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Miami residential property market prices still growing
Residential property in Miami, one of the most popular locations with overseas buyers in the United States is seeing prices continue to rise, the latest index figures show. The median sales price for single family existing homes rose 10.3% year on year in February to $270,221 while that for condominiums increased 9.5% to $206,950, according to the data from the Miami Association of Realtors. However, median prices are still significantly below their peak in 2007 and currently remain around 2004 levels despite some sectors seeing strong growth. For example the condo market has recorded prices rises in 56 of the last 57 months. ‘Miami real estate remains a bargain especially compared to other world class cities, and domestic and international consumers proved that in February as total dollar sales volume in single family homes increased 7% compared to the previous year,’ said Mark Sadek, chairman of the association’s board. Sales, which posted a record year in 2013 and near record years in 2014 and 2015, fell by 5.8% year on year but total sales for February remain in line with Miami historical averages. A breakdown of the figures shows that single family home sales fell by just 0.3% in February while condo sales fell by 10.4%. The index report suggests that this is due to a strong new home construction market. Single family home sales spiked 18.5% year on year in February in the $200,000 to $600,000 sector which represented about 59.6% of all total single family home sales in February 2016. Existing condos priced at $150,000 to $300,000 range experienced an 8.6% jump in February sales, representing about 38% of all total condo home sales in February 2016. The median number of days between the listing and contract dates for Miami single family home sales decreased 6% year on year to 63 days. The median number of days between the listing date and closing date for single-family properties decreased 0.8% to 120 days. For condos, the median time to contract decreased 12% year on year to 72 days. The median number of days between the listing date and closing date decreased 2.4% to 122 days. Miami real estate is selling close to listing price. The median percent of original list price received for single family homes was 95.2% in February 2016, an increase of 0.4%. The median of original list price received for existing condominiums was 93.8%, a 0.2% increase. Only 23.4% of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 35% in February 2015. Short sales and REOs accounted for 5.7% and 17.8% respectively, of total Miami sales in February. Short sale transactions dropped 25.6% year on year while REOs fell 39.9%. Cash sales in Miami are still twice the national average and due to the high number of overseas buyers. Cash transactions comprised 52.4% of February total sales compared to 58.7% last year. Inventory of single family homes increased 4.7% in February while… Continue reading
New figures show 50,000 have used flagship Right to Buy scheme in UK since 2012
Nearly 50,000 households in the UK have now used the government’s Right to Buy programme since the scheme was reinvigorated in 2012, the latest published data shows. This means that overall some 291,000 households have now been helped to purchase a home through government backed schemes, which also include Help to Buy, since 2010. The data also shows that more than 3,000 people bought under the Right to Buy scheme between October and December and councils received £259 million from sales of homes which will go towards building additional homes. For every additional home sold under the Right to Buy a new additional affordable home is built which further increases the housing stock nationwide. There have now been nearly 5,000 starts on additional homes, exceeding the target for one for one additional sales. ‘We are determined that anyone who aspires to own their own home should have the opportunity to do so. These figures show people are still very keen to take up their Right to Buy and why we are now extending that opportunity to housing association tenants,’ said Housing Minister Brandon Lewis. ‘Britain is building again and homes are being delivered following the sale of properties. Alongside this a thousand tenants are registering each week to join those who have already realised their dream to own their home,’ he added. The figures reveal that the top 10 places taking up Right to Buy are Birmingham, Nottingham, Leeds, Sheffield, London’s Newham, London’s Tower Hamlets, Wolverhampton, London’s Southwark, Kingston Upon Hull and London’s Barking. And the voluntary Right to Buy will extend the discounts currently enjoyed by council tenants to 1.3 million housing association tenants giving them the chance to own their home too. More than 25,000 housing association tenants have already registered their interest in taking up this option with 1,000 registering their interest each week. The historic agreement between the government and housing associations also ensures an additional home will be built for every one sold nationally, significantly increasing supply across the country and two for one in London. The Right to Buy scheme gives qualifying social tenants the opportunity to buy their rented home at a discount. Under the reinvigorated Right to Buy, local authorities are now able to keep the receipts from additional Right to Buy sales to pay off debt and fund additional affordable housing. Since 1980, Right to Buy has helped nearly two million council tenants to realise their aspiration to own their home. Continue reading
UK property market sees best February for remortgaging since 2009
The value of remortgage lending in the UK reached £4.4 billion, the largest amount recorded in the month of February for seven years, despite decreasing from January, new data shows. The figures from outsourced property services provider LMS also shows that the number of remortgage loans rose 23% year on year in February but fell by 16% from January and the value of gross remortgage lending is 26% higher than February 2015’s figure of £3.5 billion. Per customer, the average amount of equity withdrawn from remortgaging rose by 11% from £25,955 in January to £28,685 in February. This is the largest amount recorded in the month of February as borrowers continue to take advantage of rising house prices and competitive rates. The average amount of equity withdrawn is also 7% higher than February of last year when it was £26,682. The total amount of equity withdrawn fell by 7% month on month from £859.1 million in January to £798.6 million in February. Total equity withdrawn is however some 31% higher than the £609.8 million recorded in February 2015. ‘Despite a drop in activity from January, a trend we’ve experienced each year since 2010, remortgage lending in February remains buoyant. The value of loans were the largest amount recorded in the month of February for seven years, demonstrating maintained momentum for remortgaging as we return to a healthy, post-recession market,’ said Andy Knee, chief executive of LMS. ‘New rock-bottom rates should encourage even the most hesitant of home owners to consider the benefit of remortgaging, since huge savings can be made. However, there’s a push and pull occurring in the remortgage market at the moment. On one hand we have enticing, rock-bottom rates, and on the other, a looming uncertainty compounded by the possibility of a Brexit and the shaky global economy,’ he pointed out. ‘On the whole, the industry is in agreement that the housing market is unlikely to be unduly affected in the lead up to the EU referendum, although there might be a slight slowdown in house price growth. This means we expect remortgaging growth to continue but we shouldn’t expect a drastic change in activity until after June 2016,’ he added. Continue reading
