Uk
Would be renters make their mind up in just 60 seconds
People renting a home in the UK take an average of 60 seconds to decide whether a property is right for them whilst viewing, according to new research. A nice kitchen is attractive to would be tenants with 30% saying it is the most important aspect and 63% decide to take a property on their first viewing, with just 2% needing more than five minutes to make their mind up. The second biggest attraction for prospective tenants is a sizable main bedroom with 28% saying it was most likely to turn their heads followed by 20% putting a spacious living room at the top of their renting wish list. Just 10% put that bathroom as the most important aspect of their rental property and just 2% are bothered about the garden, the research from Rentify also shows. Some 7% of those surveyed said they can take as little as 10 seconds to know if a property is right for them, however 5% are not as quick to rush into a decision and not making a decision quicker than 10 minutes into a viewing. Over half, 63%, said that they are happy to take a flat on their first viewing if it feels right with just 5% saying they will view a home at least three times before making a decision. The research also found that 77% of those surveyed believe that they find suggestions by estate agents unhelpful when deciding if a property is right for them, with 10% admitting they would rent a property after viewing online pictures and not physically visiting the property. ‘For many, finding the right property is important but it is also important tenants don't rush into decisions. High street lettings agents can sometimes disguise flaws just to make a deal, so it's always worth taking extra time getting to know every inch of the property before getting hold of the keys,’ said Rentify chief executive officer George Spencer. Continue reading
Price growth for central London prime market revised down
Property price growth in the prime market in central London is likely to be less than expected due to a slowdown in the sector, a new analysis suggests. Leading real estate firm Knight Frank has revised its 2016 forecast for annual price growth in prime central London to 2% from 4.5%. The firm pointed out that the prime London property market has faced a number of headwinds in 2015, which reduced annual price growth from 5% at the end of last year to 1.3% in September. ‘These challenges have been led by the increase in stamp duty at the end of 2014, a factor that will continue to weigh on transactions and price growth into 2016 as the market absorbs the new rates,’ the report says. It also explains that global economic uncertainty centred on China has also dampened demand to some degree. ‘However the strength of the UK’s economic recovery, employment growth in London and the likelihood of continued low interest rates mean price growth will remain positive next year,’ it adds. It also points out that activity in September and October has increased following a subdued summer and the appearance of some high quality stock has driven demand. However, buyers have become more circumspect and stringent in their requirements due to the stamp duty increase. ‘It has resulted in a flight to quality, meaning demand is particularly strong for properties in the best condition and on a prime floor, street or square,’ the report adds. ‘While the anticipated gear change materialised as summer moved into autumn, there has been no sense the market is entering full-blown recovery mode after what has been a subdued 2015,’ it concludes. Continue reading
Average property prices up 6.1% in Canada but sales fall
Average property prices across Canada have increased by 6.1% year on year but this figure is being affected upwards by growth in values in Vancouver and Toronto. Indeed the latest monthly property report from the Canadian Real Estate Association shows that excluding data from Greater Vancouver and Greater Toronto results in an annual average price increase of 2.9%. The report also shows that nationally sales fell by 2.1% month on month in September and transactions are up just 0.7% compared to September 2014. Sales were down in more than half of all local markets led by declined in Vancouver, Calgary and Toronto. Fewer homes are going on the market. The number of newly listed properties fell 2.1% from August to September but overall the housing market remains balanced, according to the report. ‘Sales are off the peak reached earlier this year but are still running strong, particularly in British Columbia and Ontario. That said, sales strength varies considerably among markets and price segments across Canada,’ said CREA president Pauline Aunger. CREA chief economist Gregory Klump pointed out that although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions ‘Greater Toronto and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a shortage of inventory and supply of land on which to build, which is why prices there continue to grow strongly,’ he explained. However, sales in September 2015 reached the second highest on record for the month, standing just 0.3% below the record set in September 2009. The data also shows that actual, not seasonally adjusted, sales were up from year ago levels in a little over half of all local markets, led by the Lower Mainland region of British Columbia. Calgary posted the largest year on year decline in activity compared to the record set last year. The national sales to new listings ratio was 56.8% in September. With sales and new listings having posted monthly declines of equal magnitude in September, the sales to new listings ratio held steady compared to August. A sales to new listings ratio between 40% and 60% is generally consistent with balanced housing market conditions, with readings above and below this range indicating sellers’ and buyers’ markets respectively. The ratio was within this range in half of local housing markets in September. Of the remainder, the majority breached the 60 per cent threshold in September and consisted almost entirely of markets in British Columbia and those in and around the Greater Toronto. The number of months of inventory is another important measure of the balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity. There were 5.7 months of inventory on… Continue reading
