Tag Archives: real estate
Northern Ireland set to see strongest house prices growth in UK in 2015
Northern Ireland is forecast to see the highest house price growth in the UK this year, with the latest report predicting an 11% rise in house values. The region is likely to see ongoing increases in prices according to the latest residential market survey from the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank. This is based on a comparative analysis between our price indicator and data from the Office for National Statistics (ONS) while for the UK as a whole the survey predicts that house prices will rise by 6%. The survey reports a net balance of 72% of Northern Ireland surveyors saying that prices increased in August, a higher net balance than all other UK region’s apart from East Anglia. Northern Ireland surveyors remain positive about the outlook too, with three month price expectations also amongst the highest in the UK. When it comes to sales, Northern Ireland surveyors are confident that increases seen in August will continue, with a net balance of 40% of respondents expecting sales levels to be higher in three months’ time. ‘A shortage of new instructions has characterised the Northern Ireland property market this year, with buyer enquiries outstripping the rate at which properties have been coming to the market,’ said RICS Northern Ireland residential property spokesman, Samuel Dickey. ‘As we move into the autumn, we should see more instructions, helping address this imbalance and ease upward pressure on prices. On the whole, RICS forecasts that average prices in Northern Ireland will have risen by 11% between the fourth quarter of 2014 and the fourth quarter of 2015,’ he explained. ‘This represents robust growth, but we should remember that this is from a low base, with average prices still someway from their 2007 peak,’ he added. The data also shows that in terms of prices, a net balance of 72% of Northern Ireland surveyors said that prices rose in the past three months. A net balance of 46% said that they expect prices to continue rising in the three months ahead. Continue reading
Inventory clerks can carry out smoke and carbon monoxide alarm checks for landlords
Landlords and their letting agents can use the services of their inventory clerk to carry out checks of smoke detectors and carbon monoxide alarms in rented properties if required, it has been confirmed. From 01 October landlords in England will be required to install smoke detectors on every floor of their property where someone is living or partially living. Carbon Monoxide alarms must also be fitted in any room within a rented property where there is a solid fuel burning appliance, this includes open fires and wood burners. Both of these alarms must be tested at the start of every tenancy beginning on or after 01 October and any landlord who doesn't comply with the new legislation could be hit with a fine of up to £5,000. This checking requirement, however, does not apply to renewed or statutory periodic tenancies and there has been some confusion and concern surrounding the new rules which has centred on the checking of alarms and who will be able to do it. Other landlords have raised concerns about extra costs incurred by possibly having to employ a tradesman to carry out the checks. However, Patricia Barber, chair of the Association of Independent Inventory Clerks (AIIC) said that its independent inventory clerks should be able to carry out these checks at the outset of a tenancy if required. ‘As part of an inventory compilation or check in procedure at the beginning of the tenancy, an AIIC independent inventory clerk will be able to check smoke detectors and carbon monoxide alarms for power where possible and report back any problems found,’ she explained. ‘This then paves the way for landlords or their property managers to carry out subsequent checks during mid-term visits. While the majority of landlords and agents may already have some sort of procedure in place, hopefully this news will help to put some property professionals' minds at ease, saving time and money,’ she pointed out. ‘As always we maintain the importance of making sure that any property inventory is carried out by an independent inventory clerk. AIIC clerks are highly trained and can report the presence of each alarm and test for power at the start of the tenancy. A tenant will then be asked to sign a statement agreeing the clerk’s findings,’ she added. Continue reading
Some home markets in the US are still struggling to recover, latest index suggests
More than a quarter of homes across the United States lost value over the past year, despite the ongoing housing market recovery, according to the latest real estate market report. Some markets have already surpassed home values reached at the height of the housing bubble, while other markets are struggling to leave the recession behind, the analysis from real estate firm Zillow shows. Nationally, homes appreciated 3.3% from a year ago, rising to a Zillow Home Value Index of $180,800. However, the national growth rate has levelled off over the past five months, suggesting the housing recovery is ending and the market is returning to normal. Overall some 27.9% of homes lost value over the past year. Before the housing market crashed, an average of 21.2% of homes were losing value and in December 2008 some 81.6% of homes lost value, the highest amount during the recession. Markets on the East Coast and in the Midwest had the highest share of homes that lost value, led by 48.1% of homes in Baltimore which saw prices fall over the past year. Philadelphia with 43.4% and Washington DC at 41.2% also had large shares of homes losing value. Conversely, few homes lost value in hot markets like Denver, Dallas, San Jose, and San Francisco, which all saw double digit home value growth over the past year. Just 1.5% of homes in Denver and 4% in Dallas were worth less in August 2015 than they were a year ago. ‘We're not going in reverse, but we are hitting the brakes a bit in some markets. It's easy to say the recession is over when a third of the biggest markets are more expensive now than ever before, but we're still seeing a number of homes losing value. The reality is there are still areas lagging behind in the recovery,’ said Zillow chief economist Svenja Gudell The report suggests that renters looking to become home owners may find more opportunities in slower markets like Philadelphia. According to the January 2015 Zillow Housing Confidence Index when home values there were growing at 2.8% annually, eight percent of renters in the area said they planned to buy within a year. This jumped to 18% in the most recent survey, when home value growth was nearly flat at 0.3%. The index data also shows that rents are still growing faster than home values. The Zillow Rent Index rose 3.8% on an annual basis to $1,381, giving potential buyers another reason to consider entering the market. Continue reading
