TSI
Online research becoming important for many UK buyers, survey suggests
The impact that technology is having on the estate agency sector in the UK is changing the property buying and selling landscape, it is claimed. With the explosion in popularity of buyers and sellers using portals such as Zoopla and Rightmove and the wealth of historic pricing data available, the internet has become the essential tool for the modern day house hunter. A survey carried out by online estate agent eMoov has found that the majority of buyers are well armed with information before they step through the door when viewing a property. Some 98% of respondents said they would take it upon themselves to do some research before attending a viewing in anticipation of finding the right property. The first step in the process is usually to visit the property details page and read the full property description, the starting point for 67% of those surveyed. For some this was as far as the research process went, however 41% would also like to view a floor plan. The research found that 36% would also compare a property to others listed in the area and 21% of buyers would research previous property sold prices. Consumers showed less priority to researching the surrounding area with 14% investigating changes to their commute and 11% taking school catchment areas in to account when digging for further information. Local authorities provide a wealth of information on school catchment areas and make it readily available online for prospective and existing parents looking to relocate. Zoopla also keeps potential buyers well informed showing the nearest schools as well as information on transport links and crime rates amongst others. Broadly speaking women would conduct more research than men when preparing to view, taking more time to consider the look, layout and practicality of a house. However their male counter parts did pip them to the post where value for money was concerned, with 40% of men looking at other listed properties in the area and 24% researching historic property prices in comparison to 33% and 18% of women respectively. With the internet only coming to full fruition over the past two decades those over the age of 50 fall under the label of technological novices. Using technology as relative beginners and adapting in comparison to their younger counterparts, or technological natives, for whom it has become second nature. However the rise of the silver surfer has very much risen with the elderly becoming a core demographic for surfing the net, they account for a large percentage of people using the internet to help them buy. Three quarters of those surveyed over the age of 50 would log on to read a full property description before viewing, a far greater number than those in the younger age brackets. This was also the case when checking floor plans, researching properties in the surrounding area and checking historic property values and potential new neighbours. However younger buyers are more interested in Google Street… Continue reading
Positive outlook for overseas buyers in the Caribbean and Central American
Property sectors in the Caribbean and Central America are set to grow in 2015 with the quality of life, good value for money and stability attracting more people to these regions, it is claimed. According to an analysis by 7th Heaven Properties the Caribbean region has reinforced its appeal to property buyers and investors, particularly in the face of social, economic and political volatility in other regions. ‘Many investment locations such as the Turks and Caicos, the Bahamas and the Cayman Islands experienced strong growth last year and we expect 2015 to be the year that the Caribbean real estate market as a whole turns a corner,’ said Walter Zephirin, managing director of London based 7th Heaven Properties. ‘A growth in enquiries from prospective buyers indicates a renewed confidence in the region and sales levels on many islands are returning to pre-crisis levels,’ he explained. He pointed out that locations across the Caribbean and Central America are benefiting from an upturn in the US, Canada and the UK, resulting in an increase in visitor arrivals, tourist spend and property sales. ‘A growing pipeline of new projects, significant infrastructure investments and a thawing in relations between the USA and Cuba are also expected to provide an additional boost to the region,’ he added. The firm believes that a positive economic outlook for the Caribbean and Central America region, with GDP forecast to grow 5.8% in Panama and 4.8% in the Dominican Republic in 2015, will attract property investors. There has been a series of announcements relating to new luxury residential developments in multiple locations, including Antigua, Costa Rica, Honduras and Panama and of government programmes to incentivise property buyers, including Citizenship by Investment in Antigua and Barbuda, Grenada and St Kitts and Nevis as well as retirement programmes in Belize and Panama. On top of this there has been an increase in direct flights to destinations including Costa Rica, the Bahamas, the Dominican Republic and St Lucia improving access for tourists and property buyers as well as recent and on-going investments in private jet terminals and airport upgrades. Royal Westmoreland, a gated community and golf estate on the west coast of Barbados has just launched a fractional ownership option in response to feedback from regular rental guests who said they simply don’t have the holiday time to commit to full ownership. Kim Goddard, head of sales at Royal Westmoreland, said that the fractional ownership program allows for purchasers to own just the time they intend to stay at the resort. The property is held freehold/deeded in a third party trust in the Isle of Man, governed under UK commonwealth property law, and ownership shares in the villas are fully transferable, and sellable. ‘We often find that potential purchasers might have the means to buy full ownership but are constrained by the amount of holiday time they have to utilise their home at this point in time. So for them this is a savvy way of… Continue reading
Research reveals lack of knowledge of planning issues in the UK
Uncertainty over planning grey areas is fuelling the housing crisis in the UK with 60% unable to correctly define the Green Belt and a third believe building on green field is prohibited in all cases. The research from planning consultancy Iceni Projects, also reveals that nearly 90% of the population have no knowledge of, or do not understand, the National Planning Policy Framework (NPPF). Iceni is calling on the property industry and government to raise awareness of planning legislation and housing policies after new research shows a mammoth lack of knowledge amongst the general population on key planning issues. ‘Our research shows that there is a fundamental lack of understanding on key issues of planning policy, such as a misunderstanding that Green Belt must always be green,’ said Andrew Gale, director at Iceni Projects. ‘In addition, three quarters of respondents know little or nothing about housing policy in their local area. This is having a major impact on the industry’s ability to delivery much-needed housing and commercial space,’ he explained. Iceni’s survey found that over half the population oppose building on Green Belt, even though a significant group, 60%, do not even know what Green Belt is. ‘It is a grey area across communities in the UK, and we believe these serious misconceptions are a barrier to investment and growth. If the industry is to make any headway in narrowing the housing gap and delivering the facilities required to keep the UK a competitive economy, we need to take urgent action to educate and inform the public,’ said Gale. ‘We are therefore urging the government and industry to follow suit and ensure important decisions on new developments are made on the basis of a clear understanding of planning terminology,’ he added. The firm says that action is clearly wanted by the public with 68% of respondents supporting steps to make it easier for people to get involved in the planning process and 77% saying they do not know how to get involved in the planning process. The research also found that 60% of the population believe the Green Belt is not built on, where in reality much of the Green Belt already has buildings on it and there is huge confusion over whether the Green Belt is green with a 30% saying it is a type of green field, where in fact the Green Belt is not necessarily even ‘green’. Some 86% of respondents do not know how much of the UK’s surface is urban, with 58% overestimating and 27% saying they do not know, when in fact only 7% is urban, according to data from the UK National Ecosystem Assessment, 2012. Continue reading
