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Your Move Property Blog

Thoughts, Opinions & Analysis of the UK Property Market

February 2014 Scottish House Price Index

April 16, 2014 14:24 by YOUR MOVE

Help to buy drives Scottish housing recovery further in February 

• Average prices climb £5,584 in last twelve months
• All seven cities in Scotland see house price growth over the past year
• Prices in Aberdeen climb 12% since February 2013
• Inverclyde tops table for both sales and price rises 

Commentary on the Index:
Gordon Fowlis, Regional Managing Director of Your Move, an estate agency chain that is part of LSL, comments: “Help to Buy has been the spark driving the engine of recovery for the Scottish housing market. Since launching at the tail end of 2013, the scheme has helped thousands get a foot on the ladder. With sustained growth taking hold, there are now signs that the independence debate is less likely to rock the housing recovery boat. However, there’s still some uncertainty surrounding the ramifications of an independent Scotland for the banking sector. The potential fiscal impact may be felt in mortgage accessibility and employment stability, which in turn could have a knock-on effect on housing. 

“Over the past year we’ve witnessed average prices climb by over £5,500, with Inverclyde seeing the greatest annual growth of all, at 16% – with the region clearly benefitting from its close proximity to Glasgow. In a sign of the widespread revival, all seven Scottish cities have also seen price rises from last year. This urban renaissance is being driven by first-time buyers benefitting from Help to Buy, typically taking the plunge in vibrant cities. Aberdeen in particular has seen the average house price climb by 12% over the past twelve months – it has its own micro-economy. The same trend is being seen across metropolitan areas in England, with places like Manchester also seeing positive growth. 

Read the full index




March 2014 House Price Index

April 15, 2014 09:52 by YOUR MOVE

House prices climb £17,500 in 12 months, but sales slow in March 

- Prices hit record £262,291 – with highest annual rise since September 2010 
- Lightning fast growth in London: prices rise twice as fast as any other region 
- Sales stall in March as poor weather and shortage of homes takes its toll 

Commentary:

David Newnes, Director of Your Move estate agents, owned by LSL Property Services plc, comments: “Average house prices have never been higher, rollicking upwards by £17,500 – or 7.2% over the past twelve months. This marks the highest annual increase since September 2010, when the market had only began to emerge from the depths of despair. Prices are now 26% higher than the bottom of that bleak pit five years ago, in April 2009.

“Equally, a rejuvenated economy, more accessible mortgage market and better employment prospects are underpinning greater confidence among aspiring buyers. For the ninth month in a row average prices have set a new record, and we’re certainly seeing reports of this renewed optimism throughout Your Move branches across the country.”

Regional overview:


London continues to dominate the regional league table in terms of house price growth. With an annual increase in excess of 13%, London’s house price inflation is more than double that of any other region in England & Wales. It is also the only region in our table with price growth above the average for England & Wales as a whole. The increase in prices then ripples out from London to the South East, where prices are up by 6.0%, followed by the East and West Midlands, both up by 4.0%. We then see price growth on the east coast of England, with Yorks & Humber up 3.9% and the North, up 3.6%. The West coast then follows with the South West also up 3.6%, followed by Wales, up 2.7% and the North West up 2.2%. East Anglia falls outside this ripple effect at present with only a 1.6% increase in prices, with Cambridgeshire currently showing a fall in prices over the year, particularly in the cost of detached homes.




April 2014 Tenant Arrears Tracker

April 4, 2014 10:40 by YOUR MOVE

Households facing serious rent arrears fall by a third 

- Cases of tenants severely behind on rent have fallen by one third (35%) in last twelve months
- 68,000 households remain seriously behind with rent payments, compared to mid-2012 peak over 116,000
- Number of landlords in mortgage arrears reaches lowest level since mid-2008
- Progress starts to be reflected in number of evictions, as court orders fall 3% in final months of 2013

Overview
Tenants struggling with late rent have made significant progress in the last twelve months, according to the latest Tenant Arrears Tracker by LSL Property Services plc, owners of Templeton LPA, the specialist practice of LPA Receivers.   (Based on analysis of LSL and English Housing Survey data.  Data subject to revision. Quarterly figures revised since last edition as more data became available)

As of the first quarter of 2014, the number of tenants in severe arrears – those more than two months behind on their rent – stands at 68,000, down from 105,000 in the same period last year.  Representing a 35% annual improvement, this comes despite an 11.1% seasonal increase in cases of severe arrears between Q4 2013 and Q1 2014.)  

Comment
Paul Jardine, Director and Receiver at Templeton LPA, comments: “Personal finances are finally defrosting across the UK, with many people experiencing the first real financial spring for half a decade.  Tens of thousands of households are looking forward to a slightly more comfortable year in 2014, without the lurking anticipation of serious rental arrears.

“It’s true there remains a long way to go.  Certainly, for any particular tenant still facing serious hardship, this won’t yet feel like an improvement.  And the seasonal difficulties of the festive period and New Year have taken their usual toll.  But a clear positive trend is emerging.   With three successive quarters showing a sharp annual improvement in the number of such cases, the chance of tenants falling so far behind is receding.  Slowly but surely a brighter economic picture is breaking through the gloom and is starting to make a real difference to purse strings across the country.”

Read the full tracker
 

 




Top Tips to Beat the Crowd

April 1, 2014 09:34 by YOUR MOVE

With at least three buyers for every property in London and the surrounding areas, the housing market is red hot at the moment, and would be homeowners are being outbid and missing out on their dream homes.

I am constantly being asked by clients and friends how to increase their chances of beating the crowd and be successful in securing an offer before anybody else.

Here are my top tips

1)      Don’t rely on property websites, you may already be too late ! Register with as many agents as you can,  and if possible meet them in person. Give them a clear idea on your requirements. Help them to help you.

2)      Your Estate agent is your new best friend ! Contact them on a regular basis to show them how keen you are. You will be at the forefront of their minds when that right property becomes available.

3)      Be open minded. View as much as you can, this will give you a good idea on what your money will get you. Be prepared to compromise, you will never get the perfect property. Would you be prepared to buy a property needing work in the best street in the town or a much larger property in a slightly cheaper street ? BE AWARE. If you take too long in making a decision, prices will rise and you will have to pay more the longer you look.

4)      Make sure your mortgage is in place. At the very least meet with the estate agents mortgage advisor. This will give the estate agent confidence to introduce you to one of their sellers homes.

5)      Have a solicitor or conveyancer in place before you offer. You will look a more attractive buyer if you are organised and ready to go ! Your estate agent maybe able to suggest the best solicitors to deal with the property you intend to buy.

6)      Go out of your way to view something quickly. Can you dash out in your lunch hour ? If possible take a friend or relative with you to give you a second opinion.

7)      Be aware of any issues with the property. Ask the agent if there is anything you should be made aware of. Knowing any issues now will avoid problems arising at a later stage. The last thing you need is to have to start looking again for another property several months later when prices have risen.

8)      Be prepared to make an immediate offer. Make it clear to the agent on how quickly you can move, and provide them with how you intend to finance the purchase including those solicitor details. You may need to be qualified by the estate agents financial advisor .

9)      Avoid negotiating ! This can take days of going backwards and forwards to agree a price, another buyer can come in and beat you to it ! The best advice is to offer the asking price, you could even offer £500 over to show how keen you are to the seller. Be prepared to enter a bidding war with other buyers. Offer your highest possible figure you’re comfortable with and stick to it.

10)   The longer a sale takes to go through the greater the temptation to the seller to try and get a better price. Don’t take your time ! Implement your mortgage application urgently and ensure you chase your solicitor on a regular basis to turn the legal paperwork around straight way. Your estate agent will help you with this.

 

Good Luck and happy house hunting !

 

by Phil Gulvin, Branch Manager Your Move Sutton, Surrey

 

 




March 2014 First Time Buyer Barometer

March 28, 2014 09:45 by YOUR MOVE

House price expectations fuel first-time buyer spending

- The number of first-time buyers rises 42% year-on-year to 22,400, boosted by Help to Buy
- 81% of first-time buyers anticipate further price rises in the next 12 months
- Average first-time buyer deposit falls to 16 month low of £25,773

Overview
The number of monthly first-time buyers increased 42% year-on-year in February, as buyers snapped up property in anticipation of future price rises and took advantage of better mortgage availability according to the latest First Time Buyer Opinion Barometer from LSL Property Services. There were 22,400 first-time buyer transactions in February 2014, up 42% from 15,800 in February 2013.

Comment
David Newnes, Director of estate agents Your Move, part of LSL Property Services group, said: “The reason first-time buyers are taking advantage of Help to Buy in such numbers is that they expect prices to keep rising. That’s pushing up demand in the short term, which is supporting prices in the long term. Rising prices and growing transaction numbers are encouraging house building, which will boost the country’s housing stock. The question is whether supply will now catch up with demand of its own accord – or does the government need to do more to boost building? It may be time for an overhaul of the planning rules which have hampered house-building in the UK, delivering lower levels of house building at a time when the need for more new housing keeps growing. We asked first-time buyers what they thought house prices will do over the next 12 months and over 80% said they think prices will rise reflecting the fast growth in buyer confidence in the housing market.”

Read the full Barometer




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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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