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More than half a million British properties now worth over £1 million
The number of home owners in Britain whose property is worth £1 million or more has exceeded half a million for the first time, according to new research. The number of so called property millionaires now stands at 524,306, an increase of 8.3% on last year’s figure and almost 11,000 streets now have an average property value above £1 million, the data from Zoopla shows. Of the 10,958 streets with average property prices over £1 million some 43% are located in London. Areas outside the capital with the highest proportion of £1 million plus streets are all in Surrey, with Guildford, Leatherhead and Richmond housing 158, 154 and 144 respectively. At the very top end of the market, the data shows there are now 13 streets in Britain where the average house price is over £10 million, all of which are in London. Kensington Palace Gardens in W8 ranked as the country’s most expensive street overall, with homes there worth £42,591,972 on average, over 150 times the average national property value. The Boltons in SW10, where a nine bedroom detached house sold for £51 million in April, takes second place, with average property values standing at £30,288,586. Grosvenor Crescent in the exclusive suburb of SW1 rounds out the top three, with an average property price of £22,752,425. While exclusive London boroughs boast most of Britain’s priciest properties, certain areas of Surrey and Buckinghamshire have also acquired a reputation for very high property values. Virginia Water and Cobham, both in Surrey, top the towns table, with average property prices of £1,208,638 and £1,037,825 respectively. Beaconsfield in Buckinghamshire, where the average property value amounts to £982,660, comes in third. In terms of postcodes, W8 in Kensington, remains top of the heap, boasting average property prices of £2.77 million. Neighbouring SW7 in Knightsbridge is the next most expensive area in the capital with average values of £2.43 million, while property values in third placed SW3 in Chelsea stand at £2.24 million. ‘London continues to be the epicentre of the million pound property market in Britain but there are a number of high value property areas outside the capital, particularly in Surrey and Buckinghamshire, that are very attractive to professionals seeking to live outside yet within easy reach of the city and enjoy low crime rates coupled with good schools,’ said Lawrence Hall of Zoopla. Continue reading
Over a third of councils in England are boosting self build homes
More than 130 local councils in England, some 39%, are already taking action to help boost the opportunities available for people who want to build their own homes, new research shows. This first comprehensive survey of custom and self build activity across all local councils in England also shows that one in five councils have already set up a local custom and self build register or carried out assessments to measure local demand for people who want to build their own homes. On top of this 77 seven councils are already creating opportunities for private home builders through their Local Plans, the survey undertaken by the National Custom and Self Build Association (NaCSBA) found. These involve a range of initiatives from policies asking for a mix of homes on sites and promoting private home building as part of affordable housing initiatives, to requiring building plots on larger housing sites, supporting collective projects and commitments to work with industry and local communities to identify suitable opportunities and, in some cases, providing finance support. More than 30 councils are identifying suitable sites or locations where private home building is encouraged and in some cases are disposing of public land or buying land and a number of councils are also identifying more significant opportunities. Opportunities include the re-use of former public sector sites, proposals to include private home building opportunities as part of future urban and village extensions, and introducing new planning policies that encourage affordable self and custom build homes in rural areas. Councils in the North East are currently the most proactive where 70% of them are progressing initiatives to make it easier for people who want to build their own homes. Two other regions, the South West and the West Midlands, have half or more of all councils bringing forward initiatives. The least active region is currently London, where just 21% of councils have so far taken action. However, since 2012 the overall level of local authority activity across England has approximately trebled. The association says that if this level of activity continues then by the end of 2016, between 150 and 200 councils will have brought forward new planning policies and initiatives to support private homebuilders across England. By the end of 2018 the combined impact of all these initiatives will assist towards enabling up to 10,000 more self or custom build opportunities to come forward and if this happens the scale of the current self build sector will have doubled. The NaCSBA research and development team has already completed visits to several German regions, and locations across the Netherlands, Belgium, France, Spain and Scotland. In addition the team is examining the Irish, US and Australian markets, and is currently investigating how the Scandinavian and some Far Eastern sectors operate. ‘Our international work has focused on how local councils support people who want to build their own affordable homes. In most other countries a significantly higher proportion of all housing… Continue reading
Over 36% of UK home sales fall through before completion, new research shows
More than one in three house sales in the second quarter of 2015 in the UK failed to reach completion, according to new data, with the most common reason a change of mind. Figures indicate a house sale fall through rate of 36.34%, a rise of over 13.5% from the reported 22.76% rate in the first quarter of the year, according to research from Quick Move Now. The figures over a six month period show it was 24.77% at the end of the first quarter but increased to 28.44% at the end of the second quarter of 2015. ‘As the property market becomes more buoyant and an increasing number of properties become available, both sides of a property sale feel they have options if the sale is not progressing as quickly or as well as they had hoped,’ said Danny Luke, business manager at Quick Move Now. ‘Buyers are less likely to move forward with a purchase if the survey brings up surprises, and sellers are less willing to drop the price in a renegotiation, confident that they'll be able to find another buyer fairly easily,’ he added. The firm looked at the reasoning behind the fall through rate and found that across the last six months some 22% of home sales that fell through did so as a result of the buyer changing their mind, 16% as a result of the buyer being refused lending, 13% due to slow sale progress and a further 13 % due to a higher offer coming in. Some 8.7% of the house sales that failed to reach completion did so after the buyer attempted to renegotiate, 6 % fell foul to issues that were highlighted during a survey, 5.8% failed to successfully complete due to a change in the buyer's circumstances, and a further 5.8% fell through due to a chain breakdown. It also found that 4% failed to complete because the buyer decided to buy a different property, 3% broke down due to lease issues and the remaining 3% failed to complete as a result of legal complications. Quick Move Now buys and sells hundreds of properties each year and the fall through statistics are calculated monthly, quarterly and using a six month average. Continue reading
