Posts with tag: property

What are the spookiest reasons given for not buying a home?

Published On: October 28, 2016 at 9:23 am

Tags: Halloween,homeseekers,property,spookiest property

With Halloween just around the corner, new research from Skipton Building Society has revealed the spookiest features put people purchasing an older property.

Data from the report shows that it might not be the décor or garden that is putting the willies up would-be buyers!

Creepy

The study of 2,000 people found that one in ten are put-off buying property by the possibility of ghosts being present in homes more than 46 years old! Others expressed concern about the history, while others complained of signs of mice and bats in the attic!

An unlucky 13 reasons for people not wanting to buy an older property were found to be:

Knowing someone had died there (21%)
Seeing mice in the property (21%)
Not knowing history of the home (20%)
Lack of light (20%)
Unsavory previous owners (16%)
Bats in the attic (14%)
Not liking the history (13%)
Knowing a criminal has lived there (13%)
Fearing someone has been murdered there! (13%)
One of the rooms being colder (10%)
Scared of ghosts (10%)
Squeaky floorboards (9%)
Weird things in the property (8%)

Further results from the survey showed that 45% would immediately rule out a property over 46 years old. Over two-thirds wanted a new build, while 38% said that they would prefer to purchase a new build if money was no object.

Over half of those surveyed said that the biggest attraction of a new property was the ability to oversee what lighting, carpeting and appliances to include. In addition, not having to clean and ease of decorating were two other factors.

What are the spookiest reasons given for not buying a home?

Mysterious

Rebecca Willey, Corporate Communications Manager at Skipton Building Society, noted: ‘It seems it’s not just the unexpected costs associated with buying an older home that is scaring the nation; a fear of ghosts, mysterious property past and even dead pets buried in the garden are enough to put people off from buying an older house.’[1]

‘Whilst it may spook some, purchasing an older property full of historical charm is a real treat for others. However, it’s not hard to see why so many people want a new build home, as they provide an opportunity to create the home of your dreams, without the hard work and baggage from previous owners,’ she continued.[1]

Concluding, Willey said: ‘So whether you prefer a new build blank canvas or a home full of character, you will need to ensure your finances are in the best shape possible to ensure you get the keys to your dream home, no matter how old –or haunted – it may be.’[1]

[1] http://www.propertyreporter.co.uk/property/what-are-the-top-13-spooky-reasons-that-put-people-off-buying-a-property.html

Over one in four homes in is an unacceptable standard

Published On: October 17, 2016 at 10:05 am

Author: Em Morley

Categories: Property News

Tags: affordability,Living Home Standard,property,renters,Shelter

A shocking new survey from Shelter has revealed that over one in four homes in the UK do not hit acceptable living standards.

The charity’s new Living Home Standard looks at features such as cleanliness, safety, affordability and space.

Problems

Worryingly, the report found that affordability was the greatest issue and that people should be able to, ‘live and thrive’ in homes, not just ‘get by.’

Prime Minister Theresa May has recently said that the Government is to prioritise housing, doubling its affordable housing budget.

Shelter compiled the Living Home Standard through a series of workshops and questionnaires. The charity also received support from British Gas.

Measurements of homes hitting acceptable living standards were based on results from a survey of 1,961 adults across the UK.

Standards

The Living Home Standard measures five elements according to specific criteria. The concept of space was measured for example by having a sufficient number of bedrooms for the household, and having space for everyone to spend time in the same room together.

Other aspects of space include outdoor room and the amount of space children and adults have to work.

These five elements of the Living Home Standard were measured on:

Affordability: Factors such as how much money is left for peoples’ essentials following rental or mortgage payments

Living conditions: Assessing replies for words such as ‘warm’ and ‘secure’ when asking the participants to describe their home.

Space: Sufficient space was seen as critical for mental and social wellbeing

Stability: This was seen as the extent to which people feel that they can turn their property into a home.

Neighbourhood: Residing in an area where people feel safe and secure was also seen as very important. Living close to work, family and friends was also an important measurement.

Over one in four homes in is an unacceptable standard

Cutbacks

Of the five criteria, 27% of homes failed at least one of the affordability specifications. Shelter revealed that 24% of people were not able to save anything for unexpected outgoings after paying rent or mortgages. 23% worry about their rent or mortgage charges becoming unaffordable should they rise even slightly.

18% of people could not meet their housing fees if they did not cutback on essentials like food or heating. 20% said they have to cut back on social activities in order to meet costs.

In addition, over one in ten people live in homes that do not hit space criteria. This was particularly bad for renters in social housing. One in five said that space was inadequate, while one in four said that they did not feel in control of how long they could stay in their property.

Heart-breaking

Shelter has called for more stable rental contracts, lasting for at least five years to protect tenants against rent increases.

Chief executive of Shelter, Campbell Robb said: ‘It’s heart-breaking to think that so many people are having to make a choice between paying the rent and putting food on the table, or living in fear that any drop in income would leave them unable to cover their housing costs.’[1]

‘The sad truth is that far too many people in Britain right now are living in homes that just aren’t up to scratch – from the thousands of families forced to cope with poor conditions, to a generation of renters forking out most of their income on housing each month and unable to save for the future,’ he added.[1]

[1] http://www.bbc.co.uk/news/uk-37655908

Property asking prices rise during September

Published On: October 12, 2016 at 2:08 pm

Author: Em Morley

Categories: Property News

Tags: asking prices,investors,landlords,property,property prices

Property prices in the UK rose by 0.7% during September, with the East of England showing the most prominent rises.

However, a report from Home.co.uk suggests that many sellers are being too optimistic on their pricing.

Rises

Month-on-month, property asking prices rose by 0.7% in England, by 0.3% in Scotland and by 0.2% in Wales. Yearly, prices are up by 4.4%, 5.3% and 1.3% than at the same period in 2015.

In addition, supply has found to have risen by 11% year-on-year across Britain. This was particularly driven by the South and East of the England. In London, supply rose by 19%, in the South East by 23% and the East by 30%.

The largest month-on-month rise in asking price was found in the East of England, with 1.1%. This took the average asking price in the region to £342,915, some 11.5% greater than one year previously.

Next came the South East and the East Midlands, with rises of 1% recorded. This pushed the average asking price of property in these regions to £394,837 and £211,328 respectively. Annually, there were increases of 4.2% and 5.5%.

Property asking prices rise during September

Muted

More muted growth was evident in the West Midlands, with asking prices up by 0.5% month-on-month and 6.5% year-on-year. The North West saw rises of 0.1% and 4.2%, Yorkshire and the Humber 0.2% and 3% and the North East 0.2% and 1.1%. Asking prices in these regions are now £225,664, £181,459 and £157,577 respectively.

The report also indicates that a sign of fragility within the market is evident with a growing number of sellers cutting asking prices. This is currently at a three-year high in Britain, with Home.co.uk expecting more to follow.

Doug Shepherd, director of Home.co.uk, noted: ‘Supply is increasingly rapidly in the East, South East and London. What’s more, the pricing of these new instructions is looking rather optimistic.’[1]

[1] http://www.propertywire.com/news/europe/asking-prices-across-uk-sellers-optimistic-index-suggests/

Brexit is impacting on one in five homeowners

Published On: September 27, 2016 at 8:50 am

Author: Em Morley

Categories: Property News

Tags: Brexit,homeowners,property,property market

An interesting new report has uncovered that Brexit is still having an impact upon property owners.

The survey of 2,000 people, conducted by home services marketplace Plentific.com, discovered that the result of the vote is likely to affect moving home for around one in five homeowners.

Uncertainty

22% of UK homeowners suggest that Brexit is affecting the likelihood of them moving home in the short term. 10% said that they were more likely to move home, with 12% likely to stay at home.

In London, 26% of owners said they were more likely to sell up because of the result, with 11% saying they were less likely. The average price of a property in the capital is presently £484,716, according to the Office for National Statistics data from July 2016.

However, with more people likely to sell up, this could leave opportunities for buyers and investors, with prices possibly falling in the more saturated market.

Brexit is impacting on one in five homeowners

Improvements

Further data from the investigation found that three months on since the Brexit vote, there has been a 50% increase in homeowners who are more likely to make improvements to their homes. In the North West, 21% of property owners are likely to improve their dwelling, with 19% of people in the North East saying the same.

Cem Savas, Co-Founder of Plentific.com noted: ‘we know Brexit would have massive consequences for the UK housing market and our research shows that the public are still unsure of our future. Despite the fear-mongering and confusion which has surrounded the topic, Plentific’s statistics show that homeowners are now relaxed about the idea of spending money on their property. Interestingly, our research highlights the current nervous property market in London, with a quarter of Londoners ready to cash in and sell up.’[1]

[1] http://www.propertyreporter.co.uk/property/brexit-continues-to-impact-homeowners.html

Young prioritising property over pensions

Published On: September 22, 2016 at 9:42 am

Author: Em Morley

Categories: Finance News

Tags: buying a property,pensions,property,retirement

A new study has revealed that more young people feel saving up for a property is more important than a pension.

Research conducted by independent market research firm Consumer Intelligence, discovered that under 35’s are three times as likely to save for a residential property than for retirement.

Priorities

The report was commissioned by Nottingham Building Society and revealed that 24% of under 35’s feel that saving for a property is their priority. This was in comparison to 8% who think of saving for retirement.

For many years, retirement saving has been the main saving and investing priority for the population. However, this latest survey suggests attitudes are changing and getting onto the housing ladder is becoming the main focus for those under 35.

34% of under 35’s are saving for their first home or to move, in comparison to 18% with the population as a whole.

Young prioritising property over pensions

Best choice of investment

Just last month, Andy Haldane, Bank of England’s chief economist, noted that investing in property is a better choice of investment for retirement than paying into a traditional pension.

Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, said: ‘The importance that younger savers place on buying their first home or moving home demonstrates that there is strong demand for help with saving with under 35’s saying owning a home is three times more important than saving for a pension.’[1]

[1] https://www.propertyinvestortoday.co.uk/breaking-news/2016/9/the-young-prioritise-property-over-pensions

Selling a property most stressful life event

Published On: September 21, 2016 at 9:11 am

Author: Em Morley

Categories: Property News

Tags: landlords,property,selling a property

A new survey has revealed that selling a property is the most stressful life event.

The study, conducted in the summer of 2016 by Vivo Property Buyers, found that selling a home is more stressful than having a baby, moving job roles and planning a wedding.

Stressful

Ensuring a guaranteed sale, alongside receiving the highest possible price are two significant factors that were important to house sellers, thus contributed most to their stress levels.

Jantiene Sobry, co-founder of Vivo Property Buyers, agreed with the findings, noting: ‘this is very true and completely understandable. It is the biggest asset most people will ever own and the process is long and daunting. It is the unknowns which make it a stressful event in your life.’[1]

‘This is exactly the reason why we set up Vivo Property Buyers. It seemed that within the property industry, there was only one known way to sell your house: selling on the open market. There is a real niche in the market to create a stress-free guaranteed house sale process without having to jump an endless amount of hoops,’ she added.[1]

Selling a property most stressful life event

Results

Further results from the survey revealed that short-term loan companies are the least trusted in the industry. In addition, the average time people estimate it will take to sell their property is between three and six months.

The most popular choice of selling a home is through a local estate agent.

What’s more, the survey found that there is still a stigma attached to the property buying industry, in comparison to local estate agents. However, Rupert Sobry, husband of Jantiene, remains optimistic.

‘Luckily, organisations such as the Property Ombudsman came into play to regulate the industry and protect consumers. Still, unfamiliarity breeds concern. It’s human nature to be suspicious about new things. Hopefully regulated Fast Property Buyers will soon be seen as equals to estate agents. Sellers can make their choice as to how they would like to sell but at least they have several options as opposed to only one option in the past,’ he observed.[1]

[1] http://www.propertyreporter.co.uk/property/survey-reveals-that-selling-a-house-is-the-most-stressful-life-event.html