Tag Archives: real-estate
Heating and double glazing top list of UK home buyers must haves
Central heating and double glazing top UK homebuyers’ list of must have property features followed by a garden and secure doors and windows, according to new research. House hunters opt for a good, reliable broadband signal over highly rated schools, off road parking over a garage and a living room big enough for a large flat screen telly over period features. Indeed, the research from comparison website Gocompare, found that only 15% rated access to good local schools an essential factor in buying a new home and buyers are looking for homes with a bath, separate shower, multiple toilets and en-suite bathrooms. However, it is warmth and energy efficiency that are key priorities for house hunters. Some 79% said that central heating is their top must have feature and 74% said it was double glazing. A good energy efficiency rating and cavity wall insulation are also highly rated features, mentioned by 53%. Some 71% said a garden, 70% secure windows and doors, 58% off road parking and 57% a bath. Local shops and amenities were important to 55% and 54% said friendly neighbours was their top priority. A good reliable broadband connection was mentioned by 53%, while 50% said a landline telephone and 49% a good TV connection while 47% want a second shower and 45% at least two toilets. However, only 16% thought an open fireplace or wood burner were a home essential and just 7% favoured period features. Only 15% of those surveyed said access to good local schools was an essential factor in buying a new home. ‘From our research it’s clear that today’s potential homebuyers are putting practical concerns ahead of aesthetics. They are looking for warm, cosy properties, which are energy efficient and well connected to modern amenities rather than ones that are full of character,’ said Gocompare’s mortgages spokesperson Matt Sanders. He pointed out that as the on-going costs of running a home including paying the mortgage, utility bills and council tax are a real concern, it is perhaps unsurprising then well insulated homes and efficient central heating systems are key priorities. ‘The survey also highlights the important role technology and in-home entertainment plays in our day to day lives, from streaming live TV and films to our reliance on mobile phones. For many people, access to both a strong internet connection and a reliable mobile phone service have become modern home essentials,’ he added. Continue reading
New home approvals recover in Australia after slow start to the year
New home approvals in Australia recovered in February after a decline in the first month of 2016, according to the latest data to be released. Home building approvals increased by 3.1% during February after beginning the year on a much slower note, says the new report from the Housing Industry Association (HIA). But there was a 1% fall in detached house approvals while the more volatile multi-unit segment achieved growth of 7.7% and over the year to February, new dwelling approvals totalled 232,194. According to HIA senior economist Shane Garrett the flow of data over recent months indicates that approvals may have hit their high point in the year to October 2015, with a record 239,250 approvals registered over that 12 month period. ‘The monthly lift in approvals activity during February is welcome but it seems increasingly likely that approvals peaked late last year and that the volume of new home building activity is set to ease as 2016 progresses,’ he said. ‘Our latest forecasts indicate that the about 200,000 new dwelling starts will take place during 2016, a reduction of 9.2%from last year. This would still represent a very high level of output by historic standards,’ he explained. ‘However, the risk remains that new home building output will fall below the levels required to meet long term demand. The onus remains on policy makers to tackle this problem, and confront issues like planning delays, land supply shortfalls and heavily inefficient taxes like conveyance stamp duty,’ he added. A breakdown of the figures shows that total seasonally adjusted new home building approvals saw the largest increase in Tasmania with growth of 24.5%, up 14.3% in New South Wales and up 9.5% in Queensland. Approvals declined in Victoria by 12.8%, in South Australia by 10.9% and in Western Australia by 7.6%. In trend terms, approvals saw a 9.2% fall in the Northern Territory but rose by 5% in the Australian Capital Territory. Continue reading
UK first time buyer home market resilient in first months of 2016
First time buyers in the UK are resilient despite a month on month dip in property sales to this group, according to the latest first time buyer tracker index. It shows that people buying their first home increased by 6.6% year on year but month on month fell by 1.4% between January and February 2016. The data from Your Move and Reeds Rains also shows that total monthly volume of first time buyer transactions was 21,100 in February but on a seasonally adjusted basis it is considerably higher at 25,900. According to Adrian Gill, director of estate agents Your Move and Reeds Rains, February is a traditionally quiet period for the first time buyer market but the figures demonstrate the strong, steady underlying growth that comes with growing first time buyer confidence. ‘This optimism may begin to reveal itself more clearly in March, when an Easter uplift may sweep away any residual doubts among some first timers. While the more general mismatch between buyers and sellers will continue to exert upwards pressure on prices, a combination of pluck and poise from first time buyers will ensure that this does little to impact the overall trend of growing demand at this end of the market,’ he explained. The figures also show that the costs of buying and owning a first home have remained broadly stable in February, with lower borrowing costs balancing larger prices and deposits. Average mortgage rates for first time buyers have improved, down 0.56% on a 12 month basis and by a much slighter 0.03% between January and February 2016. February’s average mortgage rate also represents the lowest mortgage rate for first time buyers in over five years. Similarly, the average LTV ratio remains high, meaning first time buyers have been able to borrow more against the value of the home they wish to purchase. February’s average loan to LTVs recorded in 2014/2015 and represents only a 0.1% fall on February 2015. While first time buyer property prices have risen significantly on an annual basis, mortgage lending levels have kept pace. In February, the average purchase price for a first time buyer home stood at £168,539, an increase of £21,320 or 14.5%, on February 2015’s average of £147,219. However, over the same 12 month period, the average size of a first time mortgage grew from £121,534 to £139,088, an increase of 14.4%. Larger deposit costs represent the other side to this balance of affordability, the report points out. In February the average deposit put down by a first time buyer stood at £29,451, an increase of 14.7% or £3,766, on an annual basis. The report suggests that this uptick has been a factor in the growing proportion of first time buyer income which is consumed by deposit costs. In November 2015, a deposit ate up 67.4% of an average first time buyer’s annual income, whereas in February of this year the average deposit consumed, on average 74.9% of their income. However,… Continue reading
