Tag Archives: africa
Sales and prices falling in Hong Kong, latest analysis report shows
Residential sales increased by 2% month on month in Hong Kong in May, but transactions are down 11% year on year, the latest Land Registry figures show. But with developers offering deeper discounts and more incentives, a number of primary projects received a positive market response, according to the latest market analysis from international real estate firm Knight Frank. It points out that prices have dropped for seven consecutive months by a cumulative 11%, according to provisional figures from the Rating and Valuation Department. Mass residential prices led the decline, losing 11% in the period, while luxury residential prices dipped 8%. The report suggests that clouded by a potential US interest rate rise in June and abundant upcoming supply, residential land prices continued to edge down. A domestic site in Pak Shek Kok, Tai Po was sold last month for an accommodation value of HK$3,620 per square foot, down about 20% from eight months ago when the adjacent site was sold. However, the super luxury sector remained strong, indicated by a Shenzhen buyer’s acquisition of a 9,212 square foot luxury house at Gough Hill Road on The Peak for a reported HK$2.1 billion approximately, a record price for the city. Knight Frank expects more mainland buyers to return to the market in the future and points out that a number of primary projects are scheduled for release in June, hoping to reach the market before a possible US interest rate rise. ‘While the government restated in May the continued implementation of cooling measures, we do not consider the sales rebound in the past two months an indication of a general market recovery,’ the report says. ‘We maintain our forecast of a 5% to 10% drop in the luxury segment and up to a 10% drop in mass residential prices,’ it adds. Continue reading
Number of retired people renting in UK soars in last four years
The number of people living in private rented accommodation in retirement in the UK has soared by more than 200,000 in the last four years, according to a new poll. Overall, the survey from the National Landlords Association (NLA) shows that the proportion of retired private renters has grown by 13% since 2012 as more and more people turn to the private rented sector. Some 17% of the retired private renting population live in the South East, the area with the highest proportion across the UK. However, just 3% live in London which is the area with the smallest proportion area across England and Wales for renting in retirement. There are almost four times as many retired renters in the North West at 15% compared to the North East at 4% and twice as many retirees rent property in the West Midlands at 8% compared to the East Midlands at 4%. However, the proportion of landlords who let to retired renters has almost halved during the same timeframe, with 9% of landlords saying they currently let to retirees compared to 19% in 2012. The findings suggest that it could become harder for those approaching retirement to find suitable rented accommodation in the future, especially in high demand areas, according to Carolyn Uphill, chairman of the NLA. ‘More and more people are turning to private rented housing at every stage of their lives, including in retirement. Landlords appreciate the stability and assurances often provided by older households, but are finding it increasingly difficult to build businesses around the needs of potentially vulnerable tenants,’ she explained. ‘Successive cuts to the welfare budget, uncertainty about pension provisions, and the devastating impact of the Government’s tax changes are likely to mean that private landlords will soon be unable provide homes in high cost areas like Central London for anyone without a well-paying job,’ she pointed out. ‘As the proportion of retired renters continues to grow there’s a real worry that homes won’t be available in the private sector, forcing people to look further afield, leaving communities they have known and contributed to for decades,’ she added. Continue reading
One if five homes for sale in London is priced at £1 million or more
With property prices in London continuing to rise new research shows that one in five homes for sale are listed at £1 million or more. London is one of the most expensive cities in the world for property and the research from estate agent eMoov shows that 20% of all London properties currently listed for sale are priced at over a million pounds. The firm analysed current stock levels across all of the major portals, recording the total levels listed for each London borough, before comparing this to the level of stock listed for £1 million or more and also researched the same percentage of stock across the capital as a whole. The borough with the highest number of properties for sale at over £1 million was Westminster with 63%, followed by South Kensington and Chelsea at 62%. There is a considerable gap to the next highest which is Camden with 43%. In contrast in the boroughs of Barking and Dagenham there are no properties for sale for a £1 million or more and surrounding boroughs have very few. For example in Newham, Bexley and Waltham Forest only 1% of homes for sale are prices at £1 million or more and in Redbridge and Havering it is 2%, in Lewisham 3% and Greenwich 5%. ‘When people think of London they accept prices are through the roof. Even though the average house price in Barking and Dagenham is considerably lower than the London average at £253,000, it still trumps the UK average by tens of thousands of pounds,’ said eMoov chief executive officer Russell Quirk. ‘In a market as inflated as London where stock is scarce and demand is overwhelming, it's quite remarkable that there is still an entire borough without even one property at the £1 million mark or over,’ he pointed out. ‘With prices across London continuing to rise, surely it won’t be long before Barking and Dagenham will see some of its properties priced at £1 million or above. Despite this, our latest research shines yet another spotlight on how unaffordable London is from a property point of view,’ he explained. ‘When you consider that across a city as vast and as populated as London, one in every five properties will cost you a six digit price tag, it really is disheartening for the aspiring London home owner,’ he added. Continue reading
