Category: property market news

LET’S DO BUSINESS

  • The UK has been crowned by Forbes, for the second year running, as the best country for business following its latest survey published in December 2018. A total of 161 countries are assessed on 15 different criteria.
  • The UK is the only country to land among the top 30 in all 15 metrics, including property rights, innovation, taxes, technology, corruption, freedom and workforce.
  • Forbes states that although sterling plummeted 9% against the US dollar the day after the EU referendum result and remains down, the economy has ‘held up relatively well’.
  • With the official exit from the EU scheduled for this March, Forbes recognises that uncertainty remains. Some UK companies are holding off investments to see how Brexit affects trade relations, but on balance the business climate remains attractive, with a globalised economy that is more open than most in terms of trade, investments and capital flows.
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DISTANCE TENANTS MOVED TO THEIR CURRENT RENTAL HOME

  • With renting offering more flexibility than ownership, some tenants have traditionally used the sector as a way to get to know a new area before committing to buying.
  • Indeed, the majority of tenants stay within their local area when moving home.
  • In 2018, over a quarter (27%) of tenants moved within a mile of their previous rental property, and two thirds (68%) stayed within ten miles.
  • At the other end of the scale, 8.1% of tenants starting new tenancies in London in 2018 moved from overseas. Despite political and economic concerns, this is actually an increase from 7.3% in 2017.
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HOW CLOSELY ARE UK HOUSE PRICES RELATED TO THE STRENGTH OF THE ECONOMY?

  • Brexit continues to make long-term and strategic decisions difficult for UK-based businesses and homeowners. Yet both the UK economy and its housing market registered around 3% annual growth in each of the first three quarters of 2018.
  • Since the last troughs in GVA* in Quarter 4 2009 (Q409) and house prices (Q109), both indicators have risen a similar magnitude of 36% and 42% respectively. The relationship between the two indicators, using annual % change on a quarterly basis, suggests a correlation of some form does exist, with changes in house prices lagging by approximately three months.
  • GVA recorded a slight uptick in annual change in Q318 (4%) yet Gross Domestic Product (another measure of economic performance) indicated that the economy was starting to slow.

  • The consensus of economic forecasters (OBR, IMF, NIES and OE**) for total GDP growth in 2019 to 2022 is however positive at 7.2%, with 1.8% expected to be confirmed for 2018. Ernst and Young’s Regional and City Forecasts for GVA predict that London and the South East will continue to outperform in terms of annual GVA growth until at least 2020.
  • *One widely used indicator of overall economic performance is ‘Gross Value Added (GVA)’. It measures the increase in the value of the economy due to the production of goods and services. ** Office for Budget Responsibility, International Monetary Fund, National Institute of Economic and Social Science, Oxford Economics.

If you are curious about the value of your property, please do get in touch on 0161 434 4311 and we can arrange a valuation.

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SECONDS TO SELL

  • Looking to sell in 2019? A property was sold somewhere across England and Wales every 9 seconds of working hours between January and July of 2018.
  • With 10 regions in the country, assuming an even distribution, this would equate to a property sale in every region within a minute and a half period. However, with regional differences including the number of available properties and volume of housing stock, there are variations.
  • In the South East and North West, a property was sold during every working minute of the day.
  • In the North East where fewer properties are sold than in other, more densely populated regions, there was still a sale every 3 minutes
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RESIDENTIAL PROPERTY TAXATION

  • Despite tax revenue from residential property seeing its usual annual rise between July and September, total tax revenue in the first nine months of 2018 across England and Wales was 9.5% lower than a year ago, according to the latest data published this week by HMRC and the Welsh Government.
  • It is estimated that £6.3 billion has been netted by HMRC and the Welsh Government between January and September, a fall of £662 million compared to the same period in 2017.
  • The number of properties liable for the 3% Higher Rate of Additional Dwelling (HRAD) levy fell over 5% in this period. The amount collected from the HRAD 3% element was down £243 million, the equivalent of 14.3%, to £1.24 billion.
  • Since its introduction in the 2017 Autumn Budget, the government has also ‘lost’ £427 million, owing to the introduction of first-time buyer tax relief which has benefitted over 180,000 first-time buyers. That number will rise thanks to the backdating of the scheme for first-time buyers purchasing shared ownership properties, as announced this autumn. On average, first-time buyers account for just over one fifth of residential property purchases each quarter.
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didsbury festive market at emmanuel church

Put on your Santa hat and soak up the festive atmosphere at two winter markets in the hall and grounds of Emmanuel Church.

Search for the perfect Christmas gifts amongst stalls selling crafts, art, photography, vintage clothes and more. Winter-warming food, tea and coffee will be served up by The Art of Tea, with a fully licensed bar taking care of your mulled wine requirements!

Live music throughout the day will bring Christmas cheer. All proceeds to the Hope for Children International Charity.

Taking place between 1pm and 6pm on 24th November and also on Saturday 15 December. https://www.didsburychristmas.co.uk/event/didsbury-festive-market1/

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TRANSACTION LEVELS RISE IN AREAS WITH ACCESS TO ULTRA-FAST BROADBAND

  • A quick analysis of sales volumes to date in 2018 indicates that in areas where sales have increased compared to the same period last year, on average virtually half of all properties have access to ultra-fast broadband, with an average download speed of 46.4mbps.
  • In contrast, in those areas where sales have fallen, just under one third of properties have access to ultra-fast broadband and the average download speed is slightly lower at just 42.9mbps.
  • While broadband coverage and speed may well not be the most important factors in choosing which home to buy, their impact on daily life is ever increasing. 89% of adults now use the internet each week, up from just 51% in 2006 (ONS), and a rising proportion of the population works from home for at least part of the week.
  • Upgrade to Inform’s new local demographic pages for analysis of connectivity in your area and check our blog to find out more.
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UK AMONG LOWEST ESTATE AGENCY FEES GLOBALLY

  • A drop of more than a third of the average sole agency fee for a traditional estate agent in the UK, to 1.18% (plus VAT), since 2011 makes it among the cheapest prime location for agent fees in the world.
  • Of the places analysed, only China and Hong Kong had lower seller-side fees at 0.5% and 1.0% respectively. Other countries with significantly higher seller fees including Mexico (7.5%), the USA (5.5%) and France (5%).
  • The UK comes out as the cheapest location to buy in terms of estate agent fees when you consider the combined buying and selling commission fees (assuming no buying agent is used).
  • A survey carried out by TheAdvisory of over 2,000 property sellers in England and Wales, which was reported by Prime Resi, also identified that 95% chose a traditional agent over a new online and hybrid agencies (often with ‘no sale no fee’) to sell their home.
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SPOOKY SPENDS

  • As each year passes, Halloween celebrations appear to be getting bigger in the UK, fuelled by images on social media and product lines developed by retailers. In 2017, 52% of Britons spent money on Halloween products and this rose to 85% for families with children under the age of 5 years old, according to findings from Mintel.
  • New research by Mintel estimates £419m will be spent by Britons on Halloween this year, up by 5% on 2017.
  • We have looked at how many homes this total estimated spend could buy on average in each region. It ranges from 3,401 homes in the North East where the average price of a home was £123,186 in August 2018, to 812 homes in Greater London where property is 319% more expensive.
  • Halloween participation levels also vary by region with the North East, North West and East Midlands regions the most active, where over 56% of consumers indulged in Halloween in 2017.

 

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