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Survey reveals the UK is a nation of property watchers
It is official, the UK is a nation obsessed with property as new research shows that 63% peruse real estate websites even when they are not looking to buy. Some 2.6 million browse at least once a day and 38% admit they checked the price of someone else’s home online in the last year, according to the poll from Direct Line Home Insurance. People say that they look at online property portals to keep a check on prices, look at design trends and also daydream about a future home. The most enthusiastic property browsers were in Sheffield where 74% admitted to window shopping for homes followed by 72% in London and 70% in Newcastle. The nosey one check out local properties with 52% looking at the price of neighbour’s homes, 38% looking at properties belonging to family member, 31% ‘snooping’ on close friends and 21% on work colleagues. The motivations for keeping such a close eye on property websites range from nosiness to fantasy. Some 60% said that they did so to keep a check on local property prices, whilst 40% were researching for potential areas to move to. Some 34% said it was all about day dreaming about homes they can’t afford, 29% said it was to check out interior design ideas and 26% were checking the value of their own home. ‘We are a nation of property obsessives with very good reason. Our homes are our castles and becoming a home owner or even climbing the ladder in the UK is a huge challenge and aspiration for many,’ said Katie Lomas, head of Direct Line Home Insurance. ‘Property sites are a source of information and inspiration and browsing these sites has become something of a past-time for millions of people. The flip side of this trend is that those who list on these sites exhibit their homes and belongings to millions of strangers every day,’ she pointed out. As a result she suggests that people selling their home should make sure the pictures online to do not show expensive personal possessions or personal information and even suggests that the full address should not be given. ‘If you are selling your home on a property website, make sure it is protected with a fully comprehensive home insurance policy,’ she added. The survey also found that people aged 18 to 34 were more likely to use property sites to window shop and snoop than any other age ranges. In fact, some 8% of this age group admitted to checking the price of a potential new partner’s home in the past year and 6% said their same about their ex. Men that use property websites were also more prolific users, the average male that window shops online does so the equivalent of nine times each month compared to the female counterpart who browses six times a month. Continue reading
Estate agent figures confirm rush of buy to let buyers
Figures from estate agents confirm that there has been a rush from buy to let investors ahead of the new stamp duty deadline for additional homes in the UK. In February some 85% of estate agents reported an increase in the number of buy to let investors flooding the market to beat the stamp duty changes which come into effect on 01 April, according to the latest housing report from the National Association of Estate Agents (NAEA). The Chancellor’s announcement around stamp duty for additional homes made in last year’s Autumn Statement meant that in January and February this year 72% and 85% of agents respectively, saw an increase in interest from those hoping to purchase second homes. This meant that with added pressure from buy to let investors on the market, demand for housing was the highest level for 12 years in February. Indeed, the data shows that there were an average 463 house hunters registered per member branch, the highest since August 2004 when 582 were registered per branch. This is following an increase in January when estate agents reported 453 per branch, the highest since July 2015. The number of properties available per branch increased marginally from 33 in January to 35 in February, as the number of sales agreed per branch in February increased too. There were an average nine sales completed in February, back to the level seen in October 2015 and a rise from eight sales agreed per branch in January. The report also shows that 24% of total sales made in February were to first time buyers, a decrease of 5% points from January, as mounting pressure from buy to let investors increased competition. ‘It is evident from February’s report findings that we’ve seen a real sense of urgency from landlords trying to complete on sales ahead of the stamp duty reforms,’ said Mark Hayward, NAEA managing director. ‘However, the mounting pressure and increased demand for housing has meant that first time buyers have had to compete with landlords for property and as a result they have lost out,’ he pointed out. ‘We would like to say that come April things will look better for first time buyers. Schemes like the Help to Buy ISA, Help-to-Buy scheme and the new Lifetime ISA all sound great on paper, and there’s no doubt that some young people will definitely benefit from them,’ he explained. ‘But the crux of the problem though is that there is still a huge issue with supply and until we build more homes, and crucially the right sort of homes, we cannot fool ourselves into thinking we are doing enough to help people buy their own home,’ he added. Continue reading
Property near London’s Crossrail could see price growth of up to 16% by 2020
The Crossrail train system in London, now due to open in less than three years, is likely to result in a 7% rise in average house prices at many locations along its route by 2020, according to new research. Many locations are already benefitting from higher property values, as well as new development and regeneration, and activity is expected to step up another gear in the run up to the line’s opening, the report from real estate services firm JLL says. The research shows that some Crossrail locations are expected to see house price growth of 16% above the Greater London average by the end of 2020 while on average, residential prices around Crossrail stations are forecast to see 7% greater uplift compared to non-Crossrail stations. Woolwich, West Drayton, Whitechapel and Ealing Broadway are the most advantageous locations to develop apartments for sale, the research also says. Woolwich is forecast to experience the highest house price growth along the Crossrail route, with prices expected to rise by 39%, while West Drayton, Whitechapel, Slough, Abbey Wood and Iver are all set to see prices rise by more than 33% over the next five years. ‘Crossrail continues to drive value growth right across its length. In the current market, what is becoming clear is the additional benefit it brings to some of the lower value locations along the route,’ said Neil Chegwidden, residential research director at JLL. ‘It is supporting regeneration through improved accessibility and, as a result, offers a longer-term capital growth potential that may be harder to identify in central zones,’ he added. Continue reading
