Tag Archives: real-estate
Modern kitchen makes a property more desirable, new research suggests
A modern kitchen most likely to make homes more desirable to buyers and tenants in the UK while off street parking and a back garden are also influential, according to new research. A survey of estate agents found that 28% said a modern kitchen was the one feature most likely to prove attractive to potential buyers, 23% said a driveway or off street parking, 17% an open plan kitchen/diner and 14% a back garden. Other features chosen as most desirable to buyers were an en-suite in the master bedroom, neutral painted walls, fast internet connection, a conservatory, a front garden and real wooden floors. The data was gathered by property portal OnTheMarket and it also found that according to some agents, a modern kitchen could add up to £50,000 to the value of a property and the majority said it could add between £4,000 and £5,000, depending on the property’s overall value and size. Agents who said a modern kitchen was the most likely feature to make a home more desirable were mainly based in the South East. ‘Whilst the kitchen has always been a central part of the British home, its popularity amongst buyers and tenants has increased, triggered in part by the surge in culinary TV programmes,’ said Martin Flashman, a partner at Martin Flashman & Co, which has branches in Weybridge and Walton in Surrey. ‘Buyers are particular about kitchens, their existing facilities and the ability to extend them. Families are now spending more time in the kitchen, cooking together, baking and generally being foodies,’ he added. Nick Guy, director of Martin & Co lettings in Reigate also cited the popularity of cooking television shows. ‘This has led to more people experimenting with food and pushed the kitchen to the forefront of a tenant's/buyer's mind when they view a property. Everyone likes to picture themselves cooking impressive meals among family and friends,’ he said. ‘Buying a new home represents an investment in a certain lifestyle and for some, having a top of the range kitchen with a wow factor is part of this. It is true that this is the room that can often make or break a property deal,’ he added. The majority of agents suggested that off street parking could add £10,000 to £20,000 in value, depending on the property’s overall value and size. Agents who chose this option were mainly from the South East, Wales and the Midlands. Brian Thomas, from Ferriers Estate Agents, which covers Mid/West Glamorgan in Wales, said the appeal of off street parking was no longer confined to big cities. ‘Some of our potential buyers and tenants will not even consider looking at a property if it doesn’t have off street parking,’ he said. ‘Most families now have at least two cars, so… Continue reading
Housing affordability falls in the United States
Housing affordability at a national level in the United States is down from a year ago and is struggling to keep pace with the growth of home prices, according to new research. The analysis from the National Association of Realtors shows that housing affordability is down from a year ago in June as the median price for a single family home in the US is up from a year ago. Regionally, the West had the biggest increase in price at 10% while the Northeast experienced the slowest price growth at 4.4%. The Midwest and the South both contributed solid price gains of 7.2%. Nationally, affordability is down from 155.2 in June 2014 to 153.1 in June 2015 and down month on month in all regions. The Midwest had the largest drop of 4.8% while the West fell only 3.5%. From one year ago, affordability is down in all regions except the Northeast which had an increase of 1.1%. The West saw the biggest decline in affordability at 3.6% and the Midwest had the smallest decline of 0.7%. Despite month to month changes, the most affordable region is the Midwest where the index is 191.1. The index is 161.4 in the South, 150.7 in the Northeast, and 113.9 in the West. With rates on the rise potential home buyers may try to hasten their search and purchase process. Lending options with low down payments are now more widely available. Mortgage applications are currently up but demand may level off if prices and rates continue to increase, the report explains. It also points out that new home construction has favoured the multifamily inventory stock while single family homes have been lagging in production. An increase in single family construction will help ease the inventory shortage issue and slow down price growth, it suggests. Continue reading
UK housing demand reaches 11 year high
Housing demand in the UK continues to growth, reaching an eleven year high in August, according to the latest monthly report from the National Association of Estate Agents. The number of house hunters registered per branch continued to grow this month, up 5%, to an average of 462 per branch compared to 439 in July. This is the highest recorded since August 2004, when an average 582 house hunters were recorded per NAEA branch. Available housing also increased in July, jumping 25% from an average of 44 properties available per NAEA member branch in June, to 55 in July. These levels have not been seen in almost two years, when 57 houses on average per branch were recorded in September 2013. However, the number of sales made in July remained static from May and June, with just nine per branch, indicating that although housing stock is starting to increase, it remains a struggle to complete a purchase. The July Housing Market Report also reveals that the number of sales made to first time buyers continued to fall in July, with the group now accounting for just 23% sales. This has fallen from 24% in June and 29% in May. However, it is an increase on last year, when only 20% of sales were made to first time buyers in July 2014. ‘Typically, we’d expect to see sales taking longer to complete during the summer months, as buyers and sellers are on holiday. It is alarming however, that the number of sales being made to first time buyers is steadily falling,’ said Mark Hayward, NAEA managing director. ‘Having said that, the fact that there is more housing coming on to the market means that hopefully over the next few months we’ll see activity in the market increasing and more sales completing, to respond to the growing army of house hunters we’ve seen emerging over the last few months,’ he pointed out. ‘The truth of the matter is though, there simply aren’t enough houses to meet growing demand, and until we see more physical bricks and mortar, there may be no hope in solving the housing crisis,’ he explained. ‘It’s also alarming that the number of sales being made to first time buyers is steadily falling; with reports of house prices increasing and expectations of rising in the future, first time buyers will continue to be pushed out of the market,’ he added. Continue reading
