Posts with tag: property

Property supply rises ahead of General Election

Published On: June 7, 2017 at 9:31 am

Tags: general election,new listings,new property listings,property

The most recent report from HouseSimple has indicated that there was a 7% increase in property supply across the UK during May.

This increase comes after a 4% fall in April and suggests that sellers want to secure an offer before the impending General Election result in early June.

New Property Listings

Almost 80% of towns and cities covered by the report saw an increase in new property listings in May in comparison to April.

The largest rises were evident in Barnsley, Wolverhampton and Canterbury, with new listings here totalling 74.6%, 52.1% and 51.9% respectively.

However, the report does show that levels of supply have swung substantially in many areas during the last two months. Oldham and Northampton saw new listings rise significantly in April but drop in May.

In London, the ups and downs of new property supply in May across all 32 boroughs were less vivid than in April. New property listings here were up by 5.2% during the last month.

Two areas that did see significant swings were Newham and Sutton. Newham saw a rise of 23.5% in May, compared to a decline of 15.8% in April. On the other hand, Sutton saw falls of 28.1% in May, with a drop of 19.2% in April.

Property supply rises ahead of General Election

Uncertainty

Alex Gosling, CEO of HouseSimple noted: ‘Political and economic uncertainty surrounding a General Election can often see sellers hold off marketing until after the result is known. However, the 7% rise in May suggests many sellers aren’t waiting and marketed their properties last month to try and secure an offer before the Election result.’[1]

‘There is something to be said for doing this. The Spring period, traditionally a buoyant time for the property market, has been knocked off kilter by Article 50 being invoked and the PM calling a General Election. As a result, we could see a late Spring bounce after the Election result, with a stampede of sellers putting their properties onto the market before the summer holidays. It doesn’t give home sellers a lot of time to secure a sale and the savvy and committed seller, willing to negotiate on price could well have seen an opportunity to beat this stampede and steal a march on their competition,’ he added.[1]

[1] http://www.propertyreporter.co.uk/property/general-election-sparks-rise-in-property-supply.html

Property price growth slows for third straight month

Published On: June 1, 2017 at 11:54 am

Author: Em Morley

Categories: Property News

Tags: Buy-to-Let,house prices,property,property prices

The latest research from Nationwide has shown that UK property prices have fallen for the third consecutive month – the first time this has happened since 2009.

May’s data indicates that yearly house price growth slid to 2.1% – the weakest in nearly four years.

Election Uncertainty

Nationwide looked at house price movements in the months around previous elections and the EU referendum last year. Its analysis found that previous elections do not seem to have generated much volatility in property prices, or significant changes in trends.

Robert Gardner, Nationwide’s Chief Economist, noted: ‘If history is any guide, the slowdown is unlikely to be linked to election-related uncertainty. Housing market trends have not traditionally been impacted around the time of general elections. Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.’[1]

‘On the whole, prevailing trends have been maintained just before, during and after UK general elections. Broader economic trends appear to dominate any immediate election-related impacts. It is too early to conclude whether the slowdown in house price growth is merely a blip, a reflection of the impact of the squeeze on household budgets, or is due to mounting affordability pressures in key areas of the country,’ he continued.[1]

Moving on, Gardner said: ‘Given the ongoing uncertainties around the UK’s future trading arrangements and the upcoming election, the economic outlook is unusually uncertain, and housing market trends will depend crucially on developments in the wider economy.’

‘Nevertheless, in our view, household spending is likely to slow in the quarters ahead, along with the wider economy, as rising inflation increases the squeeze on household budgets. This, together with mounting housing affordability pressures, is likely to exert a drag on activity and house price growth in the quarters ahead.’[1]

Property price growth slows for third straight month

Momentum Loss

Russell Quirk, founder and CEO of eMoov.co.uk, observed: ‘A third consecutive drop may seem like a reason to worry for UK homeowners, but house prices still continue to climb despite the slowdown in the rate of growth.’

‘It is unclear as to whether the market is losing momentum or if buyer demand is unseasonably hibernating due to the oncoming election, but Nationwide have been quick to highlight that previous elections have had little impact on traditional house price trends.
It’s fair to say, however, that previous years were a tad more routine that a snap election called in the middle of negotiations to leave the EU and it is likely that the market is seeing an influence from both sides.’

‘House prices, along with the gap when compared to earnings, have continued to increase and such a pattern is unsustainable in the long term. It is likely that we will see the market let off a little steam and naturally adjust over the coming months and overall it should stabilise once the election dust has settled and buyer confidence returns to full force.’[1]

[1] http://www.propertyreporter.co.uk/property/house-prices-fall-for-third-month-in-a-row.html

Britain’s favourite property TV shows are revealed

Published On: May 22, 2017 at 3:05 pm

Author: Em Morley

Categories: Property News

Tags: housing,housing market,property,property TV shows

A fun new survey conducted by My Home Move has revealed the UK’s favourite property-related television shows and presenters.

The investigation, conducted by the research agency Gorkana, quizzed 700 members of the UK public to pick their favourite property television show, presenter and iconic home.

Property Favourites

DIY SOS, fronted by Nick Knowles, was voted as Britain’s favourite television property show. Coming in a close second was Grand Designs, while Homes Under the Hammer was back in third.

The top five most popular property television shows, as per Gorkana’s research, were found to be:

Show	Percentage of votes
*DIY SOS*	19%
Grand Designs	18%
Homes Under the Hammer	17%
Location, Location, Location	16%
Escape to the Country	9%

In terms of presenter, Nick Knowles made it a double for DIY SOS, perhaps surprisingly beatinh Kirstie and Phil from Location, Location, Location into third and fourth position respectively.

Britain’s favourite property show presenters were found to be:

Presenter	Percentage of votes
*Nick Knowles (DIY SOS)*	21%
Kevin McCloud (Grand Designs)	12%
Kirstie Allsopp (Location, Location, Location)	10%
Phil Spencer (Location, Location, Location)	10%
Martin Roberts (Homes Under the Hammer)	9%

Britain’s favourite property TV shows are revealed

Doug Crawford, CEO of My Home Move, observed: ‘Property is a very British obsession, so naturally there are many programmes on our television dedicated to properties of all shapes and sizes. What the results show is that property is aspirational; whether it’s improving the properties that we own or building and buying the properties we dream about.’[1]

Dream Homes

In addition, respondents to the survey were asked what ideal property would make up their ideal home.

The fictional estate in Downton Abbey came in first, followed by the Southfork Ranch, as seen in Dallas. Harry Potter’s Hogwarts School of Witchcraft and Wizardry came in third.

Continuing, Mr Crawford said: ‘The properties the Nation has chosen as their dream homes are interesting, as they are all unique in their own ways. Home ownership and the type of property we own in the UK has typically been an indicator of social status; the bigger the property is, the more successful we are, so it’s no surprise that the Nation’s dream home is that of the Earl of Grantham.’[1]

Concluding, he noted: ‘It seems that while the public prefers the ‘good-news’ story of people coming together to help those in needs, the industry recognises and uses the educational value of property shows. Either way, the Nation’s obsession with property continues to be reflected in the variety of property shows on our screens, and I am sure we will see more of them in the years to come.’[1]

[1] http://www.propertyreporter.co.uk/property/what-is-the-uks-favourite-property-tv-show.html

House Prices Fall by 0.6%: ONS

Published On: May 16, 2017 at 10:18 am

Author: Em Morley

Categories: Property News

Tags: house price values,ONS,property,property prices

The most recent House Price Index from the ONS shows that average property prices in the UK slipped by 0.6% between February and March 2017.

This data seems to indicate that the general slowdown in annual growth rate seen since mid-2016 is continuing.

Property Prices

The average UK house price currently stands at £216,000- £9,000 greater than in March 2016 and £1,000 less than in February 2017.

England saw the largest growth in UK house prices, with property values increasing by 4.4% over the course of the year to March 2017. In Scotland, values edged up by 0.7% to hit £137,000.

Regionally, the East of England and the East Midlands saw the highest annual rate of growth, with prices in both locations rising by 6.7% over the period. The lowest rate of annual growth was seen in the North East, where prices fell by 0.4%.

London saw the next slowest rate of growth, with prices increasing by 1.5%.

John Goodall, CEO and Co-Founder of Landbay observed: ‘While it may look as though house price growth is beginning to slow down, affordability remains a key concern for many aspiring homeowners struggling to get a foot on the ladder. Furthermore, rising inflation and recent warnings from the Bank of England that a year of falling wages lies ahead means we’re unlikely to see any immediate relief.’[1]

‘Now more than ever, the private rented sector will be relied upon to support those unwilling or unable to buy a house outright. As the General Election draws closer, we hope to see some ironclad commitments on house building from policy makers. Encouraging institutional investment in large scale developments, specifically designed to rent rather than buy, will help to control house price growth while also improving living standards for those relying on a well-served buy-to-let market,’ he added.[1]

House Prices Fall by 0.6%: ONS

‘Flat and Stagnant’

Andy Sommerville, Director at Search Acumen, noted: ‘Today’s figures show that UK house prices are continuing to slow, falling from 5.6% growth in February to 4.1% in March. This trajectory is no doubt reflective of the wider sentiment of the UK housing market, with the industry remaining flat and stagnant in the face of ongoing uncertainty.’[1]

Mark Harris, chief executive of SPF Private Clients, highlights last year’s rush to beat the Stamp Duty deadine as a reason for the slowdown:

‘The housing market in March was bound to be quieter compared with a year ago because back then investors and second homeowners were rushing to purchase in order to beat the stamp duty hike at the beginning of April. This year there is no such impetus to focus the mind, with the market ticking along as usual.’[1]

‘The impending general election is having little impact on the market, apart from the upper end where there may be people just waiting for the sake of three or four weeks before making a decision.’[1]

[1] http://www.propertyreporter.co.uk/property/ons-house-prices-down-06.html

Rents carry on rising as supply falls

Published On: May 16, 2017 at 9:10 am

Author: Em Morley

Categories: Landlord News

Tags: property,property supply,rental values,rents

The number of new properties coming onto the market was down again during April, according to the most recent RICS Residential Market Survey.

This marked the fourth consecutive month of lower supply, which is subsequently putting severe pressure on rental values across Britain.

What’s more, tenant demand was also slightly down in the first three months of 2017.

Stock

A lack of housing stock continues to be a real challenge for the sector. Simon Rubinsohn, RICS chief economist, feels tax changes are having a material effect on transaction levels, especially at the top end of the market.

Mr Rubisohn said: ‘It is noticeable in the April report that the amount of new rental instructions coming through to agents is continuing to edge lower which is not altogether surprising given the changing landscape for buy-to-let investors.’[1]

Rents carry on rising as supply falls

‘One consequence of this is that rents are expected to continue rising not just in the near term but also further out and at a faster pace than house prices,’ he continued.[1]

In addition, the figures seen in the report revealed that buyer interest, alongside the volume of property sales, continued to drop. This suggests that volume of homes being listed to let is not likely to increase at anytime in the near future.

Stephen Wasserman, managing director of West One Loans, observed: ‘There is a persistent supply and demand issue in the UK’s housing market and this is creating an increasingly competitive environment.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2017/5/rents-are-expected-to-continue-rising-as-supply-falls

UK House Price Growth Remains Stagnant

Published On: May 15, 2017 at 2:57 pm

Author: Em Morley

Categories: Property News

Tags: election,house price growth,landlords,price growth,property

New research has revealed that property prices in England and Wales rose by just 0.1% during April.

In addition, data from the report by YourMove shows that prices have increased by only 0.5% in the last three months. Annually however, price growth remained fairly steady- rising to 3.5%.

Transaction levels of 63,500, down 7% on March, remain constant with those levels reached in 2015.

Growth

The West Midlands underlined its position as the fastest growing region in the UK, with price rises of 0.5% month-on-month and 6.2% year-on-year.

In London, growth remains subdued, with a month-on-month decrease in prices of 0.1%. Annually, the capital was the slowest region for price growth outside the North East, with a rise of just 1.4%.

UK House Price Growth Remains Stagnant

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents observed: ‘Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.’[1]

‘As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home,’ he added.[1]

[1] http://www.propertyreporter.co.uk/property/house-prices-remain-muted-for-second-consecutive-month.html