We’re living through a time of huge cultural shifts, including in the property industry. Within a few short years, there has been such a rise in the number of private renters that mortgaged home owners will soon be in the minority.
Experts predict that by 2025, just seven short years away, the number of households owned by mortgage holders will be under six million. At the same time, the number if households living in private rented accommodation will be slightly higher, at six million. Continue reading →
What does a house represent? It’s first and foremost a place to live and a form of protection against the weather. Depending on where you live, your house will keep out the cold, heat, wind or wet climate. Continue reading →
Blockchain technology underpins the much talked about Bitcoin – the leading cryptocurrency. If you’re not sure what blockchain is, then think of it as a permanent ledger used to record transactions. In addition to being user generated, it’s also tamper proof and therefore represents an unassailable record of proof. And its potential for use in the property sector are wide ranging. Continue reading →
Hometrack, a research group which analyses the UK’s property market, has released a ground-breaking new study, showing where British residential real estate values have climbed over the past year and decade. Drawing on this research, Richard Carr asks: where are the UK’s next property hotspots? Continue reading →
London’s housing crisis continues to worsen as the latest research suggest that the majority of housing in the least affordable areas of London is on average eight times the cost of the average UK wage, writes property developer Richard Carr.
The housing value vs wage ratio continues to grow
According to eMoov, London as a whole has average house prices which succeed the average wage by 14 times!
Unsurprisingly, both London and Kensington top the list with the average property price at £1.2m. The price of property in the borough is a ridiculous 46 times the average wage of £26,624 and the nation’s biggest gap in wage to property ratio by a long way.
Following eight months of steady progress the UK’s residential property market is picking up with prices and buyer demand rising, writes property developer Richard Carr.
Property market enjoying post Brexit growth
According to the Royal Institution of Chartered Surveyors (RICS), 8% of surveyors reported an increase in buyer enquires in September 2016, which is a significant turnaround based on June when a net balance of 34% of respondents report a drop.
Despite this small positive there’s still the major use around the supply of new homes. As a result, the number of new instructions being received by agents fell once again meaning the average level of stock on estate agents books remains close to historic lows at just over 45 properties.
Following the announcement that the government is to scrap the Help to Buy mortgage guarantee there has been a significant rise in the number of valuations for first time buyers, writes Poole-based property developer Richard Carr.
First time buyers rush to take advantage of Help to Buy mortgage
According to Connells Survey and Valuation, the number of valuations for first time buyers rose by 18.7% in September on an annual basis.
John Bagshaw of Connells Survey & Valuation believes that many first time buyers are aiming to use the scheme before it closes at the end of December, however he doesn’t think first time buyer activity will suddenly drop at the start of 2017.
Richard Carr hopes that the government are able to benefit first time buyers by building more homes as a result of removing the Help to Buy mortgage guarantee.
Richard Carr, a Poole-based property developer, believes that investment into new housing should be spread fairly across towns, cities and counties in the UK. The Housing and Finance Institute believes more money should be given to councils in districts that are leading the way as they are currently under resourced.
According to the Institute, large cities in the UK receive higher amounts of investment, however they are responsible for only around 30% of new homes.
The HFI’s report found that around 70% of new homes and granted planning permissions are in the district and unitary councils, who are facing resource problems.
New figures indicate that average British residential property rental values rose significantly within the year to July 2016.
Many Britons are finding it increasingly hard to step onto the property ladder. According to Letting Agent Today, Tony Williams of property consultancy Building Value recently noted that at present, “the house price to earnings ratio remains around 5.5 times against a long term average of 4.25 times.”