Archive for September, 2010
Top 10 Most (and Least) Resilient Housing Markets Identified by Zoopla.co.uk
The Royal Crescent, Bath
It’s almost been 3 years since the housing market in England peaked in late 2007, so we decided to look at how each area has fared since the downturn began. What is clear from the findings (tables below) is that some markets have weathered the storm far better than others and the north-south divide is very clear.
Average property values for England as a whole remain 8.7% below their peak levels of 3 years ago and now stand at £225,045, representing an average loss in value of £21,303 over the past 3 years, but are up by 11.2% over the past 18 months from the lows reached in March 2009.
Whilst the London property market has proven far more resilient than most with average house prices now only 3.5% below their September 2007 level, the area where house prices have bounced back strongest is Bath & NE Somerset where property values are now only 1.5% below where they were 3 years ago. At the other end of the scale, the country’s biggest loser is Lincolnshire where property prices remain 11.2% below their peak levels, despite having risen by more than 8% in the past 18 months from the March 2009 lows.
The property market in Oxfordshire came in third place in terms of the most resilient markets with home values now only 4.7% below where they were 3 years ago, followed closely by Warwickshire (down 4.78%) and Hertfordshire (down 4.9%) since September 2007. However, Nottinghamshire (down 11%), South Yorkshire (down 10.7%), Worcestershire (down 10.5%) and the West Midlands (down 10.4%) have not fared much better than Lincolnshire.
Top 10 Most Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Bath & NE Somerset | £287,332 | -1.51% | -£4,398 |
| 2 | London | £413,350 | -3.45% | -£14,785 |
| 3 | Oxfordshire | £300,642 | -4.67% | -£14,723 |
| 4 | Warwickshire | £213,314 | -4.77% | -£10,677 |
| 5 | Hertfordshire | £317,687 | -4.90% | -£16,368 |
| 6 | West Sussex | £269,774 | -4.98% | -£14,126 |
| 7 | South Gloucestershire | £384,102 | -5.13% | -£20,761 |
| 8 | West Berkshire | £298,439 | -5.30% | -£16,690 |
| 9 | Hampshire | £252,283 | -5.35% | -£14,249 |
| 10 | Surrey | £357,863 | -5.49% | -£20,795 |
Source: Zoopla.co.uk
Top 10 Least Resilient Housing Markets
| Rank | Market | Avg. home value | 3-year change (%) | 3-year change (£) |
|---|---|---|---|---|
| 1 | Lincolnshire | £155,580 | -11.23% | -£19,690 |
| 2 | Nottinghamshire | £137,949 | -10.97% | -£17,000 |
| 3 | South Yorkshire | £137,413 | -10.66% | -£16,396 |
| 4 | Worcestershire | £201,102 | -10.52% | -£23,632 |
| 5 | West Midlands | £160,502 | -10.40% | -£18,634 |
| 6 | West Yorkshire | £152,897 | -10.19% | -£17,345 |
| 7 | Isle of Wight | £193,639 | -10.13% | -£21,829 |
| 8 | Northamptonshire | £172,729 | -10.09% | -£19,379 |
| 9 | Greater Manchester | £151,946 | -9.94% | -£16,764 |
| 10 | North Somerset | £185,960 | -9.50% | -£19,517 |
Source: Zoopla.co.uk
As always, please feel free to share and use this information, all we ask is that you credit the source as Zoopla.co.uk and link to either Zoopla.co.uk or blog.zoopla.co.uk. Thank you.
Tweet, Digg or Facebook your favourite Zoopla properties
We’ve made it even easier for people to share any property listing on Zoopla.co.uk.
Whether you’re just window shopping or want to send a property to friends or family for their input, you can now share property for sale or property to rent via 295 social networking sites including: twitter, Facebook, Digg and hundreds more social networks.
At the top of every property listings page (see below) on Zoopla, just above the photos you’ll now find the email, twitter and Facebook icons and a ‘+’ sign – allowing you to share a particular property through hundreds of other social media sites. Just click your preferred social network icon, connect and start sharing your favourite properties.
Here’s what it looks like on twitter:
…and here’s what it looks like on Facebook:
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How to buy a property: the financials and less obvious costs
Before contemplating buying a property, it is vital to do as much research as you can. Try and gather as much information as possible on the locations(s) you’re thinking about buying in by reviewing recent sold prices, exploring current home value trends and use our AskMe! Q property community where you can get advice from locals and professionals who will know the area well.
Gathering all this information will help make the decision as to whether a long-term financial commitment of home-ownership is for you. In addition to the location element of buying a property, there are also a number of financial points that need to be taken into account. Here they are:
1. Credit history – before starting the buying process, look into your credit history to find out if all the facts are correct and if there are any problems which may reduce a lender’s willingness to offer you a mortgage or reduce the amount you can borrow.
2. Affordability – use a mortgage calculator to get an initial idea of what amount you may be able to borrow. Get advice from mortgage brokers or lenders in order to get an idea of exactly how much you may have to spend on a property. The next step would be to secure a mortgage approval in principle.
3. Deposit – the typical deposit requirement for first time buyers is currently 24% according to the Council of Mortgage Lenders (26% for all home buyers), which means a new buyer must currently find almost £34,000 on average as a down payment. Whether purchasing with financial assistance from family or not, this is a huge sum and will require serious consideration as to how it can be raised, perhaps using a monthly saving plan.
4. Choosing a mortgage – always give careful consideration and get advice when choosing a mortgage product. For instance, a fixed rate deal may be the best option for homeowners who want greater certainty in their monthly outgoings. Also, calculate how changing interest rates would affect your mortgage payments – the base rate is currently at a record low of 0.5%, but a change of even 1% may make a significant difference to your monthly payments.
5. Research, research, research – it pays to do extensive research on the property market in the area you are looking to buy before making an offer. Using the tools on Zoopla.co.uk such as the free, instant value estimates for any UK home, market value data, local information and community tools such as AskMe Q, can really help when you’re house-hunting.
6. Stamp duty – stamp duty rates vary from 0% for properties under £125,000, 1% for properties priced between £125,000 and £250,000, 3% for £250,000-£500,000 properties, 4% for properties over £500,000 and, from April 2011, 5% on properties priced at £1m or more. Currently, first time buyers are exempt from stamp duty on properties bought for less than £250,000.
7. Legal and estate agent fees – estate agents fees differ, but typically they vary between 1% to 3% of the purchase price. Expect solicitors’ fees to be around £500 to £1,000, with around £200 in search fees on top of this.
8. Moving costs – you may encounter costs when moving, such as removal company fees, van hire or storage costs, so make sure you factor those in to your budget.
9. Utility / insurance costs – Once you have moved into your new home, don’t forget the other costs you are likely to face – such as home and contents insurance; council tax; utility bills and potential ground rent / service charges.
10. Cosmetic / furnishing costs – depending on the condition of the property, there may also be the cost of redecorating, as well as buying furniture and appliances for instance.
Lily Allen’s £3m Cotswold home on Zoopla.co.uk
Smile singer, Lily Allen, isn’t moving to Ramsay St, but has just completed on a £3m house (that also comes with a 3-bed cottage) in the remote Gloucestershire village of Cranham (GL4) in the Cotswolds. It’s a sizeable pad, but needs to be – her first baby is due in February. She also has her Dad, Keith, just 10 miles away in the village of Minchinhampton.
The property, called Old Overtown House, has six bedrooms, five bathrooms and three reception rooms spread over three-storeys in a house that is thought to date from the 1600′s. It’s surrounded by a National Trust estate in an area of outstanding beauty and is rumoured to have stunning croquet lawns!
Here’s an aerial view taken from the property’s details page on Zoopla.co.uk (we list every UK property, not just those for sale or to rent)…and here’s a link to the Old Overtown House page on Zoopla.co.uk.
Average property values, according to Zoopla.co.uk, for Cranham, Gloucestershire are £441,123 with values having risen £2,440 (1.41%) in the last 12 months. In the last 5 years 22 properties have changed hands in Cranham with an average sold price of £440,590. Here’s the market overview page for Cranham.
If success is based on the length of driveway, then Lily has made it. The property has an incredibly long driveway – we estimate it’s nearly 1km. A quick look on Google Street View, which we have fully integrated into Zoopla.co.uk, reveals how long it is and interestingly, how far the Google Street View car was allowed to go up it. The official drive starts at the crossroads just by the Zoopla Zerif on the right of the image below.
The image at the top of this post was taken from Lily’s official website
Is it possible to sell a property with 35ft Leylandii in the front garden?
The old adage a picture is a worth a thousand words is certainly true in the world of property – online and off. Quality, informative pictures with decent resolution can certainly secure an initial viewing on property for sale or to rent.
We recently created an even better property viewing experience on Zoopla.co.uk and launched the ‘bigger picture’ – larger property pictures (where available) on the property details pages either individually or via a slide show.
So, when we read this week about Mr David Alvand of Churchway, Plymouth (where average values according to our figures are £135,172) we wondered whether our bigger pictures tool would actually be beneficial in this particular instance!
Mr Alvand who has been creating headlines (again) planted a series of Leylandii in his front garden in 1991. Today they stand at 35ft tall concealing Mr Alvand’s semi-detached house and dwarfing other properties in Churchway. Neighbours submitted a formal complaint to Plymouth City Council under Anti-Social Behaviour Act legislation, which was put “on hold” in the hope both sides could come to an amicable agreement. However…
A council spokesman said: “We have written to both parties to advise that we are proceeding with the complaint. There is a statutory process to follow whereby Mr Alvand is asked to provide some information and comments in writing before we arrange to visit. This will enable our officers to see the hedge and its surroundings first hand and assess what, if any, remedial action should be taken. We will take account of all relevant factors and will seek to strike a balance between the competing interests. Both parties will have a right to appeal our decision.”
So, we got a little curious and took a look at Google Street View, which we have fully integrated into Zoopla, and found Mr Alvand’s house. Just imagine if Mr Alvand decided to sell his property? An agent would certainly have their work cut out!
We’re not entirely sure what number the property is (we suspect 154) but here are some interesting stats from Zoopla.co.uk about the area:
- the average home value for Churchway is £135,422
- this is higher than average home value for PL5 which is £131,567
- Churchway in PL5 has 210 houses and flats located on it
- the most expensive property in Churchway is number 117 which sold for £174,950 on 19th Oct 2007
- there have been 14 property sales on Churchway in the last 3 years, with the average sold house price being £132,885.
- there are currently 270 houses for sale in PL5
Here’s a view of the Leylandii from the sky; just look at that shaddow!
This is not the first time Mr Alvand has made the headlines. He previously built a high wall around his back garden, sparking a dispute with the same neighbours that lasted almost 20 years, nearly landed him in prison and cost the council more than £20,000.
