Tag Archives: real-estate
Quarter of UK house hunters take less than a week to find the right property
It seems that the old adage love at first sight applies to the UK property market with new research showing that almost a quarter of home seekers take less than a week to find a new place to live. Some 17% visit only one property when looking for a new house, 25% need to see their future home only once and over two thirds know instantly or by the end of the first visit that they want to move in. The research from mortgage provider Ocean Finance also shows that a third of house hunters spend almost three months browsing the property market, looking at online services such as Zoopla or Rightmove, contacting estate agents and organising viewings. When asked how many times they visited the property they liked best, some 60% of home owners to be admitted they need to see their future homes two to three times before moving in, although over a quarter visit their chosen property only once. Over two thirds of home buyers know instantly or by the end of the first viewing that they want to move in but the research also shows that small things can put buyers off with the biggest one traffic noise. The majority of those questioned won’t buy a house on a main road. A lack of natural light or an electricity pylon around the corner can also make a house unattractive for many people. No local shops or supermarkets can let the property down, as well as little or no storage in the house. Home seekers are also put off by a property that is too far from public transport or with an untidy or small garden. People rarely enjoy living above a take away or chip shop, as strong food smells are another reason for turning down a house however, people can live with coloured bathroom suites and without local restaurants and pubs. Continue reading
Home sales fall slightly in Canada, latest monthly index shows
National home sales activity edged slightly lower on a month on month in July with prices up 8.9% on average nationwide, according to the latest real estate index. The data from the Canadian Real Estate Association (CREA) shows that sales were down 0.4% from June to July while actual, not seasonally adjusted activity is up 3.4% compared to a year ago. While the national sales price is strong, when Greater Vancouver and Greater Toronto are removed from the calculation then annual price growth drops to 4.1%. It is the second consecutive monthly decline in sales activity but CREA pointed out that transactions in May, June and July reached their highest monthly levels in more than five years. July sales were down from the previous month in about half of all local markets, led by declines in Hamilton-Burlington and in the Durham Region of the Greater Toronto Area (GTA). The monthly decline in sales for these two markets represents a pullback from record levels in June and CREA says it likely reflects an insufficient supply of listings. By contrast, sales in Newfoundland and Labrador were up the most on a month on month basis, marking a rebound from a quiet month of June for the province. ‘National sales activity remains solid, fuelled by strength in British Columbia and the Greater Toronto Area, where listings are in short supply or trending that way,’ said CREA president Pauline Aunger. According to Gregory Klump, CREA chief economist, markets elsewhere across Canada are largely well balanced and in some cases have an ample supply of listings. ‘It’s fair to say that the strength of national sales is still a story about two cities, but it’s equally about how trends there are spreading out in their respective provinces,’ he explained. ‘Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60 per cent of national housing activity. As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.’s Lower Mainland. These remain the only places in Canada where home prices are growing strongly,’ he added. Actual, not seasonally adjusted, sales were up from year-ago levels in just over half of all local markets, led by the Lower Mainland region of British Columbia and the GTA. While Calgary continued to post the largest year on year declines in sales compared to last year’s record levels, activity there is nonetheless running roughly in line with five and 10 year averages for sales during the month of July. The number of newly listed homes was little changed, up 0.2% in July compared to June, marking the fourth consecutive month in which new listings have held steady. New supply was up in a little more than half of all local… Continue reading
Seasonal summer dip fails to impact UK property market as demand remains high
House prices in the UK fell 0.8% this month, but this is much less than the usual summer seasonal fall off, according to the latest index from property portal Rightmove. Overall the marginal fall compared to a post credit crunch average August fall of 1.5% and a shortage of new sellers, down 8% on same period in 2014, and active buyers help to minimise usual summer holiday price falls. This takes the average asking price of a home in the UK to £292,284 which is 6.4% above a year ago, the data shows. But there is considerable variation within the market. First time buyers face a 1.8% rise with the average price in this market £177,977 while at the top end the average price is £524,822, a fall of 2.2%. Rightmove says that the strongest August price performance since 2007 demonstrates the continuing supply/demand imbalance in the property market. It reveals that the top three reasons for people not moving are not able to find somewhere to buy, the cost of moving and affordability. ‘While new seller asking prices have been muted by the traditional summer holiday property slowdown, the underlying shortage of property coming to market compared to buyer demand has helped to deliver the strongest August price performance since before the credit crunch,’ said Miles Shipside, Rightmove director and housing market analyst. ‘Buyers can normally pick up some bargains in August as sellers who are marketing their homes when they should be holidaying often have a pressing need to sell and mark their prices down pretty aggressively. At 0.8% down on the previous month, this is the least generous that sellers have had to be for eight years and a clear sign of upwards price pressure in the pipeline,’ he explained. Another factor highlighted by Rightmove is the lack of new build supply with current new home volumes still being well below the levels reached just before the credit crunch. ‘The historic new build shortfall results in there being a smaller overall housing stock available to come to market, while the current new build shortfall also limits the number of existing property owners who are looking to sell their house in order to buy the limited number of suitable brand new homes available,’ Shipside pointed out. ‘The shortage of suitable property being built exacerbates the vicious circle of not enough property on the market to meet demand, increasing prices, and a reluctance among home-owners to come to market if they think the prospects of finding and funding their next move are severely compromised,’ he said. ‘These stay away sellers who are seriously considering a move but have yet to put things into motion have concerns around a shortage of choice and stretched affordability. They could be helping to get the country’s limited property stock circulating, but they have concerns about coming to market, deepening the supply shortages affecting many areas,’ he added. He also explained that home owners are reluctant to put… Continue reading
