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Half of UK home owners think their property value will rise in value in 2016
Half of home owners in the UK expect the value of their property to increase in 2016 and only 2% are concerned that prices will fall, a new survey shows. There is a continued confidence in the UK property market, according to the annual house buyers research report from Clydesdale and Yorkshire Banks. Figures shows that house price confidence has doubled since 2013 and is only slightly less than it was in 2015 which the report says underlines the stability and levelling out of the property market. The new findings show that overall only 2% of the population are concerned that their home will decrease in value while 48% anticipate no change. Back in 2013 9% thought prices would decrease, 66% thought they would stay the same and just 25% thought they would increase. ‘There have been great changes within our property market and our latest research shows a sustained level of confidence in property values over the past three years,’ said Steve Fletcher, director of retail banking at Clydesdale and Yorkshire Banks. The research reveals that London remains the key property hot spot with 73% of those surveyed confident in escalating prices in the capital and none predicting a downturn in property prices. In contrast just 33% of respondents in the North West believe their property will increase in value in 2016, with 65% believing there will be no change and 2% fearing a decrease. In Scotland 43% said they think prices will increase, 51% think they will stay the same and 6% believes there will be a decrease, while in Wales it is just 36% who think prices will rise, 64% think they will stay the same and none think they will fall. ‘There are a number of different factors which have played their part in the ongoing recovery of the property market. The Bank of England base rate has remained low and there has been steady growth in property prices and this has been reflected with sustained confidence of UK home owners,’ said Fletcher. Continue reading
Rebound in property prices in Sydney and Melbourne in first month of 2016
Property values across Australia’s capital cities were 0.9% higher in January driven partially by a rebound in Sydney and Melbourne, the latest real estate index data shows. The recent growth conditions have pushed the Melbourne property market into first place for annual growth with an 11% rise compared with Sydney where values were 10.5% higher over the past 12 months. The January 2016 CoreLogic RP Data Hedonic Home Value Index also shows that property values across Australia’s combined capital cities increased by 0.9% after recording no change in December and a 1.5% drop in November. Quarter on quarter values were 0.6% lower. Hobart led the monthly figures with a 4.7% jump in values, followed by Melbourne with a rise of 2.5% higher, Canberra up 2.8% and Sydney up 0.5%, while in the remaining four capital cities values were flat or down. Four of Australia’s eight capital cities recorded falling values over three months with Sydney down 2,1% over the rolling quarter, Darwin down 1.4%, Adelaide down 0.9% and Melbourne down 0.1%. The strongest growth in home values over the quarter was 3% in Hobart. Despite recording the largest annual decline in home values at 4.1%, Perth saw a rise of 1.7% over the three months to the end of January while they were up 0.8% in Brisbane and 1.2% in Canberra. While still a high rate of annual growth, Sydney’s annual rate of capital gain is now at a 29 month low and has been progressively softening since peaking at 18.4% in July last year. According to Tim Lawless, CoreLogic RP Data head of research, Melbourne’s housing market has been more resilient to slowing growth conditions which has propelled the annual growth rate to the highest of any capital city, with values 11% higher over the past 12 months. ‘Previously, during the height of the growth phase, there was a large separation between Sydney’s housing market, which was streaking ahead, and Melbourne’s, where the rate of capital gain was substantial but still well below the heights being recorded in Sydney. The latest data reveals Sydney’s housing market is now playing second fiddle to Melbourne’s, at least in annual growth terms,’ he said. ‘In fact, over the past six months, the performance gap between Sydney and Melbourne is stark. Sydney dwelling values have reduced by 0.6% between July last year and the end of January 2016, compared with a 3% rise across Melbourne,’ he explained. He also pointed out that in the last six months both Brisbane and Canberra have seen values rise by 2% while Hobart values are 1.3% higher and Adelaide dwelling values have been virtually flat with a 0.1% rise. The annual pace of growth across the Canberra market has been progressively improving, with values up 6% over the past 12 months, the strongest annual gain since November 2010. ‘The nation’s capital has benefitted from improved buyer confidence while rising demand has seen much of the housing oversupply absorbed, particularly across the detached… Continue reading
New home registrations up 7% year on year in UK
The number of new homes registered to be built in the UK increased by 7% year on year in 2015, reaching an eight year high of over 156,000, new data shows. The figures from the National House Building Council (NHBC) show that 75% more new homes were registered in 2015 than at the time of the housing crash in 2009 and there were 156,140 registration compared to 146,359 in 2014. Private sector registrations increased by 7% to 118,611 in 2015 compared to 110,674 in 2014 while public sector registration increased by 5% to 37,529 from 35,685 in 2014. Continuing the trend from 2014, the number of detached homes registered reached 42,173, the highest for over a decade. Additionally, the number of semi-detached homes registered in 2015 at 35,423 was the highest in more than 20 years. NHBC's latest data also revealed that the majority of UK regions experienced notable growth on 2014 levels, with the Eastern region up 23%, the North West up 16% and Scotland up by 15%. In the East Midlands growth was 12%, the South West up 9% and West Midlands also up 9%. While Northern Ireland saw the biggest increase at 30%, the NHBC pointed out that this was from a relatively low base. London is still leading the way in the number of new home registrations. Although the 2015 figure of 25,994 registrations is down 9% on the record 2014 total of 28,518, although 2015 saw the third highest number of registrations on record. Yorkshire and the Humber was down 13% on 2014 and Wales down 2% on 2014. As the leading warranty and insurance provider for new homes in the UK, NHBC's registration statistics are the lead indicator of the health of the country's new homes market. ‘2015 was a year for continued housing growth in the UK. Both the public and private sectors have performed well and we have seen encouraging levels of house building across most regions of the country,’ said NHBC chief executive Mike Quinton. ‘The detached home continues its resurgence, with our figures showing that house builders are building the highest number of detached properties for over a decade, with semi-detached homes also at their highest level in more than 20 years,’ he pointed out. ‘There is still a way to go before we are building the levels of new homes that were seen before the economic downturn, but 2015 represents consolidation on the growth seen over the last three years,’ he added. However, it would seem that this is not translating into work for smaller builders. According to the Federation of Master Builders’ (FMB) workloads for small builders across the country took a downward turn towards the end of 2015. ‘The building industry remains confident of continued growth but the slowdown we saw in the last quarter is a cause for concern,’ said Brian Berry, chief executive of the FMB,, who added that despite the growth in registrations both current and expected construction workloads are… Continue reading
