Posts tagged ‘property’
The strength of house price growth during 2014 has taken many economists by surprise as demand from potential buyers has soared.
At the beginning of the year the consensus forecast for house price inflation in 2014 stood at around 7 per cent, according to a poll of economists carried out by Reuters.
But by the end of May, property values had already jumped by 4 per cent, with seven months of the year left to go, while the annual rate of growth was running at 11.1 per cent, according to Nationwide.
Matthew Pointon, property economist at Capital Economics, said the strong house price growth seen in the early part of the year had prompted the group to revise its forecast for the full year up from 5 per cent to 8 per cent, with the risk on the upside.
He said that while demand from potential buyers had increased in line with expectations as the UK’s economy recovered, many economists had been surprised that supply had not also risen.
He said: “We thought there would be more sellers coming to the market during the spring season, but we did not get as many people selling their homes as we expected.
“Supply and demand remained very tight and that is putting upward pressure on prices.”
Recent figures from the Royal Institution of Chartered Surveyors showed that the number of homes on the market had fallen for five consecutive months in May, while demand from potential buyers continued to grow, pushing prices up.
The strength of house price growth has sparked concern in a number of quarters that the market could be overheating, with the Bank of England warning that the property market posed one of the biggest threats to the UK’s economic recovery.
Today, it announced that the number of homebuyers able to borrow more than 4.5 times their income will be restricted. A total of 15 per cent of mortgages offered by a bank will be allowed at or above this level.
But there are signs that the market may already be beginning to slow naturally, with tighter lending criteria introduced under the Mortgage Market Review appearing to be having an impact.
Recent figures from the Council of Mortgage Lenders showed that total advances were unchanged in May, the first full month that the new rules have been in force.
Bank of England data has also shown that the number of mortgages approved for house purchase fell for three successive months in April.
Mortgage lender Halifax is less surprised by the way the market has performed this year.
The group pencilled in house price growth of between 4 per cent and 8 per cent for 2014 and is sticking to its forecast.
Nitesh Patel, Halifax housing economist, said: “Average prices in 2014 are 4.9 per cent higher than at the end 2013 and within the forecast range of 4 per cent to 8 per cent.
“However, transactions have eased since January, which may impact prices as the year goes on.”
Ray Boulger, senior technical manager at mortgage brokers John Charcol is also sticking to his original forecast of 9 per cent house price growth in 2014.
He said: “The London market clearly has been the key driver for high house price inflation.
“But the rate of increase in London will start to decline, and the rate outside London will increase as the ripple effect becomes more prominent.”
He added that while he did not expect prices in London to fall in general, there were likely to be some drops in areas that have seen particularly strong growth.
Whether you’re dreaming of a cosy little beach hut or a home with it’s own private beach we’ve got something for you. Here are our top 10 beach houses for sale on Zoopla.
1. This stunning sea side home has it’s own private beach access. Not only that but we’re in love with the view.
Six bed in Swansea - Savills
2. Possibly the cutest beach hut in the country!
Whitstable – Foundation Town Homes
3. This modern beach-front home takes advantage of the magnificent views on offer.
Five bed in Shoreham-By-Sea - Osborn Humphreys
4. You literally can’t get closer to the beach. This end row beach hut is very cosy inside also.
Wells-Next-The-Sea – Sowerbys
5. Not your typical beach house and that’s what we like about this cliff hugging domicile.
Four bed in Eyemouth - Sanderson Young
6. A tough view to beat from this holiday chalet in St. Ives.
St.Ives - Countrywide
7. Nestled on the side of Carbis Bay is this impressive new build offering uninterrupted sea views.
Four bed in Cornwall - Chesterton Humberts
8. This New England style home offers the ultimate in beach houses with it’s own private beach at the end of the garden.
Five bed on the Isle Of Wight - Spence Willard
9. Aptly named ‘Happy Days’ we’re sure this beach hut can bring plenty of summer fun for all the family.
Southwold – Durrants
10. Can’t decide if you want to live in the countryside or by the sea? This could be the ideal compromise for you. Set on 30 acres of stunning countryside you are also only a short stroll to your own private beach.
Seven bed in Devon – Savills
Our pick of top 10 Helipad Homes for sale. Listed in no particular order as we’d like to hear what your no.1 is, so please vote in the poll below for your favourite.
1. Located 48 nautical miles northeast of Manhattan this home not only has a helipad but an airstrip & observation tower.
9 bed in Connecticut USA, £1.2M – Mayfair international
2. Plenty of room for your helicopter here in amongst the golf green, fishing lake, secret garden, Japanese water garden…the list goes on.
7 bed in Cheshire, POA – Sotheby’s
3. Thinking of buying in the US, how about a helipad on the roof in Miami.
5 bed in Miami FL, £4.8M – Coldwell Banker
4. An outstanding Country House in a private parkland setting.
7 bed in Shropshire, £2.5M – Andrew Grant
5. No don’t worry it’s not that small, that’s just the pool house!
5 bed in Connecticut USA, £2.25M – Mayfair international
6. Neo-Renaissaance Chateau’s need helipads too.
12 bed in Paris France, £1.5M – Home Hunts
7. A perfect spot to land your helicopter – The French Riviera.
5 bed in The French Riviera, £1.6M – John Taylor – Valbonne
8. This York home 2 helipads, an indoor pool and barns – what more could you want!
5 bed in York, £795,000 – Carter Jonas
9. Cotswolds lake with a helicopter – ideal.
6 bed in The Cotswolds, POA – Cotswold Spa Holidays
10. We’re jealous of anybody flying around the beautiful New Zealand countryside in a helicopter!
5 bed in Auckland NZ, POA – Premium Real Estate
Chancellor George Osborne is determined to ‘avoid the mistakes’ of the last decade and ‘keep Britain moving’.
At the heart of his housing policy announced in the Autumn Statement is building more homes.
He said: “Some of the most important infrastructure for British families is housing and we have to confront this simple truth: if we want more people to own a home, we have to build more homes.”
He also announced £1bn of loans to unblock large housing developments on sites around the country and confirmed that lenders Aldermore and Virgin are set to join the Help to Buy Scheme. The Help to Buy Scheme was introduced earlier this year to help those with a small deposit to buy a home.
“I can announce today that Aldermore and Virgin, two challenger banks, expect to join the scheme this month. Help to aspiring families and building more homes – that’s what we stand for,” said Osborne.
But he added a word of caution, saying: “We must also avoid the mistakes of the last decade.
“We want a responsible recovery….We want a functioning, stable housing market.”
Other items included:
- Regenerating some of the most run down urban housing estates
- Councils to sell off the most expensive social housing, so they can house more families for the same money
- Giving working people in social housing a priority right to move if they need to for a job
- Introduction of Capital Gains Tax on future gains made by non residents who sell residential property in the UK
The measures received a mixed welcome from the housing industry, with NHBC’s chief executive, Mike Quinton, saying: “We welcome today’s Autumn Statement highlighting measures to support house-building in the UK.”
David Newnes, of LSL Property Services – owners of the largest lettings agency in the UK – said: “Today the Chancellor has laid down some concrete steps to address the lack of supply in new housing, but this is only the start on the wider path to solving the problem. While Government initiatives such as the Funding for Lending and Help to Buy schemes have bolstered the recovery this year, the elephant in the room has always been the woeful shortage of new homes.
“The pledge of £1bn of loans to unlock large housing developments is certainly a welcome move and plans to increase local authorities’ housing revenue account borrowing limits are encouraging measures, both will play a part in boosting house supply, while at the same time preventing house prices from rising out of reach of buyers. Equal focus on expanding the Right to Buy offer and the Government’s investment into affordable housing shows efforts are being made. The Government must continue to lend a helping hand to aspiring buyers, so that they can achieve their dream of home ownership, while emphasising the need for more homes to support a healthy rate of recovery for the market as we move into 2014.”
Elsewhere, on the taxing of non residents, Liam Bailey, of estate agents Knight Frank, said: “Tax is not the primary driver for the majority of international buyers of residential property in London. We anticipate that the removal of the CGT exemption for non-resident purchasers will have only a marginal impact on demand and pricing.”
A selection of the best properties to be found on Zoopla.
1. This property has it all…period features, beautiful gardens and even a stream – From @struttandparker.
2. From @savillsuk – A cook’s dream, fab kitchen and an even better garden for home grown produce to cook with!
3. We love this unique coach house from @FineandCountry.
4. From @InmoRealtyes – A restored country house in a farm dated from 13th Century in Barcelona.
5. A magnificent combination of garden and sea view in this Brighton home from @BrandVaughan1.
6. From @ChewtonRose - we couldn’t resist this beautiful barn conversion.
7. From @YMChrisStonock – a modern fireplace for the winter.
8. From @ckdgalbraith – An Edinburgh flat with panoramic city and sea views.
10. And finally from @Fearnalls (and others) the purple pad! However it has now been taken off the market – that sold quick!