Tag Archives: real estate
New Zealand sees strongest new home figures for almost a decade
New building consents in New Zealand have increased to the country’s strongest house building rate for nine years, according to the latest official figures. Housing supply is increasing particularly in Auckland and Christchurch, according to Building and Housing Minister Nick Smith, with 25,000 plus new consents per year nationally. The latest annual figure of 25,038 compares to the low of 13,236 following the global financial crisis. A breakdown of the figures shows there were 756 new building consents for Auckland in March, which compares to just 209 per month before and 7,940 building consents in the year to March 2015 in Auckland, the highest since 2006. ‘We are well on the way to recovering the 10,500 homes lost to the earthquakes in Canterbury, with another record set for building consents. The 588 consents issued last month confirms the Government's view that the Christchurch housing market will have supply and demand back in balance by 2017/2018,’ said Smith. ‘These positive signs follow a general pattern of strong growth that has continued for almost four years. They confirm the latest GDP data showing a $9.5 billion annual investment in residential construction – an all-time high. It shows that the Government's programme of measures to increase housing supply is working,’ he added. Smith also pointed out that there are now Housing Accords in place with six local councils to free up more land faster. ‘We have initiatives in place to constrain building materials costs, rein in development contributions, cut compliance costs and invest in improved sector productivity,’ he said. He explained that the new $435 million HomeStart support package, which came into effect 01 April, is projected to assist 90,000 people into home ownership. ‘This is good progress but with strong net migration data from fewer New Zealanders leaving, we need to keep doing more. The next steps in our programme include our planned second phase of reforms to the Resource Management Act and place based initiatives like those announced today at Tamaki. The Government remains committed to supporting more New Zealanders into their own home,’ he concluded. Continue reading
Asking prices up across the UK, latest index shows
Asking prices in the UK have increased over the last month despite political uncertainty due to the general election, according to the latest index to be published. Average prices rose in all English regions, Scotland and Wales, reflecting an increasing and widespread confidence in the property market, says the latest index report from Home.co.uk. Confidence has increased even in lacklustre northern regions with prices in the North East and the North West both up by 0.6% since April, the data also shows. The fact that the new government looks set to continue Help to Buy and mortgage guarantee schemes will ensure further vigour in the vital first time buyer market. Moreover, the Right to Buy scheme and more home building will help ease supply problems over the next five years, the report points out. Time on market data shows that all regional markets have gained momentum over the last 12 months, with the exception of Greater London where the typical property is currently spending 14 days longer on the market than a year ago. Prices rise by 0.8% overall in England and Wales during the last month but the average annual home price appreciation for England and Wales moves down to 5.8%. The supply of property for sale is up by 8% compared to a year ago across the UK. The data also shows that the East of England becomes the most improved market over the last 12 months, with the average time on market falling by 15% to 125 days. ‘2015 is already looking like a more sensible and sustainable year for the UK property market. Confidence is growing in the northern regions and the London market has managed to exit a period of frenzied growth without a major catastrophe,’ said Doug Shephard Director at Home.co.uk. ‘Now we have the election out of the way, much uncertainty in the market has evaporated. Moreover, property prices are rising at a far more sustainable rate than we witnessed last year,’ he added. He also pointed out that the buy to let market looks set to continue to grow without the threat of rent controls as many look to property as a source of retirement income. Of course, this sector competes in the same space as first time buyers, and they are benefitting from government support and guarantees. And this is exactly the kind of grassroots stimulus that the market needs,’ said Shephard. He predicts a more ‘normal’ market over the course of 2015 and 2016 with prices rising steadily, mortgages available to those who can afford to pay them off and property taking a reasonable time to sell. The HAPI is based on asking price data which means the index can provide insights into price movements around 5 months ahead of mortgage completion and actual sales data. Properties above £1 million and below £20, 000 are excluded from the calculations. Continue reading
Bath tops list of most desirable urban location for buyers outside of London
Town and city living is becoming more popular in the England with Bath, Exeter and Bournemouth named as the top locations for urban living. Bath is popular with buyers because of its sophistication and easy access to beautiful countryside, Exeter for its location close to the moors and coastline and Bournemouth for its beach and contemporary architecture. Next on the list, compiled by agency Stacks Property Search, is Cheltenham, Truro, Milton Keynes, Oxford, Marlowe, Wells, Brighton and Winchester. ‘Urban property is becoming more and more sought after, and towns and cities that can offer sophistication, culture, great shopping, schooling and facilities, yet remain relatively small and contained with a clear personality are becoming increasingly popular,’ said James Greenwood of Stacks Property Search. Cheltenham is signalled out for its shopping and desirable suburbs, Truro for being just 30 minutes from some great surfing beaches, Milton Keynes for its lovely old houses within walking distance of the centre, Oxford for its university and culture, Marlowe for being a market town on the River Thames, Wells for being a safe city with a music culture, Brighton as a buzzing and bohemian place to live and Winchester for its quiet riverside walks but just an hour by train from London. ‘What makes these towns and cities so attractive is that they're small enough to be friendly with low crime figures, yet large enough to offer everything that residents want. They're like a hybrid between a market town and London. They don't have sprawling suburbs, so everywhere is fairly accessible on foot and they're surrounded by attractive countryside or seaside,’ explained Greenwood. ‘Urban life on this scale is attractive to numerous types of buyers, including families with older children who don't want to be hidden away in the middle of the country, retirees who want entertainment and company on their doorstep and the younger generation, many of whom find that large city living is too impersonal,’ he added. According to Nick Wooldridge of Stacks Property Search towns within commuting distance of London can be the first stop for city leavers who think that the culture shock of London to country is too severe. But many who arrive in Marlowe, for example, never move on as they enjoy the lifestyle so much. ‘Buyers are looking for a mini-London, and these towns all meet that brief. There are bucket loads of culture, fantastic shopping, a really buzzing atmosphere, restaurants and bars at all levels of the spectrum, good state and private schools, but everything's virtually on the doorstep,’ said colleague Jo Aldridge. While, according to Nicola Oddy it is the location of many of these towns that makes them so special. ‘Truro is an amazing city offering everything an urbanite could possibly want; but being equidistant between north and south Cornish coasts, there are 20 places within half an hour to keep a yacht, go surfing, or picnic on the beach. Bournemouth has seven miles of blue… Continue reading
