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UK homes market sees more properties coming up for sale online
The number of UK home owners putting their properties on the market online has increased by 7.1% in the past month compared to the previous month, the latest research shows. Some 67% of major towns and cities in the UK have seen a rise in the number of new properties being marketed in the same period, according to the data from online estate agents House Simple. The index, compiled from the number of new properties listed every week on the property portal Rightmove in more than 100 major towns and cities across the UK and all the London boroughs, also shows that although new stock levels remain low overall across the country, home owners are finally starting to put their homes on the market. The largest increases in new listings in the past month compared to the previous month was in Swindon with growth of 47.3% followed by Liverpool and Leicester, both at 30.4%, then Lancaster at 24.3% and Sunderland at 22%. Next came Halifax at 21.1%, Coventry at 21.1%, Hereford at 19%, Lincoln at 17.6% and Oxford and Dundee both at 17.5%. These towns and cities were followed by Edinburgh and Blackpool at 17.2%, Hartlepool at 17.1% and Bolton at 16.3%. The figures also reveal a distinct north/south divide, with home owners in the north of England and Scotland appearing to be more active in June and July in marketing their properties. Nine out of 15 of the new property listings risers are in the north of England or Scotland, while four towns/cities in the Midlands also feature in the list. Winchester saw the biggest drop in new properties coming onto the market in the past month compared to the previous month with a fall of 17.9%, followed by Hull down by 13.7%, Doncaster down by 12.5% and Cambridge down by 8.7%. Next came Nottingham with a fall of 8.1%, Torquay at 7.6%, Grimsby at 6.2%, Norwich at 5.8% and Glasgow at 5.7%. The London property market has slowed in recent months. However, Rightmove figures analysed by HouseSimple reveal that the capital has seen an 8.1% increase in new properties being listed in the past month compared to the previous month. Some 78.1% of London boroughs have seen an increase in new properties being marketed in the past month and the biggest rise was in the City and Westminster at 29.5%, Islington at 28.8% and Southwark at 27.1%. Meanwhile the biggest fallers have been Bromley, down 11.2%, Kingston upon Thames down 6.6% and Havering down 4.4%. ‘A stampede of sellers coming to market was expected after the General Election result, but that stampede never materialised. In fact, for the first few weeks there appeared to be a fair amount of caution and reluctance amongst sellers to market,’ said Alex Gosling, chief executive officer of House Simple. ‘This may have been a case of waiting to see if property prices might start to rise rapidly with the confidence generated by a stable, majority government. Now it… Continue reading
Almost half of UK renters will never get on the property ladder, poll suggests
Some 44% of renters in the UK believe they will never own their own home with not being able to afford a deposit the most common reason for not getting on the property ladder. Just 2% of renters plan on getting on the property ladder this year, according to an independent survey for construction and regeneration company Keepmoat. The average house price in England and Wales now stands at £178,000, according to the latest Land Registry figures, although significant regional variations exist. The average price of property in the capital is currently £462,799. Despite houses in the North generally being more affordable, non-homeowners in Liverpool at 62% were the most likely to say they never expect to purchase a property. This was followed by 60% in both Newcastle and Glasgow and 41% in London. Not being able to afford a deposit was by far the most common reason for not getting on the property ladder, cited by 56% of respondents. The pressure of saving a deposit was also the top concern for those hoping to buy a home at 58%, with 61% of this group saying they will be saving their own deposit. Some 38% of home owners polled said it took between two and five years to save for a deposit although it took 13% of those polled up to 10 years to save their deposit. The research also suggests low awareness of the government’s Help to Buy scheme, an initiative that helps people take their first steps on the property ladder. Less than one in three prospective buyers polled said they will be using the scheme, with 38% claiming they don’t know what the scheme is. ‘It’s clear that the amount of money first time buyers need to raise for a deposit continues to stop many from getting on the property ladder. However, we were surprised that the results show Londoners are more confident about owning a home than those in other cities, particularly in the North,’ said Dave Sheridan, chief executive of Keepmoat. ‘There is plenty of assistance available for buyers in the form of the Help to Buy scheme and help is available when saving for a deposit with the Help to Buy ISA,’ he added. Continue reading
London leads eight year high in European corporate real estate sales
Some €14.6 billion in European corporate real estate assets were sold in Europe in 2014, the highest number for eight years, with London leading the growth, new research shows. Over 350 deals were recorded thanks to a continued low interest rate environment and exceptional levels of equity pouring into real estate, according to a new report from JLL. Since 2012 the number of companies raising capital from real estate assets in Europe has been on the increase, coinciding with a period of rising real estate values, the report points out. Indeed, in a separate recent survey from JLL some 40% of respondents reported increasing demands from senior leadership to raise capital through the real estate portfolio. JLL expects this market momentum to continue as businesses take advantage of opportunities to create a property portfolio that better meets their needs whether it’s reusing capital to support business growth, obtaining greater flexibility to aid downsizing or removing unwanted surplus property. ‘Companies are now faced with a once in a cycle opportunity to exploit the best market conditions since 2007. Last year global real estate investment volumes stood at US$710 billion, a level only ever exceeded in the peak of 2007,’ said Michael Evans, head of Corporate Capital Markets at JLL. ‘This momentum has continued into 2015, with an abundance of equity targeting real estate. This presents opportunities for companies with owned real estate to raise capital via sale and leasebacks. Activity has been widespread across Europe involving a range of companies with appetite across a variety of sectors and asset types,’ he added. The report has identified that traditional office and industrial occupiers across pharmaceuticals, energy, manufacturing, IT and telecoms dominated European corporate sales last year, accounting for 38% of activity. Meanwhile hotel operators made up 27% of the sales market followed by retail at 16%. The most notable sales were seen in the media and telecoms sector which included the largest corporate property sale of 2014, sold for €680 million in Paris. In terms of locations, the UK, Germany and France continued to govern the volume of corporate real estate sales, representing 60% of European activity in 2014. This was driven predominantly by the UK, with an 18% year on year increase and almost double the volume achieved in 2008. Spain and the Nordics also featured strongly with 18% of total corporate sales last year. According to Karen Williamson, associate director for EMEA research, with such a compelling market now is the time for companies to rethink their own versus lease decisions. ‘There are a range of solutions available to companies considering raising capital from their owned real estate. Sales can benefit the wider business by allowing capital to be recycled back into the organisation to support growth and expansion,’ she explained. ‘It can also be used to enable financial flexibility and unlock value from assets as part of a planned… Continue reading
