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Difference between asking and selling prices in Scotland narrows
Average asking prices across Scotland increased by £2,000 and the average selling price increased by over £8,500 to £162,122 in the second quarter of the year, narrowing the gap between the two to less than 1%. Flats continue to sell above their asking price typically selling for around £18,000 more, up from £11,000 last quarter, according to the latest index from s1homes. This means that the average selling price for flats increased by over £8,500 to £126,844 while the average asking price rose by around £1,500 to £108,472. Both the average asking and average selling price of terraced houses increased this quarter, up by £4,000 and £9,000 respectively. Terraced houses on average sell for £11,000 more than their asking price up from £7,000 in the previous quarter. This quarter the average selling price for a terraced property has increased and is once again higher than the average asking price. It increased by over £8,000 to £150,458. There is less than £1,000 of a difference between the average asking price and average selling price this quarter. Detached houses are the only property type where a Reality Gap exists and this has remained at 13% for a second consecutive quarter as both the average asking and selling prices increased. Typically detached houses sell for £37,000 less than their asking price. A breakdown of the figures shows that in Argyll and Bute the Reality Gap has narrowed significantly from £47,000 to £28,000 driven by the increase in the average selling price. The average selling price increased by £21,000 to £156,495. In Ayrshire the average selling price has increased by £10,000, narrowing the Reality Gap to £21,000, down from £31,000 last quarter. For a second consecutive quarter the average asking price remains relatively static at £146,336. The Reality Gap has narrowed in East Lothian where on average properties are selling for £27,000 below their asking price compared with almost £36,000 in the previous quarter. The average selling price has increased by £15,000 to £209,349. In East Renfrewshire, the Reality Gap has narrowed to 6.5% with properties on average selling for £16,000 less than their asking price. Both the average asking price and average selling price have increased, rising by £9,000 and £16,500 respectively. In Edinburgh, properties are once again typically selling for more than their asking price. This quarter both the average asking price and average selling price increased, the average asking price by £6,000 and the average selling price by £12,500. In Falkirk, the Reality Gap has narrowed from £24,000 to £15,000 despite the average asking price increasing by £4,500 as the average selling price increased by over £13,500. The Reality Gap in Fife has widened slightly this quarter with properties typically selling for around £11,000 less than their asking price. The average asking price and average selling price this quarter both increased by around £2,000. In Glasgow/Dunbartonshire both the average asking price and average selling price have increased by £3,500 and £3,000 respectively. The Reality Gap remained at 5% with properties typically selling for almost… Continue reading
UK home rental price growth eases, latest index shows
Rental price growth across the UK eased in August, with every region seeing smaller rent increases than in previous months, according to the latest index. The average rent in the UK now stands at £921 a month, compared to £851 a year ago, according to the data from the August HomeLet Rental Index, the largest monthly survey of private tenants in the UK. The average monthly private rent in London stood at £1,464 and in the rest of the country £729 although some regions that were previously showing high growth month on month have fallen and in total the average monthly variation in rent across the UK was 2.3%. Only London at 2.4% and the South East at 3%, registered increases of more than 2%. East Anglia and the South West, both of which have been recording strong growth in recent months, have seen a slowdown in August with rents in East Anglia increasing by just 1% and the South West recording a drop in rental prices by 0.9%. Rents were also lower in Scotland, Wales, the North West and North East of England as well as the East Midlands. The biggest fall in rental prices is in the North West where rents paid for new tenancies last month were, on average, 3.5% lower than those paid on new tenancies in July. Elsewhere, rents were up by 1.9% in the West Midlands, and by 1% in the East Midlands and Northern Ireland. ‘August can traditionally be a slower month for the rental market and similar dips have been seen in rental prices in previous years,’ said Martin Totty, chief executive of the Barbon Insurance Group which owns HomeLet ‘Nevertheless, the cooling in the rental sector may prove to represent the beginning of a trend towards a more settled market after several months of much more significant growth. A similar cooling has been seen in the wider housing market, with house price indices recording an easing of house price growth,’ he added. On an annualised basis rental growth continues to show strength, with only the North East and the East Midlands reporting lower rents for new tenancies in August than in the same month of last year. Across the UK, the average private home rent rose by 8.2% over the year to August 2014. In London, rents were up by 11.4% on a year ago, while East Anglia saw annual growth of 8.4% and the South East 5.3%. ‘While a calmer period for the rental sector is likely to be welcomed by landlords and tenants alike, with affordability concerns having increased in some parts of the country in recent months, demand for rental property is set to remain strong,’ said Totty. Continue reading
Finding the right home is most stressful part of buying, research has found
Finding the right property is the most stressful aspect of the buying process for people in the UK, according to new research. Moving day is seen as more stressful than finding a mortgage or negotiating on price and one in three people claim that buying a property is either more or as stressful as the end of a serious relationship. The research, conducted on behalf of Ocean Finance, also reveals that 22% claim buying a property matches or exceeds the death of a relative in terms of stress. Following the house market crash of 2008, the UK’s property market has shown signs of recovery with house prices rising across much of the country supported by continuing low interest rates and schemes such as Help to Buy and 16% of survey respondents said they have bought a home in the last five years. There are many steps to take when purchasing a home, but the one voted as most stressful by those who have bought in the past five years is simply finding a property. Some 45% of people who have bought in the last five years say finding a place they wanted was the most difficult part. However, despite the recent credit crunch, securing a mortgage is seen as less stressful than moving day itself. Some 42% of buyers rate packing and physically moving their belongings as the most stressful thing about moving house, compared to 37% who cite applying for a mortgage. Moving also beat negotiating with the sellers on price (41%) in the stress stakes. ‘Buying a house can be incredibly stressful as there’s so much involved but it’s still surprising to find that some people rate it as more stressful than breaking up with a partner or a loved one dying,’ said Ian Williams, spokesman for Ocean Finance. While finding a suitable home, applying for a mortgage and actually moving can all cause anxiety, the end result is often worth it. Owning your own slice of the property market can be a great feeling and hopefully it will be a few years before you have to cope with all that stress again,’ he added. Continue reading
