Tag Archives: investment
Over 82,500 sales recorded in England and Wales in June
More than 82,500 residential and commercial land and property sales in England and Wales were lodged for registration in June 2016, according to the latest data to be published. Of the 82,530 sales lodged for registration 60,249 were freehold and 9,000 were newly built, the figures from the Land Registry show. Some 442 were residential sales in June 2016 in England and Wales were for £1 million and over and 283 were residential sales in June 2016 in London for £1 million and over, the data also shows. A breakdown of the figures shows that of the total sales 18,910 were detached properties, 20,987 were semi-detached, 23,485 were terraces, and 17,599 were flats or maisonettes. The most expensive residential sale in June 2016 was of a terraced property in the City of Westminster in London which was sold for £16.9 million while the cheapest residential sale was a terraced property in Bishop Auckland, County Durham, which sold for £12,500. The most expensive commercial sale in June 2016 was also in the City of Westminster, London for £65 million and the cheapest commercial sale in June 2016 was in Bassetlaw, Nottinghamshire for £1,000. Continue reading
First time buyers in UK not impacted by Brexit vote
Buyers in the UK seemed largely unperturbed in the run up to the European Union referendum in June with sales to first time buyers increasing. According to the latest monthly report from the National Association of Estate Agents (NAEA) demand for housing increased as well while supply of available properties and the number of sales going through were stable. However, immediately following the result to leave the EU, agents witnessed uncertainty from sellers, and supply fell momentarily. Overall in June, estate agents saw an increase in demand which the NAEA says suggests that buyers weren’t fazed by the risk of Brexit in the lead up to the vote. There were an average 330 house hunters registered per member branch last month, up 9% from May when 304 buyers were registered, the lowest number recorded since November 2013. However, although June saw growth in the number of prospective buyers, demand still remains low in comparison to June last year. Meanwhile, some 57% of agents reported a drop in demand from prospective buyers and 58% saw supply fall in the week immediately following the vote. However, it is expected this will level out in July. First time buyers in particular were not impacted by the Brexit result. Immediately following the result only 28% of NAEA agents witnessed uncertainty from this group of buyers, while 30% of total house sales in June were made to first time buyers, the highest number of sales since October last year. The Brexit vote did not affect the number sales that completed in June either, with a total of eight sales completing per branch last month, a figure which has not shifted from May. Further to this, the supply of available housing also remained the same with an average of 37 properties registered per member branch in June. ‘In periods of extreme political and economic uncertainty, the housing market will always respond. However, it’s a relief to see that looking at the whole month overall, buyers were still keen to buy, sellers were still keen to sell and sales were still going through at the same level as we’d expect,’ said Mark Hayward, NAEA managing director. ‘It’s only natural that immediately following the vote supply fell but our figures show that the lead up to the vote wasn’t all doom and gloom, which should be a good indication of the months to come,’ he explained. ‘We remain upbeat and need others in the industry to do so as well. The new Housing Minister confirming his commitment to building £1 million new homes will be encouraging for many buyers, especially those looking to buy their first home. Hopefully we should soon see housing market confidence bouncing back to the levels seen pre-Brexit,’ he added. Continue reading
Price of a home for first time buyers in England up 28% in last four years
First time buyers in England are now paying out an average of just over £196,000 for their home, a rise of £42,451 or 28% over the last four years, new research shows. Over the same period the average house price has increased by 26%, highlighting the ever growing obstacle many first time buyers face getting onto the housing ladder, according to the report from hybrid estate agent eMoov. The situation is harder in London where the current price paid on average by first time buyers is £462,602, by £54% since up 2012 while at £86,116, County Durham in the north east of England offers the best value for those looking to get on the property ladder. Durham has struggled in recent times where the property market is concerned, with low demand seeing prices drop, although this has at least benefited first time buyers in the area, the report says. But prices have increased by just 3% or £2,600 since 2012, the lowest across England. In London even the top five most affordable boroughs have average house prices for first time buyers well above the UK average. The most affordable at £254,600 is Barking and Dagenham, followed by Havering at £281,836, Bexley at £285,464, Croydon at £301,001 and Sutton at £312,978. In 2012 the average first time buyer price for each borough was below £200,000, but since then first time buyers in each of these five boroughs seen an increase of between £95,000 and £118,000. Kensington and Chelsea at £1.1 million is the most expensive borough in the capital for first time buyers, followed by Westminster at £906,882, the City of London at £711,009, Camden at £669,020 and Hammersmith and Fulham at £690,296. The highest prices for first time buyers outside of London are Surrey with an average of £323,973, Hertfordshire at £305,043, Berkshire at £292,227, Oxfordshire at 286,962 and Buckinghamshire at £286,511. These areas have seen first time buyer prices rise by between £80,000 and £96,000 since 2012. ‘First time buyers are paying almost as much as second and third steppers in actual price terms yet the percentage increase in first time buyer properties is tracking at even greater than regular house prices. It really does highlight the issue facing the nation's next generation of aspirational home owners,’ said Russel Quirk, chief executive officer of eMoov. ‘How the government expect anyone to get on in life when the first hurdle they face is all but unobtainable, to begin with, is beyond me, especially in London. Over 90% of the capital’s boroughs have seen the price paid by first time buyers increase by more than £100,000 in just four or so short years,’ he pointed out. ‘We must address this issue and find a way to bring home ownership back in reach of the average home buyer, not just in London, or the surrounding commuter counties, but to the whole of England,’ he added. Continue reading
