Tag Archives: green
UK viewers take just 38 minutes on average to decide to buy a property
On average it takes just 38 minutes to make a decision to buy a home and prospective buyers no longer spend as much time viewing, new research has found. It means that the average home buyer in the UK now spends less time than it takes to play one half of a football match, before making one of the biggest and most expensive decisions of their lives. With the vast amount of property and local information now available online, house hunters no longer need to spend hours viewing properties and interrogating estate agents before deciding on which property is right for them, say the research from online estate agent eMoov.co.uk. Property values, property purchase history, recently sold properties, photos, floor plans, Google street view, school catchment area, transport links, employment opportunities, crime rate, tax band and so much more is available at the click of a mouse. Nearly two thirds of people view a property on two occasions before making an offer to buy with 10% doing so after just one viewing and only 29% returning to a property more than twice. The research reveals women take slightly less time at 38 minutes than men at 39 minutes when viewing a property before deciding to put in an offer. However men were more likely to make a snap decision with 11% of them choosing to put in an offer after just one viewing, compared to 9% for women. The survey found that those spending £500,000 or more on a property did manage to take two minutes longer on average before deciding to buy, probably sensible given the amount of money involved. However it realistically doesn’t matter if you are spending £100,000 or over £500,000, the property price tag is relative to your situation and the research shows that there is only a matter of minutes between making a decision across each price bracket. ‘The fact of the matter is people don’t need to spend as much time on the viewing process as they once did. The reason for this is simple, now when a potential buyer views a house, they are viewing the house and the house only,’ said Russell Quirk, the firm’s chief executive officer. ‘With the internet providing a wealth of information, they already know if a property will suit them from a practical point of view before stepping through the front door. Most potential buyers will know within the first sixty seconds whether or not it is the one for them and the majority of buyers tend to return for a second viewing just to validate their thinking,’ he added. The research found that after one viewing 10% make an offer, 61% do so after two viewings and 29% after three viewings. Some 13% take less than 13% to decide to make an offer, 36% take 15 to 30 minutes and 28% 30 to 45 minutes while 23% take longer. Continue reading
Average home prices in areas of high employment rise faster, research has found
Average house prices in the 20 top performing employment areas in the UK have risen by 45% over the past decade, more than double national average of 21%, new research has found. Home owners in the local authorities that have seen the largest rises in employment have also seen the average value of properties rise by over £100,000 over the past 10 years, according to the study by the Halifax. The average house price in the 20 local areas recording the largest increases in employment in the decade to June 2014 rose by 45% or £103,785. This was more than double the national average increase in house prices over the period at 21% or £35,456. At the same time, employment in these areas rose by an average of 26% well ahead of the average national increase of 4%. According to Martin Ellis, housing economist at the Halifax, there is a clear relationship between employment patterns and house price performance over the past decade. ‘Top performing areas for employment have generally seen well above average house price gains while the worst performing employment areas have typically recorded much more modest property house price rises. This demonstrates the importance of economic conditions to the health of the local housing market,’ he explained. The research also shows that over the past decade, the top 10 performing house price locations have been evenly split between northern Scotland and central London. Seven of these top 10 areas also feature among the top 25% of local areas in terms of employment growth over the period. Aberdeen and Aberdeenshire both feature in the top 10, with prices in these areas boosted by the strong performance of the oil sector during the past ten years. Tower Hamlets, Hackney and Lambeth also feature in the top 10, with prices in these areas boosted by the wider house price growth in London. Southwark and Lewisham have also recorded significant price gains. The top 10 performing house price locations have significantly outperformed the rest of the country as a whole, with an average house price gain of 89%, more than four times the national average of 21%. Employment in these 10 areas of house price growth has increased by an average of 15%; well above the national average of 4%. At the other end of the spectrum, the 20 areas experiencing the worst employment performance over the past 10 years have typically underperformed the national average in terms of house price gains. On average, these areas have recorded an increase in property values of less than £20,000. The average house price in the 20 local areas recording the smallest increases in employment rate in the decade to June 2014 rose by 13% or £19,698. This was little more than half the national average increase in house prices over the period. Employment in these areas fell by an average of 11%, well below the national average increase of 4%. The bottom 20 employment areas are concentrated in northern England (8) and the… Continue reading
Landlords more ethical than many might think, new poll finds
Like estate agents, landlords often get a bad press but new research has found that they are more ethical that they are given credit for. Indeed, tenants rate their landlords highly but think more could be done, according to new research from Saga Home Insurance. In a poll of UK adults, 77% of tenants rated their current landlord as good or excellent, with just 8% giving a poor rating. Despite this 56% of tenants said that their landlord should do more to help them. The research also revealed the top complaints experienced by both landlords and tenants. Landlords were more likely to complain about late rent payments (37%), damage to the property (32%) and even tenants who vacated the property with little or no notice (20%). Tenants were most likely to complain about hard to reach landlords (23%) and poor quality tradesmen used for repairs (21%). However, the firm found it worrying that one in 10 landlords don't pay the deposit in to the Deposit Protection Scheme. This can cause issues with eviction, requiring landlords to pay tenants the full deposit before serving notice and starting the eviction process. The research also found that many landlords understand the value of responding to tenant enquiries more quickly (55%), or having home emergency cover that the tenant can call upon 24/7 (32%). However just 19% believed they should provide alternative accommodation when a property is made uninhabitable by an insured event such as flooding or fire, something they would get as standard with a Saga policy. ‘In the age of housing shortages and escalating rents, landlords have been getting some bad headlines, but the research shows the extent to which this portrayal is unfair,’ said Sue Green, head of home insurance at Saga. ‘The vast majority of landlords are conscientious and ethical, although tenants do believe more can be done which is why we have released our guide with practical tips to help them improve their ethical credentials,’ she pointed out. ‘Anyone who is a landlord should consider whether there might be more that they could do to make things easier for their tenants, which will be beneficial to all involved,’ she added. To coincide with the research, Saga Home Insurance has released a free Guide to Being an Ethical Landlord which offers insight on the benefits of being an ethical landlord, as well as advice on how to become one. Continue reading
