Tag Archives: real estate
Buyers and sellers in UK nationwide not put off by election jitters
The UK property market has seen a surge in buyer and seller activity despite reports of election uncertainty with average prices up 0.9% month on month, latest index shows. It takes the average price in March to £206,726, according to the index from haart estate agents, the highest on record and prices are up 5.6% annually. New buyer demand increased 22% month on month and sellers are not being put off by the election with homes for sale up 27%. The data also shows that London property prices have moved out of negative territory, increasing 0.3% annually and 6.7% on the month after falling in February. This takes the average price in the city to £492,119. ‘Our advice to both buyers and sellers has been to enter the property market before heading to the ballot box in May, if they are considering doing so this year,’ said Paul Smith, chief executive officer of haart which has a network of over 200 branches nationwide. ‘History tells us property prices tend to take a swing upward after a general election and even for those current homeowners upsizing, the increase in price on their new home will be greater than any gains made through sitting tight in their current property,’ he explained. ‘Our latest data indicates that prospective buyers and sellers have put their ducks in a row and are entering the market in high levels this spring, undeterred by the whispers of market uncertainty. This in turn has driven up UK property prices by almost 1% in a single month and 5.6% annually,’ he pointed out. Continue reading
Sales and prices up in Canadian housing market, latest index shows
National home sales in Canada increased by 4.1% from February to March and the average sales price is also going up but slewed by growth in Vancouver and Toronto, the latest index report shows. But the data from the Canadian Real Estate Association (CREA) also shows that while the national average sale price rose 9.4% on a year on year basis in March, excluding Greater Vancouver and Greater Toronto, it increased by 2.4%. March sales were up from the previous month in nearly two thirds of all local markets, led by Greater Vancouver, Fraser Valley, Calgary and Edmonton. Despite the monthly rebound, Calgary and Edmonton sales came in below the 10 year average for the month of March. ‘Low mortgage interest rates are good news for affordability as we head into the spring home buying season. This spring should see buyers coming off the sidelines in places where winter was anything but mild,’ said CREA president Pauline Aunger. According to Gregory Klump, CREA’s chief economist, Greater Vancouver and the GTA are really the only two hot spots for home sales and prices in Canada at present. ‘Price gains in these two markets are being fuelled by a shortage of single family homes for sale in the face of strong demand. Meanwhile, supply and demand for homes is well balanced among the vast majority of housing markets elsewhere across Canada,’ he explained. Year on year price gains for single family homes in Greater Vancouver and Greater Toronto have exceeded those in other housing markets tracked by the MLS® HPI throughout the first quarter of 2015, the data reveals. Actual activity in March stood 9.5% above levels reported in March 2014 and slightly above the 10 year average for the month. March sales failed to lift activity recorded during the first quarter above its 10 year average. First quarter sales were below their 10 year average in most local housing markets. The number of newly listed homes rose 1.8% in March compared to February. The rebound in Greater Toronto more than offset the continuing pullback of new supply in Calgary, where it had climbed sharply toward the end of last year but now stands at a multiyear low. The national sales to new listings ratio was 53.9% in March, up from 52.7% in February and 50.4% in January. A sales to new listings ratio between 40 and 60% is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in about 60% of all local housing markets in March. The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity. There were 6.1 months of inventory on a national basis at the end of February 2015, down from 6.3 months in February and… Continue reading
Housing stock in prime central London up 8.6% in six years
Housing stock in the prime central London property sector has increased by 8.6% since 2009 and has outgrown inner London boroughs by 4%, new research shows. It means that stock has increased by 5,200 over the last six years and some 7,000 more homes are in the pipeline, according to figures from Pastor Real Estate. The report says that developers have taken advantage of low land costs following the 2008 market crash and prime central London has been high on the investment agenda since 2008 from both domestic and overseas buyers. In the six years some 144 development schemes have been completed in prime central London, with almost two thirds consisting of 10 units, and most comprising studio and one bedroom apartments. Now in 2015 there are 277 development schemes in the pipeline, which will deliver 7,179 units to the market. This represents twice as many schemes and three times as many units than have been completed since 2009. Responding to growing demands from overseas buyers coming into the market and domestic buyers increasingly choosing inner city family homes over vast country spreads, developers are shifting from small single occupancy units to larger homes suitable for families. For example, there is at least one three bedroom unit within 71% of the developments currently in the pipeline. There is also a marked increase in unit sizes, with an increase of 40% in units in application compared to those currently under construction. Pastor Real Estate has found that that average unit size for schemes under construction in Prime Central London is 543 square feet compared to 763 square feet of units currently at application stage. The report has also identified Marylebone as the rising star of the prime central London market with the area currently undergoing a rapid transformation. The report identifies that of 13 development schemes set to complete in 2015, 11 are in Marylebone. The area will provide almost 50% of schemes in the pipeline, equating to 644 new residences. ‘Not only are new homes getting bigger in Prime Central London, but everything that comes with them is getting grander. As wealth continues to pour into the capital, ultra prime living standards increase,’ said Susan Cohen, head of sales and lettings at Pastor Real Estate. ‘New buyers not only want larger homes providing more space for larger families, they also want all of the luxury amenities such as concierge services, porters, five star hotel quality spas and gyms, IMAX cinema rooms and private dining rooms to entertain guests at will,’ she explained. The report also says that ultra prime and super prime residences are increasing and the market for new build property across prime central London is changing. Size and space are becoming as important as sophisticated luxury. Those acquiring large ultra prime and super prime new build residential properties in prime central London are both domestic and international buyers, seeking… Continue reading
