Tag Archives: french
UK property tax reform boosts middle market, agents data suggests
Stamp duty reforms in the UK announced at the start of December 2014 helped to boost the middle market and encourage prospective home buyers, according to the latest National Association of Estate Agents (NAEA) Housing Market Report. NAEA member agents recorded the highest level of registered home buyers per branch in December for 10 years, while agents reported they saw a rise in the number of properties sold in the bands of up to £250,000, and £251,000 to £925,000. The data shows that the number of house buyers registered in December was on average 360 per branch, the highest level for this time of the year recorded in the last 10 years. The last time the number of house buyers registered per NAEA member branch was this high for December was in December 2004, in which 360 house hunters were similarly recorded. The NAEA says that the seasonally high figures suggest the changes made to stamp duty announced in December helped to encourage prospective buyers in a typically quieter month for the housing market. In addition, NAEA member agents reported some positive movement in the middle market, with 19% saying that they saw an increase of sales of properties in the £251,000 to £925,000 band, while 11% saw an increase in sales of properties up to £250,000. ‘Reforms to stamp duty was one change that NAEA members predicted would influence the market this year, and from our latest housing market survey it seems that we are starting to see the initial impact of these changes,’ said Mark Hayward, NAEA managing director. ‘December is typically a quieter month for the property market however it would seem prospective home buyers have been left feeling encouraged, while agents have also reported activity in the middle price mark picking up. The changes are obviously in the beginning stages of giving the market the boost it needs, making buying more affordable for many,’ he explained. The NAEA said that another promising sign was the slight increase in percentage of sales made by first time buyers in December. NAEA member agents reported the percentage of sales made by first time buyers increased from 24% of total sales in November 2014 to 26% in December. Out of those sales made by first time buyers in the month, almost half, 48%, were aged 18 to 30, suggesting a higher proportion of younger first time buyers had been encouraged onto the market than the previous month when just 38% of sales were made by first time buyers aged 18 to 30. However, the property market shouldn’t get too ahead of itself just yet, the association warns. While there was uplift in the percentage of sales made to first time buyers and a seasonally high number of eager house hunters on books, the number of houses available for sale on NAEA member agents’ books in December did not… Continue reading
Over half of UK property owners don’t like their home, research suggests
One in 10 home owners in the UK regret buying their home with the biggest reason being that they think they rushed into it and 57% actually dislike their homes, new research has found. Buying a house is the biggest purchase most people will ever make, and 90% of people don’t regret their purchase. However, that leaves 10% who do, the survey carried out for mortgage and loans provider Ocean Finance has found. Some 28% said they had rushed into buying, 20% said they don’t like their neighbours, 16% said it is not big enough,12% said it needed more work done than they thought and 6% said they can’t really afford their mortgage. Also 6% said they would make a loss if they sold. The older you are, the more likely you are to make a considered buying decision it seems. Just 5% of people over 55 regret purchasing their home, compared with 23% of people aged between 25 and 34. Even people who don’t regret buying their home may not actually like it. While 43% of homeowners questioned for Ocean said that they liked everything about their houses. However 57% disliked one or more aspect of where they live. Some 28% said their home is too small, 21% said it needs too much work done on it, 17% said it is too cold, 15% don’t like the area where they live and 12% said there is not enough space outside. ‘The key lesson from our survey is to spend more time choosing a house before you buy. Getting to know the area and the neighbours before committing is really important, as is making an honest assessment about the amount of work that the property needs, how big it is and whether it will suit you not just now, but as your family grows,’ said Ocean spokesman Ian Williams. Continue reading
Property in French Alps now offers a better deal due to currency changes
Buyers in the French Alps are not happy to buy for the sake of buying but increasingly wanting to rent their property so it provides an income all year round, a new analysis has found. There is also strong demand for off-plan projects, according to the latest prime ski rental index report from international real estate firm Knight Frank. On top of this currency fluctuations are favouring certain nationalities such as the British and Americans. Overall Alpine resorts have seen muted sales activity since the financial crisis took hold in 2008 but new investment in infrastructure, a broader pool of demand and the realisation that a ski chalet is able to offer a competitive investment return is reinvigorating the market,’ the Knight Frank report says. During the 2013/2014 season demand continued to be focussed on the resorts located within an hour of Geneva Airport in particular Morzine/Les Gets, Megeve and Chamonix. The €1.5million to €2 million price bracket in Val d’Isere also saw strong activity, with many buyers wanting to be in the heart of the resort. In the year to June 2014 Knight Frank’s Alpine enquiries came predominantly from prospective European buyers, who together accounted for 61% of all applicants. The Europeans were followed by Asian and Middle Eastern buyers at 12% each, then Russians and CIS nationals at 5% and North Americans also at 5%. An analysis of Knight Frank’s enquiries data by price band shows that there was stronger demand for properties priced below €2.5 million in 2014 with this price bracket accounting for 72% of applicants, compared with 47% a year earlier. The proportion of buyers looking at properties above a €20 million threshold by comparison shrunk from 7.6% in 2013 to 3.8% in 2014. The report points out that price of a luxury home in the Alps can vary significantly, a fact that surprises some non-European buyers. Courchevel 1850 leads the pricing stakes with the average luxury property priced around €30,000 to €32,000 per square meter but in Chamonix, a two hour drive away and crucially outside the desirable Trois Vallées, prime prices are €7,000 to €8,000 per square meter. In the Alps, the authorities in Courchevel have announced they are spending over €100 million on upgrading the resort’s lift system, complementing the new €67 million aquatic centre which is due to open in 2015. Chamonix has gone one better announcing investment of around €477 million to improve its ski lift system, albeit over a longer time period. Knight Frank also says that sales enquiries are now less seasonal than they were. Buyers are recognising the year round appeal of the Alps and gardens, for example, now being sought by more applicants registering with the firm. ‘Buyers today are comfortable with the concept of buying off-plan through CGI imagery, floor plans, site plans and stage payments,’ said Knight Frank’s Roddy Aris, adding that over a period of four months the firm has sold virtually half of the Carré Blanc… Continue reading
