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Your Move Property Blog

Thoughts, Opinions & Analysis of the UK Property Market

January 2015 - First Time Buyer Opinion Barometer

January 30, 2015 09:32 by Your Move Press Office

HOUSING TIES WITH HEALTHCARE AS THE BIGGEST ELECTION CONCERN FOR TENANTS

· For tenants, housing and healthcare will be the issues most likely to affect their vote in the 2015 General Election
· Seven in ten prospective buyers cited the inability to build a deposit as one of the biggest blocks to homeownership
· December sees 24,800 first-time buyer transactions, 8% lower than a year ago as demand slows

Overview:

Housing and healthcare are the two biggest concerns for both tenants and first-time buyers in the run-up to the General Election in May, according to the latest First Time Buyer Opinion Barometer from Your Move and Reeds Rains.

For tenants, housing is just as likely as healthcare to affect how they will choose to vote. One in six tenants (16%) revealed that housing was the issue that would be most likely to affect their vote at the General Election, while a further 16% cited healthcare as their primary concern. The jobs market was the third most-quoted option, selected by 11% of tenants, followed by education (6%) and infrastructure/transport (1%).

Housing also proved a primary concern for a large proportion of first-time buyers (17%), although it was not their biggest concern – 23% of first-time buyers reported that healthcare was the issue that would be most likely to affect their vote.

Despite this, the vast majority of prospective first-time buyers (78%) reported that the upcoming General Election has had no influence on their decision to actually buy a home at this point.

Commentary:

Adrian Gill, Director of estate agents Your Move comments: “Of all the troubles facing tenants, the struggle to get onto the housing ladder is their biggest concern – and it is most likely to affect how they may choose to vote in May. We are in the grips of a housing crisis, with our population increasing at a faster rate than we are building new homes. And while wages have experienced a marked uplift over the last few months, the affordable housing conundrum is far from solved."

Read the full Barometer 




December 2014 Scottish Buy-to-Let Index

January 21, 2015 10:09 by Your Move Press Office

RENT RISES TUMBLE DURING 2014

· Average residential rent in Scotland dropped 0.4% in December, down to £536 per month
· Scottish rents rise 1.2% in last year, less than a third of the 3.9% annual growth seen in December 2013 
· But Edinburgh bucks this trend, with year-on-year rent growth accelerating to 4.5% during 2014
· Tenant finances suffer at Christmas, with 7.2% of rent late - the highest proportion since May 2013

Overview:

The pace of annual rent growth in Scotland has dropped by two-thirds over the course of 2014, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.

Average monthly rents in Scotland are now just 1.2% (£6) higher than a year ago, with growth slowing significantly over the past twelve months from a 3.9% (£20) annual jump in rent prices seen in 2013.  

This follows a monthly drop in average residential rents, down 0.4% in December to £536 per month.

Edinburgh & the Lothians is the only exception to this downtrend across Scotland, seeing an uptick in annual rent growth over the past year from 2.5% in December 2013 to 4.5% in December 2014.   

Commentary:

Christine Campbell, Regional Managing Director of Your Move, comments: “Annual rent growth has braked sharply over 2014, reducing the speed of rent rises to a sustainable and affordable pace. 

“This is providing some welcome relief to the thousands of renters itching to jump on the housing ladder, who are already faced with enough hurdles to saving a deposit.  

“Only Edinburgh is moving against the grain, as demand for homes to let keeps on banging at the gates, and fierce competition feeds bolder rent rises than elsewhere across Scotland.

“This wider downturn in growth during 2014 marks a return to the natural market rhythm.  Scottish rents were holding fast on an even keel throughout 2011 and 2012, until the abolition of tenancy fees in November 2012 sparked a new tide of unnaturally steep rent hikes. This should act as cautionary tale for policymakers considering further constricting changes to lettings legislation. The rental market is thriving by its own hand, and too much undue intervention may poison the current climate of affordability.

“Scaring landlords out of the rental market would exacerbate the current housing shortage, and wound thousands of tenants as competition hots up.  Buy-to-let investment is a vital remedy for the current housing shortage, and for the health of tenant finances.” 

Read the full index




December 2014 Buy-to-Let Index

January 20, 2015 10:12 by Your Move Press Office

 

RENTS RISE 3% OVER COURSE OF 2014

· Annual rent rises of 3.0% over twelve months to December defy slowdown in general rate of inflation

· Rents fall between November and December, down 0.1% month-on-month across England and Wales

· East of England, Yorkshire & Humber, East Midlands and London see no seasonal fall and new records

· Tenants feel the festive squeeze – with 8.9% of rent in arrears, the highest since previous December

· Landlord total returns drop to 11.1% over twelve months to December, on back of cooling property prices 

Overview:

Rents have risen by 3.0% over the course of 2014, despite falling on a monthly basis between November and December, according to the latest Buy-to-Let Index from Your Move and Reeds Rains. The average residential rent across England and Wales now stands at £767. This compares to £745 in December 2013. Strong annual growth comes despite falls on a monthly basis, with average rents 0.1% lower than seen in November 2014.

Commentary:

Adrian Gill, Director of estate agent Your Move, comments: “There appears to be a new fire in the rental market as we enter 2015.  Demand for homes to let is hotter than we would normally expect at this time of year.

“Recent months have shown a divergence from usual seasonal norms. Historically, there is a tendency for rents to ease in the winter, particularly December. With fewer tenants willing to relocate in the festive period, landlords usually compete to fill empty properties and agreed rents tend to dip as a result. Last month that happened – and rents fell compared to November – but by much less than the usual extent."

Read the full index




Many sellers are losing 1 in 3 buyers online...

January 19, 2015 14:19 by Your Move Press Office

A number of estate agents across the UK are removing their seller’s properties from well-known property portals Rightmove or Zoopla. Many agents are choosing to cease listing on these websites with the affect that their sellers are losing at least 31% of potential buyers online.

At Your Move we will not be removing our properties from either portal. We know that the internet is now – by far and away – the most frequently used tool for buyers when they start their search for property. And the property portals most often visited are Rightmove and Zoopla. 

1.9 million buyers (that’s 32% of them) use both Rightmove and Zoopla when searching for property, while, some of these buyers will choose just one website when searching online: 1.9 million buyers (31% of them) visit Zoopla but not Rightmove when they search, and a massive 2.1 million buyers (36% of them) visit Rightmove but not Zoopla.

So, if you’re a seller and your property has just been removed from Rightmove or Zoopla, you’ve just lost 1 in 3 potential buyers online. That’s 1 in 3 buyers certain not to see your property when they search in your area. What if the right buyer – the one who’s ready to move and will match your asking price – is amongst them?

Instead of either Rightmove or Zoopla, the agents in question are planning to list properties on a brand new property portal. So far this portal has not been tested on the active market, yet it is being expected to compete against Rightmove and Zoopla, established names who spend millions of pounds on advertising. Who knows how this new portal will fare?

Our message to sellers is simple: ‘Don’t say goodbye to buyers. Say hello to Your Move.’ We will make sure your property will be seen by advertising it in the places that buyers are looking: we list properties on Rightmove AND Zoopla, and also the most visited estate agency website – your-move.co.uk.

To book a free valuation with no obligations, click here.

1Zoopla Property Group, Oct 2013
2Nielsen, Nov 2014




November 2014 - Scottish House Price Index

January 14, 2015 13:43 by Your Move Press Office

HOUSE PRICES DIP AFTER POST-REFERENDUM BOOST

·   Scottish property prices fell 0.1% in November, reversing October’s uplift in the wake of the vote
·   Slowdown in annual growth to 4.3%, less than half the 10.6% yearly rise across England & Wales
·   Sales in November up 6% annually – but quarter of all activity concentrated in Edinburgh and Glasgow
·   Prices in Midlothian see highest annual jump at 10%, following 30% leap in local first-time buyer sales

Commentary:

Christine Campbell, Regional Managing Director of Your Move, comments:The Scottish property market is only just starting to recalibrate after the temporary disruption of the referendum. The immediate ‘feel-good’ factor following the vote led to an artificially upbeat October, but the dust is settling. Average house prices across Scotland dipped 0.1% (or £191) in November, as normal business resumes and familiar market trends reappear. Overall, property values fell in over half of Scotland’s local authority areas in November, and this has touched the brakes somewhat and forced a sharp 1.4% slowdown in the rate of annual house price inflation since October. 

 “This means annual house price growth in Scotland is currently lagging well below the pace being set across England and Wales. However the underlying upwards momentum is robust. Scottish property values have climbed a healthy 4.3% in the year to November, equal to £6,750 on average. In the last twelve months, fourth-fifths of the nation’s local authorities have witnessed increases in house values. Not only that, but the overwhelming majority of Scotland is experiencing annual property price growth in excess of inflation. The lion’s share of homeowners are enjoying ‘real’ tangible growth in the value of their home beyond the 1% Consumer Price Index rate of inflation. For example, the highest annual leap in values was found in Midlothian, with prices soaring 10.0% - more than double the wider nationwide average. Here, prices have been driven up by a considerable 30% uplift in sales of flats and terraced properties in the past twelve months. This burst of activity has pushed the typical cost of a flat in the area to £120,000, up from £100,000 a year ago."

Read the full index




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