Tag Archives: real estate
UK home owners would rather improve than move, new research suggests
Most home owners in the UK would rather spend money improving their current property than moving, new research suggests. An overwhelming majority (94%) of UK homeowners would rather spend money improving their current home than sell up and move on, research reveals today. Despite the recent reduction in stamp duty and 0.7% rise in house prices, 49% of the nation’s respondents plan to stay put and renovate in 2015, and are happy to spend over £5,500 doing so. Indeed 94% would rather spend money and 43% say one of their main reasons for renovation is to make their home look nicer, whereas only 6% cite it for the purpose of selling in 2015. The survey, commissioned by Wooden Blinds Direct, questioned home owners from across the UK on their home improvement spending in 2014 and projected spend in 2015. Regionally there were differences. Just 35% of Scottish home owners are planning a renovation in 2015, with an average £4,576.21 spend. In contrast, South West home owners plan to spend over double this, forking out an average £10,430 for their extensions, decorating and other renovations. The home improvement survey also found that men plan to spend on average £1320.78 more than women on home renovations in 2015 who would spend on average, £6216.52. Northern Ireland is set to have the biggest increase in home renovation during 2015, rising 173.5% while Wales the biggest drop in home renovation, falling 51.18%. Some 43% of North East home owners would like to invest in their homes to reduce energy bills, compared to only 17% of Scottish households. ‘The housing market is still volatile and that’s reflected in the results of our survey. People are more concerned with making the house they’re in more comfortable than moving out. Whether that’s by extending and building or even by simply redecorating rooms it’s obviously a much cheaper alternative,’ said Lee Fisher, marketing manager at Wooden Blinds Direct. Most home owners in the UK would rather spend money improving their current property than moving, new research suggests. An overwhelming majority (94%) of UK homeowners would rather spend money improving their current home than sell up and move on, research reveals today. Despite the recent reduction in stamp duty and 0.7% rise in house prices, 49% of the nation’s respondents plan to stay put and renovate in 2015, and are happy to spend over £5,500 doing so. Indeed 94% would rather spend money and 43% say one of their main reasons for renovation is to make their home look nicer, whereas only 6% cite it for the purpose of selling in 2015. The survey, commissioned by Wooden Blinds Direct, questioned home owners from across the UK on their home improvement spending in 2014 and projected spend in 2015. Regionally there were differences. Just 35% of Scottish… Continue reading
Annual house price growth in England and Wales down to single digits
Annual house price growth in England and Wales fell back into single figures, as house prices paused in December, the latest index shows. Values in London and the South East are cooling but price growth across other regions remains steady, according to the LSL Property Services/Acadata index. Overall prices are up 9.6% year on year to an average of £278,997 but there was no change month on month. However, when London and the South East is excluded from the figures then the monthly rise was 0.4%. The index data also shows that growth accelerated at top end of the market in 2014, but price rises slowed at the bottom of this sector. But total home sales across 2014 were up 18% year on year as stamp duty reforms boosted activity in December. ‘There was a brief interlude in the tempo of house price growth in December, with values pausing for breath after a chorus of uninterrupted monthly climbs since May 2013. On a monthly basis, property price inflation peaked last January, and has gently petered out over the course of the past year,’ said Adrian Gill, director of Reeds Rains and Your Move estate agents. ‘This has pruned annual house price growth back to single digit territory again, recording a steadier 9.6% rise in average property values in England and Wales in the year ending December, down from 10.6% recorded in November,’ he added. He pointed out that there has been an about turn in the South East of the country, and London in particular. ‘Property values in the capital and surrounding areas are beginning to concede ground after significant advancement over the last year. Average house prices dropped in a third of all London boroughs in the month to November, with Southwark experiencing the sharpest fall in average values of 3.1%,’ said Gill. He also pointed out that monthly house price growth has continued if the exceptional London and South East regions are excluded from the calculations. Similarly, annual price rises across England and Wales are stable when these regions are omitted, as home values across the rest of the country stand firm and continue forward on their calmer trajectory. ‘But it’s not just geography that disrupts the march of house price growth across England and Wales. It is the most expensive properties that are showing the strongest gains in value, while the rate of price growth is slowing among cheaper homes,’ he explained. ‘Properties worth over £250,000 have seen average annual growth of 10.7%. But those valued below £153,000 have typically witnessed a year on year price increase of just 2.9%. As the two paths of growth diverge, this is widening the gap between the different rungs of the housing ladder,’ he said. He explained that 2014 was the year of the first time buyer, with the second Help to Buy scheme offering further assistance to aspiring home owners throughout the country, and ensured that many potential buyers could still navigate around the… Continue reading
Landlords get most stressed about late rent payments, survey shows
Late rent payments cause the most stress for buy to let landlords in the UK followed by badly behaved tenants, new research has found. A quarter of landlords emerged as the top cause of concern with ‘tenants from hell’ cited by 20%, property damage at 18%, deposit disputes 13% and dealing with evictions 7%. The research by online letting agent PropertyLetByUs also found that despite the recent HMRC crackdown on landlords’ undeclared income, only a tiny percentage, 1%, are stressed by tax issues. It also appears that the sharp rise in the number of tenants looking for rented property in 2014 is making life a lot easier for landlords who are looking for new tenants as only 1% say this is stressful. However, void periods are still bothering some landlords, with 4% citing this as a major cause of stress. ‘On the whole, 2014 was a good year for landlords, with increased tenant demand, rising rental income and asset value growth but late payment of rent is still a big issue for landlords,’ said Jane Morris, managing director of PropertyLetByUs. Indeed, the latest research from the National Landlords Association (NLA) showed that 32% experiencing rent arrears in 2014. Landlords could see a spike in the problem this month as households struggle to keep up with payments after the expense of Christmas. ‘But all the signs are showing that 2015 could be another bumper year for landlords, with the rental market set to continue its growth, from the current nine million tenants renting in the UK. The good news is that the stress of void periods and finding new tenants will further diminish, as demand starts to outstrip supply,’ added Morris. Continue reading
