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Research finds third of movers underestimate costs
Failing to budget for the cost of moving home is costing British people £1.3 billion a year, according to new research. Almost 13 million have moved house, either to a new rented property or to home they are buying, in the past two years but a third underestimated the cost of moving home and spent significantly more than they originally budgeted. The research from mortgage provider Ocean Finance also found that almost a quarter of those who under estimated costs spent more than £1,000 over their planned budget. On average, home movers spent an extra £630 each. The top reason for over spending was miscalculating the cost of a removal company, with over a quarter falling prey to this. A further 24% had to unexpectedly pay for a skip, a cleaner or to get their post redirected. And 19% were so exhausted from moving that they opted for takeaway dinners. Some 20% of those moving home downsized and had to pay for storage while organising their new home. A further 14% of movers gave up on DIY projects and called tradesmen to install washing machines or repair toilets. ‘When you are thinking about moving house, it’s very important to consider the real cost of moving,’ said Gareth Shilton, a spokesman for Ocean Finance. ‘The best way to cope with the extra cost of moving house is to plan ahead so you know exactly what you’ll have to pay for. Make a detailed list of your expenses and save some extra cash so you can enjoy your first night takeaway guilt free,’ he added. Continue reading
European commercial property investment activity at highest since 2007
Commercial property investment activity in Europe reached its highest level since 2007, totalling €102.5 billion in the first half of 2015, the latest market analysis report shows. The investment volume across the 16 participating countries was 25% up on the same period last year, according to the European Investment Briefing report from international real estate advisor Savills. The firm says that in line with its quarter one forecasts, the European investment market is on track to top €230 billion by the end of this year as commercial property investors continue to favour core markets, with the UK, Germany and France still accounting for 67.8% of the total volume. ‘However, the share of the markets outside of the top three countries is increasing, due to stronger investor interest for non-core countries, which offer attractive pricing and supply of large assets and portfolios,’ said Lydia Brissy, director at Savills’ European research team. ‘Overall, investors are more open to move up the risk curve. They seek future yield compression by targeting secondary or alternative assets in core cities, or prime assets in secondary markets,’ she added. The report shows that the office sector continued to dominate the investment activity in most countries across Europe, capturing about 39% of the transaction volume per country on average. The only exceptions where retail properties accounted for a higher share of property investment deals were Germany at 42%, Finland at 43%, the Netherlands also at 43%, Norway at 62% and Portugal at 83%, which saw the sale of large scale retail portfolios in the past quarter. Savills has also reported that cross border investment increased in nearly all countries across Europe and especially in the peripheral markets, where US investors have been notably active. There has also been growing interest from investors from Asia Pacific and the Middle East. The share of non-domestic investment ranged from 10% in Sweden to over 80% in markets such as Italy, Poland and Portugal. Marcus Lemli, head of European Investment at Savills, explained that international investors have continued to drive up volumes, particularly the equity funds from the US, which have been acquiring retail portfolios or landmark office buildings. This has enabled some of the more peripheral countries to record the strongest rises in investment volumes over the first six months of 2015, notably Portugal at 720%, Norway at 391% and Italy at 154%. In the second quarter of 2015 the share of US money invested out of the cross border volume has been remarkable, according to the report, averaging 40% per country, and accounting for as much as 93% in Portugal, and 66% in Ireland. ‘With healthy investor interest, Europe has seen a shift towards larger transactions. The most significant rises in portfolio deals were noted in Germany and the Nordic markets and consequently, there has been a marked uplift in activity in the regional markets,’ said Lemli. In the first half of this year, the volume of investment in regional markets rose to more than… Continue reading
Majority would pay more to buy or rent in a school catchment area
Some 95% of buyers and 81% of renters in the UK would pay up to 25% more to live in a home in close proximity to a school, new research has found. Also, 38% of buyers and 42% of renters would take a lesser property to be within desired catchment area, according to the survey from online estate agents Urban. Surveying both those looking for property to purchase as well as those looking for a rental home confirms how important the school catchment area is for parents when they move home. Indeed, the school catchment area was the top concern for tenants when choosing a property. Double the number of prospective tenants would put school catchment area at 30% over being in close proximity to a town at 15%, with this also ranking significantly higher than the desire to be near to a station at 17%. These results reveal that parents' needs are widely put on the backburner when compared to those of their children, with people often taking on a far longer commute to be able to ensure that their child has the very best education and shortest journey to school. With residing close to a school the prominent concern for many, the survey also asked those that were buying a property, whether they would consider renting if they cannot sell their own property with 52% saying that they would do so. ‘Quantifying the influence that being in close proximity to a school has on house hunters has been truly eye opening. The results of the survey show that most people would stretch their budget quite considerably, whilst many would also downgrade their property choice, for the sake of a school,’ said the firm’s founder Adam Male. ‘The results make for particularly interesting reading for those selling a property within a school catchment area. When marketing the property, these findings show that real focus should be given to the location of the property in relation to the nearest school, highlighting the benefits provided as part of the enrolment process and the ease of school run, for example,’ he added. Continue reading
