Property News Round-up 6/4/16

Property News All The Latest Updates

 

Hi guys and welcome to another fortnightly property news round-up, today we once again take a look at the latest goings-on in UK property from the north-south house price divide to looking at Ringo Starr’s childhood home in Liverpool – one for you Beatles fans out there!

 

North-South House Price Divide Continues

uk property map

 

House prices in northern England are now less than half those in the south of the country, according to the Nationwide – a new record. (BBC, April 2016)

In the north, on average a property is worth nearly £163,000 less than one in the South.

Stats from Nationwide show that in the first quarter of 2016 prices in Southern England rose by 9.9% year-on-year, compared to just 1.8% in the North.

In addition Nationwide mentioned from their research that property prices were picking up, from the start of the year to March, house price inflation across the country hit 5.7% – up from 4.8% in February and the fastest rate for more than a year.

The building society mentioned that main reason centred around the increase was predominately linked to landlords rushing to buy property ahead of Stamp Duty increases.

Their stats show that property prices are rising the fastest in the London suburbs (an annual change of 12.2%), in contrast, Scotland and the north had an annual change of 0.2% and 1.1% respectively. Click here to view the full list of regional house prices here.

Are you looking for an alternative when it comes to property investing? Why not check out latest regional investments here.

 

Property prices Soar By 47,000 % In The 90 Years Since The Queen Was Born

Queen Property

National Statistics (ONS) and data from Jackson-Stops & Staff found out that between 1926 and the outbreak of the Second World War in 1939, average UK house prices rose by only £40, to £659, a rise of 6.5 per cent. (City A.M., April 2016)

However, by the early 50’s property prices in the country had jumped more than threefold to £2,006. By 1966 (what a glorious year that was! ?) house prices were over £3,000. In the 70’s, prices rose by 331 per cent to £12,704, rising to £36,276 in 1986, by the mid 90’s prices had doubled to £69,889.

According to Jackson-Stops & Staff’s calculations, if prices continue to rise at the same rate as they have in the last two decades, the average property will cost £1.3m when Prince Charles celebrates his 90th birthday in 2038, and £11.3m when Prince William reaches the same age in 2072.

For further reading you can view City A.M.’s article here.

 

Two In Five Of Us Look Up The Prices Of Homes Owned By Friends & Family

nosey neighbour

 

It seems that snooping up on our neighbours is nothing new and has evolved with the digital age.

More than 38 per cent of Britons have checked the price of someone else’s home online in the past year – including the properties of neighbours, family and friends – according to the findings by insurer Direct Line. (This Is Money, April 2016)

The research showed that out of the 19 million Brits who have looked up someone’s home, 52 per cent looked at their neighbours’ homes online, 38 per cent look at their family’s homes and 31 per cent at friends’ houses, now that’s a lot of snooping if you ask me!

In addition, Direct Line’s research showed that 10 per cent of people look online at the homes of their colleagues.

Head of Direct Line Home Insurance, Katie Lomas told This Is Money : “We are a nation of property obsessives with very good reason. Our homes are our castles and becoming a homeowner or even climbing the ladder in the UK is a huge challenge and aspiration for many.”

 

 

To Millennials Caught In The Rent Trap, The Panama Papers Matter

Iceland Panama Papers

As The Guardian’s Kate Lyons mentioned in her article yesterday, the Panama papers is the largest leak in journalistic history and the papers have led to the ramifications of the Icelandic PM Sigmundur Davíð Gunnlaugsson to resign after being accused of hiding millions in an offshore account.

So how does this link to millennials? For Generation Y, they are particularly frustrated with the political and economic status quo as well as the unjust activities of the rich that have been revealed from the Panama papers.

In a country where a lot of the millennial generation cannot afford to get onto the property ladder, the fact that thousands of properties are bought through tax haven-based companies, by people who are already wealthy enough to restructure their finances to take advantage of tax havens in tropical islands really matters to young people.

Home ownership is sadly out of reach for most young people in the UK, something that has been known and reported for a long time, we even conducted research on the matter back in October (which you can view here) – a sobering stat that we uncovered was that a quarter of under 30’s say they need someone to die before they can afford to buy a property.

This is where there is a link with the Panama papers. We know from recent reports just how much property is owned by companies linked with Mossack Fonseca and we can see the direct affect it is having with young people.

When turning on Sky News yesterday evening and heard about the news, being a millennial myself, I wasn’t surprised about what had happened. Hearing about the rich putting offshore money in tropical paradises such as the Cayman Islands and the British Virgin Islands to keep themselves even more wealthy and powerful isn’t new to us at all – however, this way of them finding tax loopholes comes at the expense of others.

Image Source : The Wall Street Journal

 

Childhood Home Of Ringo Starr Sells For £70K

Ringo Starr Liverpool Property

One for all you Beatles fans out there! The childhood home of The Beatles drummer Ringo Starr has been auctioned at the Cavern Club in Liverpool.

The terrace house with two bedrooms at 10 Admiral Grove in Toxteth and was where the former Beatle lived as a small child and until he was 21.

The Liverpool property had a guide price of just £55,000 ($78,000) and reveals the humble beginnings of the Beatles drummer.

Ringo’s childhood home was bought at auction for £70,000 by Jackie Holmes from London. She has previously bought the house of John Lennon’s mother in Allerton last April and George Harrison’s home in Speke the year before.

Unfortunately at The House Crowd we can’t help you invest in your favourite band’s former home BUT we can offer you some handy guides! If interested, we have guides on Manchester (North and Central) and also our South Yorkshire guide.

 

What Are Your Thoughts?

Which of our chosen property stories has interested you the most? We would love to hear from you, feel free to leave us a comment on our Facebook and Google Plus pages. If you prefer to tweet us, tweet @TheHouseCrowd.

In the meantime if you want to know more about Property Crowdfunding do register for our Information Pack which will tell you all about it. 

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Property News Round-up 9/3/16

Property News Round-up 9/3/16

 

Hi guys and welcome to another fortnightly edition of our property news round-up. As usual we will be looking at the latest goings-on in the domestic property market from looking at various house prices around the country to the sobering prospect of Brits having to face on average a three year wait before they can afford a property. If you missed our last property round-up, feel free to catch up here.

Average London Home Is Worth Nearly Triple Those Across England & Wales

 

London Property

New figures reveal the change in house prices over the past year and highlight the regions with the fastest growth in Britain. (Homes and Property, February 2016).

It was revealed that house prices in the capital have risen by nearly 14% with the average house worth three times that of houses in the rest of the country.

In other parts of England and wales, an average property price is around £192,000, in contrast, in London, the average cost will set you back over £530,000.

According to the Land registry, London and the South East have performed strongly with capital figures at 13.9 per cent and 10.7 per cent for the South East respectively.

In addition, the South West prices rose 6.2 per cent this year, cities such as Bristol saw house prices rise to over £220,000.

Moving onto the north, the North East showed the smallest price increase of just 0.2 per cent, cities such as Sunderland fell by 3.2 per cent.

However, on Tyneside, Newcastle had the highest monthly price rise in the north east, with an increase in January of 2.1 per cent to just over £123,000.

In the North West prices grew by 2.1 per cent, Manchester once again showing signs of buoyant growth at 5.6 per cent.

 

Study Shows Third Of £1m-Plus Homes Paid For In Cash Since 2011

Expensive Homes UK

According to research, about a third of homes sold for £1m or more in the UK have been paid for in just cash in the last five years.

Cash buyers have spent more than £63bn in total on £1m-plus homes in England and Wales since 2011, spending on average £1.75m for a property. (Guardian, March 2016).

The research comes after a report from a high street lender predicted that the number of properties in the UK worth £1m or more would more than triple by 2030. Currently, less than 500,000 homes across the country are valued at £1m plus.

The house price analysis which was conducted by Bower Private Clients (BPC) also found out that almost two-thirds of cash buyers bought in London where the average spend per property hit £1.89m, but southern and eastern England also saw high numbers of cash buyers for £1m-plus homes.

Moreover, the Essex based company revealed that their research showed that in London, 22,852 properties costing £1m-plus have been bought for cash since 2011, and 7,864 elsewhere in the South-East. Heading north, there were 641 properties that were priced at £1m-plus and 239 in Yorkshire and Humberside respectively.

Property Investment Is Growing At A Greater Rate In The North East Than Anywhere Else In The UK

North East Investment

Investment in property is growing at a greater rate in the North East than anywhere else in the UK, with investors snapping up more than £1bn worth of commercial property in the last year. (Chronicle Live, February, 2016).

Commercial property experts CoStar revealed that investment volumes within the North East grew by 32% – the largest percentage increase of any UK region.

Gavin Black, chairman of the G9 Group of chartered surveyors told Chronicle Live the North East 2015 total of £1.06bn was almost double the £524m annual average over the last eight years.

He went onto to say that by any judgement this is impressive and that investors are increasingly searching beyond the capital for value and within the North East there is good value as well as asset management opportunities. Investors are always keeping a close eye out on lucrative deals in the region.

 

Property Sales In Scotland Up 4% In 2015

East Renfrewshire Property

We now leave the North East and travel to the north of the border to look at the Scottish property market.

A new analysis report points out that residential sales in Scotland increased by 4% in 2015, which were well below the 11% recorded in the previous year.

The report which was conducted by Savills indicates that tougher mortgage lending conditions during the first half of 2015 impacted the recovery of Scotland’s housing market, but the property market adjusted during the second half of the year due to a recovery in mortgage lending for house purchases across Scotland, which increased by 9% from 59,500 in 2014 to 64,800 in 2015. (Property Wire, March 2015)

East Renfrewshire (pictured) witnessed the strongest annual growth in the number of transactions during 2015 at 13% due to the good schools effect. Glasgow, West Dunbartonshire and West Lothian also performed well and experienced high transactional growth during 2015.

The number of transactions at £1 million and above reached its highest level since 2008. Savills report showed that Prime markets in suburban and commuter areas across the country’s Central Belt performed strongly last year, with growth spreading out from core urban hotspots.

Faisal Choudhry, director of Savills Scottish Research mentioned in Property Wire that the upturn in demand is driving an improving development land market. Sentiment for development land in Scotland’s cities remains a positive one.

Are you interested in Scottish property investment? If so why not visit our property investment in Scotland page.

 

Brits Face Waiting An Average Of THREE YEARS Before Buying First Home

House Buyers UK

A sobering thought… BRITS have to wait an average of three years before they can afford their first home, according to new research. (Express, March, 2016)

The biggest barriers involved include high prices, saving for a deposit and other costs associated with buying or moving house.

Recent research shows that one in two people want to buy their first home or move up the property ladder.

Moreover, six in 10 say they will have to wait 12 months, while 21 per cent worry they may never afford to buy or move home.

Price comparison site GoCompare found out that those who were thinking of buying or moving home have been doing so for an average of 3.2 years.

The sheer lack of availability in the area they want to live, job insecurity and the costs such as mortgage payments, as well as bills have been the main barriers for people. Also, saving for a deposit has been a huge hurdle for many.

GoCompare’s product development manager Matt Sanders told The Express : “Affordability is a big concern for both first-time buyers and those wishing to move-up the property ladder. House prices are increasing due to rising demand and lack of supply. (Express, March 2016)

He also mentioned that with house price inflation exceeding wage growth it’s even tougher to save enough money for a deposit – as a result has potentially put homeownership out of reach for many people.

Are you looking for an alternative and an accessible way into the property market and are thinking about getting involved in property crowdfunding? If so, why not take a look at our Property crowd funding- how it works page for more info.

 

What Are Your Thoughts?

Which of our chosen property stories has interested you the most? We would love to hear from you, feel free to leave us a comment on our Facebook and Google Plus pages. If you prefer to tweet us, tweet @TheHouseCrowd.

In the meantime if you want to know more about Property Crowdfunding do register for our Information Pack which will tell you all about it. 

Register Now For More Information

 

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