Posts with tag: property values

Living Near a Park will Cost you 70% More than the UK Average

Published On: February 23, 2017 at 10:19 am

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Warning Issued for London Economy as Record Numbers Leave Capital

Buying a property near a park will cost you a whopping 70% more than the UK average, according to the latest research by online estate agent eMoov.co.uk.

The agent looked at eight major cities across the UK and the average cost of purchasing a property in each, compared with the price of homes surrounding each city’s best and biggest parks.

Although living in the city has many upsides, lots of green space isn’t one of them. Therefore, buying near a park, for both homeowners and landlords, can come with a premium.

eMoov found that properties surrounding 24 of the UK’s best city parks cost an average of 70% more than the average UK house price of £206,909.

Despite this, there are affordable options within these cities for those looking to live or let near green space.

England

Across England, properties surrounding the 13 major parks are 67% more expensive than the English average.

Liverpool

Average house price: £153,646

Park average: £215,061

Liverpool’s park house prices are 39.9% higher than the city’s average property value. A home surrounding the picturesque Calderstones Park costs £249,876. However, there are more affordable options, with Sefton and Otterspool Parks both costing £197,653 on average.

Manchester 

Average house price: £167,284

Park average: £180,110

Properties near Manchester parks aren’t as expensive as Liverpool’s, at 7.6% higher, but a park-side property can still set you back a fair bit. The average property near Prestwich Forest Park costs £193,904, while Heaton Park homes cost £198,202. Nevertheless, Wythenshaw Park is £19,059 below the city’s average, at £148,225.

Living Near a Park will Cost you 70% More than the UK Average

Living Near a Park will Cost you 70% More than the UK Average

Birmingham

Average house price: £176,012

Park average: £168,721

Topping the list for affordable park-side properties is Birmingham, where homes around the city’s parks are actually cheaper than the city average (-4%). Despite Cannon Hill Park’s higher than average price tag of £227,204, both Sutton Park and Sheldon Country Park have cheaper property values of £118,500 and £160,459 respectively.

London

With the high cost of buying London property in general, it is no surprise that living close to a park will demand a higher budget – 83% more to be precise. The London average of £603,422 soars to £1,105,366 if you want to purchase near some green space.

Camden

Average house price: £1,063,292

Park average: £1,320,985

Unsurprisingly, Hampstead Heath Park is £257,693 above the borough’s average, and a huge £717,563 above the average house price in the capital.

Richmond 

Average house price: £801,978

Park average: £810,279

Property values surrounding Richmond Park in southwest London are £8,301 above the borough’s average, and £206,857 higher than London as a whole.

Kensington and Chelsea

Average house price: £2,005,744

Park average: £1,831,411 

The area around Hyde Park is the best place for high-end homeowners to look for park-side properties, as homes bordering the park are lower than the borough as a whole. But at more than £1.8m, it’s hardly an affordable option.

Bromley

Average house price: £478,378

Park average: £458,788

There is a silver lining for those looking to invest in homes close to green spaces in London, and that is Bromley. Property surrounding Crystal Palace Park is £144,634 less than the capital’s average and £19,590 below the borough’s average price. Therefore, it is the most affordable part of the capital for urban and green living.

Scotland 

The average house price surrounding six of the best parks in Scottish cities is £236,010 – a 39.8% increase on the average value across the country.

Edinburgh 

Average house price: £246,275

Park average: £300,920

Living near Edinburgh’s Holyrood Park is a cheap option, at £198,270, although park-side properties typically boast a 22.1% premium. Prices in Inverleith Park (£286,361) and Princes Street Garden (£418,129) jump drastically.

Glasgow

Average house price: £160,096

Park average: £171,099

Linn Park in Glasgow is £5,548 below the city’s average, while Pollock Country Park and Kelvin Grove Park come at a much higher price, resulting in a premium of 6.8% more the average.

Wales 

Park-side properties in cities across Wales cost 24.1% higher than the average.

Cardiff

Average house price: £216,083

Park average: £220,723

Bute Park homes cost £196,286, while Victoria Park has an average property value of £202,477. But property surrounding Roath Park is well above Cardiff’s average, at £263,407.

Swansea

Average house price: £161,144

Park average: £201,209

In Swansea, the average house price surrounding three of the city’s biggest and best parks is 28.8% higher than the city average.

The Founder and CEO of eMoov, Russell Quirk, says: “When considering a property purchase, it is easy to get wrapped up in the important factors, such as commuter links and the standard of education in the area, but this research shows that even the more social amenities, such as parks and open spaces, can push up the price of a property.

“For families looking to have all the amenities that a city offers but still have green space for their children, Birmingham is an excellent choice, with the most affordable options across the city. With the rising prices across London, affordable property surrounding parks is becoming almost impossible to find, although Crystal Palace offers a slight ray of light.”

He adds: “Places like parks and other green areas are becoming of greater importance to buyers, particularly those with children or animals, so they can escape the confines of their homes. As a result, it is no surprise that living next to a large, spacious park, as with a Tube station, can persuade buyers to part with more cash than they might elsewhere.”

40% of Homebuyers Believe Local Property is Overpriced

Published On: February 21, 2017 at 10:45 am

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40% of Homebuyers Believe Local Property is Overpriced

40% of Homebuyers Believe Local Property is Overpriced

Around 40% of homebuyers believe that properties in their local area are overpriced, according to a new survey.

A poll by ground rent buyer Freehold Sale asked those planning to buy a home in the next five years what they thought of the current housing market in their local area.

Of the 500 respondents, about four in ten (41%) said they believed local properties were overpriced.

This was highest amongst homebuyers in London, at 57%, followed by the South East, at 54%, and the South West, at 52%.

Almost half (48%) of homebuyers predicted that house prices will rise by up to 10% over the next 12 months. A quarter believe that property values will increase by 0-5%, while 23% say they will grow by 6-10%.

Meanwhile, estate agent Keatons has highlighted the country’s obsession with property, predominantly, the price of it.

The agent surveyed 2,000 homeowners in the UK, finding that 36% have checked up on the value of a friend’s, family member’s or neighbour’s home using an online property valuation tool.

Regionally, those in the East Midlands were most likely to be intrigued by the price of a friend’s property, at 44%, while just 24% of homeowners in the East of England admitted to sniffing around.

A spokesperson for Keatons believes: “It’s a very British thing to be preoccupied with property and prices.

“An Englishman’s home is his castle after all! It’s important to keep an eye on values, though. That way, you know when the right time to move or improve might be.”

Do you love all things property? If you’re interested in house prices across the country and think you can pick out homes that are overpriced, take Keatons’ property values quiz to test your knowledge of the UK housing market: https://www.keatons.com/keatons-property-quiz

How did you do?

The Worst Areas in the UK to Have Invested in Property

Published On: February 15, 2017 at 11:48 am

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Following yesterday’s latest House Price Index from the Office for National Statistics (ONS) and Land Registry, online estate agent eMoov.co.uk has highlighted the worst places in the UK to have invested in property.

Using the figures for the end of 2016, for which the latest official data is available, eMoov looked at areas of the UK where unlucky property investors and homeowners have seen values fall annually, despite the market as a whole remaining resistant throughout the past year.

The top three worst locations to have invested in property

Across the whole of the UK, nowhere has proved worse for property investors than the City of Aberdeen. While many property owners have seen the price of their property move positively, prices on the Scottish east coast have plummeted by an average of 9.81% – a loss of almost £20,000 from its height of £185,848 last year.

Those that have invested in property in Inverclyde are also feeling the pain of price falls, with values down by 7.63% over the past 12 months.

Perhaps more surprisingly is the third worst location to have invested in property in the UK. While the average property owner in the East of England has seen the value of their investment rise by a notable 11.31% over the past year – the highest of all UK regions – those in Cambridgeshire have paid the price of an over-inflated market, with prices down by 5.12% – the highest decrease of anywhere in England.

The worst in England 

Joining Cambridge in the worst places to have invested in property in England are Eden and Copeland, both of which are located in the North West. Although the average property owner in the North West enjoyed an increase of 6.58%, Eden and Copeland saw prices drop by 3.05% and 2.66% respectively.

The worst in London 

The Worst Areas in the UK to Have Invested in Property

The Worst Areas in the UK to Have Invested in Property

It has been an up-and-down year for London, with the changes to Stamp Duty for buy-to-let and additional homes, and the uncertainty caused by the Brexit vote. Although the capital has remained strong in the face of adversity, property investors in Hammersmith & Fulham won’t be feeling too good about their pockets. It is the only borough to have seen prices drop, by 2.10%, in the past year, while London as a whole has seen values increase by over 7%.

The next worst performing boroughs were Richmond upon Thames and Westminster, although, at 0.38% and 1.15%, they have at least provided a small return for those who have invested in property.

The worst in Wales

Unfortunately for those who have invested in property in mid-Wales, Ceredigion has experienced the largest decline in values across the nation, with the fourth largest across the entire UK. Wales as a whole has seen a slump in the property market, but showed signs of recovery towards the end of 2016.

But property investors in Ceredigion have not experienced an uplift, with prices down by 3.49% over the past year.

Merthyr Tydfil has seen the second largest and only other decrease in property values across Wales, with a drop of 1.51%

The worst in Scotland

Not only is Scotland home to the top two worst locations in the UK to have invested in property, it would seem that an uncertain year has had a detrimental impact on the Scottish market as a whole.

Of the 16 locations that have recorded a decline in prices, seven are situated in Scotland. Along with the City of Aberdeen and Inverclyde is Aberdeenshire as a whole (-3.48%), North Ayrshire (-2.03%), the City of Edinburgh (-0.60%), Midlothian (-0.47%), and West Dunbartonshire (-0.31%).

Comment

The Founder and CEO of eMoov, Russell Quirk, reacts to the findings: “Despite the market performing well throughout what was a testing year, when the dust settles, there will always be areas that have seen a fall in prices on an annual basis.

“The UK market is renowned for its strength and reliability in terms of providing some form of return on our investment into bricks and mortar, but there will always be those that have to chalk it down to experience and accept the wooden spoon of UK property.”

He explains: “In this case, it is Aberdeen, Inverclyde and Cambridge, amongst others. Aberdeen has been rocked by a declining oil industry and a lack of buyer demand, so it comes as little surprise that it remains in the doldrums of UK property. I think the SNP’s attempt to weaponise the Brexit vote and seek independence so soon after their original referendum has made a rod for Scottish homeowners’ backs, by creating a great deal more hesitation and uncertainty in the market than was really necessary. Demonstrated by the presence of seven Scottish entries in the 16 areas that have seen prices fall over the last year.”

Quirk continues: “With an average house price close to rivalling that of the capital, Cambridge is no doubt paying the price for an overinflated market during 2016. As prices spiral beyond affordability, a fall in demand by the average Cambridge homeowner will always result in an annual drop in prices.

“Although not the largest decrease of the lot, homeowners in Hammersmith & Fulham will no doubt be pinching themselves after drawing the short straw of London property values. Although London has stood tall against the second home Stamp Duty changes, and the buy-to-let sector remains a lucrative business, Hammersmith & Fulham’s high-end market has no doubt suffered most from the turbulence of the last year.”

If you’ve invested in property, how have your assets fared?

eMoov Crowns I’m a Celebrity Winner Based on Property Values

Published On: November 14, 2016 at 10:21 am

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With I’m a Celebrity…Get Me Out of Here back on our screens, online estate agent eMoov.co.uk has completed its latest piece of topical research by crowning the winner based on property values.

The agent took the birthplace of each of the ten contestants (other than Polish-born Ola Jordan, who now lives in Maidstone) and ranked them based on the change in the average property values since the show aired last year. In the event of a tie, eMoov took into account which hometown offers the most affordable house price.

eMoov Crowns I'm a Celebrity Winner Based on Property Values

eMoov Crowns I’m a Celebrity Winner Based on Property Values

After analysing each of the contestants, eMoov crowned Jordan Banjo as the new King of the Jungle. The Diversity dance star may no longer be a household name, but his birthplace of Wickford, near Basildon, has experienced an increase of 21% in property values over the last 12 months – the greatest growth by far.

In second place, and Banjo’s Queen of the Jungle, is Carol Vorderman. Her birthplace of Bedford has seen a rise of 15% in property values over the last year, enough to tie her with the third and fourth place contestants, Lisa Snowden and Larry Lamb.

However, with an average house price of £264,257, Vorderman beats Lisa and Larry to the second spot with a more affordable property value.

Both Lisa, who was born in Welwyn Garden City, and Larry, who was born in Edmonton, Enfield, have the most expensive average house prices of all the contestants, at £381,280 and £396,630 respectively.

England football star Wayne Bridge came out in fifth, with the average house price in his birthplace of Southampton (£201,464) affordable enough to bat off Joel Dommet (South Gloucestershire, £258,689) and dancer Ola Jordan (Maidstone, £280,256) in a three-way tie, with each location enjoying a 12% increase in property values over the past year.

Actor Adam Thomas takes eighth place, with the average house price in his hometown of Manchester standing at £154,711 – up by 9% over the last 12 months.

Olympian Sam Quek narrowly missed out on last place, with her birthplace of the Wirral only experiencing an increase in property values of 4% in the last year.

Sadly, bookies favourite Scarlett Moffatt’s birthplace of Bishop Auckland in County Durham only saw house prices creep up by 2% over the past year, placing her last in the rankings.

Russell Quirk, the Founder and CEO of eMoov, says: “Although most of these celebrities will have long left their hometowns and moved on to more affluent parts of the UK property market, we thought it was important to rank them on where they came from, not where they’ve made it to.

“Historically, it seems to be the most genuine contestants that have the right recipe for I’m a Celeb royalty. Should this be the case, we could well see our table reversed when it comes to the real thing.”

He adds: “The property market in County Durham has taken a bit of a battering over the last year or two, so it would be great if Scarlett could bring home the crown and give the area something to cheer about.”

Who are you behind to win this year’s competition?

UK house prices up in June despite Brexit uncertainty

Published On: June 30, 2016 at 9:00 am

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Residential property values in Britain increased marginally during June, despite perceived uncertainty in the lead up to the EU referendum vote.

New figures from Nationwide’s monthly house price index has shown that house prices increased by 5.1% during June, in comparison to the same period last year. This also shows an improvement on the 4.7% year-on-year growth as seen during May.

Increases

Month-on-month, prices increased marginally by 0.2%. This was the same rate as recorded in May, but greater than the 0% consensus prediction.

Robert Gardner, Nationwide’s chief economist, said, ‘it has become difficult to gauge the underlying pace of demand in recent months, due to the surge in house purchase activity in March ahead of the introduction of stamp duty on second homes on 1 April.’[1]

‘It will therefore be difficult to assess how much of the likely fall back in transactions in the quarter ahead is because buyers brought forward purchases to avoid additional Stamp Duty liabilities and how much is due to increased economic uncertainty following the referendum result. Gauging the likely impact on house prices will be even more difficult,’ he continued.[1]

UK house prices up in June despite Brexit uncertainty

UK house prices up in June despite Brexit uncertainty

Pessimistic future?

The majority of housing market analysts have expressed their caution over the future of the sector, following the Brexit result. They believe that the market could slump during the next few months, but could also provide buy-to-let investors with significant discounts.

Ian Thomas, co-founder and director of LendInvest. Observed the result, ‘could result in the housing market cooling and resetting in areas where house price growth has locked out first-time buyers and others that want to purchase property.’[1]

Mr Thomas also feels that despite the shock result, the fundamentals of the UK housing market will not change substantially.

He noted that, ‘people still need homes to live in, whether we are in the EU or not and the fact is that demand for housing massively outstrips supply.’[1]

[1] https://www.propertyinvestortoday.co.uk/breaking-news/2016/6/uk-house-price-growth-picks-up-despite-brexit

North East property prices fall in April

Published On: April 29, 2016 at 10:29 am

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A new report from KIS Housing has indicated that house prices in the North East of England fell by 4% in April.

As a result, the average property value in the region fell by £7,000.

Falls

The fall in values eradicates the 3.1% increase recorded in March, which had previously added £4,811 to typical property prices. What’s more, house prices are currently 3.6% down in 2016 to date.

Presently, the average house price in the area is £155,979. This is £7,016 less than at end the end of March. However, this is 1% higher than at the same time in 2015 and 3% greater than in 2014.

All areas saw decrease in property values during the last month. Whitley Bay and Blyth saw above average falls of 6.1% and 6% respectively.

Rises

Since KIS has begun to compile data from April 2014, South Shields has seen the largest price increase, with values increasing by 6.7%. Newcastle and Gateshead have also seen rises of 6.6% and 6.2% respectively over the same period.

In Darlington, April’s decline of 4.7% saw property prices slide to these seen in 2014. As a result, savvy investors are being told to consider purchasing in this region.

In addition, the average rent in the North East increased by £14 per calendar month to £566 in April-a rise of 2.5%.

By region, rents are nearly the same as those recorded in 2014, where an average per calendar month was £560.

North East property prices fall in April

North East property prices fall in April

Predictable

Ajay Jagota, founder and Managing Director of North-East based sales and lettings firm KIS, said, ‘house prices falling at a rate of 1% a week throughout April might sound surprising to some but the sad thing is these figures were entirely predictable. I’ve been forecasting for months that March would see prices boom as landlords raced to complete purchases ahead of tax changes which took place at the start of this month, before slumping back as many abandoned those investments altogether when they became less profitable. And so it proved.’[1]

‘The irony is that investors are now benefiting from higher rental yields and lower purchase prices. It’s the renters that lose out, as rents will inevitably rise as a consequence of those tax changes. Fewer properties are now available, leading to higher prices. It’s simple supply and demand. Having collected this data now for two years we are starting to see some fascinating trends emerging. Although average rents are all-but unchanged since April 2014, on an area-by-area basis there are some huge differences – 17.5% higher in Whitley Bay, but 21% lower in Jarrow.

The reasons for these variations could easily be something as mundane as only a few rental properties coming onto the market, or a disproportionate number of cheaper or more expensive properties skewing the figures but overall they show the real value of us collecting this data – being able to tell our clients with absolute certainly which areas of the North East are at that moment the most attractive to renters and buyers and where landlords can expect to get the best returns,’ Jagota went on to say.[1]

[1] http://www.propertyreporter.co.uk/property/april-wipes-record-%C3%A3%C2%A27k-of-north-east-house-prices.html