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Real estate agents report an increased confidence in Spanish property market
There is a renewed confidence in the Spanish property market with both Spanish and English speaking agents recording an increase in overseas buyers. The latest Spanish property market confidence index from Kyero covering the first quarter of 2015 says that overall 71% of real estate agents feel more confident than they did a year ago and just 4% less confident. The survey also reveals that 30% of English speaking agents see stronger Sterling as being responsible for the most significant shift in the Spanish property market while Spanish agents believe that increased marketing is boosting sales. Some 56% of Spanish speaking agents and 57% of English speaking agents said that sales have increased, 34% and 31% said sales were static and 10% and 12% said sales had fallen. But there was a considerable difference of opinion regarding property prices. Some 49% of English speaking agents said prices have increased, but just 18% of Spanish speaking agents agreed. Indeed, 57% of Spanish agents said prices had remained the same compared to 34% of English speaking agents. A quarter, 25% of Spanish speaking agents said prices had fallen, and 17% of English speaking agents. Both Spanish speaking and English speaking agents reported a rise in buyers from overseas, at 59% and 64% respectively. Some 38% of Spanish speaking agents and 28% of English speaking agents said there was no change while 4% and 8% said there were fewer international buyers. Almeria, Fuerteventura, Gran Canaria and Murcia are highlighted as inspiring the most confidence, according to the index which surveyed 160 English speaking and 216 Spanish speaking estate agents across Spain. Martin Dell, director of Kyero, said that while the strength of Sterling has played a key role for English speaking agents who have used it to boost interest, Spanish speaking agents have taken a different approach. ‘While English speaking agents in Spain have been able to enjoy more confidence in the market thanks to the pound’s movements, their Spanish peers have been working flat out on their marketing activity in order to achieve the same goal,’ he explained. However, both sets of respondents reported similar figures when it came to buyer confidence, with 20% of English speaking agents feeling that improved buyer confidence had been the most significant change over the past 12 months, compared with 21% of Spanish speaking agents. Continue reading
Scottish house prices rise twice as fast as in England and Wales
House prices in Scotland have increased by 11.2% in the last 12 months, twice as fast as the 5.6% seen in England and Wales, the latest index shows. In March alone average property prices in Scotland increased by 5.4% or £9,200 ahead of the new Land and Buildings Transaction Tax (LBTT) being introduced in April, taking the average price of a home to £178,930. At the same time completes sales increased 29%, mainly at the top end of the market where the new tax is higher. Indeed, some 36 homes worth £1 million or more were sold, the highest number ever in a single month. Edinburgh and the surrounding area saw an especially strong surged, with East Lothian prices up 11.8% in one month, the Your Move/Acadata index also shows. ‘In what would have been an unimaginable trend just a year ago, house prices are now rising faster in Scotland than in London,’ said Christine Campbell, regional managing director of Your Move. She pointed out that part of the surge was due to a short term scramble to avoid the new LBTT which was introduced on 01 April. ‘For the top of the market especially, a pre-deadline rush has boosted the average price paid in March, so the latest surge in prices is unlikely to be sustained to quite the same extent in April under the new regime,’ she explained. But she also pointed out that even before the one-off effect of looming tax changes, Scottish house prices were rising on an annual basis by 6% in February, already on a par with 6.8% south of the border. As prices cool across the rest of Britain, Scotland has seen the opposite trend, with prices accelerating upwards. ‘Once the new tax regime has become an established feature of the property market, the effects could be different again. On the face of things, there are clear benefits for those buying a home for less than £254,000 as they will have to pay less tax than under the old system,’ said Campbell. ‘But it remains to be seen if this will be quickly countered by higher prices for these properties, as buyers with a little more buying capacity just bid up the average price for these homes. On the other hand, by far the clearest effect is already for the top of the market. There were a record number of million pound transactions in March as wealthy buyers rush to save thousands before the onset of the new law,’ she explained. Continue reading
Demand for prime properties in London hotspots up 6% since February
Demand for properties in prime central London has increased by 6% since February with areas like Islington and Chiswick more popular than Kensington, new research suggests. The biggest increase in demand has been in Chiswick with a rise of 54%, followed by Islington up 30%, Belgravia up 22%, Knightsbridge up 21%, Mayfair up 8% and Chelsea up 1%. However 44% of areas are still in decline with Primrose Hill down 71%, St Johns Wood down 36%, Fitzrovia down 30%, Holland Park down 24% and Kensington down 16%, according to the property hotspots index from online estate agent eMoov. The index looks at demand for property over £2 million in 16 of London's most prestigious neighbourhoods, examining the total number of properties sold in comparison to those on sale. The latest figures show that the property freeze in prime central London has thawed ever so slightly since February, with the demand percentage rising by 6% on average. However, nearly half of the areas in question, 44%, have continued to decline substantially. The index report points out that although these areas would have been hit by a mansion tax, last week's election result will have restored confidence in buyers looking to buy at the top end of the market. Since eMoov's February index there has also been an increase of 5% in the number of properties over £2 million listed for sale, to the two major portals, Rightmove and Zoopla. This increase was driven for the most part by Fulham, Belsize Park, Notting Hill, Primrose Hill, Islington and Chiswick. Russell Quirk, chief executive of eMoov pointed out that uncertainty caused by the general election meant many potential buyers were waiting to see the outcome before committing to a property above £2 million. ‘We are already aware of a significant increase in buyer activity since the election. It is most likely this is going to translate into a more buoyant picture in the months to come,’ he added. Continue reading
