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Survey reveals satisfaction in UK rental sector with more families renting
The private rented sector in the UK has entered a more settled periods with over 80% of tenants satisfied with their landlords and more families renting homes, new research shows. The sector has seen some shifting demographics and overall satisfaction levels remain high, according to the latest survey from Paragon Mortgages, undertaken by BDRC Continental. It found that an increasing proportion of those making a home in the sector are couples with children who now make up 21% and couples at 29%. In addition to this 87% of those surveyed consider the rental sector to be their home and the average length of time spent living in a rented home currently stands at 12 years and 41% of landlords reported an increase in tenant demand in the third quarter of the year. Alongside a shortage of housing stock nationally, one factor driving this change is ever improving standards in the sector and 81% of those surveyed said they were ‘satisfied’ with their landlord while 66% of respondents considered their rented home to be either ‘good’ or ‘very good’ value for money. ‘The message coming through in this survey is that, for many people, the private rented sector is an increasingly attractive option over the long term,’ said John Heron, director of mortgages at Paragon. ‘This in many ways reflects the ongoing issue of affordability in the housing market, simultaneously however, competition and best practice are driving higher standards in the sector, making it a more attractive proposition for both individuals and families,’ he explained. ‘This data underscores the value of the PRS to the UK’s housing market. The UK’s PRS still has some way to go to before it catches up with its counterparts in Europe, but higher tenant satisfaction with both standards and affordability, show that there is room for increased growth in this sector,’ he added. Continue reading
Prices and sales up in Scotland as market recovers from impact of new land tax
Property in Scotland increased by 1% in October, the biggest monthly climb since April and sales were up 10% year on year, the highest figure for the month for eight years. The latest data from the Your Move index also shows that East Lothian saw biggest boost as new homes developments have pushed prices up 6.3% since September. West Lothian saw the biggest jump in home sales of any area in Scotland, with third quarter sales up 23% on the same period last year. The rise took the average price of home in Scotland to £168,843 and the market over a million pounds is starting to recover with 30 homes in this sector sold between August and October compared to just 14 in the previous three month period. Christine Campbell, Your Move managing director in Scotland, pointed out that average property prices in Scotland increased by £1,600 in October, twice the £761 rise reported in September, as sales of million pound home start again. ‘This growth means that we have seen the largest month on month rise in property values since the introduction of the Land and Buildings Transaction Tax (LBTT) in April this year and the fourth biggest monthly jump since the August 2007, at the height of the housing boom,’ she said. She also pointed out that the seaside town of North Berwick has experienced some of the strongest sales activity over the summer, as buyers hunt for somewhere which has an easy commute to Edinburgh. ‘Crucially, the town has seen three homes sold for over a million pounds and completions on premium new homes which has helped fuel this considerable increase in local prices,’ said Campbell. ‘The top of the market now appears to be recovering after being affected by the steeper LBTT. After the introduction of the new levy in April, home sales in this price bracket ground to a halt, but they are now picking up again,’ she explained. ‘The compromise is that higher end sellers are having to reduce the prices of their homes in order to compensate for the increased LBTT tax rate. In Edinburgh, sales of detached homes in the third quarter of 2015 are up 3% year on year, but average prices for these properties have dropped 2% over the same period,’ she added. The index data also shows that so far in 2015 property sales in Scotland for first time buyers and home movers are increasing three times faster than the rest of the UK. ‘The landmark LBTT switch has made it cheaper to buy homes with the first threshold at £145,000. Some 50% of home sales in Scotland are outside the system,’ said Campbell. ‘With the average cost of a flat in Scotland only £134,000, flat sales have jumped 8% in the third quarter of this year, compared to the same quarter in 2014. Low interest rates have also fuelled the rise as we have seen… Continue reading
Kensington’s Victoria Road named as the most expensive for homes in the UK
Victoria Road in Kensington in London is the most expensive residential street in England and Wales with an average house price of over £8 million, new research shows. Indeed, 12 of the 20 most expensive roads are in the Royal Borough of Kensington and the top 50 are all in the south of England, the data from Lloyds Bank also shows. There is a £5.5 million gap between the most expensive streets in the South East and the rest of the UK, no million pound streets in Wales and a £7.2 million gap between the most expensive street in Wales compared to central London. The most expensive Welsh street is in Cardiff and with an average house price of £793,000, Druidstone Road is £7.2 million less than Victoria Road in London. Such is the pull of living in Kensington and Chelsea that 12 streets in the Royal Borough are in the list of the 20 most expensive in the country. These include Egerton Crescent with an average price of £7,550,000, followed by Manresa Road at £7,359,000, De Vere Gardens at £6,606,000, Drayton Gardens at £5,954,000 and Chelsea Manor Road at £5,523,000. Other central London locations featuring prominently in the list of most expensive streets are in Westminster, including Eaton Square with an average price of £6,727,000, Chester Street at £5,533,000 and Prince Consort Road at £5,281,000. Away from these two prime central locations, Parkside in Merton in south west London is amongst the 20 priciest streets with an average price of £6,355,000. Parkside is followed by West Heath Road in Barnet, north London at £5,199,000, and Anhalt Road in Wandsworth at £4,686,000. Outside of London Icklingham Road in Cobham in Surrey is the most expensive with an average property price of £3,094,000. The next most expensive in the region is Moles Hill in Leatherhead at £3,085,000, Harebell Hill in Cobham at £3,041,000, Abbots Drive in Virginia Water at £2,937,000, Fishery Road in Maidenhead at £2,821,000 and Wildernesse Avenue in Sevenoaks at £2,167,000. Poole in Dorset is the only area outside the South East that ranks near the top. Sandbanks Road is the most expensive with an average house price of £2,493,000 followed by Western Avenue at £2,433,000 and Haig Avenue at £2,200,000, all of which are in Poole. Newton Road close to the Cambridge Botanic Gardens is the most expensive street in East Anglia with an average house price of £1,853,000 but million pound residencies in northern England are not far behind. The most expensive streets outside southern England are concentrated in the area south of Manchester. Castle Hill in Macclesfield has an average property value of £1,662,000, followed by Macclesfield Road in Alderley Edge at £1,499,000, Torkington Road in Wilmslow at £1,330,000 and Goughs Lane in Knutsford at £1,299,000. The most expensive streets not in southern England are Lyndon Road in Oakham in Rutland at £1,363,000, Tiddington Road in Stratford-upon-Avon at £1,349,000, Rutland Drive in Harrogate at £1,191,000 and Graham Park Road in Newcastle at… Continue reading
