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Asking prices rise across the UK apart from in Scotland
Asking prices have increased across England and Wales but not in Scotland, according to the latest index to be published. Prices rises increased by 0.9% overall in England and Wales during the last month but the average annual appreciation for England and Wales is down to 6.5%, the Home.co.uk index shows. The firm says that this reflects increasing demand across most of the UK and although Scottish prices nudged down slightly they remain 4.1% higher than last year. The data also shows that the typical time on market for England and Wales has improved considerably. At 88 days, this already matches last year's post-crisis low and looks set to fall further despite the slower Greater London market. Supply of property for sale in London has risen considerably over the course of the last year, up19%. Correspondingly, marketing times have increased and the typical marketing time is now 60 days which is 13 days longer than in April 2014. Despite this, prices continue to rise at a rate of 13% per annum. Supply rises in other regions are either small or negligible and this is stimulating great price growth, the index report says. Prices are higher in East England, where the typical time on market has fallen to a new post-crisis low of 64 days. East England, the South East, West Midlands and the South West all showed higher monthly price rises than Greater London this month. Further north, marketing times are also improving and prices are nudging up as spring increases the market momentum. Overall, the current mix-adjusted average asking price for England and Wales shows that properties on the market are valued 6.5% higher than they were in April 2014. Homes might be taking longer to sell this year than last, but London’s property values have soared to new all-time highs and this month’s rise takes the average home to over £500,000. Also, the mix adjusted average price has risen by 44% in just three years, which equates to an increase of around £150,000. However, the market dynamic in London is changing and the same vigour that yielded such price growth is moving out to the regions via the Home Counties, according to Doug Shephard, Home.co.uk director. ‘The immediate future looks rosy for all of the UK, but much of this growth is based on debt at historic low rates of interest. And the music won’t stop until it appears that the debt cannot be repaid, although that moment seems a long way off,’ he said. ‘Leveraged property investors can take comfort in the fact that the Bank of England doesn’t look keen on increasing interest rates any time soon. In fact, inflation is falling to new lows and the Bank ‘stands ready’ to cut IRs should this deflationary trend continue for too long. So, for the time being, the sky’s the limit,’ he added. Continue reading
Residential property prices in England and Wales up 1.3% in January
Home prices in England and Wales increased by 6.7% year on year in January and were up 1.3% month on month, according to the latest land registry figures. This takes the average property value in England and Wales to £179,492 compared with the peak of £181,101 in November 2007. A breakdown of the figures shows that London experienced the greatest increase in its average property value over the last 12 months with a rise of 12% while the North West experienced the greatest monthly rise of 2.6%. The North East saw the lowest annual price growth with a rise of just 0.1% and Yorkshire and the Humber saw the largest monthly price fall of 1.5%. The data also shows that the most up to date figures available reveal that the number of completed house sales in England and Wales decreased by 19% to 68,107 compared with 83,726 in November 2013. The number of properties sold in England and Wales for over £1 million decreased by 18% to 869 from 1,060 a year earlier and repossession volumes in England and Wales decreased by 47% to 687 compared with 1,286 in November 2013. London was the region with the greatest fall in repossession sales. Peter Rollings, chief executive officer of Marsh & Parsons, explained the figures confirm that house price growth regrouped in January after an underwhelming end to 2014. ‘All the fundamentals are in place to help the market get back into its stride, and stamp duty savings and competitive mortgages rates are already enticing buyers and sellers to the market and upping demand,’ he said. ‘This is good news for the wider housing recovery, which at the moment is still largely restricted to the South East as many other regions have a long way to go before they are within sights of the towering annual growth witnessed in the capital. In these places, access to Help to Buy and more affordable properties are the key stimulants invigorating demand at the entry level,’ he pointed out. He also pointed out that on a monthly basis, the London market is back to more reasonable conditions after the whirlwind of last year, allowing buyers some valuable let up from cut throat market conditions. ‘A greater supply of properties on the market is music to the ears of London home buyers, and this optimism is feeding into a healthy demand. A feel good factor at the culmination of the general election should get the top tiers of the property market moving again as the uncertainty clears, and this is likely to mitigate any shortfall in the meantime,’ he added. According to Nick Leeming, chairman of Jackson Stops & Staff, the statistics reflect market sentiment from two to three months ago, when the London market was cooling but the country market relatively stable. ‘It is not surprising therefore that, while London showed an annual increase of 12%, January’s figures showed a small decrease and this… Continue reading
Dubai hotel to celebrate the power of books
Dubai hotel to celebrate the power of books Staff Reporter / 25 March 2014 Some of the world’s top authors will be present at The Lost Chambers Aquarium at Atlantis, The Palm, during International Children’s Book Day on April 2. Some of the world’s top authors will be present when Atlantis, The Palm celebrates International Children’s Book Day (ICBD) on April 2 at The Lost Chambers Aquarium. Special guests include Kathryn Cave, award-winning English children’s author of Somewhere Else ; Maitha Al Khayyat, Emirati Children’s author; Rashid Al Kous, General Director of Knowledge Without Border; and Salha Ghabish, author of Dana’s trip . Other activities include face painting, arts and craft, music, storytelling, educational talks and Aquatheatre shows designed to instill the love of reading and ocean conservation. There is an entry ticket for adults priced at Dh100 but free admission for one child (under 11) with each paying adult. Established in 1967, ICBD is celebrated to increase the literacy rate among children. It is managed by the UAE Board of Books for Young People (UAEBBY) and was officially established by Shaikha Bodour bint Sultan Al Qasimi, UAEBBY Patron. Shaikha Bodour said: “The power of books to open doorways to understanding can never be overstated, which is why every child must have the right to become a reader. International Children’s Book Day is a wonderful opportunity to not only raise awareness within the broader community of the importance of fostering a culture of reading, but also to engage with children in a fun and interactive way that encourages their love for books and reading.” The team at The Lost Chambers Aquarium seeks to make the world a better place, by stimulating the minds of children and educating them about the world and its oceans. In the aquarium, children can explore, touch tanks filled with starfish and pencil urchins, horseshoe crabs, and sea spiders. They can touch, feel and interact with sea life. Special exhibits are dedicated to different sea creatures, such as the delicate Moon Jellyfish, busy lobster and glittery anchovies — each fascinating to watch and with a story to tell. They can explore The Lost Chambers Aquarium on their own or choose to interact with a ‘Marine Educator’, who shares educational facts. “Childhood is the ideal time to educate children about environmental issues and to broaden their understanding of the world. Being able to read is imperative in helping broaden these horizons,” says Natasha Christie, Director of The Lost Chambers Aquarium. news@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
