Tag Archives: sales

Asking prices up across UK led by Scotland and East Anglia

Asking prices have risen across all regions in England, Scotland and Wales over the last month, reflecting widespread positive sentiment across the UK, the latest index suggests. However, higher prices are also tempting vendors to put their properties on the market and the supply of property for sale in London, for example, has overtaken demand, according to the latest index from Home.co.uk. This is shown by a steep rise in the typical time on market which is currently 71 days, some 24 days longer than in March 2014, the report points out, although supply rises in other regions are much more muted. Asking price rises are led by East Anglia and Scotland, both with a monthly rise of 1.4%, and annual rises of 6.2% and 8% respectively. The report also says that an optimism abounds as even in the least well performing areas of the North East and Wales, prices have risen 0.4% and 0.3% respectively since February. A breakdown of the figures show that asking prices in London prices increased a further 2.1% despite rising supply and are up 31% year on year. While asking prices have increased by 1.1% overall in England and Wales during the last month but the average annual appreciation has fallen to 6.8%. Overall, the current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 6.8% higher than they were in March 2014. The typical time on market for England and Wales is now 119 days, which is eight days less than this time last year, and shows that the market continues to gain momentum overall. ‘House prices are surging again, over and above seasonal expectations. The key market drivers of low mortgage interest rates and low supply remain very much in place,’ said Doug Shephard, Home.co.uk director. He pointed out that so far, the market correction in prime central London has not affected sentiment elsewhere in the country, and the flow of mortgage credit to homebuyers and property investors alike continues unabated. ‘We maintain that the best prospects for stable growth this year and next probably lie in regions such as East Anglia, East Midlands, the South West, West Midlands and perhaps Yorkshire. It may be argued that these regions are still in the throes of the recovery phase, as supply remains low and prices have not yet risen out of reach,’ he explained. ‘There are also further indicators that the recovery will, at last, lift the northern regions out of the misery of price stagnation. Those markets are gaining momentum and above inflation price rises look highly likely over the coming months,’ he added. He also pointed out that while prospects for price growth are poor for prime central London this year as an abundance of unsold stock has been whittling away at property values, for the time being, prices do appear to be stabilising. ‘The investment outlook for Greater London remains mixed but will slowly turn… Continue reading

Posted on by tsiadmin | Posted in Investment, investments, London, News, Property, Real Estate, Shows, Taylor Scott International, TSI, Uk | Tagged , , , , , , , , , , , | Leave a comment

Supply of Help to Buy homes falls by over 7% in a year

The supply of homes available under the UK’s flagship Help to Buy scheme has declined by 7.4% in a year and the average prices has risen by 5.5%. The worst affected area is Stockport where the number of available homes has fallen by 24.3%, according to new research from property firm Zoopla. The analysis of properties for sale in England and Wales up to a value of £600,000 also shows that on a regional basis the biggest fall in properties eligible for Help to Buy has been in the East of England, with a 12.3% reduction in suitable stock on the market, while average prices have climbed 6.1% over the same period. Also, compared to March 2014, there are now 16.9% fewer properties on the market in Rochdale that meet the scheme’s criteria, and 15.6% less in Huddersfield. Further south, the number of properties for sale in Worcester, Cheltenham and Exeter that qualify for Help to Buy support has increased by 5.4%, 3.3%, and 3.2% respectively in the past 12 months. In London, the typical value of a property qualifying for Help to Buy has risen by 11.7% since March 2014 and of all London boroughs, Southwark, Lambeth, Waltham Forest and Newham have seen the greatest annual rise in supply of homes with a rise of over 15%. ‘The Help to Buy scheme was intended as a leg up for first time buyers, but in some areas that footrest has since been pulled from under their feet,’ said Lawrence Hall of Zoopla. ‘Greater demand hasn’t been met by greater supply of homes on the market, and instead the soaring price growth of the past year appears to have airlifted many properties out of the starter home sector,’ he explained. ‘The pool of homes on the market within reach of Help to Buy assistance needs to expand, or this pinch on supply will continue to inflate prices at the bottom rungs of the ladder,’ he added. Continue reading

Posted on by tsiadmin | Posted in Investment, investments, London, News, Property, Real Estate, Shows, Taylor Scott International, TSI, Uk | Tagged , , , , , , , , | Leave a comment

Outer London prime property becoming attractive to buy to let investors

UK buy to let buyers are taking advantage of attractive mortgage rates and a thriving prime property market in outer London, especially new build schemes, it is claimed. Properties in this sector offer greater returns than the prime central London real estate market, according to London estate agent Fraser & Co. An example is Mrs Busby, 43, who bought a two bedroom property with her husband as a buy to let investment in the Aqua new build development in Finsbury Park. ‘The area is currently undergoing a 20 year regeneration plan, which makes for a promising long term investment,’ she said. ‘We looked at other developments in the area, but Aqua proved best value for money when considering the quality and its position overlooking the West Reservoir which meant it can’t be obstructed by any new buildings,’ she explained. She added that another attraction was that the property was part of a smaller development of just 82 apartments. ‘Being part of a smaller development creates healthy competition that will only benefit our property by increasing the re-sale profitability,’ she pointed out. The couple are establishing a property portfolio as part of their pension scheme and are taking note of the investment potential outside of prime central London. They felt that the area offers good transport links and new builds tend to be the safer option as most come with warrantees and require little maintenance. Robert Fraser, managing director of Fraser & Co, said that for years the buy to let market was dominated by Asian buyers but now more domestic buyers are showing interest in capitalising on the greater return on investment of property available in outer zones. ‘Where there is redevelopment and good transport links to central London, there is significant growth potential. While Aqua is benefitting from the regeneration going on in Finsbury Park town centre and at Woodberry Down, Rotherhithe is experiencing a double ripple effect from Canada Water and London Bridge, making Anchor Point equally attractive,’ he explained. He pointed out that last month, Southwark and Hackney experienced asking price growths of 5.6% and 4.1% respectively compared to Kensington and Chelsea and Camden which experienced either zero or negative growth. ‘As buy to let mortgages become more appealing, we expect to see domestic investors nipping at the heels of their international counterparts, allowing areas in zone 2 to continue to thrive and extend out towards zone 3,’ he added. Continue reading

Posted on by tsiadmin | Posted in Investment, investments, London, News, Property, Real Estate, Shows, Taylor Scott International, TSI, Uk | Tagged , , , , , , , , | Leave a comment