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Sales up over 50% year on year in prime Alpine resorts
The prime ski property market in the Alps is continuing on its upward path with sales volumes up 52% year on year, according to the latest index from Savills. More alpine sales are taking place at lower price points as the resilience of the ultra-prime markets starts to ripple down the market ladder, according to the report. ‘A year ago we predicted prolonged periods of sunshine and blue skies for the Alpine property market. This may have been a somewhat easy prediction, given a recovering world economy, increased confidence and job security and in the case of UK buyers, a steady strengthening of sterling,’ said Jeremy Rollason, managing director, Alpine Homes. ‘The Alpine property market however continues its upwards trajectory in terms of increasing sales volumes, up 52% year on year, although this does not necessarily mean rising prices,’ he explained. ‘While buyers are more prolific for the above reasons, prices in the Alps have not generally kept pace with house price increases back in the UK, particularly in London,’ he added. The index report points out that Switzerland’s position outside the European Union cements is appeal as a safe haven for wealth and as such resorts carry a price premium. In the case of Verbier, values can reach €22,400 per square meter or 80% more than the average. It’s therefore no surprise that five Swiss resorts, Gstaad, St Moritz, Zermatt, Verbier and Crans Montana, appear in the Savills Top 10 Ultra-Prime Resorts Index. The family friendly resort of Saas Fee stands out as offering a long season with good quality snow but with comparatively lower priced property at averages of between €4,000 and €8,000 per square meter. ‘Verbier and The Four Valleys remains ever popular and is the destination of choice for many international buyers. Supply restrictions with the new Lex Weber law limiting the number of second homes to no more than 20% of the total will begin to bite in the next one to two years, once existing supply is absorbed. Upwards price pressure in the leading Swiss resorts is inevitable, although there are still deals in the resale market for those that shop around,’ he added. Austria’s comparative affordability, dual seasonality, diverse culture and attractive rental returns make it the country of choice for those chasing bang for their buck. Indeed, rental returns of ski property in Austria are roughly double those of either France or Switzerland, at circa 5% to 7% gross. Kitzbuhel is the only Austrian resort included in the Savills Top 10 Ultra Prime Resorts Index where prices range from €8,000 per square meter to €15,000 per square meter. For buyers seeking value, Bad Gastein and Zell am See offer lower priced property and average ski conditions, although the latter boasts a particularly strong summer season. The resort of Ischgl, the Ibiza of the Alps, is highlighted as one to watch. Prices here are under €4,000 per square meter. Stability is… Continue reading
Average rental prices down across much of the UK in September
Rental price growth across the UK continued to ease in September, with twice as many regions in the UK seeing rental price falls than those recording an increase in rental prices, the latest figures show. Overall eight regions saw rental prices fall, taking the average monthly price, excluding London to £728 while in London it is now £1,466, according to the September 2014 HomeLet Rental Index. The index, which is described as the largest monthly survey of private tenants in the UK, has shown a modest cooling in the rental market for the second month in a row, with UK regions such as Greater London, the South East, South West and East Anglia, that have recently reported large month on month price increases, moving to slower growth and a greater proportion of regions reporting negative price movement. In September only four regions recorded rental price growth. In Greater London there was a rise of 0.1%, the West Midlands up 1.2%, the South West up 2% and Northern Ireland up 4.2%. This is 50% fewer than the number of regions reporting growth in August where six regions delivered rental price growth and six recorded falls. While the annual data still points to a rental market averaging largely positive growth, this month’s data has shown the number of UK regions recording annual negative rental growth doubling from two to four. Scotland, Wales, the North East of England and the East Midlands now show rental prices are lower now than a year ago. ‘There can be an element of seasonality to the rental market with September often recording marginally lower average prices than other months, perhaps due to the number of student letting agreements being signed at this time of year,’ said Martin Totty, chief executive officer of the Barbon Insurance Group of which HomeLet is a part. ‘However, with this month’s data being the second consecutive month of slower rental price growth, and house prices indices indicating a slowing of house price growth, which could suggest movement to a period of more settled rental prices, even in previously booming markets such as London and the South East,’ he added. A breakdown of the figures show that in Greater London rental prices have increased to £1,466, a monthly rise of 0.1% and an annual rise of 9.6%. In the South East prices fell month on month by 0.1% to an average of £908 but are up 7.2% year on year. The South West saw average rental prices rise by 2% month on month to £868 and are up 8.1% year on year while in the West Midlands they increased by 1.2% month on month to £656 and are up 8.3% year on year. In East Anglia average rents fell 1.4% month on month to £826 but are 11.3% above a year ago while in the East Midlands they fell 1.2% month on month to £585 and are 1.2% down year… Continue reading
Research reveals almost half of UK non-home owners think they will never buy
Almost half of non-home owners in the UK don’t ever expect to own their own place and 1.1 million, or 7%, would consider moving abroad to fulfil their dream of owning a property, new research has found. Those aged 18 to 24 are most likely to take drastic measures to own a home, according to the study from Santander Mortgages which shows 49% think they will never own a property. Some 9% would be willing to move jobs or relocate somewhere else in the UK to get a foot on the ladder, rising to 23% of 18 of 24 year olds, some 20% were willing to reduce their standard of living and 20% were willing to sacrifice luxury purchases such as a car or holiday. The research also found that 28% of 18 to 24 year olds are living with their parents or partner’s parents while they save money for a deposit and an additional 6% of this age group would be willing to move back in with parents despite having already flown the nest. Some 30% of 18 to 24 year olds who are non-home owners would use their inheritance to build deposit funds and 11% will use their parents as guarantors to secure a mortgage. The same number would be willing to withdraw money from pension savings, compared to only 6% of 45 to 54 year olds. ‘With living costs rising ahead of salaries for many people, raising a deposit remains one of the biggest concerns for first time buyers, especially for younger generations,’ said Miguel Sard, head of Santander Mortgages. ‘However, there are a variety of options available to suit most budgets, so it is crucial that prospective buyers shop around for the best deals and get sound advice in terms of properties and mortgages,’ he explained. ‘Santander can help with upfront costs and our range of Help to Buy mortgages offer competitive fixed and tracker rates to buyers with a 5% deposit. Our 1|2|3 Current Account also gives 1% cash back on Santander mortgage payments, rewarding our customers and helping them make the most of every penny they spend,’ he added. Continue reading
