2009 in Review: Property Market Trends and Patterns

It might seem odd that we are only reporting 2009 now, but because of the Land Reg lag it is only now that we can look at the full set of data for the WHOLE of 2009.

2009 was a tale of two very different halves for the UK property market. The first half of the year was pretty poor coming off a year of transaction volumes at historic lows. The second half of the year was a different story as sales started to bounce back strongly, particularly in the south where buyers returned to the market as prices became tempting and to take advantage of the stamp duty holiday.

Key points:

• 61% of last year’s total sales transactions occurred in last 6 months

• Number of properties sold in second half of 2009 up 35% on 2008

• Houses prices up 4.7% in last half of 2009, a gain of 2.5% for year

England property sales volumes flat in 2009 but Scotland down 33%

The figures reveal the extent of the property market turbulence last year. While property sales in Britain in 2009 were 6.8% lower than a year earlier, it was very much a year of two halves. The number of properties that changed hands in the first 6 months of last year (273,015) was down 36.9% on 2008 but the second half of 2009 showed a 34.6% surge in sales transactions (421,732) compared to the last half of 2008.

While home values in Britain managed a gain of 2.5% over 2009, average house prices fell 2.2% over the first 6 months of the year (from £205,607 to £201,067) before recovering in the second half by 4.7% to reach an average value of £210,661 by the year end. One of the biggest factors in the house price rebound in the second half of last year was the recovery in market activity with increased transaction volumes leading to higher property prices.

Transaction volumes were particularly strong in the fourth quarter of 2009, up by double-digits in all regions compared to 2008 with the exception of Scotland where sales levels have been slow to recover and were up only 8% in Q4 09 versus the previous year and were down 33% for the full year 2009, compared to a decline of only 1% in England and 12% in Wales.

Property Sales

Country 1H 2009 1 YR Change 2H 2009 1YR Change Total 2009 Total 2008 1YR Change
England 228,536 -33.7% 358,894 43.7% 587,430 594,331 -1.2%
Scotland 35,334 -51.1% 48,664 -7.7% 83,998 125,025 -32.8%
Wales 9,145 -40.9% 14,174 29.8% 23,319 26,392 -11.6%
Total Britain 273,015 -36.9% 421,732 34.6% 694,747 745,748 -6.8%

Source: Zoopla.co.uk

March 9, 2010 at 10:04 AM Leave a comment

Zoopla Values the most Picturesque Streets: Increased Property Value?

To celebrate a year of Google Street View, Google asked the nation to vote for what they thought were the most picturesque streets in Britain.

Google’s criteria for street-selection stated that:

“The winning street should be uniquely British and visually charming. It could be vibrant, full of character, diverse, walker-friendly or architecturally interesting.”

…and Ed Parsons from Google said:

“The Google Street View Awards are aimed to celebrate the many fantastic streets that Britain has to offer, and the results reveal a diverse cultural landscape of food, fashion and beauty that puts the winning towns firmly on the map.”

More than 11,000 people voted for their favourites after the streets were short-listed by a panel of experts.

The top three streets, in order were:

1. The Shambles, York - Google Street View link

2. Royal Crescent, BathGoogle Maps View link

3. Grey Street, NewcastleGoogle Street View link

We’ve added in the average home value on these streets based on current Zoopla.co.uk value estimates.

Google Street View Most Picturesque Street Shortlist 2010

Street Area Average Value March 2010
High Street Chipping Campden £683,525
Broad Street Ludlow £582,106
Royal Crescent Bath £512,977
Grey Street Newcastle £346,636
New College Lane Oxford £337,413
Gold Hill Dorset £276,451
Brunswick Square Brighton and Hove £274,315
Pen Cei Aberaeron £240,923
The Shambles York £168,048
Main Street Isle of Mull £146,835

Source: Zoopla.co.uk

March 8, 2010 at 12:00 PM Leave a comment

Five To View: Falmouth – the next favourite for seafood lovers?

Celebrity chef Rick Stein is credited with turning the Cornish town of Padstow into a household name over the past few years – and some wags have even renamed the town Padstein.

Having chosen it as the location for his mini-empire – which includes four restaurants, a bar and a cookery school – Padstow’s tourism has subsequently benefited, as have its property prices.

But word on the Cornish streets is that Falmouth is next in line for a similar rise to fame and potential fortune. Why? Because Stein’s latest venture – a Fish & Chip Restaurant and Oyster Bar – is due to open in the town’s Discovery Quay next month.

So before Falmouth is besieged by seafood fans, and house prices grow as fast as anglers’ tales, here are five plaices (sorry, couldn’t resist!) to view:

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

1. CATCH OF THE DAY

£2,500,000

2. TOP DECK

£1,850,000

3. FISHERMAN’S FRIEND

£1,100,000 O.I.R.O.

4. MY VIEW IS THIS BIG

£995,000

5. SOLE STOREY PROPERTY

£900,000

March 1, 2010 at 3:33 PM Leave a comment

Oldest and newest: Britain’s homes compared

If there’s one thing many of us forget about the housing market, it’s the huge history that many homes can claim, sometimes dating back to the times of William the Conqueror.

Some 20 per cent of properties listed on FindaProperty.com have historic track records, be they Tudor, Elizabethan, Georgian, Victorian or Edwardian homes – and in total, some 340,000 properties across the UK have Grade I, II*or II listed status.

So given our long experience of being a nation of bricks and mortar, how have our homes changed over the past 860-odd years?

For the first in our new blog series, we track down Britain’s longest continually inhabited home and compare it to one of the newest, from David Wilson Homes, to see how they measure up.

OLDEST: Saltford Manor – built: 1149

After months of research by Country Life magazine it was revealed in 2003 that five-bedroom Saltford Manor in Somerset was Britain’s oldest inhabited address.

According to architectural historian, Dr John Goodall, the property has been a home since before 1150 – narrowly pipping Horton Court in Gloucester (built in 1150) and Hemingford Grey in Cambridgeshire (built in 1160) to the post.

Historic home: the 860 year old Saltford Manor in Somerset

Saltford Manor is a solidly Norman affair and includes a typical ornate window in its main bedroom and an arch etched with diamond markings similar to one found at Hereford Cathedral – built in 1148.

The house was considerably beefed up during the Medieval period but left alone by the Georgians and Victorians although at the moment it is decorated to very contemporary tastes rather than historic ones.

“You get a wonderful sense of history,” says owner James Wynn. “I can look at Norman, Tudor and 17th century architecture before I brush my teeth.”

NEWEST: The Domus development – built: 2009

In stark contrast to Saltford Manor, the 26 designer properties for sale at the Prince of Wales-endorsed Domus development near Upton in Northampton (by new homes developer David Wilson Homes) are some of the newest to be built thus far in Britain’s homes history, and are often quoted as being one of the greenest, along with the BedZED development in Beddington, South London.

A future historic home? The Domus development in Northamptonshire

All the properties within Domus (formerly called Aspect) have been built with today’s eco-aware buyers in mind and include environmentally friendly water drainage systems, heating and hot water supplied by solar panels, built-in three-bin recycling in their kitchens and safe bike stores to encourage cycling.

If living the Vida Moderna is more your bag (and more affordable, given Saltford’s likely £900,000+ price-tag) then there are five properties remaining for sale at Domus, varying in price from £299,000 to £449,000.

For more details visit David Wilson Homes.

February 24, 2010 at 3:28 PM 1 comment

Cheryl and Ashley could lose £302,463 on Hurtmore House

Value chart

Girls Aloud singer, Cheryl Cole, who was recently voted the nations second favourite celebrity neighbour in the annual Zoopla.co.uk Celebrity Neighbour Survey, yesterday announced she is separating from her husband, England and Chelsea football player Ashley Cole.

The Girls Aloud singer and X-Factor judge returned to the UK yesterday from a trip to Los Angeles where she had apparently been house hunting in the Hollywood Hills. Perhaps she’s looking to relocate and get away from all the attention?

As part of the separation it is likely that the couple will, at some point, begin the painful process of deciding who gets to keep Hurtmore House, their Surrey mansion.

So, we decided to play nosey neighbour and check out the current value of their Surrey mansion. It turns out that Hurtmore House was bought for £3,550,000 on 19th Oct 2007.

From this data we’re able to work out the current value of this property which we calculate at £3,247,537 meaning that if the Coles sold now, they’d stand to lose a whopping £302,463 on their purchase price.

VALUE CHANGE OVER TIME FOR HURTMORE HOUSE

Detail £ / Value change
Current Zoopla.co.uk estimate £3,247,537
——————————————-
Value change one year ago £185,548 (6.1%)
Value change two years ago £315,705 (-8.9%)
Value change three years ago £58,552 (1.8%)
——————————————-
Purchase price (October 2007) £3,550,000

Source: Zoopla.co.uk

February 24, 2010 at 2:10 PM 1 comment

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