Uk
Average UK house prices now above peak of 2007, latest data shows
Average house prices across the UK have now exceeded their Autumn 2007 peak and further increases are expected, according to the latest research figures. Findings of the research by the Connells Group, which has a network of over 520 estate agencies across the country, show a 2% uptick in prices compared to the peak. This comes after the value of property rose for the fourth consecutive month and the data also indicates a 4.5% increase on house values in the second quarter of this year compared to the first three months of the year. This exceeds the 3% growth that was forecast by Connells and overall the figures are very positive news, according to David Plumtree, Connells Group Estate Agency chief executive. ‘The economic growth, strong market confidence and post-election certainty has galvanised buyers and sellers to create a buoyant housing market. It certainly is a seller’s market and those looking to move should capitalise on this,’ he added. Separate research by online estate agent eMoov has found that demand for London property has increased for the first time this year, having declined steadily since June 2014. Demand across London’s boroughs has climbed by 7% since March, although it is still down 15% since this time last year. ‘It doesn’t surprise me that despite the market cooling in some of the capitals more prestigious boroughs, house prices in London have continued to rise. It’s long been accepted that London is one of the most expensive cities to live in the world, let alone the UK, but now that the average house price has tipped above the half a million mark, it really highlights how out of control the property market has become here,’ said eMoov chief executive officer Russell Quirk. He also pointed out that house prices outside of London and the South East have continued to increase by 5.2%, and this shows that the London exodus for more affordable property is continuing. ‘Hardly surprising given the new London average and the resulting ripple effect, as buyers search for a realistic way to get on the UK property ladder,’ he concluded. Continue reading
Over half of UK tenants had problems over last 12 months, survey finds
More than half of tenants surveyed in the UK say they have experienced problems with their rented homes over the past 12 months, ranging from poor maintenance to breaches of their contract. The biggest problem, cited by 15% of respondents, was their landlord’s failure to fix structural problems including damp, a leaking roof or rotten window frames, according to the research mortgage and loans provider Ocean Finance. A further 13% of tenants suffered delays in repairing broken furniture, showers and washing machines. 14% of tenants faced unexpected increases in their rent, disputes over money deducted from their deposits and even early eviction when their landlord sold their property. Tenants in London, where more than 10 million people live in private rental accommodation, fared the worst, with 60% saying they experienced problems in the past 12 months. This was followed by those in the East Midlands and the rest of the South East region. Some 35% of tenants said even though they complained to the landlord or letting agent, the problems were not fixed. While 13% said they didn’t know who to turn to for advice and 5% even took matters into their own hands and refused to pay their rent until the landlord resolved the problem. ‘Landlords have an obligation to ensure that the properties they let are well maintained and safe for their tenants to live in. The research indicates that many tenants are renting sub-standard properties. It’s also concerning that people are facing mid-tenancy rent increases or have money unexpectedly taken from their deposits,’ said Gareth Shilton, a spokesman for Ocean. ‘One of the problems may be a lack of clarity over whose responsibility it is to maintain different aspects of a property. Often the landlord believes the tenant is responsible for doing repairs that in fact they are obligated to make,’ he added. Continue reading
Average residential rents in Australian capital cities falling
Residential rental rates in Australian capital cities fell by 0.2% last month, down to $487 per week, but are up 1.1% over the past 12 months. It is the slowest annual rise in capital city rents recorded by the CoreLogic RP Data monthly rental report since date was first gathered in December 1995. The firm’s research analyst Cameron Kusher said that the sluggish pace of rental appreciation continues to be attributed to the ongoing boom in home construction across Australia’s capital cities accompanied by record high participation in the housing market from investors. A breakdown of the figures shows that Sydney and Hobart have recorded the greatest increases in weekly rents and over the past three months rents are lower in all cities except for Sydney, Melbourne and Canberra. The report says that Sydney and Melbourne are recording relatively stronger rental growth despite a large surge in new supply and high levels of investment purchasing. Sydney and Hobart also recorded the greatest annual increases in weekly rents while rents in Perth, Darwin and Canberra continue to decline. With home values growing faster than rents, gross rental yields are at a record low level and continue to edge lower, the report adds. Continue reading
