Tag Archives: shows
Asking prices rise across the UK apart from in Scotland
Asking prices have increased across England and Wales but not in Scotland, according to the latest index to be published. Prices rises increased by 0.9% overall in England and Wales during the last month but the average annual appreciation for England and Wales is down to 6.5%, the Home.co.uk index shows. The firm says that this reflects increasing demand across most of the UK and although Scottish prices nudged down slightly they remain 4.1% higher than last year. The data also shows that the typical time on market for England and Wales has improved considerably. At 88 days, this already matches last year's post-crisis low and looks set to fall further despite the slower Greater London market. Supply of property for sale in London has risen considerably over the course of the last year, up19%. Correspondingly, marketing times have increased and the typical marketing time is now 60 days which is 13 days longer than in April 2014. Despite this, prices continue to rise at a rate of 13% per annum. Supply rises in other regions are either small or negligible and this is stimulating great price growth, the index report says. Prices are higher in East England, where the typical time on market has fallen to a new post-crisis low of 64 days. East England, the South East, West Midlands and the South West all showed higher monthly price rises than Greater London this month. Further north, marketing times are also improving and prices are nudging up as spring increases the market momentum. Overall, the current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 6.5% higher than they were in April 2014. Homes might be taking longer to sell this year than last, but London’s property values have soared to new all-time highs and this month’s rise takes the average home to over £500,000. Also, the mix adjusted average price has risen by 44% in just three years, which equates to an increase of around £150,000. However, the market dynamic in London is changing and the same vigour that yielded such price growth is moving out to the regions via the Home Counties, according to Doug Shephard, Home.co.uk director. ‘The immediate future looks rosy for all of the UK, but much of this growth is based on debt at historic low rates of interest. And the music won’t stop until it appears that the debt cannot be repaid, although that moment seems a long way off,’ he said. ‘Leveraged property investors can take comfort in the fact that the Bank of England doesn’t look keen on increasing interest rates any time soon. In fact, inflation is falling to new lows and the Bank ‘stands ready’ to cut IRs should this deflationary trend continue for too long. So, for the time being, the sky’s the limit,’ he added. Continue reading
The dream British home is a farmhouse or cottage with an Aga, a new study shows
A quintessential farmhouse or cottage surrounded by quiet countryside is the dream home for many people in the UK, new research shows. But that home needs to be not too isolated, have three bedrooms or more, have good broadband, good insulation, be cosy and inviting and have an Aga in the kitchen, according to the latest Housing Futures survey from Strutt & Parker. Much has been written about the new urban living trend but the survey reveals that is not necessarily everyone’s dream. The top desire was a home in the South East of the country followed by a rural location. The third desire on the list is being less than a mile from shops, followed by a detached farmhouse or cottage with three bedrooms or more. Next is a home that has a traditional British interior and cosy ambiance and then sixth on the list is an Aga oven. The final four top wishes are for good broadband, a walled garden, an outstanding view of the countryside and good insulation for energy savings. ‘The survey results paint an interesting picture as the quintessential British farmhouse surrounded by quiet countryside clearly remains as an enduring ideal for many. Over the past decade, there has been a focus on urban resurgence, so we were interested to discover that while our respondents want to live near other people, they didn't want them on their doorstep,’ said Stephanie McMahon, head of research at Strutt & Parker. ‘Lifestyle change remained the dominant motivation for moving, but in light of pension challenges and parents seeking to help their children onto the housing ladder, we were surprised to see that so few respondents ranked release of equity, pension top up and financial support for relatives as their reasons for moving home,’ she explained. ‘It seems that we really are a nation of optimists. It certainly was encouraging to discover that 79.4% of respondents believe they can achieve their dream home within the next five years,’ she added. Focusing solely on those who intend to move within the next five years, the survey showed that the largest proportion of home buyers wished to settle in the South East at 26.1%, followed by the South West at 15.6% and the West Midlands at 9.6%. Rural areas, villages and market towns came out as the most desired living environments at 23.3%, 22.9% and 17% respectively. Walking distance to the shops of less than a mile was crucial to 49.2% of people. For the second year in a row, lifestyle change was the biggest motivation for moving for 49.3%, followed by access to shops and amenities cited by 39.3%. A new category for the survey this year was broadband connectivity, which has shot in as the third motivation at 35.8% and highlights the desire to be technologically connected. According to those who plan to move within five years, the ideal home will be a detached house for 65.7%, either a farmhouse or in a cottage… Continue reading
UK house prices up 7.2% year on year, latest ONS data shows
UK house prices increased by 7.2% in the year to February, down from 8.4% in the year to January 2015, according to the latest official figures from the Office of National Statistics. House price annual inflation was 7.4% in England, 1.1% in Wales, 6.4% in Scotland and 14.2% in Northern Ireland. The data confirms that annual house price growth is showing signs of slowing across the majority of the UK. Annual house price increases in England were driven by an annual increase in the East of 10.7% and in London of 9.4%. Excluding London and the South East, UK house prices increased by 5.9% in the 12 months to February 2015. The data also shows that on a seasonally adjusted basis, average house prices increased by 0.6% between January and February 2015. In February 2015, prices paid by first time buyers were 7.4% higher on average than in February 2014. For owner-occupiers (existing owners), prices increased by 7.2% for the same period. It suggests that actions taken by the Bank of England’s Policy Committee to dampen the growth of last year have done their job and put the housing market on a more stable footing for the short term at least, according to Peter Williams, executive director of the Intermediary Mortgage Lenders Association (IMLA). ‘Seeing annual price rises dip below an annual increase of 6% outside London and the South East is a step in the right direction to improve affordability,’ he said. ‘However, in part the slowdown has only been possible by squeezing potential buyers out of the market by restricting access to finance, creating some extra breathing space for politicians to get to grips with the fundamental supply/demand imbalance,’ he added. Continue reading
