Posts tagged ‘buying and selling’

Britain’s home value hotspots: How much is my home worth?

This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.

Homes in the UK’s most highly valued postcode area are 637% more expensive than homes in the lowest valued postcode, according to new data from FindaProperty.

For the first time ever, FindaProperty.com has used its new home valuation tool to find the average values of homes around the country according to their postcode areas, revealing a huge geographical disparity between homes in the south and the north.

Homes in London top the FindaProperty.com list of the UK’s most valuable postcode areas

The valuation tool uses a statistical model to come up with an estimated home value by looking at factors including Land Registry sold prices, historical price movements, property size, location and what comparable properties have recently sold for.

Homes in the West London postcode area of W, which include parts of Kensington and Chelsea, are the country’s most expensive and have an average value of £793,426, according to the list, which ranks the 120 postcode areas in England and Wales by value. This is almost £100,000 ahead of the next most expensive postcode in the UK – London’s SW area, taking in parts of Westminster and Richmond – where homes have an average value of £695,475.

At the other end of the spectrum, homes in Motherwell, Scotland, in the postcode area of ML, including Lanark and Hamilton,  have an average value of £107,706 and are more than six times less expensive than homes in the most expensive postcode area.

The top of the list is dominated by postcodes in the south with London postcodes taking up the first five positions on the list. Homes in Kingston Upon Thames (KT), which includes Surbiton, Epsom and Esher, is in sixth position with an average property value of £459,289, while London’s N postcode is in seventh position and Slough’s SL postcode area, which takes in properties in Gerrards Cross, Marlow, Maidenhead and Windsor, comes in as the ninth most valuable area.

Homes in Harrogate in North Yorkshire, in the postcode area HG, are the most highly valued homes in the north of the country and ranked 27 on the list with an average value of £278,190.

These average home values are fascinating because they give us a snapshot of how our neighbourhoods perform compared to the rest of the country.

But what about specific information on the property we call home?

In a perfect world, to value a home ourselves, we’d  start by with local property market knowledge – how much have similar homes sold for recently; what are the prices being asked for them now?

But, this all takes time to research, which isn’t something most of us have a lot of.

Property websites have seen this gap in the market for home valuations and are fast developing newer and more accurate ways to help homeowners, and wannabe homeowners, get a handle on specific home values.

The latest tool has just been launched by FindaPropety.com and brings together official sold price data from the Land Registry with other titbits of local market intelligence to generate an estimated value for individual properties.

And who wouldn’t want access to this information, especially as it’s free and instant?  In a fragile property market, knowledge really is power regardless of whether you’re staying put or not.

Find out how much your home could be worth with FindaProperty.com’s new valuation tool.

May 2, 2012 at 4:26 PM Leave a comment

Winter 2012 Property Market: Recovery?

It was good news for most homeowners across the UK today as new FindaProperty.com figures showed both sales and rental asking prices rose for the first time since September, with London and the South East leading the way.

After a quiet winter, the property market has warmed up in the first month of 2012 as those selling their homes set their sights on higher prices. Overall, the average asking price of a home in the UK is up 0.3% compared to the same time last month to £218,114 – or 1.1% up on prices a year ago.

While some areas are still experiencing falling asking prices, regions such as London and the South East are continuing to drive the market upwards. In London, homeowners are now asking an average £460,386 for a home in London, which is 1.6% more than they wanted last month and 7.3% more than a year ago. The average price of a home in the South East is also up to £271,367 or 0.5% compared to the same time last month, while rental asking prices here increased by 0.8% in January.

Part of these increases are down to seasonal growth – where property prices steadily rise between January and June, but some of the boost to prices may also be a result of first-time buyers attempting to complete on sales before their stamp duty holiday on homes between £125,000 and £250,000 ends at the end of March.

Those who don’t owe their own homes had to find slightly more for rent last month after rental asking prices rose by 0.3% to an average of £864 in January. This increase was most sharply felt on homes to rent London and the North East, rising by 1.3% and 1.0% to £2,113 and £597 respectively. However, rents in the West Midlands fell for the first time since August 2011, experiencing a decrease of 3.3% in January, down to £652. Rents in Yorkshire and the Humber also fell sharply, by 0.9%, to £553.

February 22, 2012 at 2:37 PM 1 comment

Overcrowding in Britain: Children forced to share a room

This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.

Whether it’s the kids doing homework at the kitchen table, new parents staying in one-bedroom flats after the first child arrives or siblings sharing rooms, it turns out that Britain is a nation that’s squeezing into homes that are far too small, according to new research by FindaProperty.com. test1

Nearly a quarter (or 24%) of children living in British homes are forced to share a bedroom because of the pressure on space  at home.  That rises to 38 % for younger families, while 35% of those living in London share a bedroom with one or two siblings. Meanwhile, 29% of parents think their home is too small for their family, rising to 40% for parents aged up to 34.

FindaProperty.com decided to look into family size and how it relates to home size as part of its research connected to their new TV advertising campaign, the first of which uses a rapping dad-to-be to highlight the issue of household overcrowding for new parents. Watch the ad now.

And specifically in relation to this – the survey suggests just under a million people in the UK are expecting to become parents within the next few months and roughly 14 per cent of them are living in homes that are too small for their new arrival.

What this research highlights is that very few families can afford to buy or rent a property that meets their size and location requirements and as a result they are often forced to compromise – in many cases forcing them to live in homes that are far too small for their needs.

In these challenging economic times, the sad truth is that if families are struggling with food, education and healthcare costs they’re probably going to put off the added costs of moving and the burden of a larger mortgage or paying more rent.

But the good news is that for those who do have a deposit, low mortgage rates and reduced property asking prices are making upsizing  and buying a new home  relatively affordable at the moment.

But with the average cost of a three bedroom home  now in the region of £193,000, affordability remains a key issue for many families.

And for those who are looking to buy or rent a new home now, the best practical advice is to invest quality time in the search for a home and look for something that meets the needs of your family both now and in the future.

January 31, 2012 at 2:05 PM Leave a comment

Give your home a name: Willow and behold, nature tops the list

This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.

Nature, and trees in particular, are the single biggest inspiration when it comes to naming our country homes, according to new research, and they might even help you sell your house.

See how your favourite tree performs in the home-naming stakes

As our thoughts turn to autumn country walks, new research by Hamptons International has found that one in seven of all “named” homes allude to the natural world, with trees (including 19 different types from the Oak to the Bay) topping the list.

The survey of 1,000 country homes found most of us would rather live in a home called The Granary, which topped the list for the most popular name for a country home, than any other. The Cottage came in as second most popular name followed by The Coach House, while Yew Tree, The Manor House, The White House, Tudor Cottage, Little Orchard, Farthings and Corner Cottage made up the rest of the top ten.

But some home owners prefer to take their own inspiration for home-naming rights and the research revealed some distinctly individual names, including Laissez-Faire, Casa Mimosa, October Cottage, Dangerfield House and the decidely bizare Walter the Abbott.

Would you rather live at October Cottage, or No. 23? October Cottage, in Chalfont St Giles, Bucks is for sale for £649,999

A home’s name can bring alive the history of a property and bring it to life for prospective buyers, says Andrew Marshall, of Hamptons International.

“House names, particularly those associated with nature, are particularly popular with city buyers moving to the country as they can epitomise the good life and its ideals.  When moving to the country, the majority of home buyers would much prefer to live in Yew Tree Cottage than at Number 23.”

Yew have been warned.

November 3, 2011 at 10:05 AM Leave a comment

First-time buyer blog: Is there an art to making an offer, asks Emma?

This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.

My boyfriend and I have now been looking for our first home since the end of May. We have had a couple of weekends off, so all in all we have spent seven Saturday’s looking.

As we have gained more experience we are now a bit more selective. The first three or four weeks we looked at anything and everything. This really helped us decide on what we would and wouldn’t compromise on. It also gave us a good idea on how prices vary. For example, we will compromise on walking straight into the living room but won’t compromise on having the bathroom downstairs.

When we found a property we both liked, we booked a second viewing for later that week. The second viewing is a completely different experience. It’s all very practical, rather than the initial “oooh, what a lovely house”. Having a better look at the walls, floors, ceilings, the roofspace and the condition of the exterior.

We still liked the house, and agreed to make an offer. We had done a lot of research on selling prices of similar houses in the area, as well as on the same street.

On the day of making our first offer I actually felt quite nervous. Our initial offer was low, and to be completely honest I would have been very surprised indeed if it was accepted. Turns out, it wasn’t. So if I knew in the back of my mind that our offer wasn’t going to be expected, why did I feel so disappointed? We gave it more thought, and upped our offer. Rejected again. Oh.

We were entering into the unknown. I felt nervous, and didn’t particularly enjoy this negotiation stage (or rather, lack of it). Two weeks on and we are still not in any negotiation with the vendors.  In the meantime, we are continuing to look at other properties on the market.

To be continued….!

July 28, 2011 at 10:45 AM Leave a comment

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