Tag Archives: sales

Outlook positive for Scottish property sales and lets in 2015

The outlook for the Scottish property market is optimistic for 2015, following a successful year in 2014 with encouraging levels of activity throughout the country and a return to some competitive bidding. There was a 24% increase in the number of sales in the final quarter of 2014 compared to the third quarter. As well as the improvement in sales figures, there was also a 23% increase in the number of viewings against 2013’s figures for the final quarter, according to data from independent property consultancy CKD Galbraith. Throughout 2014, CKD Galbraith handled property in excess of £375million covering property throughout the whole of Scotland. Prices achieved for all properties sold by the firm during 2014 were, on average 1.54% over the asking price. According to the firm Edinburgh has been one of the year’s successful markets despite a slowdown due to the independence referendum vote in September 2014. In the fourth quarter of the year property sales and registration figures in Edinburgh continued to grow on the previous quarter’s figures according to new research conducted by the firm’s office in the capital city. Overall the number of properties sold through CKD Galbraith increased by 50% from the third to fourth quarter and the number of interested buyers registering with the firm rose by 51% compared to the last quarter as well. Average house prices in Edinburgh have also seen a significant increase rising from £253,000 in the third quarter to £340,000 in the final three months of 2014. The research also shows that 34% of buyers were local, 50% were national and 16% were international buyers ‘The fourth quarter saw a return to high sale numbers and a desire to get transactions finalised before the 01 April when the changes to stamp duty occur. The Edinburgh market has also seen a return of buyers from down south and abroad since the uncertainty of September’s referendum disappeared,’ said Jennifer Campbell of CKD Galbraith’s Edinburgh office. ‘Demand continues to outstrip supply across Edinburgh. The south side also remains extremely popular for its proximity to good schools. We expect sales figures to keep increasing throughout the first quarter of 2015 and not to show signs of slowing down until the general elections in May,’ she added. In the Aberdeen office there was a 33% rise in sales compared to the third quarter of 2014 and the supply of high quality properties in the region has risen by 23% compared to the last quarter. Also, the number of viewings has increased by 15% in the last quarter compared to quarter three. 'Property prices continued to rise in the region and buyers were serious about purchasing accurately priced homes. Although we envisage a plateauing in prices over the next year we do expect interest and offers to keep increasing as the city and surrounding areas grow in popularity,' said Jordan MacKay, head of residential for… Continue reading

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Home sales fell almost 6% in December, latest CREA index shows

Nationally home sales in Canada fell in December compared with the previous month, recording a fall of 5.8%, the latest index shows. However, actual (not seasonally adjusted) activity stood 7.9% above December 2013 levels, according to the data from the Canadian Real Estate Association (CREA). The number of newly listed homes rose 1.1% from November to December and the Home Price Index (HPI) rose 5.4% year on year in December while the national average sale price rose 3.8% on a year on year. The number of home sales processed through Canadian real estate Boards and Associations fell 5.8% in December 2014 compared to November and remained above year ago levels. December sales were down from the previous month in almost two thirds of all local housing markets, led by declines of about 25% in both Calgary and Edmonton. Activity also slipped by about 5% in the Greater Toronto Area. ‘Home sales activity remained above year ago levels in most local housing markets. Sales were also stronger in December than they were the previous month in about one third of all local markets in Canada,’ said CREA president Beth Crosbie. December sales were down from the previous month in a number of Canada’s largest and most active housing markets, indicating a broadly based cooling off for Canadian home sales as 2014 came to an end, according to CREA chief economist Gregory Klump. ‘Even so, sales remain above year-ago levels in many of the same markets. Given the uncertain outlook for oil prices, it’s no surprise consumer confidence in Alberta softened and moved some home buyers to the side lines,’ he explained. ‘With regards to slower activity in Calgary and Edmonton, sales in these two markets had been running strong all year before they returned to levels that are entirely average for the month of December,’ he added. The number of newly listed homes rose 1.1% in December compared to November. Led by Calgary, Regina and Ottawa, new supply was up in just over half of all local markets. The national sales to new listings ratio was 51.8% in December, down from the mid 55% range in the previous four months. 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 just over two thirds of all local markets in November. More than half of the British Columbia, Alberta and Southern Ontario markets that had been in seller’s market territory in November returned to balanced market territory in December. This list included Greater Vancouver, Calgary, Edmonton, and the Greater Toronto Area. 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 6.2 months of inventory nationally at the end of… Continue reading

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UK asking prices down apart from in Scotland, latest index shows

Asking prices have fallen across the UK apart from Scotland, month on month, according to the latest data from the Home.co.uk index, but are expected to growth by 7% in 2015. Prices fell 0.7% overall in England and Wales during the last month and that means annual growth dropped to 7.6% while Scotland saw asking prices go up by 0.3%. Looking at annual asking price growth, most of it was in London and the South. Indeed, Greater London experienced growth of 15.9% over the last 12 months. The data also shows that supply in the capital region has risen considerably since last year, up by 39%, and according to Doug Shephard, the firm’s director this will serve to attenuate price rises in 2015. ‘Looking ahead, we anticipate that 2015 will be a more consistent year for UK property prices than 2014,’ he said but pointed out that with the prime central London market showing signs of slowing down average prices are likely to rise less quickly next year. ‘Record low mortgage rates will stoke demand whilst record prices in London and the South East will encourage more potential vendors to cash in. Hence, both supply and demand is expected to rise, thereby increasing the volume of the sales market towards more normal levels,’ he explained. Prices are predicted to rise 7% overall in 2015 and most pronounced in the South, especially the South East and East Anglia, although the northern markets will continue to improve, albeit slowly. The report also suggests that price rises will be less pronounced in London than they were in 2014, rising by around 10% and the supply of property for sale will increase by around 25% over the course of 2015. ‘East Anglia and the South East look set to be the leading regional markets next year owing to their much improved marketing times. Supply of property for sale remains low historically in these regions and this will keep prices on an upward trajectory, although we do anticipate market volume to steadily increase over the course of 2015,’ said Shephard. ‘The East Midlands also looks primed for a good year ahead. We expect above average price growth and lower marketing times in 2015. Looking further afield, the North of England property market, hampered by employment problems and austerity measures, will continue to improve slowly, as will Wales,’ he pointed out. ‘Across in the South West and West Midlands, further market improvements are to be expected, but growth there is likely to be slightly lower than the national average,’ he added. However he also pointed out that these predictions are based on there being no change in interest rates. ‘Should there be even a small rise in the Bank of England base rate, market sentiment would be severely dampened. A more dramatic hike of 1% would likely bring down price growth to zero for 2015,’ he concluded. Continue reading

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