Tag Archives: stumbleupon
Scotland sees 9% quarterly rise in £1 million plus properties
The number of £1 million plus residential property sales in Scotland rose by 9% quarter on quarter in the final three months of last year according to a new analysis. A report from Knight Frank based on official data shows that the number of sales in this sector increased as the year progressed, with a sharp jump in sales during the second half of the year. Indeed, the total number of sales completed in the final three months of 2014 was 88% higher than the period between April and June and more than double the number recorded over the opening three months of the year. During the final quarter of 2014, £1 million plus sales took place in 11 different local authorities, led by Edinburgh, which accounted for 47% of the total sales over the three month period. This was followed by East Dunbartonshire with 13% and Fife with 11% while over the full 12 months of the year, Edinburgh accounted for 48% of all £1 million plus residential sales in Scotland, followed by Aberdeen City at 17%. According to Oliver Knight, of Knight Frank residential research team, the rise in high value property sales last year can be attributed to two factors, both of which have played a key part in boosting transaction volumes at this level of the market. Firstly, the market has responded to the certainty provided by the result of the independence referendum. ‘After months of doubt about the outcome, buyers felt more secure about making a decision to move house or purchase a property,’ he explained. Secondly, the announcement of the proposed Land and Building Transaction Tax (LBTT) rates in October shed light on how purchase taxes would rise in April 2015, especially for more expensive properties. ‘Buyers now have a window when purchase costs are lower, especially given the changes made to stamp duty at the Autumn Statement in December, and many are taking advantage. From April this year, when the new LBTT rules come into force, a buyer of a property valued at £1 million will pay nearly £35,000 more in purchase taxes,’ said Knight. ‘We expect that the extra impetus for buyers of property valued above £1 million to complete sales before the new LBTT levy comes into force in April will mean the number of high value property sales continues to rise for several months. Even with the new higher purchase taxes, the relative cost of property in Scotland compared to London and the South of England means there is still a large effective discount for buyers making the move north,’ he added. Ran Morgan, head of Scotland residential at Knight Frank, pointed out that the appetite for prime property, certainly in Scottish cities, remains high. Edinburgh continues to lead the way with the highest number of sales, followed by Aberdeen. ‘Despite forthcoming higher levels of tax, Scotland still offers excellent value compared with London and the south. Because of this we expect the… Continue reading
More UK homes selling for less than asking price, new research shows
Nearly three quarters of houses sold in the UK in January went for less than their asking price as buyers started to negotiate again, according to estate agents. Overall the housing market is cooling down in the lead up to the general election in May with supply and demand both down from levels seen throughout 2014, the report from the National Association of Estate Agents (NAEA) also shows. NAEA member agents found that 73% of homes were sold for less than asking price in January, 17% more than the same period last year when 56% homes were sold for less than originally priced, suggesting that power is returning to the buyers’ hands and they’re in a better position to negotiate. Room for negotiation may have given the help the housing market needed, as an average of eight houses were sold per branch in January, compared to the seasonally low five in December. ‘The Autumn Statement’s stamp duty reforms have already created movement. Following this, sellers may have hiked up prices to take advantage of buyers’ increased budgets,’ said Mark Hayward, NAEA managing director. ‘But it seems buyers are counter-acting this by negotiating prices back down to original asking price opposed to paying over the odds for their dream home, creating a real buyers’ market,’ he explained. ‘Hopefully further reforms around the general election will help to balance the deficit in supply and demand but only time will tell,’ he added. The report points out that supply and demand were both down at the start of the year, indicating that the market is cooling off. Supply was down to 44 properties available per member branch, compared to an average 47 for the whole year in 2014 and 45 in December. Demand saw a 2% jump too, with the number of potential buyers registered per branch falling from 360 in December to 353 in January. ‘The housing market is based solely on sentiment and so if consumers feel an ounce of uncertainty and this will result in a temporary lull. With the general election on its way, we’re starting to see the different political parties stowing up policies around housing, which is undoubtedly causing uncertainty in the property market,’ Hayward concluded. Continue reading
Miami residential real estate sales and prices rise at start of 2015
Miami single family home sales increased in January and all residential median sale prices continued their more than three years of consistent growth, according to the latest index. The Miami market is one of the most active in the United States and benefits from domestic demand as well as numerous overseas buyers who often pay cash for second or investment homes. Single family home sales, which set an all-time annual record in 2014, increased 6.5% relative to January 2014 while condominium sales, which posted the second best year in Miami history last year despite increased supply of new condo construction, decreased 15%. Overall, the data from the Miami Association of Realtors shows that combined, residential real estate sales decreased 6% last month compared to the same time period in 2014. ‘Miami is seeing a consistent and steady increase in single-family home sales while condo buyers are trending to the new coastal units becoming available,’ said Christopher Zoller, the 2015 residential president of the Miami Association of Realtors. ‘More houses are coming on the market, which means sellers are feeling confident about the housing market and strong sales show that buyers are also feeling confident,’ he added. Single family home prices, which again increased in January year on year, remain at affordable 2004 levels despite more than three years of consistent year on year increases. Condo prices also increased in January 2015, marking 43 months of growth in the last 44 months. The median sale price for single family homes increased 5.6%, up to $237,500 in January 2015 from $225,000 in January 2014. The average sale price for single family homes decreased 4% to $392,172 last month from $408,626 during the same time period last year. Compared to January 2014, the median sale price for condominiums increased 1.3% to $188,500 from $186,000 a year prior. The average sale for condominiums increased 3.2% to $372,978 from $361,282 in January 2014. Miami single family homes and condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for single family homes sold in January 2015 was just 51 days, an increase of 10.9% compared to the same period in 2014. The average percent of original list price received was 94.3%, down a negligible 1.2% from a year earlier. The median number of days on the market for condominiums sold in January 2015 was 66 days, an increase of 17.9% compared to the same period in 2014. The average percent of original list price received was 93%, a 3.2% decrease. The report points out that cash sales in Miami continue to decline as more financing becomes available. Access to mortgage loans for condominium buyers, however, remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. In Miami-Dade County, 57.3% of total closed sales in January 2015 were all-cash transactions, compared to 61.9% in the same time period… Continue reading
