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Some 20% of house seekers in UK would consider moving abroad to find affordable home
A fifth of disillusioned house hunters in the UK would consider leaving the country due to the cost involved in getting on the housing ladder. The United States is the most popular location with 31% saying they would consider moving there, according to research from comparison website Gocompare. Some 29% would consider moving to Australia and 20% to New Zealand with men more likely than women to consider a move overseas while those aged between 18 and 24 years old were most keen to leave the UK. Overall the most popular step to get on the property ladder is the government’s flagship Help to Buy scheme with 30% saying that is their preferred option but 20% willing to move abroad. The poll also shows that 15% would consider buying with friends, 14% would look at buying a micro home, 13.5% a static caravan or park home, 12% with their parents and 12% with other family members such as siblings. ‘A lack of affordable housing has resulted in a property market that is closed off to an increasing number of would-be homeowners. As such, it’s hardly surprising that many people feel like they may have to take some rather drastic steps to own a home,’ said Matt Sanders, spokesperson for Gocompare.com Mortgages. ‘While shared ownership, settling for small or alternative forms of accommodation, and even getting on a plane to another country are being mulled over as options for many, it’s also encouraging to see from our research that people are actively considering making use of the Help to Buy scheme. The majority of people who have applied to the scheme so far are first time buyers, but it’s open to all borrowers,’ he pointed out. ‘If you’re actively looking to buy a home, it’s well worth seeking advice from a qualified, impartial mortgage broker, who can give you an idea of what you can afford and the options available to you,’ he added. Continue reading
Outlook for new home construction in Australia expected to be strong
The new homes market in Australia is expected to be healthy in the coming year with land sales up, especially in regional areas. Quarterly residential land sales held up at reasonably elevated levels throughout 2013/2014, with 10% growth, according to the latest HIA-RP Data Residential Land Report provided by the Housing Industry Association. HIA chief economist Harley Dale explained that the June quarter was particularly with residential land sales up by 8.4%. ‘Both capital city and regional land markets experienced higher turnover during the June 2014 quarter. Growth was stronger in the aggregate regional land markets, up 13% compared to a 5.5% rise for Australia’s six state capitals,’ he said. ‘Consistent with signals from other housing indicators, the geographical recovery in residential land sales is broadening. That is an encouraging sign for detached and semi-detached dwelling construction in 2014/2015,’ he added. However, he pointed out that there is still a wide variation in the trajectory of residential land values around Australia this cycle, within which growth in the weighted median price for capital cities well out-paces that for regional Australia. ‘Over the longer time frame of the past fifteen years there has been a substantial increase in residential land values, which cannot be repeated if the nation is to succeed in adequately housing its growing and ageing population. Land supply remains a policy area that requires much greater focus, and not just at a state level,’ Dale said. In the June 2014 quarter the weighted median price of residential land increased by 1.1% to $205,330, only the third time the value has exceeded the $200,000 threshold. Capital city land prices increased by 1.8% in the quarter to be up by 7.4% compared to the June 2013 quarter. Land prices in regional Australia were essentially flat in the June 2014 quarter, easing by 0.1% but up by 4.1% in annual terms. According to RP Data research director, Tim Lawless, the bounce back after a softer March quarter result suggests there may still be some life left in the residential land sector. ‘This is the strongest result since the June quarter of 2013 which is welcome news. A rise in land sales implies a rise in detached housing construction about six months down the track which in turn provides a substantial multiplier for the Australian economy; more jobs, more building materials, home furnishings, appliances and white good sales,’ said Lawless. ‘Whether this quarterly improvement can develop into a trend is yet to be seen. Despite the June quarter lift, the previous three quarters were showing a slowdown in the number of sales while vacant land prices continued to rise, a trend which may point to ongoing supply shortages of well-located vacant land,’ he added. Continue reading
Edinburgh property market not affected by referendum vote in third quarter
Despite the uncertainty caused by the Scottish referendum during the summer months, new statistics show that the property market maintained momentum and interest. There was a large rise in the number of good quality homes coming on to the market in the third quarter of the year, according to research conducted by property consultants CKD Galbraith’s Edinburgh office. The number of potential buyers registering with the firm also increased compared to the previous quarter of this year, indicative of pent up demand in the property market from purchasers following buoyant sales market during the first half of 2014. Overall the number of properties brought to the market through CKD Galbraith increased by 50% compared to the second quarter of 2014 and the number of interested buyers registering with the firm rose by 5% compared to the last quarter. On average properties in the Edinburgh area have sold two weeks quicker than the last quarter of this year; the shortest time taken to sell a property this quarter was two weeks. ‘The Edinburgh market wasn’t quite as affected by the referendum as other regions and although we saw a slight decrease in sales and viewings in the fortnight leading up to the 18 September, there has since been a lot of new activity as confidence returns to the market,’ said Andrew Jarvie, of CKD Galbraith’s Edinburgh office. ‘Whereas last quarter we saw an influx of buyers from south of the border and overseas, the summer period has been a little quieter in comparison as was expected and buyers have predominantly been from within the Edinburgh area. Buyers and sellers are now waking up to the implications of proposed changes to stamp duty which will take effect from April 2015,’ he added. CKD Galbraith operates a network of regional offices located throughout the country and has enjoyed good growth over the last year which it expects to continue into the final quarter of 2014. Continue reading
