Tag Archives: greece
Prime central London property market unlikely to see growth until Q3 next year
Potential sellers in central London’s prime property market are staying put and using the money they would have paid in stamp duty on refurbishing their present home, it is suggested. Official statistics show that price growth in this sector of the UK’s property market has slowed with changes to stamp duty announced a year ago blamed. The latest analysis report from Sandfords, a central and North West London agent, confirms that this has been the case. ‘The stamp duty changes that took place towards the end of 2014 have depressed the market across the board in prime central London and forecasts for next year have altered in light of this,’ said Andrew Ellina, the firm’s director. ‘I predict that price increases in the prime central London market in 2016 will be modest with some areas experiencing growth and others seeing prices remaining fairly static,’ he added. He explained that families in particular are choosing to carry out alterations rather than put their home on the market and the firm expects this to continue into the New Year. The biggest price band that has been affected is from £1.5 million to £5 million. For properties below the £1.5 million the stamp duty changes have not been too onerous. For anything above £5 million, purchasers have sufficient funds and are therefore not too bothered about a heavy stamp duty bill. Ellina believes that unless something significant happens that we cannot foresee at the moment, there will not be a crash, but the global economic outlook combined with tax changes in the UK and the perceived high current values will subdue demand and this will take some time to work through. ‘I do not anticipate sustainable growth returning until the third quarter of 2016,’ he said. Regent's Park and Marylebone are still undervalued in comparison to Knightsbridge and Kensington, but are becoming increasingly more fashionable and desirable, the report suggests. Other areas of growth will be in Fitzrovia and Kings Cross which are rapidly changing out of all recognition. ‘The capital is undoubtedly still one of the safest places in the world to live and invest, and will continue to be a top investment location. This year, buyers from all over the world including, the Far East, China, India, Greece and Europe have been heavily spending their money and buying properties in London, and it looks like they will still be big players in 2016,’ Ellina concluded. Continue reading
Home approvals strengthen in Australia but new home sales fall
New home approvals in Australia strengthened during May and remain at high levels, up 2.4% compared to the previous month, the latest data shows. Multi-unit approvals soared 15.1% but detached house approvals fell by 8.5% with a total of 218,442 approvals recorded in the year to May, a new record for approvals over any 12 month period since records began in 1983. ‘While it is positive to see improved levels of approvals, the distribution of growth was uneven with multi units increasing significantly during the month and detached house approvals falling back,’ said Shane Garrett, the Housing Industry Association’s senior economist. He pointed out that during 2014, new home building reached an all-time high and the latest figures suggest a solid pipeline of new home building during the second half of 2015. ‘However, the recent strengthening of price pressures in several markets indicates that the supply of new homes will need to stay at elevated levels in order to fully address demand,’ he warned. ‘This onus is very much on policymakers here. They must rectify the bottlenecks in the planning system, redress the excessive fees and charges on new residential developments and ensure that the pipeline of residential land will meet the ongoing community demand for new homes,’ he added. A breakdown of the figures shows that approvals saw the strongest increase in Victoria with growth of 11%, followed by New South Wales at 8.8%, Queensland at 3.6%, and Western Australia at 0.2%. Approvals fell significantly in Tasmania with a fall of 32.6% and were down 9.9% in South Australia. In trend terms approvals increased in the Northern Territory by 9.7% and in the ACT by 6% during May. Meanwhile, the HIA New Home Sales Report, a survey of Australia’s largest volume builders, recorded the first decline for 2015 in May with total seasonally adjusted new home sales falling by 2.3%. The decline was driven by a 5.1% dip in detached house sales, and this reflected weaker monthly demand in four out of the five states surveyed, according to HIA chief economist Harley Dale. ‘This is a softer result at face value, but delving beneath the surface reveals an aggregate profile of healthy new home building conditions in 2015. The mature stage of the new home building cycle primarily reflects further momentum in the multi-unit sector, together with persistence of healthy conditions in New South Wales and Victoria,’ he pointed out. The data shows that new sales of multi-units increased by 7.6% to yet a new record level, with sales volumes up by 26.7% over the three months to May. Meanwhile strength in detached houses sales is evident in New South Wales and Victoria, with growth in the May 2015 quarter of 5.2% and 6.2% respectively. ‘Leading indicators such as new home sales and ABS building approvals will provide vital clues in coming months of the sustainability and composition of the upcycle in new home building in 2015/2016,’ said Dale. A breakdown of the… Continue reading
Over a third of councils in England are boosting self build homes
More than 130 local councils in England, some 39%, are already taking action to help boost the opportunities available for people who want to build their own homes, new research shows. This first comprehensive survey of custom and self build activity across all local councils in England also shows that one in five councils have already set up a local custom and self build register or carried out assessments to measure local demand for people who want to build their own homes. On top of this 77 seven councils are already creating opportunities for private home builders through their Local Plans, the survey undertaken by the National Custom and Self Build Association (NaCSBA) found. These involve a range of initiatives from policies asking for a mix of homes on sites and promoting private home building as part of affordable housing initiatives, to requiring building plots on larger housing sites, supporting collective projects and commitments to work with industry and local communities to identify suitable opportunities and, in some cases, providing finance support. More than 30 councils are identifying suitable sites or locations where private home building is encouraged and in some cases are disposing of public land or buying land and a number of councils are also identifying more significant opportunities. Opportunities include the re-use of former public sector sites, proposals to include private home building opportunities as part of future urban and village extensions, and introducing new planning policies that encourage affordable self and custom build homes in rural areas. Councils in the North East are currently the most proactive where 70% of them are progressing initiatives to make it easier for people who want to build their own homes. Two other regions, the South West and the West Midlands, have half or more of all councils bringing forward initiatives. The least active region is currently London, where just 21% of councils have so far taken action. However, since 2012 the overall level of local authority activity across England has approximately trebled. The association says that if this level of activity continues then by the end of 2016, between 150 and 200 councils will have brought forward new planning policies and initiatives to support private homebuilders across England. By the end of 2018 the combined impact of all these initiatives will assist towards enabling up to 10,000 more self or custom build opportunities to come forward and if this happens the scale of the current self build sector will have doubled. The NaCSBA research and development team has already completed visits to several German regions, and locations across the Netherlands, Belgium, France, Spain and Scotland. In addition the team is examining the Irish, US and Australian markets, and is currently investigating how the Scandinavian and some Far Eastern sectors operate. ‘Our international work has focused on how local councils support people who want to build their own affordable homes. In most other countries a significantly higher proportion of all housing… Continue reading
