Uk
Average UK buyer wants a three bed home priced at around £200,000
The average UK home buyer has a budget of £205,221, has owned two properties in their lifetime and is most likely to buy a three bedroom semi in the suburbs, new research shows. Most buy with a spouse or partner with just 18% buying alone and of those aged 18 to 24 some 17% buy their first home with friends, according to the study by Sarah Beeny's estate agency Tepilo. Who people buy with varies from region to region, with those from Wales most likely to buy alone at 35%, followed by those in the South East at 28% and Yorkshire at 27%. Least likely to purchase solo are those from the North East where only 3%do so and London where it is 12%. Location of a property is the most important consideration for buyers with 65% naming it as the top priority followed by 56% stating the number of bedrooms is crucial and 41% the garden. Some 34% believe the layout of the property is important, 29% having a kitchen dining room and 19% want a downstairs toilet as a priority, the research also found. When considering the location of a property, buyer rate good transport links as the most important deciding factor at 56%. Being close to shops and supermarkets is key for 44% and a low crime rate for 39%. A good local pub is an important factor for 23% with 35% of 18 to 24 year olds rating it as one of the top things they look for when buying a home. Those from the East Midlands are most keen on a local with 33% of them saying a good local pub is essential when buying a property. Having family and friends nearby is vital for 36% but this rises to 65% amongst people from the North East and drops to just 22% of those from the South West and 23% in London. Three bed properties are the most popular with 45% of buyers going for this size of property while 27% seek a two bedroom home. Indeed a two bedroom property is the most popular in the North East and Scotland where 48% are after this kind of home. A further 18% opt for a four bed, with less than 5% buying studio and one bedroom properties. The age of 44 is when most buyers think they have moved to their ideal home that they will spend the rest of their lives in, although 20% don't think such a thing exists, which rises to 33% of those aged 55 and over. The research also found that 32% have bought a property as an investment, rising to 41% amongst those aged 35 to 44. Some 45% of buyers who have invested in property bought the home for their children to live in whilst at university. In addition, 24% who invested in property did so as an alternative to a traditional pension. 'We've introduced the Tepilo Buyer Barometer survey to gauge how British house buyers… Continue reading
Remortgage valuation surveys up over 100% year on year in UK
Remortgaging activity in the UK increased in August, outperforming all other areas of the housing market, according to the latest research. The number of valuations for remortgaging rose 25% compared to July and on the back of this growth, the number of remortgage valuations is now up by 102% compared to August 2014, the data from Connells Survey and Valuation shows. However, total valuation activity was more muted in August. The number of valuations across all sectors, including remortgaging, rose by 7% compared to July, up 48% compared to August 2014, driven in large part by remortgaging. According to John Bagshaw, the firm's corporate services director it is concern and media attention about an interest rate rise in the near future is the key driver of this surge. 'Due to the very low Bank of England base rate, there are currently some very appealing remortgaging deals on offer from lenders. But home owners have been influenced by a powerful perception that these deals will not last,' he said. He pointed out that underneath the short term surge, remortgaging is also driven by a longer term shift. People are increasingly looking to upgrade their home rather than trade and so, for a slightly different purpose, are also keen to take advantage of cheaper mortgage deals. Meanwhile, the wider picture looks encouragingly stable. First time buyers and home owners are far more optimistic about the housing market now than they were at this point in 2014 and this is evident from the strong, steady growth seen throughout 2015 so far. The data also shows that the number of valuations for existing owner occupiers looking to move home has grown by 3% since July. This leaves activity on behalf of home movers up by 30% compared to August 2014. A similar picture emerges for first time buyers. The number of valuations carried out in August for those looking to take a first step onto the property ladder rose 1% month on month and 31% on a twelve month basis. 'Home mover and first time buyer activity has seen sizeable and speedy growth over the last six months, so a period of more stable growth is a sign of consolidation. It shows that these sectors command long term momentum and demonstrates a more stable optimism from households about the future,' said Bagshaw. 'For those moving up the ladder, low mortgage rates are combining with property price growth as a basis for their next purchase. Meanwhile, first time buyers don’t have the benefit of this natural deposit, but are showing remarkable fortitude in the face of price rises, buoyed by a jobs market that is increasingly showing real wage growth,' he added. In the only section of the market to see a drop in August activity, valuations for buy to let purposes dipped by 5% on July. Despite this, compared to a year ago, the total number of valuations… Continue reading
Majority of UK landlords don’t want personal contact with tenants
Most landlords in the UK prefer for letting agents to manage their tenants and generally don’t want to be troubled with tenant complaints, new research has found. Some 85% of landlords don’t want to deal directly with tenants and 90% are unhappy about tenants calling or emailing them with problems, according to the study from online letting agent Property Let By Us. The research shows that despite landlords avoiding contact with tenants, nearly 60% pay for all the repairs to the property, while 10% expect tenants to pay for small repairs and just 2% confess to ignoring repairs for as long as possible. 'Landlords often come in for bad press but the majority of them are professional and take their responsibilities seriously. Many landlords work either full or part time and need the support of an agent to help them with managing the relationship with the tenant,' said Jane Morris, managing director of Property Let By Us. 'We know from our research that 66% of landlords find managing their properties more stressful than their full, or part time jobs and dealing with tenant complaints is a top cause of stress,' she explained. 'Landlords are under a huge amount of pressure with mounting legislative and tax changes. Agents can be a big help for landlords, offering a range of services that help reduce their workload and ensure they are fully compliant with legislation,' she added. Continue reading
