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Demand could push up prices in popular parts of Spain
Enquiries from international buyers for property in Spain have reached record breaking levels at a time when prices are still falling but demand could push up values in popular areas. Spanish property portal Kyero, which lists more than 200,000 homes from 3,000 estate agents, said it has had its busiest ever quarter and properties prices from €50,000 to €100,000 are proving most popular. The firm’s latest quarterly report shows that 28% of all enquiries were for properties at €100,000 or less and they are also proving popular with domestic buyers. The report also suggests that prices could start rising because of the demand. Valuations company Tinsa has released data which shows that a total of 35 popular locations have seen price rises between the first quarter of 2014 and the same period in 2015. The previous year saw just four of those areas register price increases. The upward movement indicates that those seeking properties in the €50,000 to €100,000 range might soon have to up their budget in order to get what they are looking for. The Kyero research confirms that Spain's coastal areas are some of its most popular with second home buyers looking for a holiday home with easy access to beaches. Alicante, home of the Costa Blanca, is the most popular province, according to the Kyero report with 31% of all enquiries focusing on that region. Malaga was the second most popular area, accounting for 15% of total enquiries. ‘Spain's beaches offer some fantastic, family friendly holidays and many of those buying here want to own a property within a short walk or drive of at least one beach. Apartments are by far the most popular choice, accounting for 39% of all enquiries during the last quarter, 10% ahead of villa enquiries,’ said Kyero founder Martin Dell. ‘Many families like the idea of owning an apartment that comes with a shared swimming pool that the condominium company maintains. It's less hassle and expense than owning a villa with its own pool,’ he added. The Kyero report also reveals that it is three bedroom properties that command the most interest, with 32% of all enquirers looking for properties of that size. Two bedroom properties came a close second, with 30% of total enquiries. Meanwhile, the Tinsa data shows that overall the average price of new and used homes declined by 1.1% in the first half of 2015 compared to the same period of 2014 but the Mediterranean Coast and Islands standing have performed better. Prices in the Balearic and Canary Islands increased by 4.4% in the first six months of the year, while prices on the Mediterranean Coast increased by 1.8% in the same period. The biggest falls in prices have been seen in cities with declines of up to 3.7%. Since the peak of the market in 2007 average property prices have fallen by 41.8%. The Mediterranean Coast is the area where values have been adjusted most, with an… Continue reading
Average UK house prices now above peak of 2007, latest data shows
Average house prices across the UK have now exceeded their Autumn 2007 peak and further increases are expected, according to the latest research figures. Findings of the research by the Connells Group, which has a network of over 520 estate agencies across the country, show a 2% uptick in prices compared to the peak. This comes after the value of property rose for the fourth consecutive month and the data also indicates a 4.5% increase on house values in the second quarter of this year compared to the first three months of the year. This exceeds the 3% growth that was forecast by Connells and overall the figures are very positive news, according to David Plumtree, Connells Group Estate Agency chief executive. ‘The economic growth, strong market confidence and post-election certainty has galvanised buyers and sellers to create a buoyant housing market. It certainly is a seller’s market and those looking to move should capitalise on this,’ he added. Separate research by online estate agent eMoov has found that demand for London property has increased for the first time this year, having declined steadily since June 2014. Demand across London’s boroughs has climbed by 7% since March, although it is still down 15% since this time last year. ‘It doesn’t surprise me that despite the market cooling in some of the capitals more prestigious boroughs, house prices in London have continued to rise. It’s long been accepted that London is one of the most expensive cities to live in the world, let alone the UK, but now that the average house price has tipped above the half a million mark, it really highlights how out of control the property market has become here,’ said eMoov chief executive officer Russell Quirk. He also pointed out that house prices outside of London and the South East have continued to increase by 5.2%, and this shows that the London exodus for more affordable property is continuing. ‘Hardly surprising given the new London average and the resulting ripple effect, as buyers search for a realistic way to get on the UK property ladder,’ he concluded. Continue reading
Over half of UK tenants had problems over last 12 months, survey finds
More than half of tenants surveyed in the UK say they have experienced problems with their rented homes over the past 12 months, ranging from poor maintenance to breaches of their contract. The biggest problem, cited by 15% of respondents, was their landlord’s failure to fix structural problems including damp, a leaking roof or rotten window frames, according to the research mortgage and loans provider Ocean Finance. A further 13% of tenants suffered delays in repairing broken furniture, showers and washing machines. 14% of tenants faced unexpected increases in their rent, disputes over money deducted from their deposits and even early eviction when their landlord sold their property. Tenants in London, where more than 10 million people live in private rental accommodation, fared the worst, with 60% saying they experienced problems in the past 12 months. This was followed by those in the East Midlands and the rest of the South East region. Some 35% of tenants said even though they complained to the landlord or letting agent, the problems were not fixed. While 13% said they didn’t know who to turn to for advice and 5% even took matters into their own hands and refused to pay their rent until the landlord resolved the problem. ‘Landlords have an obligation to ensure that the properties they let are well maintained and safe for their tenants to live in. The research indicates that many tenants are renting sub-standard properties. It’s also concerning that people are facing mid-tenancy rent increases or have money unexpectedly taken from their deposits,’ said Gareth Shilton, a spokesman for Ocean. ‘One of the problems may be a lack of clarity over whose responsibility it is to maintain different aspects of a property. Often the landlord believes the tenant is responsible for doing repairs that in fact they are obligated to make,’ he added. Continue reading
