TSI
Spanish properties prices up 1.15% in third quarter
Residential property prices in Spain rose 1.15% in the third quarter of 2014 compared to the same period last year, according to the latest index published by the Property Registrars. That is the first time this index has edged clearly into positive territory since the Spanish housing bubble burst, and according to real estate expert Mark Stucklin it means the market could be turning. On a quarterly basis prices were basically stable, with a decline of just 0.08% between June and September and the peak to present fall in house prices is 32.4% according the Registrars’ figures. It says that these figures paint a picture of stable house prices. The registered number of homes sold also shows a favourable evolution with transactions up 1.4% to 79,561 sales in the third quarter compared to the second. The market bottomed out with 72,560 sales in the fourth quarter of 2013. The improvement was driven by resale properties with 52,127 sales, practically double those of new builds at 27,434. Resale transactions were up 4,268 on the second quarter, meaning a quarterly rise of 8.92%, against a fall of 10.36% in new builds. Cumulative sales over 12 months were 313,607, up by 2,743 on the second quarter of the year when a record low of 310,864 was reached. Andalucia saw the most sales with 16,006 transactions, followed by the Valencia at 12,189, Catalonia at 11,975 and Madrid at 10,883. The data also shows that the proportion of Spanish property sales involving a foreign buyer has hit a new high of 13.1% market share, an annual rise of 19% and year to date, foreign buyers bought 30,708 properties, up 23% on the same period last year. British buyers were the strongest nationality buying 1,886 Spanish properties in the third quarter, up 37% on the same time last year, followed by the French, Russians, and Germans. In terms of foreign market share, the British represented 18% of total purchases by foreigners, and 20% of key markets. France was next with 12%, Russia with 8%, and Germany with 7%. Stucklin pointed out that in the boom years foreign buyers, led by the British, accounted for between 8% and 9% of the market. That fell to a low of 4.24% in 2009, at the nadir of the financial crisis. Since then foreign demand has increased in market share whilst local demand continues to shrink. ‘For the last year or more it has been possible to buy new property in Spain for less than it costs to build, thanks to a housing bust that has forced banks to take over thousands of new developments, and repossess hundreds of thousands of new or recently built homes. Such low prices are a once in a cycle situation that will not be repeated again, at least not until the next boom and bust, which could take decades,’ he said. He also explained that there are bargains, especially when it comes to property owned by the Spanish banks. ‘Not only are there thousands of… Continue reading
UK viewers take just 38 minutes on average to decide to buy a property
On average it takes just 38 minutes to make a decision to buy a home and prospective buyers no longer spend as much time viewing, new research has found. It means that the average home buyer in the UK now spends less time than it takes to play one half of a football match, before making one of the biggest and most expensive decisions of their lives. With the vast amount of property and local information now available online, house hunters no longer need to spend hours viewing properties and interrogating estate agents before deciding on which property is right for them, say the research from online estate agent eMoov.co.uk. Property values, property purchase history, recently sold properties, photos, floor plans, Google street view, school catchment area, transport links, employment opportunities, crime rate, tax band and so much more is available at the click of a mouse. Nearly two thirds of people view a property on two occasions before making an offer to buy with 10% doing so after just one viewing and only 29% returning to a property more than twice. The research reveals women take slightly less time at 38 minutes than men at 39 minutes when viewing a property before deciding to put in an offer. However men were more likely to make a snap decision with 11% of them choosing to put in an offer after just one viewing, compared to 9% for women. The survey found that those spending £500,000 or more on a property did manage to take two minutes longer on average before deciding to buy, probably sensible given the amount of money involved. However it realistically doesn’t matter if you are spending £100,000 or over £500,000, the property price tag is relative to your situation and the research shows that there is only a matter of minutes between making a decision across each price bracket. ‘The fact of the matter is people don’t need to spend as much time on the viewing process as they once did. The reason for this is simple, now when a potential buyer views a house, they are viewing the house and the house only,’ said Russell Quirk, the firm’s chief executive officer. ‘With the internet providing a wealth of information, they already know if a property will suit them from a practical point of view before stepping through the front door. Most potential buyers will know within the first sixty seconds whether or not it is the one for them and the majority of buyers tend to return for a second viewing just to validate their thinking,’ he added. The research found that after one viewing 10% make an offer, 61% do so after two viewings and 29% after three viewings. Some 13% take less than 13% to decide to make an offer, 36% take 15 to 30 minutes and 28% 30 to 45 minutes while 23% take longer. Continue reading
£30 million more of Green Deal money announced for UK home improvements
More people in the UK will get help to improve the energy efficiency of their homes through a new release of the Green Deal Home Improvement Fund open to new applications. Up to £5,600 will be available to households in England and Wales to help with the cost of installing energy saving measures such as solid wall insulation, double glazing, boilers, cavity wall and floor insulation. Up to £30 million in vouchers will be available and details of further releases will be announced on a quarterly basis with the next release expected in February 2015. Up to £24 million will be available for solid wall insulation and up to £6 million for two measures from a list of home improvements available under the scheme. The Green Deal Home Improvement Fund launched in June and has already provided vouchers for more than 20,000 households. Through this second release of funding, domestic energy customers can now receive up to £4,000 for installing solid wall insulation, up to £1,000 for installing two measures from an approved list and up to £500 more if applying within 12 months of buying a new home. ‘This fund is a big success story for the Green Deal, helping thousands of people improve their homes so that they’re warmer, greener and cheaper to run. The best way people can cut their energy bills, this winter and every winter, is to improve their homes so that they leak less heat and use less energy,’ said Energy and Climate Change Secretary Ed Davey. ‘That’s why we’ve increased the funding available for the Green Deal to help even more people start saving money sooner,’ he added. To complete the two-stage application process, householders will need a Green Deal Advice Report (GDAR) or Energy Performance Certificate (EPC) that is less than two years old and a quote from a GDHIF registered installer or provider for work specified on the GDAR or EPC and included on the list of GDHIF approved measures. Energy and Climate Change Minister Amber Rudd said that more than three quarters of a million homes have already had energy saving improvements installed as a result of the Energy Company Obligation and Green Deal. ‘It makes sense to go even further to help more families install measures so that they see the benefits of lower bills and a warmer home for years to come,’ she added. Commenting on the availability of £30 million of new Green Deal Home Improvement Funding (GDHIF), Richard Lambert, chief executive officer of the National Landlords Association (NLA), described it as a positive step and clear evidence that the government has learned from previous mistakes that have so far held back the success of the Green Deal. ‘The NLA is particularly pleased that the Government has adapted the application process to ensure that the funds go to the owners or occupiers of a property who have the project priced up and ready to go, rather than speculators looking to use a GDHIF voucher to tout for… Continue reading
