, although there still remain some issues surrounding strata ownership, which has left vacancy rates abnormally high in some select locations. ‘The development of Al Maktoum Airport will no doubt help to drive further activity as aviation related industries begin to mobilise and take up position in the city set to house the world's largest airport,’ explained Durrani. ‘For some time now we have experienced a steady rise in the number of enquiries from industrial occupiers, with sites around Al Maktoum Airport being sought by logistics, freight forwarding and distribution companies,’ he pointed out. ‘With plans now becoming clearer surrounding the development, we expect to see a much more robust and diversified base of occupiers vying for a position around the new aerotropolois, which is set to have an annual passenger capacity of 220 million once fully developed. Although it remains unclear at this stage how long the two phased development will take to complete, it is clear that the airport will grow in significance as a cargo hub as the capacity crunch at Dubai International forces the relocation of all cargo traffic,’ he added. Durrani also pointed out that the added benefit of Jebel Ali Port, a planned Etihad Rail freight and passenger station and the multitude of residential communities planned for the Jebel Ali area are together starting to create a very attractive proposition for… Continue reading
