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UK home buyers make their mind up about a property quickly, research suggests
Britain is a nation of decisive home buyers who are quick to fall in love with a home and act fast to buy it, according to a new survey. Some 61% of home owners were able to buy the home they originally fell in love with and 25% were lucky enough for this to be the first home they viewed. This highlights the decisive nature of British home buyers, according to the survey report by conveyancing services firm My Home Move. The research also found that house hunters know extremely quickly whether they like a property with 26% making the decision to buy their home even before viewing the whole property. It also found that 18% make the decision within 30 seconds of entering the property and 8% knowing the property is for them before even entering. In contrast, 17% needed a second viewing to decide it was the home for them. On top of this the survey shows that 45% of buyers did not have to make any sacrifices or compromises when buying their home and are therefore living in their dream home. However, first time buyers and those in London are more likely to come to a compromise when buying a home with 11% finding it much harder to find their dream home and having to view 10 or more properties before finding the right one. The research also found that 39% had a perfect home that ‘got away’ and were not able to buy the property they originally fell in love with, and this was more likely to happen in London were 60% were disappointed in this way. Buyers in London were also more likely to make sacrifices or compromises when choosing their home and 70% said their current property did not have everything they wanted, compared to only 55% for Britain as a whole. The report suggests that this is due to the high demand and shortage of properties for sale in the capital, alongside rocketing prices, meaning buyers in London have fewer options to choose from. This also contrasts with other parts of the country, such as the North West, which saw only 44% having to make any sacrifices or compromises. First time buyers were worse hit by this reality when buying their home, with a significant majority of 83% aged 30 or below saying they had to make sacrifices or compromises when buying their home. In comparison, only 43% of home buyers aged above 51 said their home did not have everything they wanted. The most common reason home owners were not able to buy a property was being outbid by another buyer. This happened to 27% of buyers, and is much more likely among first time buyers than older home owners, with 41% of those aged under 30 being outbid, dropping to 26% or less for those aged above 51. Continue reading
Property price growth in Sydney and Melbourne to slow in 2016
Property price growth in Sydney and Melbourne is expected to slow in 2016 as prices have peaked, according to an outlook report from the Housing Industry Association (HIA). It points out that as of November pries had increased in Sydney by 12.8% year on year and in Melbourne by 11.8% year on year. Then there was a huge gap to Brisbane where prices increased by 4% year on year. ‘The aggregate price cycle, heavily masked by Sydney and Melbourne, will continue to experience decelerating growth. Sydney and Melbourne are the two biggest markets and it is appropriate that price growth is slowing,’ the HIA report says. It points out that variable mortgage rates are on the rise and this is likely to dampen price growth. Overall the market was busy in 2015 for residential construction with new home commencements reaching a record high of nearly 212,000 in 2014/2015 and are forecast to exceed 200,000 in 2015/2016. ‘If we can progress right through 2016 with commencements holding up at an annualised level above 180, 000, and we forecast that will happen, that outcome should be regarded as a healthy one,’ the report explains. Indeed, new dwelling commencements increased for a third consecutive year in 2014/2015, only the fifth time in the past 60 years that housing starts have seen three straight years of growth. The record level of nearly 212,000 starts is 13% than the previous high of 187,000 in 1994. It adds that new home building is set for another healthy year ahead. Continue reading
Scottish farm land market subdued but the best still sells well
Weak commodity prices, increased acres on the market and reduced subsides have subdued the Scottish farmland market yet, a new analysis report suggests. But the very best land has continued to achieve record prices, according to the latest data from real estate firm Savills. The statistics also shows that supply in Scotland was up by 23% this year in the 12 months to the end of September to 37,000 acres compared with the same period last year. ‘With UK farm debt at a record high, and prospects for improved commodity prices looking gloomy, more farms are likely to appear on the market in 2016 and this may have an impact on land values,’ said Luke French of Savills. ‘However with farmland supply at record lows, the fundamentals for why land is a good long term investment remain the same,’ he added. The Savills report says that there is a margin of around 20% to 30% between the average price per acre for prime arable land in England compared to Scotland and that is continuing to attract national interest in Scotland’s farms from those seeking to expand their farming businesses. Despite a good harvest in terms of yield, changes to the support system and continued poor commodity prices have created a tougher market, the report points out and units are taking longer to sell as more due diligence is undertaken and funding arranged. At the same time, it adds that buyers have become more discerning, resulting in a more fragile market and values out with local hot spots have plateaued across the board and are under pressure, as has been evident in some recent sales. ‘What is very evident is the resulting regional variation in average land values across all land types. Best in class continues to sell and sell well,’ said French. He gave as an in the Spring of 2015 in the lead up to the General Election in early May when Mains of Ravensby, a 190 acre arable farm on Angus, sold in five weeks after a highly competitive closing date, at a record price per acre. According to Savills buyers of Scottish farms continue to be predominantly farmers, many with funds from renewable projects and development land, in contrast to the English market where the lifestyle buyer has returned to the list of active purchasers in 2015. Continue reading
