Tag Archives: london
Demand for retirement homes in UK slows
The uptake of retirement housing in the UK softened in the second quarter of this year as many downsizers paused plans ahead of the European Union referendum vote, according to the latest quarterly review. Overall new buyer registrations for retirement properties slipped by over 20% from the first quarter to 4,744, a 30% fall on the same period last year, as uncertainty before the referendum slowed the market. However, the data from retirement property specialist Retirement Homesearch, also shows that the number of property viewings at 2,974 and instructions at 513 remained steady on first quarter numbers, showing that registered buyers are still actively looking to downsize. ‘Uncertainty around the referendum may have caused many downsizers to sit on their hands until after 24 June, but the outcome could mean a further delay in decisions, as markets fluctuate and affect pensions, which will have a knock-on effect on Britons’ retirement plans,’ said Nick Freeth, managing director of Retirement Homesearch. ‘However, with six million older Britons now living in houses with two or more excess bedrooms, downsizing could help retirees free up capital, reduce the cost of running large properties and move to homes better suited to their needs,’ he added. A recent report on the state of the UK’s housing, published by the International Longevity Centre (ILC-UK) and supported by Retirement Homesearch parent company, FirstPort, shows that under occupancy amongst the older generation is now a widespread issue with six million people living in houses with two or more excess bedrooms. Since 2005 there has been a significant increase in the number of 65 to 74 year olds living alone to 300,000. ‘As experts in retirement housing, we know that having access to specialist advice is especially important in the post-Brexit landscape where it is essential to minimise uncertainty. By ensuring downsizers get the guidance they need, they can begin to look forward to a new home, as well as a new lifestyle,’ Freeth concluded. Continue reading
Scottish farmland values static in first half of 2016
The value of Scottish farmland remained virtually static in the first half of 2016, down just 0.2% to £4,357 per acre, according to the latest sector index. Year on year values are down 1.7% but up 26% over five years, up 169% over 10 years and up 174% over 20 years, the data from the Knight Frank Scottish Farmland Index shows. A breakdown of the figures show that good quality arable land remains at £9,046 per acre, while the price of permanent pasture fell fractionally to £2,719 per acre and overall despite prices holding up, there has been relatively little market activity in 2016. ‘There have been very few farms sold so far this year, and fewer than usual were launched around the time of the Royal Highland Show, which is the point the market here traditionally gets going,’ said Tom Stewart-Moore, head of Scottish farm sales at Knight Frank. ‘We are still talking to potential vendors who had just got to grips with the result of the recent reform of the Common Agricultural Policy and Land Reform, but until they get a better feel for what Brexit means for the Scottish agricultural industry they are wary of committing to a sale,’ he explained. ‘Combined with the continued slump in commodity values, many people were expecting a rush of farms to the market in 2016 and a subsequent drop in prices,’ he pointed out, adding that low interest rates mean there have been very few forced sales so far. He also pointed out that demand for good quality arable and livestock units is definitely outstripping supply and demand also remains strong for amenity and sporting estates. Knight Frank recently sold the 6,500 acre Kinnaird Estate in Perthshire for in excess of its £9.6 million guide price and an 8,000 acre stalking estate in Sutherland, which is due to launch soon, is expected to be another good test of the market. ‘Although Scotland did not vote for Brexit, the slide in the value of Sterling since the referendum makes land here better value than it was before the vote so I’m expecting more interest from overseas buyers,’ said Stewart-Moore. ‘Despite uncertainty in the economy, the value of the pound and volatility in the stockmarket, land is still seen as a very safe investment,’ he added. Continue reading
New UK residential listings bounce back after downturn in June due to EU vote
New properties listed for sale in the UK increased by 3.4% in July with 62% of towns and cities seeing an increase in supply July compared to the previous month, the latest research shows. The biggest rise was recorded in Durham with a rise of 51%, followed by Hartlepool with an increase of 32.5% and Hemel Hempstead up by 31.7%, according to the figures from online estate agents HouseSimple. London’s property supply was up 13.7% in July, with Bexley, Greenwich and Lambeth seeing new property listings rise 44.1%, 41.3% and 40.5% respectively. The index report suggests that home owners don’t appear to be too worried about the possibility of falling property prices, as July saw new property listings bounce back from June when they fell by 7.3% across the country and by 12.8% in London. However, despite the majority of towns and cities experiencing a boost in supply in July, more than a third experienced significant falls in new properties listed, including Bootle, where listings fell by 30.8% in July and Chichester with a fall of 27.7%. ‘It has been business as usual after Brexit in terms of activity, with many sellers who were waiting on the result of the Referendum, now actively marketing their properties. The reality is that people need to sell for a whole host of reasons, and delaying post-Brexit is simply not an option if people are relocating for work or family reasons,’ said Alex Gosling, the firm’s chief executive officer. ‘On the ground, what was probably a sellers’ market before the vote is now going to be a more level playing field. That doesn’t mean that quality properties in desirable areas won’t still sell for close to or at asking price, but buyers are holding a few more cards now, and motivated sellers may need to more flexible on price negotiations,’ he added. Continue reading
