According to the latest data from the Office of National Statistics, house prices in England and Wales increased by 1% in July, taking the average house price to £164,098 as shown in this August 29th, 2013 article by the Property Wire.
The region in England and Wales which experienced the greatest
increase in its average property value over the last 12 months is London
with a movement of 6.3%. The average price of property in the capital
is £385,799 in comparison with the average for England and Wales of
£164,098.
In London the borough with the highest annual price rise
is Lambeth, with an increase of 11.4% while Islington experienced the
highest monthly increase, up 2.3%. Newham saw the least significant
annual growth at 0.7% and Barking and Dagenham saw the greatest monthly
price fall, down 1.5%.
Both London and the Midlands experienced
the greatest monthly rise with an increase of 2.1%, while the North East
also saw the most significant monthly price fall with a decrease of
0.5%.
The metropolitan district with the largest annual price
increase is Birmingham, rising by 2.6% and Rochdale experienced the
highest monthly price rise, with an increase of 2.2%.
Sandwell saw
the most significant annual price fall, down 6.1% and Sandwell also saw
the greatest monthly price fall with a decline in prices of 2.1%.
But on a monthly basis the Isle of Anglesey experienced the
strongest monthly growth with an increase of 2.9% while Blaenau Gwent
saw the most significant monthly price fall with a drop of 5.9%.
The
most up to date figures available show that during May 2013, the number
of completed house sales in England and Wales increased by 19% to
62,651 compared with 52,516 in May 2012.
The figures also show
that number of properties sold in England and Wales for over £1 million
in May 2013 increased by 28% to 740 from 576 in May 2012.
The
region with the greatest fall in the number of repossession sales was
Yorkshire and the Humber where repossessions dropped by 32% in May 2013
compared to the previous year.
Overall repossession volumes decreased by 23% in May 2013 to 1,365 compared with 1,765 in May 2012.
Paul
Smith, chief executive officver of haart estate agent, said that the
figures shows that the pace of the property market is up and now is a
good time to sell.
'Mark Carney, Governor of the Bank of England,
has quelled fears that we are sitting on a volatile property bubble, by
indicating that the Bank is ready with a plethora of tools to guard
against such a scenario. His additional signal that interest rates are
likely to remain the same until late 2016 injects further confidence
into the rapidly recovering property market, with lenders able to offer
highly advantageous deals for those seeking to step onto the property
ladder,' he explained.
'Today’s Land Registry House Price Index
shows that property prices are continuing to rise across the UK due in
part to the increase in sales transactions which are up 19% annually in
May 2013. While demand is very high, our market monitor this month
indicated that new buyers across the UK are up 28%, and the majority of
people have not cottoned on to the fact that the economy, and the
property market, are looking incredibly rosy now is the time to sell now
before everyone else does,' he added.
David Newnes, director of
LSL Property Services, owners of Your Move and Reeds Rains, said that a
splurge of sales, married to a painful lack of supply of homes, is
driving up house prices at a rate of knots.
‘It has been a staggeringly quick improvement over the last 12
months, and is underpinning the wider economic recovery. Getting a
mortgage is significantly easier than it was in 2012, and this has
opened the door to thousands more first time buyers. Rates are cheaper,
choice is wider, and criteria are less stringent, which has triggered a
mortgage boom,’ he explained.
‘It has allowed more new buyers to
realise their dreams of home ownership, which were a very distant
prospect several years ago. In the long term, the government needs to do
more to ensure the improvements in the housing market are sustainable,’
he added.
He also pointed out that if prices continue to rocket,
it will freeze the next wave of first time buyers out the market and
dash dreams of home ownership for buyers who can’t wield a big deposit.
‘More homes need to be built if supply is to keep pace with demand. An
equilibrium between supply and demand should be the basis of a
responsible and sustainable housing market.
There is currently a
pitiful shortfall in housing starts. Planning restrictions need to be
eased and the government needs to do more to help developers,’ he
concluded.
According to Paul Hunt, managing director of Phoebus
Software the housing market is proving to be resilient with underlying
demand supporting house prices in London and the East Midlands in
particular.
‘The catalyst for all this has been significant
improvement in mortgage availability, and this is making life much
easier for first time buyers. Mortgage lenders have thrown a lifeline to
high LTV buyers by bringing in a range of cheap and more accessible
deals onto the market, and this has sent a flurry of first time buyers
flowing into the market,’ he said.
‘Lenders have been vital in
their innovative approach, supporting potential buyers, while schemes
like Funding for Lending have acted as a major helping hand for the
mortgage market and made it markedly stronger. The months ahead look set
to be slightly easier for mortgage lenders, thanks to the government’s
support which should help improve the availability of finance for house
purchases and help boost sales figures,’ he added.
Article Source: http://www.propertywire.com/news/europe/england-wales-property-prices-201308298174.html
Friday 30 August 2013
Thursday 29 August 2013
First-time Buyers Get on Property Ladder
This article of Exeter Express and Echo on August 29, 2013 discusses Barratt pledge to help first-time buyers in Exeter to get into the property ladder and will have more shot in owning their own home.
Leading house builder Barratt has pledged to help as many first-time buyers in Exeter as possible take their first step on the housing ladder this summer.
Barratt, which has a wide range of developments across Exeter, has a number of schemes available for first time buyers, the most popular being Help to Buy.
The Government-backed scheme, Help to Buy, is helping first time buyers take the first steps onto the housing ladder with just a fice per cent deposit.
"We know first-time buyers face a number of challenges but we believe Help to Buy will give more people than ever before the chance of owning their own home," said Barratt Homes sales director Lee Monk.
"There are so many advantages for first-time buyers. In past years, we know that saving money for a deposit was difficult, but if you can raise the five per cent deposit you will be able to buy a new home with Help to Buy," added Lee.
Help to Buy, which is only available on new homes, is made up an "equity loan" and "mortgage guarantee". This means that you only need a five per cent deposit to qualify for the best mortgage rates and then the Government will lend you up to 20 per cent of the value of your property through an equity loan.
Among those who have bought their first home with Help to Buy are Wayne Bacon and Alicia Andrews.
"We got engaged earlier this year and decided to buy a home together," said Alicia. "Help to Buy was fantastic for us because it shortened the time it would take for us to get onto the property ladder."
If you would like find out more about how Barratt is helping first time buyers call 0844 5710 385 or log onto www.barratthomes.co.uk
Article Source: http://www.thisisexeter.co.uk/time-buyers-property-ladder/story-19721313-detail/story.html#axzz2dLGx3NWR
Wednesday 28 August 2013
Prime Property Discounts Fall Sharply
Ryan Fowler of Mortgage Introducer on 28th of August, 2013 reveals new research from PrimeLocation.com stating UK's prime property sale has dropped sharply in the last 12 months.
The chances of finding a bargain on a prime property for sale in the UK has fallen sharply in the last 12 months, new research from PrimeLocation.com has revealed.
The proportion of prime properties (those worth over £1m) currently for sale that have been reduced in price since originally coming onto the market now stands at only one in five (21%), down sharply from 28% one year ago. The average discount on those properties that have seen a price reduction is currently 8.9%.
Lawrence Hall of PrimeLocation.com, said: “Anyone who thinks that property buyers at the top end of the market are less price sensitive is mistaken.
“Even more so, because the numbers are so much bigger, prime buyers are always looking for the best possible deal.
“Whilst there are less discounted properties on the market than in recent years, there are still some areas where prices have been reduced significantly and bargains are to be had.”
One such area is Bromley in South East London which has the highest proportion of discounted million pound homes for sale with almost half (49.3%) of those on the market currently having been reduced to tempt buyers.
Barnet and Rickmansworth, both in North London, round out the top three locations with the highest levels of reduced-price prime properties at 33.9% and 31.2% respectively.
At the other end of the scale, only 10% of Edinburgh’s prime properties currently on the market have been reduced in price to attract buyers.
The market for million pound homes in Guernsey and the Isle of Man appears strong with each having amongst the lowest proportions of discounted prime properties in the UK, at 12% and 13.6% respectively.
Unsurprisingly, some of the lowest levels of discounts on offer on prime properties are in London suburbs including Kingston upon Thames (4.2%), Northwood (4.6%) and Richmond (5.3%). However, prime property owners in Newcastle and Oxford appear less confident about their original asking prices with the average discount on million pound Tyneside homes at 20.6% and in Oxford currently at 14.1%.
Article Source: http://www.mortgageintroducer.com/mortgages/247382/5/Industry_in_depth/Prime_property_discounts_fall_sharply.htm
The chances of finding a bargain on a prime property for sale in the UK has fallen sharply in the last 12 months, new research from PrimeLocation.com has revealed.
The proportion of prime properties (those worth over £1m) currently for sale that have been reduced in price since originally coming onto the market now stands at only one in five (21%), down sharply from 28% one year ago. The average discount on those properties that have seen a price reduction is currently 8.9%.
Lawrence Hall of PrimeLocation.com, said: “Anyone who thinks that property buyers at the top end of the market are less price sensitive is mistaken.
“Even more so, because the numbers are so much bigger, prime buyers are always looking for the best possible deal.
“Whilst there are less discounted properties on the market than in recent years, there are still some areas where prices have been reduced significantly and bargains are to be had.”
One such area is Bromley in South East London which has the highest proportion of discounted million pound homes for sale with almost half (49.3%) of those on the market currently having been reduced to tempt buyers.
Barnet and Rickmansworth, both in North London, round out the top three locations with the highest levels of reduced-price prime properties at 33.9% and 31.2% respectively.
At the other end of the scale, only 10% of Edinburgh’s prime properties currently on the market have been reduced in price to attract buyers.
The market for million pound homes in Guernsey and the Isle of Man appears strong with each having amongst the lowest proportions of discounted prime properties in the UK, at 12% and 13.6% respectively.
Unsurprisingly, some of the lowest levels of discounts on offer on prime properties are in London suburbs including Kingston upon Thames (4.2%), Northwood (4.6%) and Richmond (5.3%). However, prime property owners in Newcastle and Oxford appear less confident about their original asking prices with the average discount on million pound Tyneside homes at 20.6% and in Oxford currently at 14.1%.
Article Source: http://www.mortgageintroducer.com/mortgages/247382/5/Industry_in_depth/Prime_property_discounts_fall_sharply.htm
Tuesday 27 August 2013
Opinion Stands Divided Over UK Housing Programme
This August 26, 2013 article by Julia Werdigier of gulfnews.com reveals the ongoing debate about the help to buy scheme housing programme by the government.
London: Depending on where one stands in the debate on the rising cost of housing in Britain, Paul Thomas and Abigail Walker, first-time home buyers, are either part of the solution or part of the problem.
To buy a £248,000 (Dh1.4 million) two-bedroom house in Oxfordshire, west of London, Thomas, a 38-year-old electrician, and his 25-year-old partner, Walker, who works in an accounting office, are making use of a government programme called Help to Buy. They are making a down payment of only 5 per cent from their own funds, and the government is giving them an interest-free loan to cover the other 20 per cent of the down payment.
The government of Prime Minister David Cameron has cast the programme as a way to stimulate the country’s sluggish economy by helping consumers buy homes they could not otherwise afford. But critics say it could lead to a housing bubble and a spate of problem loans on which the government could be left to make good.
Under Help to Buy, introduced in March, the government either offers interest-free credit or guarantees part of the property loan. The resulting higher demand for homes is supposed to fuel construction and aid the economic recovery.
“Help to Buy is a dramatic intervention to get our housing market moving,” George Osborne, the chancellor of the Exchequer, told Parliament in presenting the plan. “That is a good use of this government’s fiscal credibility.”
Market pick-up
But during the last month, the outcry has grown from some lawmakers and economists, who are demanding an early end for Help to Buy. They note that the housing market was already picking up and warn that the plan could create a housing bubble that would likely burst when the programme expires in 2016, while driving price increases that will make homes even less affordable for many in the meantime
Critics also question the wisdom of giving people a mortgage with a down payment of as little as 5 per cent when lenders are under pressure from regulators to reduce the riskiness of loans.
The plan as announced in March by Osborne came in two parts. The first piece, in place since April, is limited to the purchase of newly built homes. The government offers a five-year, interest-free loan for 20 per cent of the home value to put toward the down payment. Thomas and Walker are getting help through that portion of the programme.
The second and more contentious part of the plan, which is to start in January, allows anyone to buy a house with only a 5 per cent down payment. The government would then guarantee an additional 20 per cent of the bank loan for any property worth as much as £600,000, effectively passing the risk to the government from the lender.
“Using the government’s balance sheet to back these higher loan-to-value mortgages will dramatically increase their availability,” Osborne said when he presented the plan to Parliament in March.
Thomas and Walker had recently moved in with Walker’s mother in Oxfordshire to save money for a deposit, which they said would have taken them 10 years to come up with on their own.
But now they plan to move into their newly built home in the autumn. Instead of a £62,000 down payment on the purchase price of £248,000, they had to put down only £12,400. Help to Buy is coming up with the rest.
“It really put a smile on my face,” Thomas said.
Motive behind scheme
Some economists said making voters like Thomas happy was the main motive for Osborne’s plan. About two years before the next general election, and with recent opinion polls showing the opposition Labour Party neck and neck with Osborne’s Conservative Party, Osborne is betting on the housing market. Not being able to afford a home is “a blow to the most human of aspirations,” he told Parliament.
The government says the programme has been a success so far. More than 10,000 people have reserved newly built homes since April, and the number of first-time buyers was at the highest level since 2007, the government said this month.
Barratt Developments, one of Britain’s largest house builders, said sales had risen 35 per cent in the three months through the end of June, from the comparable period last year, with “a significant amount” of the upturn a result of Help to Buy.
But Britain’s housing market had already been improving. Helped by record low interest rates and demand from foreign buyers, especially in London, prices of homes nationwide rose 4.6 per cent in the three months to July, the highest annual increase since August 2010, according to the mortgage provider Halifax. In London, the increase was 8.1 per cent.
Compared with the United States or some countries in Southern Europe, Britain’s housing market downturn after the financial crisis was relatively mild. Home prices in Britain fell less steeply from their 2007 peak than those in the US because of a combination of mortgage laws and a shortage of new homes.
London home prices
Home prices have increased so much in London that the average first-time buyer now has to spend half of his net salary on mortgage payments, according to the Nationwide Building Society.
Osborne and the Bank of England’s new governor, Mark J. Carney, have rebutted criticism of the housing programme, saying Britain was still far from a housing bubble.
But behind the scenes at the Bank of England’s Prudential Regulation Authority, which is in charge of ensuring the safety of banks, there are concerns that Help to Buy conflicts with the regulator’s aim of reducing risk in the banking sector and applying stricter lending rules, according to a senior bank official, who spoke on the condition of anonymity.
Banks that have signed up for the programme include the Lloyds Banking Group, in which the government continues to hold a stake after a bailout, along with Nationwide and Santander.
Those banks and others are in talks with the government about how much lenders will have to pay to participate in Help to Buy and how much capital the banks will have to hold for those loans.
Many economists are asking why, if banks are unwilling to take the extra risk of making such loans without government inducements, the government should be expected to backstop the programme.
Andrew Brigden, an economist at Fathom Consulting, said the programme would make it easier for banks to make riskier loans. Help to Buy is a “reckless scheme” because it “uses public money to incentivise the banks to lend precisely to those individuals who should not be offered credit,” Brigden said.
But Osborne has argued that the programme is fixing a mortgage market that has been discriminating against people who can afford the monthly mortgage payments but do not have enough savings for a down payment. Passing part of the lending risk from the banks to the government does not worry him, he said.
“Because it’s a financial transaction, with the taxpayer making an investment and getting a return,” Osborne said, “it won’t hit our deficit.”
Article Source: http://gulfnews.com/business/property/international/opinion-stands-divided-over-uk-housing-programme-1.1224135
Under the plan, the government either offers interest-free credit or guarantees part of the property loan.
London: Depending on where one stands in the debate on the rising cost of housing in Britain, Paul Thomas and Abigail Walker, first-time home buyers, are either part of the solution or part of the problem.
To buy a £248,000 (Dh1.4 million) two-bedroom house in Oxfordshire, west of London, Thomas, a 38-year-old electrician, and his 25-year-old partner, Walker, who works in an accounting office, are making use of a government programme called Help to Buy. They are making a down payment of only 5 per cent from their own funds, and the government is giving them an interest-free loan to cover the other 20 per cent of the down payment.
The government of Prime Minister David Cameron has cast the programme as a way to stimulate the country’s sluggish economy by helping consumers buy homes they could not otherwise afford. But critics say it could lead to a housing bubble and a spate of problem loans on which the government could be left to make good.
Under Help to Buy, introduced in March, the government either offers interest-free credit or guarantees part of the property loan. The resulting higher demand for homes is supposed to fuel construction and aid the economic recovery.
“Help to Buy is a dramatic intervention to get our housing market moving,” George Osborne, the chancellor of the Exchequer, told Parliament in presenting the plan. “That is a good use of this government’s fiscal credibility.”
Market pick-up
But during the last month, the outcry has grown from some lawmakers and economists, who are demanding an early end for Help to Buy. They note that the housing market was already picking up and warn that the plan could create a housing bubble that would likely burst when the programme expires in 2016, while driving price increases that will make homes even less affordable for many in the meantime
Critics also question the wisdom of giving people a mortgage with a down payment of as little as 5 per cent when lenders are under pressure from regulators to reduce the riskiness of loans.
The plan as announced in March by Osborne came in two parts. The first piece, in place since April, is limited to the purchase of newly built homes. The government offers a five-year, interest-free loan for 20 per cent of the home value to put toward the down payment. Thomas and Walker are getting help through that portion of the programme.
The second and more contentious part of the plan, which is to start in January, allows anyone to buy a house with only a 5 per cent down payment. The government would then guarantee an additional 20 per cent of the bank loan for any property worth as much as £600,000, effectively passing the risk to the government from the lender.
“Using the government’s balance sheet to back these higher loan-to-value mortgages will dramatically increase their availability,” Osborne said when he presented the plan to Parliament in March.
Thomas and Walker had recently moved in with Walker’s mother in Oxfordshire to save money for a deposit, which they said would have taken them 10 years to come up with on their own.
But now they plan to move into their newly built home in the autumn. Instead of a £62,000 down payment on the purchase price of £248,000, they had to put down only £12,400. Help to Buy is coming up with the rest.
“It really put a smile on my face,” Thomas said.
Motive behind scheme
Some economists said making voters like Thomas happy was the main motive for Osborne’s plan. About two years before the next general election, and with recent opinion polls showing the opposition Labour Party neck and neck with Osborne’s Conservative Party, Osborne is betting on the housing market. Not being able to afford a home is “a blow to the most human of aspirations,” he told Parliament.
The government says the programme has been a success so far. More than 10,000 people have reserved newly built homes since April, and the number of first-time buyers was at the highest level since 2007, the government said this month.
Barratt Developments, one of Britain’s largest house builders, said sales had risen 35 per cent in the three months through the end of June, from the comparable period last year, with “a significant amount” of the upturn a result of Help to Buy.
But Britain’s housing market had already been improving. Helped by record low interest rates and demand from foreign buyers, especially in London, prices of homes nationwide rose 4.6 per cent in the three months to July, the highest annual increase since August 2010, according to the mortgage provider Halifax. In London, the increase was 8.1 per cent.
Compared with the United States or some countries in Southern Europe, Britain’s housing market downturn after the financial crisis was relatively mild. Home prices in Britain fell less steeply from their 2007 peak than those in the US because of a combination of mortgage laws and a shortage of new homes.
London home prices
Home prices have increased so much in London that the average first-time buyer now has to spend half of his net salary on mortgage payments, according to the Nationwide Building Society.
Osborne and the Bank of England’s new governor, Mark J. Carney, have rebutted criticism of the housing programme, saying Britain was still far from a housing bubble.
But behind the scenes at the Bank of England’s Prudential Regulation Authority, which is in charge of ensuring the safety of banks, there are concerns that Help to Buy conflicts with the regulator’s aim of reducing risk in the banking sector and applying stricter lending rules, according to a senior bank official, who spoke on the condition of anonymity.
Banks that have signed up for the programme include the Lloyds Banking Group, in which the government continues to hold a stake after a bailout, along with Nationwide and Santander.
Those banks and others are in talks with the government about how much lenders will have to pay to participate in Help to Buy and how much capital the banks will have to hold for those loans.
Many economists are asking why, if banks are unwilling to take the extra risk of making such loans without government inducements, the government should be expected to backstop the programme.
Andrew Brigden, an economist at Fathom Consulting, said the programme would make it easier for banks to make riskier loans. Help to Buy is a “reckless scheme” because it “uses public money to incentivise the banks to lend precisely to those individuals who should not be offered credit,” Brigden said.
But Osborne has argued that the programme is fixing a mortgage market that has been discriminating against people who can afford the monthly mortgage payments but do not have enough savings for a down payment. Passing part of the lending risk from the banks to the government does not worry him, he said.
“Because it’s a financial transaction, with the taxpayer making an investment and getting a return,” Osborne said, “it won’t hit our deficit.”
Article Source: http://gulfnews.com/business/property/international/opinion-stands-divided-over-uk-housing-programme-1.1224135
Monday 26 August 2013
Best Places to Live Around the UK: Manchester
This very interesting article of WhatHouse? on August 21, 2013 simply tours you around Manchester and why it is one of the ideal places to live around UK.
Famed for its vibrant individual culture, Manchester brings together a love of football, an eclectic clubbing scene and a rich arts and culture scene established from the city's industrial heritage. One of the most popular places to live and work outside London, Manchester is a melting pot of ethnicities and cultures.
With several universities, an accepted gay scene, a compact and easily accessible city centre, unbeatable shopping and leafy close by suburbs, the diverse mix of attractions and activities on offer is undeniable.
Making life easier for its inhabitants, public transport is available in abundance. An impressive bus, tram and railway network connects the city centre with the extensive Greater Manchester area. Conveniently accessible to London, Scotland and the network of nearby northern cities, Manchester is ideally placed to touch base beyond the city limits.
Becoming increasingly popular as a location for business investment, the BBC is among the big names attracted by the benefits of Greater Manchester.
Something Manchester can't shake off are its associations with some very wet weather. Living in Manchester may require an investment in a heavy duty umbrella!
Also worth a visit are the bars and restaurants of Deansgate. With its flowing overlooking canals the vibrant area is the perfect place to spend a sunny afternoon.
The beautiful and scenic areas of the Peak and Lake Districts can be accessed in under one and two hours respectively. Both offering National Parks, there is unrivalled natural beauty to enjoy by boot, boat or bike.
Looking for a getaway further afield? Manchester's International Airport is the largest outside of London offering access to attractive and exotic locations worldwide.
In spite of the city's increasing popularity, one of the key benefits of Manchester how cost-effective it is for its size and amenities on offer, especially when compared to life in the capital. From housing, to leisure activities and entertainment, Manchester is guaranteed to give you more for your money.
What is your favourite thing about life in Manchester?
Article Source: http://www.whathouse.co.uk/news/best-places-to-live-manchester-160?page=1#.Uhrp0z_tYh8
Famed for its vibrant individual culture, Manchester brings together a love of football, an eclectic clubbing scene and a rich arts and culture scene established from the city's industrial heritage. One of the most popular places to live and work outside London, Manchester is a melting pot of ethnicities and cultures.
With several universities, an accepted gay scene, a compact and easily accessible city centre, unbeatable shopping and leafy close by suburbs, the diverse mix of attractions and activities on offer is undeniable.
Making life easier for its inhabitants, public transport is available in abundance. An impressive bus, tram and railway network connects the city centre with the extensive Greater Manchester area. Conveniently accessible to London, Scotland and the network of nearby northern cities, Manchester is ideally placed to touch base beyond the city limits.
Becoming increasingly popular as a location for business investment, the BBC is among the big names attracted by the benefits of Greater Manchester.
Something Manchester can't shake off are its associations with some very wet weather. Living in Manchester may require an investment in a heavy duty umbrella!
Arts and culture
What the city may be lacking in identifiable landmarks, Manchester more than compensates for with the large number of cultural attractions to choose from. The Museum of Science, Imperial War Museum, The Manchester Art Gallery all provide something different. If visiting neighbouring city Salford, The Lowry Theatre overlooking the canal is worth visiting.
Entertainment
Manchester has long been known for its bustling music scene which continues to be a strong influence. From arenas to quirky pubs filled with character in the interesting Northern Quarter, there is always something of interest for all tastes of music. The Northern Quarter is also the place to be for those looking for a more alternative shopping, eating and drinking experience.
For those who like to indulge in some retail therapy, Manchester is hard to beat. Designer department store Selfridges, often voted as the "World's Best Department Store", has a base in the city and in the extensive out of town shopping mall, The Trafford Centre. Traditional high street stores can be found at the Arndale with high-end boutiques surrounding the modern business hub of Spinningfields.
Sport and Manchester come hand in hand. The city's two hugely successful football teams host a wealth of world-class football games. Following the Commonwealth Games in 2002, Manchester received a huge boost in terms of its sporting facilities, world-class for their time.Also worth a visit are the bars and restaurants of Deansgate. With its flowing overlooking canals the vibrant area is the perfect place to spend a sunny afternoon.
Escaping city life
Living in Manchester doesn't always have to be about city life. Suburbs in Greater Manchester provide a good balance between city and rural living, well served by local amenities and established schools.The beautiful and scenic areas of the Peak and Lake Districts can be accessed in under one and two hours respectively. Both offering National Parks, there is unrivalled natural beauty to enjoy by boot, boat or bike.
Looking for a getaway further afield? Manchester's International Airport is the largest outside of London offering access to attractive and exotic locations worldwide.
In spite of the city's increasing popularity, one of the key benefits of Manchester how cost-effective it is for its size and amenities on offer, especially when compared to life in the capital. From housing, to leisure activities and entertainment, Manchester is guaranteed to give you more for your money.
What is your favourite thing about life in Manchester?
Article Source: http://www.whathouse.co.uk/news/best-places-to-live-manchester-160?page=1#.Uhrp0z_tYh8
Friday 23 August 2013
Region’s Buy-To-Let Property Boom Will Last
According to the reports by Knighht Knox International, a leading property firm, the buy-to-let property boom is here for the long haul as shown on this article by lep.co.uk on August 22, 2013.
The buy-to-let property boom is here for the long haul, reports leading property firm Knight Knox International.
The North West is one of the best-perfoming areas, with Manchester and Liverpool particularly buoyant, latest figures show. More purpose-built student accommodation has been heralded as the answer to an increasing demand for rental stock.
The number of first-time buyers in England has now fallen to 200,000 per year, a staggering drop from 600,000 in 1999 according to Jones Lang La Salle.
Although rewards are strong for landlords investing in the buy-to-let market across the country, LSL confirmed in their buy-to-let index for April 2013 that rewards were in fact the strongest in the North West, where yields were highest.
The index documents that the North West produced yields of 7.2 per cent, topping London’s 5 per cent.
The average North West rent was £568, outshining the average rents of near counterparts Yorkshire and the North-East.
Article Source: http://www.lep.co.uk/news/business/region-s-buy-to-let-property-boom-will-last-1-5976941
The buy-to-let property boom is here for the long haul, reports leading property firm Knight Knox International.
The North West is one of the best-perfoming areas, with Manchester and Liverpool particularly buoyant, latest figures show. More purpose-built student accommodation has been heralded as the answer to an increasing demand for rental stock.
The number of first-time buyers in England has now fallen to 200,000 per year, a staggering drop from 600,000 in 1999 according to Jones Lang La Salle.
Although rewards are strong for landlords investing in the buy-to-let market across the country, LSL confirmed in their buy-to-let index for April 2013 that rewards were in fact the strongest in the North West, where yields were highest.
The index documents that the North West produced yields of 7.2 per cent, topping London’s 5 per cent.
The average North West rent was £568, outshining the average rents of near counterparts Yorkshire and the North-East.
Article Source: http://www.lep.co.uk/news/business/region-s-buy-to-let-property-boom-will-last-1-5976941
Thursday 22 August 2013
Report Shows First Total Rise in Northern Ireland House Prices Since 2007
House prices in Northern Ireland have shown an
increase across the board for the first time since 2007, according to this new report by BBC News on 21th of August, 2013.
All property types have increased in value.
This is the first time since the second quarter of 2007 that all property types have shown an increase.
However, prices are still 3% lower than this time last year, and 11% lower than in the first quarter of 2005.
The figures, released every three months by the government's statistics and research agency, are considered the most accurate measure of the state of the housing market in Northern Ireland.
Finance Minister Simon Hamilton said the results of the index were promising and confirmed "the views of local commentators that the property market here is beginning to stabilise".
In the second quarter of 2013, the most rapid rise in price was in the north of Northern Ireland at 6% (Ballymoney, Coleraine, Londonderry, Limavady, Moyle and Strabane ).
The Northern Ireland Statistics and Research Agency has calculated that in the second quarter of 2013 the average house price in NI was £96,327.
The average price for a detached house was £153,063, semi-detached £95,903, terrace £62,690 and apartment £76,884.
Economist John Simpson said houses were still worth less than they were 12 months ago.
Article Source: http://www.bbc.co.uk/news/uk-northern-ireland-23777997
Wednesday 21 August 2013
Property Asking Price Discounts in the UK are Falling Sharply
This interesting article by the Property Wire on August 20, 2013 shows how property market accumulate new figures displaying a part of discounted properties for sale has greatly fallen.
As the UK property market picks up new figures show that the proportion of discounted properties for sale has fallen from 37% to 32% over past 12 months.
Average asking price discount on the original asking prices has come down to 6.3% from 7.6% a year ago but there are regional differences.
The North/South property divide remains clearly evident in the Zoopla research, showing all of the top 10 areas with the highest proportion of discounted properties being in the North and nine of the top 10 areas with the biggest discounts on offer also being in the North.
For example, some 42.7% of properties currently for sale in Barnsley have had their asking price reduced at least once since being put on the market, with Rotherham at 42.3% and Wakefield at 42.1% not far behind.
London continues to have the lowest proportion of discounted properties on the market with less than a quarter, 22.8%, of properties for sale in the capital today having seen their asking price reduced since being listed for sale.
Edinburgh at 27.7% has the second lowest proportion of price reduced properties on the market currently, followed by Wolverhampton at 29%. Poole has the biggest average discount in the UK today, currently standing at 9.9%.
‘A fall in the proportion and level of asking price discounts suggests sellers are feeling more confident and happy to wait it out to achieve their target asking price. First time buyers are finally getting a look in due to improved mortgage availability which in turn is lifting the whole market,’ said Lawrence Hall of Zoopla.
‘Banks, sellers and buyers are all more bullish about the state of the economy, which bodes well for the months ahead. And the Bank of England’s forward guidance on interest rates has generated a greater sense of certainty about the future, which should lead to even more activity,’ he added.
Article Source: http://www.propertywire.com/news/europe/uk-asking-price-discounts-201308208136.html
As the UK property market picks up new figures show that the proportion of discounted properties for sale has fallen from 37% to 32% over past 12 months.
Average asking price discount on the original asking prices has come down to 6.3% from 7.6% a year ago but there are regional differences.
The North/South property divide remains clearly evident in the Zoopla research, showing all of the top 10 areas with the highest proportion of discounted properties being in the North and nine of the top 10 areas with the biggest discounts on offer also being in the North.
For example, some 42.7% of properties currently for sale in Barnsley have had their asking price reduced at least once since being put on the market, with Rotherham at 42.3% and Wakefield at 42.1% not far behind.
London continues to have the lowest proportion of discounted properties on the market with less than a quarter, 22.8%, of properties for sale in the capital today having seen their asking price reduced since being listed for sale.
Edinburgh at 27.7% has the second lowest proportion of price reduced properties on the market currently, followed by Wolverhampton at 29%. Poole has the biggest average discount in the UK today, currently standing at 9.9%.
‘A fall in the proportion and level of asking price discounts suggests sellers are feeling more confident and happy to wait it out to achieve their target asking price. First time buyers are finally getting a look in due to improved mortgage availability which in turn is lifting the whole market,’ said Lawrence Hall of Zoopla.
‘Banks, sellers and buyers are all more bullish about the state of the economy, which bodes well for the months ahead. And the Bank of England’s forward guidance on interest rates has generated a greater sense of certainty about the future, which should lead to even more activity,’ he added.
Article Source: http://www.propertywire.com/news/europe/uk-asking-price-discounts-201308208136.html
Tuesday 20 August 2013
Affordable Homes to Rent – Not Buy – Will Rebalance the Property Market
John Banham of The Independent on 18th August, 2013 stated that affordable homes to rent will help property market back into line.
Headlines about rising house prices may persuade observers that the housing crisis is over, and that the nation can safely return to the behaviour that caused the financial crisis in the first place. This would be a tragic waste of a huge economic opportunity.
The national housing crisis has been a long time in the making: a lack of housing that can be afforded by young working families, while rents soar; the future of farming at risk, because there is nowhere for retiring farmers to live; unsustainable villages becoming the preserve of wealthy retirees, with schools and post offices closed down.
For decades, in contrast to every other developed Western economy, Britain has been underinvesting in new homes. The consequences are all too apparent: two million families on council waiting lists for affordable homes, annual expenditure of over £20bn on housing benefit. The number of new homes built every year needs to treble, to around 300,000. No wonder Shelter could only raise half a cheer for last week's news that housing starts in England rose 7 per cent to 110,000 in the year to June, generating headlines that "Britain is building again".
Half of the new homes should be for rent or shared ownership, built on brownfield land in urban areas and in small developments alongside villages where the new homes house local families, are welcomed by local people, and where the land is invested through a Community Land Trust.
In a report published at the end of last year, the Future Homes Commission showed how the housing crisis could be turned into a massive opportunity for economic growth. Trebling the number of new homes built every year for 20 years would add at least 3 percentage points to annual GDP growth, an economic prize comparable to the impact of shale gas on the North American economy. If half of the new homes are in sustainable communities of rental or shared ownership properties, these would be funded by pension funds and international real estate investors. No additional government funding would be needed.
Despite the scale of the housing crisis and the size of the economic growth opportunity, local authority pension funds' pressing need for better investment returns, and the relaxation of Treasury constraints on these funds (which could free up as much as £30bn for investment in rental housing and infrastructure projects), progress towards the goal of trebling the number of new homes built every year has so far been disappointing. The Government's Help to Buy scheme does nothing to make housing more affordable or for would-be tenants, and a new house-price bubble could form.
Far from being embraced as a massive economic and social opportunity, the housing crisis is deepening; and millions of couples are having to postpone setting up home together. Nationally, the average age of first-timers buying without parental help is 33; in rural areas, where wages are lower and house prices are higher, it takes even longer. Local Enterprise Partnerships (LEPs) are backing affordable housing, and Lord Heseltine ensured that over £5bn of EU growth funding was allocated directly to LEPs, bypassing both Whitehall and local councils. Now there is no planning bureaucracy standing in the way of local communities having the homes they want and at prices they can afford: well-designed and energy-efficient homes can be built for £100,000. LEPs could kickstart the expansion of build-to-let homes and communities.
By separating developments of homes for rent and shared ownership from market housing, both sectors would benefit. Market housing would not be compromised by the need to accommodate a percentage of "affordable" homes (which are anything but). Towns and villages could have the number of new homes they wanted, rather than huge developments which rarely go ahead. Existing social landlords would be well-placed to manage the completed developments. These, in turn, could be sold on to pension funds and other investors, freeing up LEP funds for more local schemes.
The LEPs now have all the tools to address the local housing crisis and generate economic growth of over 3 per cent a year which will be sustainable for a generation, without leading to another house-price bubble. Now it could be harvest time, turning the local housing crisis into the economic and social opportunity for which the countryside has been waiting for decades.
Sir John Banham, chairman of the Future Homes Commission, is a former director general of the CBI
Article Source: http://www.independent.co.uk/voices/comment/affordable-homes-to-rent--not-buy--will-rebalance-the-property-market-8772635.html
Headlines about rising house prices may persuade observers that the housing crisis is over, and that the nation can safely return to the behaviour that caused the financial crisis in the first place. This would be a tragic waste of a huge economic opportunity.
The national housing crisis has been a long time in the making: a lack of housing that can be afforded by young working families, while rents soar; the future of farming at risk, because there is nowhere for retiring farmers to live; unsustainable villages becoming the preserve of wealthy retirees, with schools and post offices closed down.
For decades, in contrast to every other developed Western economy, Britain has been underinvesting in new homes. The consequences are all too apparent: two million families on council waiting lists for affordable homes, annual expenditure of over £20bn on housing benefit. The number of new homes built every year needs to treble, to around 300,000. No wonder Shelter could only raise half a cheer for last week's news that housing starts in England rose 7 per cent to 110,000 in the year to June, generating headlines that "Britain is building again".
Half of the new homes should be for rent or shared ownership, built on brownfield land in urban areas and in small developments alongside villages where the new homes house local families, are welcomed by local people, and where the land is invested through a Community Land Trust.
In a report published at the end of last year, the Future Homes Commission showed how the housing crisis could be turned into a massive opportunity for economic growth. Trebling the number of new homes built every year for 20 years would add at least 3 percentage points to annual GDP growth, an economic prize comparable to the impact of shale gas on the North American economy. If half of the new homes are in sustainable communities of rental or shared ownership properties, these would be funded by pension funds and international real estate investors. No additional government funding would be needed.
Despite the scale of the housing crisis and the size of the economic growth opportunity, local authority pension funds' pressing need for better investment returns, and the relaxation of Treasury constraints on these funds (which could free up as much as £30bn for investment in rental housing and infrastructure projects), progress towards the goal of trebling the number of new homes built every year has so far been disappointing. The Government's Help to Buy scheme does nothing to make housing more affordable or for would-be tenants, and a new house-price bubble could form.
Far from being embraced as a massive economic and social opportunity, the housing crisis is deepening; and millions of couples are having to postpone setting up home together. Nationally, the average age of first-timers buying without parental help is 33; in rural areas, where wages are lower and house prices are higher, it takes even longer. Local Enterprise Partnerships (LEPs) are backing affordable housing, and Lord Heseltine ensured that over £5bn of EU growth funding was allocated directly to LEPs, bypassing both Whitehall and local councils. Now there is no planning bureaucracy standing in the way of local communities having the homes they want and at prices they can afford: well-designed and energy-efficient homes can be built for £100,000. LEPs could kickstart the expansion of build-to-let homes and communities.
By separating developments of homes for rent and shared ownership from market housing, both sectors would benefit. Market housing would not be compromised by the need to accommodate a percentage of "affordable" homes (which are anything but). Towns and villages could have the number of new homes they wanted, rather than huge developments which rarely go ahead. Existing social landlords would be well-placed to manage the completed developments. These, in turn, could be sold on to pension funds and other investors, freeing up LEP funds for more local schemes.
The LEPs now have all the tools to address the local housing crisis and generate economic growth of over 3 per cent a year which will be sustainable for a generation, without leading to another house-price bubble. Now it could be harvest time, turning the local housing crisis into the economic and social opportunity for which the countryside has been waiting for decades.
Sir John Banham, chairman of the Future Homes Commission, is a former director general of the CBI
Article Source: http://www.independent.co.uk/voices/comment/affordable-homes-to-rent--not-buy--will-rebalance-the-property-market-8772635.html
Monday 19 August 2013
UK Property Asking Prices Up 5.5% Year/Year in Aug
According to Rightmove on Monday Britain's asking home prices are 5.5% up compared to last year as revealed on this article by Reuters on August 18, 2013.
Aug 19 (Reuters) - Asking prices for homes in Britain are 5.5 percent higher than a year ago, property website Rightmove said on Monday as it urged the government to boost the supply of new homes to avoid a house price bubble.
Rightmove figures, which are not seasonally adjusted, show the price of property coming on to the market has risen 8.8 percent in the first eight months of the year.
Record low mortgage rates, government lending incentives and rising optimism in Britain's economic recovery have fuelled a marked pick up in house price inflation in recent months.
Mortgage lender Halifax reported prices rose an annual 4.6 percent in July and a survey last week from the Royal Institution of Chartered Surveyors suggested house prices were rising at their fastest pace since 2006.
The rally has been most marked in London where prices are up 10.2 percent on the year, according to Rightmove.
With house prices already rising faster than inflation, the government is under pressure from some quarters to abandon plans to offer state-backed guarantees to riskier homebuyers.
The scheme, part of the "Help to Buy" initiative announced by the government in their March Budget, is due to take effect in January.
"Demand is already on the up, and that's before the roll-out of phase two of the Help to Buy stimulus," said Rightmove director Miles Shipside. "It is now critical that the supply of property improves so that the goal of a significant increase in transaction numbers is not over-shadowed by an unsustainable boom in property prices."
The first phase of the government's "Help to Buy" scheme took effect in April and offers subsidies to buyers of new-build properties.
Article Source: http://www.reuters.com/article/2013/08/18/britain-property-rightmove-idUSL6N0GH1KA20130818
Aug 19 (Reuters) - Asking prices for homes in Britain are 5.5 percent higher than a year ago, property website Rightmove said on Monday as it urged the government to boost the supply of new homes to avoid a house price bubble.
Rightmove figures, which are not seasonally adjusted, show the price of property coming on to the market has risen 8.8 percent in the first eight months of the year.
Record low mortgage rates, government lending incentives and rising optimism in Britain's economic recovery have fuelled a marked pick up in house price inflation in recent months.
Mortgage lender Halifax reported prices rose an annual 4.6 percent in July and a survey last week from the Royal Institution of Chartered Surveyors suggested house prices were rising at their fastest pace since 2006.
The rally has been most marked in London where prices are up 10.2 percent on the year, according to Rightmove.
With house prices already rising faster than inflation, the government is under pressure from some quarters to abandon plans to offer state-backed guarantees to riskier homebuyers.
The scheme, part of the "Help to Buy" initiative announced by the government in their March Budget, is due to take effect in January.
"Demand is already on the up, and that's before the roll-out of phase two of the Help to Buy stimulus," said Rightmove director Miles Shipside. "It is now critical that the supply of property improves so that the goal of a significant increase in transaction numbers is not over-shadowed by an unsustainable boom in property prices."
The first phase of the government's "Help to Buy" scheme took effect in April and offers subsidies to buyers of new-build properties.
Article Source: http://www.reuters.com/article/2013/08/18/britain-property-rightmove-idUSL6N0GH1KA20130818
Friday 16 August 2013
Private Rents Edge Up Slightly
This August 16, 2013 article by Express & Star reveals that private rents has only lifted a slight pace.
Private rents have edged up by just £1 on average over the last couple of months as more people find it easier to get on the property ladder, according to a major lettings network.
Rents saw a small 0.2% increase in July to reach £738 a month typically, following a flat month in June, according to LSL Property Services, which owns chains Your Move and Reeds Rains.
The findings mean that rents across England and Wales have risen by just £1 typically since May, LSL said.
Its report comes in the same week that the Council of Mortgage Lenders (CML) said that first-time buyer numbers have soared to their highest levels since 2007.
A range of Government schemes have made it easier for people with smaller deposits who may have found themselves previously "trapped" in the rental sector to get access to a mortgage.
London is the only area where rents have lifted at a faster pace than inflation over the last 12 months, with an annual increase of 5.7%. Rents in London rose by 0.3% month-on-month to reach a new high for the study of £1,118 typically.
Wales and the South East saw the strongest month-on-month increases in rents, both recording rises of 0.8%. By contrast, rents in the South West fell by 1.1% and the North East saw rents drop by 0.8% on a monthly basis.
Across England and Wales, rents are around 1.8% higher than they were a year ago, which is well below consumer price index (CPI) rate of inflation of 2.8% in July.
The easing pressure on rents led to an improvement in tenants' finances. Some 8.1% of rent across England and Wales was late or unpaid in July, edging down from 8.3% in June.
LSL said that in the medium-term it still expects rents to at least keep up with wider inflation as demand in the sector is still strong, despite the softening in demand due to people getting on the housing ladder.
David Newnes, director of LSL Property Services, said: "This summer, the house purchase market has jerked into motion. And everyone is feeling the impact of that sudden change of gear.
"Buying a first home might only be possible for those with a big enough deposit and sufficient earnings, but the effects are reverberating through the rental market too."
He added: "It's unlikely July will be typical after the initial change of pace in the purchase market, but a few months of more affordable rents are win-win for everyone."
The findings are based on rents achieved on 19,000 properties.
Thursday 15 August 2013
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Property Sales on the Rise in Cheltenham say Estate Agents
Good news for property buyers because property sales are prospering in Cheltenham according to this article by Gloucestershire Echo on August 14th, 2013.
PROPERTY sales are booming in Cheltenham, according to local estate agents.
There are less houses on the market than there are willing buyers, making demand for homes the highest it has been in four years.
During July, the number of potential buyers looking to enter the market nationally grew at the fastest rate in the UK since July 2009.
Since the start of the year, buyers have gradually been returning to test the market and the number of would-be buyers seen have grown.
Erling Lindoe, branch partner for RA Bennett & Partners based in Bath Road, Cheltenham, said: "Everything is wonderful.
"The housing market is booming and there are not enough properties to go around.
"If you have got a property that is priced well, it will sell, which is probably due to demand.
"Over the past four years, rents have been increasing and have caused borrowing to stay very low." With rising buyer confidence, more potential sellers looked to test the market and place their homes up for sale.
Last month, 15 per cent more respondents reported rises rather than falls in new instructions.
Mr Lindoe said: "I wasn't necessarily aware that there is a major issue in the market.
"The market in Cheltenham is a very simple case of demand and supply. Demand is currently exceeding supply which helps. But I don't see that house prices are rising at the moment."
As part of continued growth, a Royal Institute of Chartered Surveyors (RICS) residential market survey expects sales to rise rather than fall over the next three months.
RICS global residential director Peter Bolton King said: "These results are great news for the property market as it looks like at long last a recovery could be around the corner.
"Growth in buyer numbers and prices have been happening in some parts of the country since the beginning of the year but this is the first time that everywhere has experienced some improvement.
"It is clearly good news those parts of the property market that were struggling are at last showing some signs of life."
Article Source: http://www.thisisgloucestershire.co.uk/Property-sales-rise-Cheltenham-say-estate-agents/story-19655110-detail/story.html#axzz2c02FvAzB
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