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Your Move Property Blog

Thoughts, Opinions & Analysis of the UK Property Market

August 2014 House Price Index

September 23, 2014 14:22 by Your Move Press Office

Mind the gap: London and South East skew average house prices by record £89,000

· Overall average house price now £274,302 – but only £185,496 omitting London and the South East
· Represents the biggest price disparity since 1995 due to cooling house prices in regions
· Slowdown outside of London and the South East as annual rise drops to 4.3%
· Contrasts with average house price growth of 10.7% in past year across all of England & Wales

Overview:

David Newnes, Director of Your Move estate agents, comments: “A game of two halves is being played out in the UK property market. In terms of average house price growth, a gap has developed between the South East corner and the rest of the country. If we exclude the key players of London and the South East from the game, a whole different playing field is revealed.

“House prices across the remaining parts of England and Wales have only increased 4.3% in the past year, or less than half of the overall measure of 10.7% when we include London and the South East. In absolute terms the difference would seem to add £88,806 to the average price tag for a home across England and Wales – the highest absolute difference since 1995.

Regional overview:

David Newnes continues: “There is also much more to be said beyond the headlines for London. The annual rate of growth in London house prices is the fastest witnessed since 2000. Most recently we’re seeing asking prices in the capital start to be reined in, which will apply the brakes on annual house price inflation as the market steadies. 

"What’s happening in London may be eye-catching, but it is akin to looking through a kaleidoscope – and skews any view of the current total housing landscape. Peeling back the regional layers gives a much more informed view of the core reality of the current housing market. With evidence of London starting to cool off after strong growth earlier in the year, it is critical that the underlying momentum that has stimulated much needed increased volume in the rest of the market is allowed freedom to keep moving, whilst any price rises are kept steady and under control.” 

       Read the full index




Scotland House Price Index Infographic - September 2014

September 17, 2014 12:07 by Admin

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House Price Index Infographic - August 2014

September 11, 2014 14:33 by YOUR MOVE

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July 2014 - Scottish Buy-to-Let Index

September 3, 2014 10:45 by YOUR MOVE


SCOTTISH RENT RISES ACCELERATE SINCE TENANT FEES BAN

· Annual rent rises accelerate to average 2.3% since ban on tenancy fees,  after years of stability
· Average Scottish rent stands at £534 per month in July 2014
· Tenant finances healthier than south of the border, with 15% less rent in arrears in Scotland
· Landlord total returns three times as high as a year ago, climbing to 9.9% a year (or £14,994)

Overview The ban on tenant fees accelerated rent rises, according to the first Scotland Buy-to-Let Index from Your Move.

Before it became illegal to charge tenant fees in Scotland in November 2012, average monthly rents had been stable around £508 for a period of almost two years, showing an average annual change of 0.0%. However in the 21 months since the ban on tenancy fees came into force, the annual increase in Scottish rents averages at 2.3% - much faster than the current rate witnessed in England and Wales.

The average residential rent across Scotland is now 2.7% higher than in July 2013, currently standing at £534 per month. This means that tenants in Scotland are currently paying an extra £26 a month in rent on average than before the legislation was introduced, amounting to £312 across a year. This is substantially more than the typical up-front costs  tenants used to pay when setting up their tenancy.

At an average of £534 a month, this is the highest level of rent in Scotland on record – but is still 29% lower than the average monthly rent across England and Wales, which is £753 in July 2014.

Commentary

Gordon Fowlis, Regional Managing Director of Your Move,  estate agency chain, comments: “Tenancy fees were outlawed in Scotland with the well-meaning intention of protecting thousands of households reliant on rental accommodation. But we can see that in reality tenants are starkly out of pocket. They are paying much more over a 12 month tenancy than they would have expected to pay for a single set-up fee, adding to the daily cost of living challenge.  Before this policy was implemented rents had been flat, relaxing the burden on household budgets and giving tenants some breathing space to climb back on their feet after the dark days of the recession.  Banning fees has heightened the financial strain on tenants, as greater costs are now incurred elsewhere through rents increasing at a faster pace.”

“After the consequences we’ve seen of previous government intervention, the biggest threat to the private rented sector is further unwarranted regulation. As we move into the final furlong before the referendum, all sides need to be careful not to scare landlords off the playing field as private renting is now a key integral solution to fulfilling Scotland’s housing needs. If private Landlords sell up and leave the rental market due to more well-meaning, but clumsy, regulation this could force a housing shortage for renters.”                                                                                                                                                                                                                                                                                                                                                                       
Read the full index 

 




Homes of Tomorrow

August 14, 2014 13:07 by YOUR MOVE

Children from Rosemellin C.P. Primary School in Camborne swapped classroom studies for home designing when they were asked to draw their dream homes of tomorrow in an event organised by Your Move estate agents.

The children were asked to draw and describe their dream tree houses as if they were being built on the nearby Enys Woods housing development being constructed by Kier Living & Sanctuary Housing.

The event was organised through the developers, Kier Living, membership of the Considerate Constructors Scheme, a national initiative which encourages best practice in the construction industry with a view to working and engaging with local communities.

Charlie Staines of LSL Land & New Homes, sister company to Your Move estate agents, organised the event and he explains:

“With the Enys Woods homes being located within walking distance of various local amenities, including Rosemellin School, it seemed fitting to approach the school and invite them to play a part in the new community.

The children clearly put a lot of effort into the project and picking eleven winners was difficult. There are certainly some budding architects of the future and I would encourage them to keep designing homes and hopefully one day we can sell one for them.”

In working with local communities Kier Living had invited the school to visit the site and learn about the construction industry.

Chris Churms of Kier Living commented “When we first approached the school to work with us on this project we had no idea how enthusiastic the children would be. We hoped they would enjoy designing their dream tree houses and when they visit the site after the school summer holidays they will see how Kier Living bring homes to life from architects drawings and designs.”

The Enys Woods development – which will be marketed through Your Move estate agents - will feature 99 new one, two, three and four bedroom homes created in partnership with Sanctuary Housing Group. All will benefit from spacious accommodation and far reaching countryside views with a mixture of purchasing options available. 

The Enys Woods homes will enjoy a beautiful setting with spacious accommodation and open spaces. There will be far reaching countryside views and the development will sit behind a striking Cornish hedge.

Charlie Staines adds “The drawings the children created were amazing, they all took so much time and you could see that so much thought went into their designs. Not only did they draw a dream tree house they also learnt about the trees.”

Winners of the competition all received special Kier Living goodies including art supplies for their use over the summer holidays. In addition the winning artwork will also be shortly featured on the site hoarding and within the soon to open onsite sales centre. Finally, each house type at the development has also named after the winning entries.

To commemorate the children’s achievements Kier Living will also be presenting the school with a special display in September.

Leanna Brokenshire of Rosemellin School comments “The children have thoroughly enjoyed this experience and are looking forward to visiting the site in September. To have the houses named after their designs is an honour and I hope that in the future the families that live in the homes will bring their children to this school.”

The Enys Woods development will include high specification one, two, three and four-bedroom homes. To register your interest in the development contact Your Move Camborne on 01209 711171 or via email at camborne@your-move.co.uk




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YOUR MOVE is a multi-award winning estate and letting agent with branches across England and Scotland

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