ELECTION 2010: Political Party Property Values

David Cameron visits Spear by conservativeparty. PM talks to Lauren Laverne by Downing Street
David Cameron Gordon Brown Nick Clegg

Unlike the election outcome, which is unclear for now, our research into political property values reveals that the Tories rule in the property stakes with average property values in their constituencies significantly above those in Labour controlled areas. Interestingly, despite the fact that there are far fewer homes in areas under their control today, the Tories still have an equal share of the UK’s property wealth, due largely to their strong presence in affluent rural areas and the south east of England in particular.

Some may say this is not totally unexpected, but when you look at the detail there are actually 4.5million more homes under Labour control (11.7m total) compared to 7.2m properties in Conservative constituencies with the Lib Dems some way behind with 2.2m homes.

The Key Points:

  • Average house prices in Conservative areas 53% higher than Labour
  • Property values in Tory constituencies £89,500 higher than Labour on average
  • Average house prices in Tory constituencies £257,500 vs. £168,000 for Labour
  • Lib Dem seats show highest growth in property values over the past 5 years
  • Gordon Brown’s own constituency amongst the lowest property values in UK

Average house prices in Tory-controlled areas now stand at £257,518, followed by Lib Dem constituencies where the average home is worth £228,880, whilst Labour comes in a distant third at £168,112, with property values in areas under their control at almost 20% below the national average.

Average property values in each party’s constituencies

Party Average Value
(April 2010)
% Change since last election
(May ’05)
Average Value when Labour came to power
(May ’97)
Conservatives £257,518 7.82% £92,392
Liberal Democrats £228,880 10.24% £78,813
Labour £168,112 7.99% £60,567

Source: Zoopla.co.uk

The research also highlights that Labour-controlled constituencies have experienced the lowest gains in property values since they came to power in 1997, with house price growth in areas under their control up 177% over the 13 year period compared to 179% in Tory areas and an impressive 190% in areas under Lib Dem control.

As for the party leaders own constituencies, the average property value in Gordon Brown’s Kirkcaldy and Cowdenbeath seat is £120,910, well below both the average for his party and the national average. Average property prices in Witney, the Oxfordshire seat of David Cameron, stand at almost 2.5 times that figure at £289,686, well above the national average (£209,101) whilst in Nick Clegg’s Sheffield Hallam constituency, the average home would set you back £219,136.

Average property values in each leader’s constituency

Leader Average Value
(April 2010)
% Change since last election
(May ’05)
Average Value when Labour came to power
(May ’97)
David Cameron £289,686 12.30% £98,756
Nick Clegg £219,136 5.14% £79,857
Gordon Brown £120,910 18.57% £38,691

Source: Zoopla.co.uk

In terms of the total current value of residential property located in areas controlled by each party, the Tories and Labour come out almost exactly neck and neck at £1.9 trillion each, despite Labour’s significant advantage of 11.7m homes in areas under their control compared to only 7.2m homes in Conservative areas. The total value of the 2.2m homes in areas under the control of the Liberal Democrats stands at £0.5 trillion.

Please feel free to share and use this research; all we ask is that you credit the source as the Zoopla.co.uk and if possible link to Zoopla.co.uk. Thank you. Here’s the original press release.

April 15, 2010 at 8:15 AM 2 comments

Five To View: Homes with fabulous views

It’s all about the views this week. From rural to seaside, and lochside to lakeside, the common denominator of this week’s five to view is that they all have va-va-vroom vistas.

Such spectacular views command a premium price, of course, but we all know that location is everything in property.  And who would begrudge paying a little bit extra for the privilege of all that loveliness on the doorstep?

But enough: we’ll let the scenery speak for itself.

(Click on pics for more images & full property details.)

1. Western Esplanade, Portslade, East Sussex

Overlooks: The English Channel

Price: £2,600,000

2. Windermere, Cumbria

Overlooks: Windermere, The Lake District

Price: £995,000

3. Brockenhurst, Hampshire

Overlooks: The New Forest

Price: £895,000

4. St Andrews, Fife

Overlooks: The Old Course & the West Sands

Price: £795,000

5. Bunloit, Highlands

Overlooks: Loch Ness

Price: £705,000

April 12, 2010 at 6:54 AM 2 comments

Is this the best panorama money can buy?

view from the penthouse apartment at Bridges Wharf on Thames Embankment

Worth £2.5 million? The view from the penthouse at Bridge's Wharf on the Battersea embankment of the Thames.

After being given an exclusive peek at the completed ‘presidential suite’ of the Bridge’s Wharf development on London’s Battersea embankment we think the spectacular vistas of the nation’s Capital to be seen from its balconies make it the nation’s best view for sale. Do you?

The 11th floor, two-bedroom, two bathroom apartment on the Thames embankment is for sale at £2.5 million, has a large lounge-cum-diner and a huge 700 sq ft terrace from which you can see 300-degree views of London’s cityscape including Chelsea and Fulham. Next door is the Battersea Heliport, which celebrities (and in particular Harrods owner Mohamed Al Fayed) use regularly to flit in and out of London (at £500 a pop).

Whoever buys this trophy pad will be able to watch as the choppers take off below but anyone worried that Elton, Madonna or Mr Cowell might be peering in needn’t – developer Weston Homes has included tinted windows all the way around.

Bob Weston, managing director of Weston Homes, told us how he is chuffed that Bridge’s Wharf offers a degree of meritocracy in the building, which isn’t all marketed at millionaires. “Prices here start at £360,000 so you could be passing someone in the lift who has paid £800,000 for a similar if not larger apartment but higher up with better views,” he says.

The area is also home to several well known names, the most intriguing being the Bhuttos, until recently Pakistan’s most powerful political clan, who own several floors of neighbouring Falcon Wharf – a similarly lofty apartment block also overlooking Battersea Heliport.

And if you think the Bridge’s Wharf apartment is pricey then consider the top, three-storey penthouse apartment at Battersea Reach half a mile up river next to Wandsworth Bridge, which has just been sold to a Russian buyer for £6.5 million.

April 7, 2010 at 8:27 AM 6 comments

Housing market confidence hits two and a half year high

Our latest Zoopla.co.uk Housing Market Sentiment Survey reveals that four out of five (81%) UK homeowners think that property prices will continue to climb over the next six months.

Optimism around the housing market outlook has significantly improved from one year ago, when less than one-third of homeowners (30%) expected house prices to rise.

With the bad weather behind us and the recent stamp duty relief introduced for first-time buyers, confidence in the property market has bounced back well. Despite the optimism, significant concerns remain around the supply of mortgages and whilst affordability levels are now higher than at any time in the past few years the lack of mortgage funding, especially for first-time buyers, remains the single biggest threat to a full housing market recovery.

Key points:

- Housing market confidence hits two and a half-year high

- Strong concerns remain over the availability of mortgage financing

- 81% of homeowners believe UK property values will rise over next six months

- Homeowners predict that average house prices will increase 5.7% by Autumn

- Only one in five potential buyers say that mortgage availability is improving

- Scots are most confident about property market recovery, N Irish far less so

The survey also reveals only 9% of homeowners believe that property values will fall over the next six months whilst a further 10% expect prices to remain flat. The average growth predicted by those surveyed is for house prices to rise by 5.7% by October.

The current level of optimism bodes well for market activity, with transaction volumes expected to rise significantly over the coming months given the historically high correlation between the confidence level in the Zoopla.co.uk Survey and market activity approximately three months later.

However, the availability of mortgage financing remains the main obstacle to a sustained improvement in the housing market with four out of five (78%) of those surveyed saying that it is now no easier to obtain a mortgage than it was three months ago.

When considering the election almost a quarter (23%) of those surveyed stated that they will wait to assess the outcome of the election before making any property-related decisions.

Across the UK, the Scots are most upbeat over the prospects for the local property market, with 86% expecting house prices in their area to rise over the next six months, compared to 80% in England and 76% in Wales. The picture is somewhat less optimistic in Northern Ireland, with only 62% predicting house prices will rise over the next six months.

Please feel free to share and use these findings, all we ask is that you credit the source as the Zoopla.co.uk Housing Market Sentiment Survey and link to Zoopla.co.uk.

April 7, 2010 at 7:37 AM 2 comments

Forget the Boat Race, what about the Oxford & Cambridge property race?

There’s been clear water between Oxford and Cambridge in the Boat Race in recent years, but we’ve begun to see a reversal of fortunes in the property market. Cambridge property values have outperformed the city’s longstanding rival, thanks principally to Silicon Fen. The rapid growth of high-tech businesses in the area – many of which have links with the University – has transformed Cambridge into one of Europe’s most important technology centres. Increased investment and the boost to the local jobs market has led to a surge in demand for property in Cambridge.

Over the past decade the University of Oxford has left its Cambridge rival trailing in the University Boat Race with Oxford crossing the line seven times ahead of the Cambridge crew. However, if we take a look at the property race between the two Cities, it’s an entirely different story – Cambridge is streets ahead in the property race.

Average property values in Cambridge have grown 106% since March 2000, quite a few strokes (sorry!) ahead of Oxford, where values have risen 95% in the same period. In the past year, Cambridge property values have also bounced back strongest from the housing market slump, growing 9.7% compared to only a 4.1% rise in Oxford.

Despite the strong recent performance of the Cambridge housing market, average property values are still higher in Oxford. The average Oxford home is currently worth £318,149 compared to £282,948 in Cambridge.

Oxford v Cambridge – the property perspective

Oxford Cambridge
71,816 Number of homes 102,241
£22.9 billion Current total value all residences £29.2 billion

-
£318,149 Avg. home value (Mar 2010) £282,948
£314,660 Avg. price paid (12 months) £271,977
12,144 Number of property sales (5 yrs) 19,492
4.12% Value change % (12 months) 9.71%
£12,598 Value change £ (12 months) £25,045
£162,826 Avg. home value (Mar 2000) £137,276
95.39% Value change % (10 yrs) 106.12%
£155,323 Value change £ (10 yrs) £145,672

Source: Zoopla.co.uk

April 2, 2010 at 11:16 AM Leave a comment

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