Posts with tag: selling your house

Home Sales at 16-Month High, Reports RICS

Published On: October 8, 2015 at 12:58 pm


Categories: Property News

Tags: ,,,

Home sales have risen across the UK, hitting a 16-month high, according to the Royal Institution of Chartered Surveyors (RICS).

Home Sales at 16-Month High, Reports RICS

Home Sales at 16-Month High, Reports RICS

It reports that agreed sales have increased at the fastest rate since May 2014 and prices have grown further across all parts of the UK, as demand continues to outweigh supply.

This is the fifth consecutive month that the RICS has recorded a rise in sales and this sixth for which an increase in demand was witnessed.

However, the RICS warns: “Although activity is picking up, the ongoing lack of new instructions and the resulting limited stock on the market continue to be an issue for the sustainability of the market.

“The number of new instructions has fallen in 13 of the last 14 months.”1

Chief Economist at the RICS, Simon Rubinsohn, explains: “The indications are that we are locked in a cycle where the lack of available properties on agents’ books is itself deterring some potential vendors from thinking about putting their own property on the market.

“Against this backdrop, it is hard not to see prices continuing to move higher over the coming months and into the early part of 2016, notwithstanding the present concerns regarding the affordability of housing in some areas of the UK.”1

The RICS has seen a similar picture for the lettings sector, with tenant demand rising, outstripping supply.

Peter Mockett, of Hilbery Chaplin Residential in Essex, responds to the findings: “Prices being forced upwards due to acute shortage of new instructions. First time buyers competing with buy-to-let investors so we welcome proposed changes in tax allowance on mortgage interest. No first time buyers, no market.”1

And John Williams, from Brennan Ayre O’Neill in The Wirral, comments: “The limited stock coming to the market is encouraging some unrealistic pricing as agents compete for market share.”1













House Prices Rise 0.3% But Annual Growth Slows

Published On: August 27, 2015 at 1:49 pm


Categories: Finance News

Tags: ,,,,

UK house prices rose by 0.3% in August, but annual growth has slowed from 3.5% to 3.2%, according to the latest residential property index from the Nationwide.

The figures reveal that the average house price is now £195,279 in the UK, and the lender’s chief executive, Robert Gardner, says that the drop in the annual growth rate was caused by a particularly high price increase in August 2014.

However, the annual rate of growth was the weakest since June 2013. Gardner explains: “This month’s data provides further evidence that annual house price growth may be stabilising close to the pace of earnings growth, which has historically been around 4%.

“However, survey evidence cautions that this trend may not be maintained unless construction activity accelerates. Surveyors reported the lowest ever number of properties on their books in July, whilst new buyer enquiries picked up.”

House Price Rise 0.3% But Annual Growth Slows

House Prices Rise 0.3% But Annual Growth Slows

He notes that UK house prices have shown strength recently, in comparison with other developed economies.

For example, house prices in the UK did not decrease by as much during the financial crisis, and even when they did fall, they quickly recovered to pre-crisis levels.

At present, UK house prices are around 5% higher than their pre-crisis levels, while prices are still much lower than the pre-crisis peaks recorded in Ireland, down 38%, Spain, down 36%, and the Netherlands, down 18%.

Gardner continues: “Clearly house price trends are determined by a wide range of factors, but labour market developments are amongst the most important. The strength of the UK labour market in recent years is a key reason why house prices have recovered more quickly.

“There is a strong correlation between employment and house price growth since the financial crisis across the major developed economies. House prices remain further below their pre-crisis peaks in countries where employment is also well below pre-crisis levels.

“Supply side developments also play an important role in explaining the divergence in house price performance. The UK experienced a much smaller increase in building activity in the run up to the financial crisis. As a result, there was much less of an overhang of unsold properties to be worked off in recent years.”

He concludes: “However, with UK house building running well below the expected rate of household formation in recent years and with demand for homes rising, a significant increase in construction activity is required if affordability is not to become stretched in the years ahead.”1

Online estate agent HouseSimple’s Alex Gosling says that any belief that vendors are returning to the market is inaccurate.

He claims: “A boost to new stock levels in June suggested that we were finally starting to see some movement from sellers, but that momentum seems to have been short lived. The general election, which the market hoped would provide a catalyst for sellers, is long gone and property stock numbers remain well below normal levels.”

He thinks there are many reasons why people are not moving house, including the fact that they simply can’t afford to, as property prices have soared, or because they are not confident in the market, despite the strength of the economy and the extremely low mortgage rates currently on offer.

He suggests: “Somehow, sellers need to be encouraged back to the market because there are buyers galore waiting when they do. It’s a very attractive market right now for motivated sellers.

“The next few months are going to be important, as the property market looks to gather momentum heading into the last quarter of the year. We fully expected activity to drop off in the summer months, but come the autumn, the market needs to be replenished with stock to realign the supply versus demand balance.”1 




Adding Character to a New Home

Published On: May 31, 2015 at 5:07 pm


Categories: Landlord News

Tags: ,,

New build homes can be great buys for first time buyers, families or investors. But these modern properties can lack the character that many people look for.

If you’re looking to buy a home, sell your property, or just want a little charm added to your house, the following tips could help you add a little extra to your contemporary abode.

  1. Molding

Crown molding is an easy way to add architectural interest to your interior and it can be cheap, especially if you do it yourself. But if mitering corners isn’t your thing, a handyman can do the job quickly.

Adding Character to a New Home

Adding Character to a New Home

In fact, every trim in your house can be transformed. Wherever floors, doors, ceilings and windows meet the walls, they often have a trim. These trims have changed over time, adding character throughout history. They add a finishing touch and will set your property apart.

There are many styles, so do your research first.

  1. Cabinets

Old homes often have built-in cabinets surrounding fireplaces or charming storage units in dining rooms. It is difficult to find even an older property with intact cabinets, but it is possible to build some that appear authentic.

You don’t need a carpenter to create attractive, yet practical storage space. Cheap shelving can be used alongside trim molding to create a built-in look.

  1. Lights

Second-hand shops, antique stores or markets can offer one-off, period lights that will make any room more appealing. A spruced up piece can transform a space.

  1. Reading corners

A reading space will appeal to any buyer that wants to relax. And for those staying in their home, these areas can create a new lifestyle within your comfortable surroundings.

If you have an awkward space that you don’t know what to do with, build a platform or use cabinets in a bay or box window, using a cushion to make a cosy spot.

  1. Hardware

A cheap and really easy way to add charm is by finding antique brass, crystal, porcelain or coloured doorknobs. You could use these in the entryway, or add character to bedrooms and bathrooms.