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Online research becoming important for many UK buyers, survey suggests
The impact that technology is having on the estate agency sector in the UK is changing the property buying and selling landscape, it is claimed. With the explosion in popularity of buyers and sellers using portals such as Zoopla and Rightmove and the wealth of historic pricing data available, the internet has become the essential tool for the modern day house hunter. A survey carried out by online estate agent eMoov has found that the majority of buyers are well armed with information before they step through the door when viewing a property. Some 98% of respondents said they would take it upon themselves to do some research before attending a viewing in anticipation of finding the right property. The first step in the process is usually to visit the property details page and read the full property description, the starting point for 67% of those surveyed. For some this was as far as the research process went, however 41% would also like to view a floor plan. The research found that 36% would also compare a property to others listed in the area and 21% of buyers would research previous property sold prices. Consumers showed less priority to researching the surrounding area with 14% investigating changes to their commute and 11% taking school catchment areas in to account when digging for further information. Local authorities provide a wealth of information on school catchment areas and make it readily available online for prospective and existing parents looking to relocate. Zoopla also keeps potential buyers well informed showing the nearest schools as well as information on transport links and crime rates amongst others. Broadly speaking women would conduct more research than men when preparing to view, taking more time to consider the look, layout and practicality of a house. However their male counter parts did pip them to the post where value for money was concerned, with 40% of men looking at other listed properties in the area and 24% researching historic property prices in comparison to 33% and 18% of women respectively. With the internet only coming to full fruition over the past two decades those over the age of 50 fall under the label of technological novices. Using technology as relative beginners and adapting in comparison to their younger counterparts, or technological natives, for whom it has become second nature. However the rise of the silver surfer has very much risen with the elderly becoming a core demographic for surfing the net, they account for a large percentage of people using the internet to help them buy. Three quarters of those surveyed over the age of 50 would log on to read a full property description before viewing, a far greater number than those in the younger age brackets. This was also the case when checking floor plans, researching properties in the surrounding area and checking historic property values and potential new neighbours. However younger buyers are more interested in Google Street… Continue reading
Lettings annual review reveals UK rental hotspots
Leicester, Southall and Cambridge have been identified as UK lettings hotspots with average rents in 2014 some 45%, 38% and 24% higher, respectively, than 2013. By contrast, rent prices have fallen by the greatest amount in Colchester, Croydon and Brighton compared to 2013, with rents on new rental agreements 24%, 23% and 18% lower respectively in 2014. The HomeLet Rental Index annual review also shows that on average, rents across the UK in 2014 were 6.6% higher than in the previous year with the average monthly rent in the UK now standing at £867. However, when analysed on a regional and local basis, the data reveals some marked differences in rental market performance. Year on year rents have increased 9% in Scotland but fallen 4.6% in the North West. In Wales average rents have fallen 3.7% year on year and were down 1.4% month on month in December. East Anglia has also seen an annual and monthly fall, down 2.7% and 2.9% respectively. While Greater London has seen a 12% annual rise in average rents, they fell 11% in December, indicating that rental prices are falling considerably in the capital city to an average of £1,393 a month. If London is taken out of the equation then the annual rise is just 1.6%. On a monthly basis the UK wide figure fell by 0.8% in December 2014. Just four regions saw a monthly rise, led by the North East at 5.1%, then the North West up 1.6%, the South West 0.5% and the South East 0.2%. Spokesman Martin Totty said that 2014 was predominantly a year for growth in the rental market. ‘With property prices continuing to grow, and mortgage criteria tightening, the rental market represents a much more accessible option for house hunters than the property ladder,’ he claimed. ‘The demand for rental property is increasing, and we expect it to continue doing so in 2015 as large numbers of people are priced out of buying. As a result, we expect to see continued growth in rental prices across the UK as the new year progresses, particularly as real incomes are starting to rise,’ he explained. However, he pointed out that the data also points to some big differences in rental market performance in 2014 from town to town and city to city. ‘The causative factor behind these differences is as simple as supply and demand. In, locations such as Leicester and Cambridge, demand for rental property is outstripping supply. By contrast, Croydon and some parts of Essex are benefitting from a relative boom in new property building, easing the pressure on the local rental market and this is reflected by a drop in rental prices,’ he added. There appears to have been a typical end of year seasonal adjustment in the market, the figures also suggest. Totty pointed out that while rental prices fell in many regions of the UK in December, the… Continue reading
Property prices in Northern Ireland set to outpace rest of UK in 2015
The Northern Ireland housing market ended 2014 as it began it, with prices and sales rising and surveyors expecting the trend to continue, according to the latest RICS and Ulster Bank survey. The Royal Institution of Chartered Surveyors expects Northern Ireland house prices to rise by 4% in 2015, which is higher than the expectation of 3% for the UK average. The latest survey suggests that demand in the local housing market remains relatively robust, with new buyer enquiries continuing to rise at a faster rate than new vendor instructions – indicating that there is a continuing lack of supply. In terms of prices, December was the 19th consecutive month that the headline price balance at +65 was in positive territory, indicating an increase in prices. The balance of surveyors expect prices to rise in the three months ahead. With regard to newly agreed sales, a net balance of +17 said that these increased in December, whilst a net balance for sales expectations in the three months ahead was +21. ‘The local housing market is expected to benefit from the reform of stamp duty, with the large majority of homebuyers here paying less of the tax. This will help encourage activity,’ said Samuel Dickey of RICS Northern Ireland. ‘In terms of prices, the gap between demand and supply is creating upward pressure. However, the slowing economic recovery and public spending environment will present challenges for the market. Overall, RICS expects prices to rise on average 4% this year, a moderation in growth relative to 2014,’ he added. According to Derek Wilson, head of lending products at Ulster Bank, mortgage demand remain strong in the final quarter of 2014. ‘We expect that to continue into this year, particularly from the home mover and first time buyer segments. We have a range of mortgage options available at historically low levels and we remain committed to lending to all sectors of the market,’ he added. Continue reading
