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Top waterfront homes in UK cost an average of 70% more, new index shows
Prime waterfront properties in the UK are worth up to 70% more than their inland counterparts on average, with the South West commanding an extra 91%, according to new research. Private slipways have the potential to push the premium up to as much as 118%, according to Knight Frank’s latest Prime Waterfront Index which measures the potential value uplift for prime homes with a view of water compared with similar properties located further inland. The index data shows that the South West offers the potential for the most added value with a premium of 91%, followed by the South East at 44% and East Anglia at 41%. The premium is 27% in Wales and 33% in Scotland. The report points out that the South West has the longest coastline of any English region and boasts some of the country’s most expensive waterfront properties, with Sandbanks, Rock and Salcombe some of the prime hotspots. ‘Amenities are also a crucial factor for many buyers and having direct access to water is something many people are prepared to pay a premium for. Private slipways are considered the most valuable feature, pushing up the waterfront premium up by as much as118%,’ said Oliver Knight of the firm’s residential research team. The index report also reveals that properties with a private mooring or pontoon can see the waterfront premium rise to 106% and 105% respectively, while jetties and private beach access can add up to 91% and 86%. In terms of location types, homes situated on estuaries command the largest uplift of up to 96% compared to a similar property inland. Prime harbour side properties enjoy an uplift of up to 91% due to their rarity and prime coastal properties are worth up to 67% more. Heading away from the sea, lakeside homes are 40% pricier than their waterless equivalent, and being situated next to a river can add up to 67% to the value of a prime residential property. ‘Our data suggests that interest in UK waterfront properties extends beyond these shores with individuals from all over the world searching for a waterfront home in the UK last year,’ explained Knight. Indeed, the data shows that excluding the UK, where the majority of web searches originated, this was led by potential buyers in Europe and Asia Pacific. Continue reading
Stamp duty hike hits prime property market in UK, research suggests
Sales of homes worth over £1.5 million in the UK have reached a plateau and are set to fall for the first time in two years due to property tax change, according to a new report. This is despite growth in this price sector of 36% year on year from 2012 to 2014, says the latest market analysis report from national estate agents Jackson-Stops & Staff. ‘The wider UK residential property markets are reasonably buoyant now that we have the general election behind us and the uncertainties that any potential political changes bring,’ said Nicholas Leeming, chairman of Jackson-Stops & Staff. ‘However, the revision to stamp duty rates late last year has contributed to the widespread stagnation of the higher valued markets in 2015, both in London and the country, where many properties are finding it difficult to attract buyers,’ he explained. ‘Sale volumes have plateaued across the country in response to high transaction costs, reflecting the fact that the UK has one of the highest taxed property sectors in the world,’ he pointed out. Under new stamp duty legislation the value portion between £925,001 and £1.5 million has resulted in an additional 10% bill, and anything above £1.5 million added another 12% charge. ‘We have an ageing house owner population with too few younger entrants onto the property ladder. Mortgage funding is difficult to raise for people in their forties, even if they have been previous house owners, irrespective of their credit history,’ Leeming said. ‘We need to encourage trading down so that larger houses are released to families needing more space. The changes to inheritance tax will incentivise older house owners to trade down, but we also need to enable property owners to move without new restrictions to mortgage funding and reduce the top levels of stamp duty to free up the higher value markets at no net loss to the Exchequer,’ he added. Alastair Hancock, the firm’s director at its Sevenoaks office, revealed that over a third of available stock is priced in excess of £1.5million and this is due to a lack of incentives for buyers at the mid to high end of the market. ‘Since the stamp duty hike last December, we have seen a significant decline in volume of sales at this level as the 12% continues to penalise the country house market, which is still struggling to recover from the recession,’ he said. Continue reading
Property prices creeping up on Spanish island of Mallorca
Property prices in the Spanish island of Mallorca are creeping up for the most sought after locations and sales are also rising, including at the lower end of the market. The latest real estate analysis of the island’s property markets shows that the recovery is well underway with prices up by an average of 10% for the best quality homes in the top destinations. Indeed, Engel & Völkers, which has 16 offices around the island, reports that sales increased by 27% in the first half of 2015 compared to the same period in 2014. The firm says that confidence in the market and a flux of foreign buyers, mainly German speaking, British and Scandinavian, have fuelled the initial price increases of 10% to 15% for top quality properties in high demand prime locations. Hot spots tend to be coastal locations such as Andratx in the south west of the island where, according to the latest Spanish land registry figures for 2014, Engel & Völkers dominated the market in Andratx and accounted for 70% of all transaction volume. In Palma the historic old town and the fashionable port areas of Portixol and Molinar apartments with outdoor space are at a premium and for these type of properties prices have increased by approximately 10% over this time last year. Son Vida is experiencing a boom with demand for contemporary style properties with sea views. The sale of plots has trebled since this time last year and in the South West, where over 40% of all sales are made to foreigners, prices have increased by approximately 10% over this time last year. The report says that buyers in the region are demanding top quality, sea views and Mediterranean design and new trends include concierge serviced apartments. It is predicting a further 10% increase in prices for top properties. Prices are stable in the West of the island with no significant increases recorded over last year while in the centre and South sales up by over 120% over this time last year. Prices are stable with increases of up to 10% for top locations. Hot spots in the North include Pollensa Town and the Port with increasing interest for the coastal areas of Mal Pas and Alcanada. Buyers want quality and frontline positions and prices predicated to increase by 10% in 2016. In the North East prices are stable here the lower end of the market selling well for properties under €500,000. The report says buyers are looking for bargains and specifically for fincas and townhouses which are less expensive here in comparison to other areas closer to Palma. In the South East the sales picture is similar to this time last year with prices remaining stable. The area continues to represent good value and investors are currently buying a range of properties from €300,000 to €3 million. Continue reading
