Uk
Property prices up across most of Portugal including Lisbon and the Algarve
The average price of a home in Portugal increased by 5.4% in the second quarter of 2016 when compared to the same period last year, according to the data to be published. Property prices rose across most regions of Portugal during the quarter taking the national average to €1,187 per square meter. The data from online property information platform Idealista also shows that growth was led by gains in Lisbon where the average property rose in value by 6% year on year to an average €1,451 per square meter. It means that Lisbon still has the most expensive property in Portugal with prices in the centre up 9.1% to an average of €2,716 per square meter. Prices in the Algarve, which is popular with overseas buyers increased by 4% year on year to an average of €1,361 per square meter. The data also shows that in the north of the country prices increased by 2% to €907 per square meter an in Centro they were up by 1.9% to €948 per square meter. However property prices fell in Alentejo and Madeira, down by an average of 3.3% over the same period. But in Madeira, an archipelago in the north Atlantic that is part of Portugal, prices are the third highest at €1,102 per square meter, followed by the Alentejo at €1,101 per square meter. Continue reading
Conveyancing activity in UK saw ups and downs in second quarter of 2016
Conveyancing activity in the UK residential housing market increased in the second quarter of 2016 with changes to stamp duty pushing up transactions by 24% year on year, the latest data shows. Sales jumped from 230,430 to 286,425 as completions were registered following the rush to beat the Stamp Duty Land Tax (SDLT) changes for buy to let properties and second homes in April 2016, according to the latest edition of the Conveyancing Market Tracker from Search Acumen, the search provider. Completions recorded in the second quarter of 2016 were some 30% higher than two years ago and 59% higher than three years previously and compared with the first quarter of 2016 the three months preceding the SDLT reform there was a rise of 4% as conveyancers dealt with the reverberations across the housing market and the rush of transactions were logged as completed by Land Registry. The tracker report, which uses Land Registry data to examine competitive pressures in the conveyancing market, shows the top five firms led the way in terms of growth compared to the rest of the market, with completed activity rising 17% over the quarter and 41% over the year to reach an average of 3,523 transactions per firm over the three month period. However, outside the top five, the most significant quarterly growth was seen among those firms ranked 501 or lower. In the second quarter their average volume of transactions rose by 5% from the previous quarter. Year on year, those firms ranked 501 to 1,000 experienced 23% growth while those outside the top 1,000 recorded 19% growth. A combination of the SDLT aftershock and pre-Brexit activity meant that conveyancers experienced a rollercoaster ride from month to month during the second quarter. April saw the largest number of businesses responsible for completed transactions at Land Registry in any month since September 2014. The total of 4,374 was 4% higher than a year earlier, when 4,201 firms were active, and suggests the stamp duty rush brought more occasional players back to the market. Volumes of completed conveyancing transactions were also at their highest in April since monthly records began five years earlier in April 2011. Over the month, activity jumped 26% to 114,425 in April from 90,476 in March. Despite an inevitable slowdown the following month, both May and June also saw year on year rises of 14% with firms completing 81,583 and 90,477 transactions respectively, as activity picked up again despite the uncertainty ahead of the UK’s referendum on its EU membership. ‘Few sectors have been left untouched by the tumultuous events of the past few months, and the impact of the EU referendum on the political and economic landscape. Our analysis shows the conveyancing industry has been tried and tested in recent months, and the pressure shows no sign of easing as our country begins to work out what… Continue reading
Demand for rental properties in UK down slightly in July but no marked Brexit effect
The number of rental properties on letting agents’ books in the UK is at its highest level this year so far as demand for properties fell marginally in July, according to the latest research. But the private rental sector market is in positive shape following the decision in June to leave the European Union with the majority of agents reporting no change to rent prices. The July rental sector report from the Association of Residential Letting Agents (ARLA) shows that there were 184 rental properties on agents’ books, up 5% from the previous month. However, year on year supply is down as there were 189 properties per agent in July 2015, some 3% higher than July this year. Demand from prospective tenants for rental accommodation fell slightly, from 37 house hunters per branch in June, to 36 in July. Following the Brexit vote some 71% of agents witnessed no change in rents and 62% saw no movement in supply while 61% recorded no change in demand. As in June, last month 38% of letting agents saw no sign of a market wobble following Brexit. Where there is uncertainty though, it comes from those looking to let properties, with 44% of agents reporting signs of uncertainty from landlords ‘Despite reports that the housing market is spiralling out of control post-Brexit, our results paint a very different picture, and indicate that the future is bright for the rental market,’ said David Cox, ARLA managing director. ‘Supply is up, as we’d expect at this time of year, and the number of tenants experiencing rent hikes hasn’t changed in three months. While we obviously need new houses to balance the growing gap between supply and demand, what’s positive is that the situation isn’t worsening as a direct result of June’s Brexit result,’ he added. Continue reading
