Tag Archives: cookies
House prices up year on year in all key cities in UK apart from Aberdeen
House prices in key cities in the UK increased by 3.8% in the three months to April 2016 and were up 10.4% year on year, according to the latest index. But there is considerable variation with Cambridge leading the annual growth with prices up 15.8% whereas in Aberdeen prices fell by 6.1% year on year, the data from the Hometrack cities index shows. The report says that this time last year growth was slowing in the run up to the UK’s general election and looking ahead growth could slow again in the run up to June’s referendum on the future of the UK in the European Union. It also points out that a surge in sales ahead of the new 3% stamp duty surcharge for additional homes resulted in most cities registering a spike in the monthly rate of house price growth in March with slower growth recorded in April. Aberdeen remains the city bucking the national trend with prices falling by 6.1% in the last year where the lower oil price continues to impact the economy and demand for housing. Across the remaining cities, the annual growth rate is higher than 12 months ago in 15 out of the 20 cities covered by the index, led by Cambridge with growth of 15.8%, then London up 14.4% and Bristol up 13.8%. Portsmouth and Southampton both saw prices rise by 9% year on year while in Bournemouth prices were up 8.6%, in Birmingham 8.3%, in Manchester 7.8%, in Leicester 7.4%, in Oxford 7.1%, Leeds 6.7%, in Cardiff 6.3%, in Nottingham 5.9%, in Liverpool 5.5%, in Sheffield 4.7%, in Belfast 4.1%, in Edinburgh 4%, in Glasgow 3.5%, and in Newcastle 2.5%. Aberdeen was the only city to see prices fall with a decline of 6.1%. The report says that the implication of the referendum result for businesses operating in housing is the key unknown. ‘The economic impact of Brexit and consequences for interest rates, investment and incomes has direct implications for housing. The consensus appears to be a short economic shock accompanied by a period of uncertainty for consumers and business,’ it explains. It has an analysis of city level house price growth and transactions over the last 20 years which shows that external shocks tend to have a greater impact on market volumes than house prices, especially where there is no accompanying economic downturn. From 1996 to 2007 house prices posted consistent positive year on year growth but this was not the case for sales volumes which were influenced by a mix of external shocks to sentiment and changing domestic factors such as short periods of rising interest rates. In the decade before 2007, sales volumes fell on four occasions in London by as much as 15% highlighting how London is more prone to the impact of external factors from the crisis in emerging economies and collapse of the Long Term Capital Management hedge fund in 1998 to the bursting of the dot… Continue reading
A good school comes top of home buying priorities in UK
Good schools have come out top in a survey of parents in the UK asked about their priorities when choosing a place to live. Some 72% of parents placed a good local school among their top three, followed by 37% favouring somewhere with good transport links and 33% highlighting the importance of a community feel, according to the research from Redrow Homes. Being close to family members came fourth overall but, while this was a big priority for 33% of mums, only 22% of dads saw it as important. When children were asked what's most important to them about where they live, 60% said it was being near to their friends, followed by 49% who liked to be close to school while 47% valued having lots of parks and green space nearby, and 17% who thought being near facilities such as a cinema was vital. Parents were also asked about their dream home and what they look for most in the property itself. Some 54% chose a new build, either in the city, country or suburbs. The research found that not everyone is happy with their current home with only half of those living in an old house in the country saying this is their dream home type and a quarter actually admitting they dream of living in a new build in the country. Some 65% of those who already live in a new build in the country, city or suburbs say it's their dream home type. In terms of what they look for in the property itself, outdoor space came out overwhelmingly on top with 74% picking a garden as one of their top three desirable features, followed by 44% wanting off-street parking and 39% storage space. A modern fitted kitchen with integrated appliances and a house that is economical to run were also popular attributes, chosen by 23% and 22% respectively. The research shows how important choosing the right home and neighbourhood is for people buying a home, according to Dave Bexon, group sales and marketing director for Redrow Homes. The research also found that when asked what they liked most about their own homes, children chose their bedroom, with almost three quarters placing it among their top three. Maybe to be expected, personal space becomes more important as children get older, with 81% of youngsters aged 11 to 16 choosing their bedroom among their favourite things about their home, compared to 69% of children aged four to 10. A garden came second, with 45% of all children surveyed saying it was one of the things they liked most, followed by the living room. Continue reading
Over a third of UK landlords experience problems with tenants abandoning their property
Some 36% of landlords in the UK have had property abandoned by tenants before, according to new figures from the largest landlord association. Abandonment occurs when a tenant moves out of a property before the tenancy has ended, without informing their landlord. The issue can be costly as it often occurs when outstanding rent is owed. However, the tenant still has a legal right to return and take up residence at any time and it is a criminal offence for landlords to do anything to prevent the continuation of the tenancy. The only option for a landlord is to go through the legal process for regaining possession of an abandoned property which can take months. While on average a third of landlords have had property abandoned before, more landlords in the North East of England have experienced the problem than anywhere else across the UK, with 58% having had a property abandoned. Some 51% of landlords in the North have also experienced the issue. At the other end of the scale, 31% of landlords in the South West of England said they have had a property abandoned before, the lowest proportion across the UK, with 33% of London landlords having had to deal with the problem. The figures are released as the Housing and Planning Act which contains measures to tackle the problem recently received Royal Ascent. ‘The process of recovering an abandoned property is too long, frustrating, and costly for landlords at the moment,’ said Richard Lambert, chief executive officer of the National Landlords Association. ‘Many people will be shocked by just how common this problem is, and landlords will be relieved to know that the Housing and Planning Act will create a new process to deal with the issue, giving them far greater security and peace of mind when recovering properties they believe to have been abandoned,’ he added. The Housing and Planning Act also contains proposals to allow local councils to keep hold of the proceeds they make when carrying out landlord prosecutions as well as introducing stiffer civil penalties and banning orders for landlords found breaking the law. ‘We’ve long argued that councils should be able to hold on to the money they make when carrying out landlord prosecutions as this better enables them to implement long term enforcement strategies to tackle the rogues,’ Lambert explained. ‘The Government missed the chance to apply these changes in the Queen Speech, but we hope they waste no further time in giving councils these important powers,’ he added. Richard Blanco, who had a property in Tottenham, London, abandoned a few years ago, said that one morning he received a call from a concerned neighbour saying the door to the property had been left wide open. ‘It turns out that my tenant just upped and left without any warning, taking his dog with him,’ he added. As it is a criminal offence to end a tenancy without going through the proper legal motions, he… Continue reading
