The UK property market seems to be recovering in 2015, but many suggest that it never even stalled in London. The UK capital is so popular with such a shortage of housing that demand remained high even during the recession. This has kept London house prices higher and higher. But what is the outlook like for the London housing market this year? Certainly, there has been a big push for more affordable housing and there are currently some large developments, such as shared ownership Greenwich. But are these shared ownership developments working and are house prices becoming more affordable? Let’s explore that a little more, referring to some data I found recently on the BBC website.
To judge the state of the UK housing market it very possibly could be best to look beneath your feet.
Carpet and floor fitters state that a buoyant market means more trade and, after a post-recession slump, things have begun to pick up.
They say that movers are spending more money on instant refurbishments and stayers are trading on the quality of their carpets.
So, does this experience match price predictions regarding the UK housing market sector in the coming year?
Well, Not quite. Analysts are suggesting slower growth in 2015 than was the reality in the year just gone. Somewhat rarely, there’s near consensus among them about what that growth in property prices will be – about 4%.
The UK housing market saw a spring and summer boom in 2014, particularly in London and of course the South of England, before activity dropped away a little in the direction of the end whatever the year.
Recently published figures from the Nationwide Building Society – the first to record the annual change over the entire 2014 – recommend that UK house prices rose 7.2% during the year.
That is based on the Nationwide’s own lending data and masks some significant regional differences. For instance, prices in London rose by 17.8% during the year, in accordance with the lender, compared with 1.4% in Wales.
Another survey, by rival lender the Halifax, says that prices rose by 8.5% during the year, although its official house price index data has never yet been published.
The increase in prices and activity is reflected in the number of individuals buying carpets. Wilf Walsh, ceo of Carpetright, says that the preview is “mixed”, but there are signals of pent-up demand being released.
Ian James, president whatever the National Institute of Carpet and Floorlayers, says that business is “still a little bit slow within the North East” of England, but is choosing elsewhere.
“The very last 5 years have already been pretty poor,” he says, explaining a number of fitters could not find enough dedication and time independent carpet retailers.
“However we will know the shoots of recovery. We usually had our biggest trade exhibition in years. There’s a trend of [consumers] going back to carpet rather than cheaper laminate flooring.”
As could also be expected, these exterior remodeling are lagging slightly behind transaction levels in the housing market, with buyers perhaps waiting a couple of months of their new residence before spending more on laying new carpets.
House sales were consistently above 100,000 monthly in 2014, based on seasonally adjusted figures from HM Revenue and Customs (HMRC). It is the first go around this needs been true since 2007.
Activity levels are unlikely to vary greatly in 2015 in comparison to a year ago, based on Ray Boulger, from mortgage brokers John Charcol.
His house price prediction for 2014 looks it doesn’t need to be one of the most accurate, and in 2015 he is well known regarding his suggested – like many others – that UK house prices will grow by 4% on average.
According to him that the general election is likely to dampen activity within the housing market sector until the result is known, all that recent changes to stamp duty may have little effect. He also says he will not be shocked when the Bank rate – an integral factor in determining the extent of mortgage rates of interest – could end the year at the current, record low-level of 0.5%.
Estate agent and housing expert Henry Pryor admits that he underestimated the result of government stimulus measures on the housing market and costs in 2014.
He too predicts a 4% rise in prices in 2015. The lid could be kept on prices, he says, virtue some “nervousness” among potential high-value property buyers, especially in London.
London property prices could have a big effect on the UK average
This London lag is most striking within the predictions of the Royal Institution of Chartered Surveyors (Rics).
Rics, along with its global residential director Peter Bolton King, say that house prices in London shall be unchanged in 2015 in comparison to 2014. This will restrict UK house price growth to 3% in the year to come, they say.
Ed Stansfield, property economist at Capital Economics, says that his prediction of a slowdown in prices in London is partly the result of buyers simply saying “enough is enough” with homes in the capital either overpriced or unaffordable. Affordable housing notwithstanding most new apartments in London are not affordable to the average earner.
Miles Shipside, director of internet property portal Rightmove, says that this will contribute prices choosing further out from London in the South East of England as families search for more affordable homes within commuting distance whatever the city.
Another significant think about determining housing market sector activity in 2015 is the level of wage rises.
Martin Ellis, housing economist regarding the Halifax, says which the 1st year of consistent above-inflation wage growth for some time could add to demand for homes. However, he too points to the potential effect of the general election and the threat of rising rates of interest as keeping that demand in check.
Predictions will always be thrown out by unexpected events, and longer-term estimates must be treated with even more care.
Still, estate agent Savills has predicted that over the next few years house prices will rise no faster than 5% per annum.
It is predicting UK property price development of 2% in 2015, 5% in 2016, 5% in 2017, 3% in 2018 and three% in 2019.
I recently visited a few estate agents while I was a trip in London, and I found house prices to be shockingly high compared to what I’m used to. Having spoke to the agents, they were confident that everything would sell, no matter that price simply because the demand was there. Pricing, it would appear, is all relative and simple supply and demand means that houses are selling well no matter how over inflated the price seems to be. Having seen how much house prices are in London, I need a stiff drink. I headed to my favourite tapas restaurants London has to offer. If you’re in the area and like me, can’t afford the property, just enjoy a nice meal instead!
2 months ago • Uncategorized
The summer time makes us all feel great. Better weather, longer days of sunshine and just a general feeling of happiness and well-being. The springtime is the ideal time to get your property looking it’s best ahead of the summer months. No doubt you will be spending more time the garden and outside around the house, so you want your garden and home to look as nice as possible. You certainly don’t want to showcase a scruffy looking home at that first BBQ of the year! Here are few cost effective ways that you can make your home look much better this summer.
Let’s start with the house itself. Cleaning all the pvcu windows to get them gleaming is great start. Clean the glass as well as the pvcu to make an instant, and free impact to your property. Next you can use the power hose to blast away any dirt or grime on your paved areas. Driveways and garden flags especially can become filthy over winter, and a blast with a power hose can get them looking as good as new.
Now you want to get the garden looking great. Start by cutting back any overgrown hedges and trees. If major work is needed, including tree removal then you should call expert tree surgeons to assist.
Once you have a nicely pruned garden it’s time to add some colour. Buy some flowers for the flower beds, or you haven’t got flower beds then be sure to build some simple, yet highly effective raised garden beds. These will make a huge difference in the appearance of your garden. Flowers are probably the most effective way to brighten your garden so don’t be afraid of planting as many as you possible can.You can also add hanging baskets and planters to other areas of the property, such as next to the front door or around the driveway.
By now your property should be looking much better, and most of the things you’ve done should have little or no money at all. If you have a small budget for your home improvements then here are some more ideas that you can consider.
One of the biggest garden trends to sweep the UK recently has been hot tubs or jacuzzi’s. These are wonderful feature in the garden because they are a lot of fun, and are relatively low maintenance (especially as compared to a swimming pool!). Hot tubs aren’t cheap, although you can now pick up second hand hot tubs for a fraction of the price of a new one, so be sure to do your research before buying. Of course, jacuzzi’s can be used and enjoyed all year round, and in fact many people enjoy the hot water during the cold water months.
Another way to get enjoyment into the winter months is by adding a conservatory, or orangery to your property. It can cost in excess of £10,000 to add a conservatory, but it will add value to your home. They are also a great way to get a feeling of the outdoors, whilst having all the comfort of indoors. Many new homes are built with conservatories included because they are great way to increase living areas. We spoke to a local conservatories fitter in Wigan (PH Pofiles) who told us that more and more people are now opting for orangeries rather than conservatories now. The trend is set to continue because people prefer the more solid build of an orangery and they look more modern. To understand the difference between the 2, please watch this short video.
Another great way to improve your home’s exterior is to have a new driveway. Most driveways are a simple paving or concrete installation, which is very uninspiring and boring to the eye. There are some great driveway designs and more modern forms of drives are being released all the time thanks to new weather resistant materials.
Of course, these improvements can be very costly. If you have a smaller budget you can consider new fascias and soffits or replacing your front door for something modern like a composite door. These are more cost effective ways of improving your home.
Hopefully by now you have some great ideas on how to make your home look fabulous this summer. Depending on your budget you can implement some or even all of these home improvements and have a summer full of outdoor enjoyment and fun!
In my next post I’d like to talk about selling your home. We all need to move home eventually so is it best to use a traditional estate agent such as these estate agents in Colchester or you be thinking of using one of the new style estate agents such as Open House. We’ll talk about the pro’s and con’s in the next article.
3 months ago • Uncategorized
I was chatting online to a friend who lives in Wigan the other week and we were talking about his recent loft conversion. He did some of the work himself but had to get the professionals in for the more complex bits. Loft Conversions in Wigan are very popular and that link shows the company my friend used. If you are considering converting your attic space in order to add on much needed space, you need to first ensure that your home is suitable for a loft conversion, for the people who have decided that loft conversions is the way to go. You will have to seek advice from an designer to attract in the programs or perhaps a developing service provider who focuses on loft sales immediately. Additionally, you will need to get in touch with the regional respective authorities to discover more on preparing building and permission rules. I’m going to talk briefly about some of the results of my research that I undertook after our chat.
Now, before you decide to do any one of these issues, there exists some thing vital that you will want to accomplish. Think about regardless of whether loft sales works in your house.
One thing that you can do to check on is to carry out a easy workout. If other houses are sporting dormer or Velux windows in the roof, take a good look around your neighborhood to see. The lack of these house windows indicates the preparing limitations on loft sales might be really small in your town. The loft construction may be too low or it may be a conservation area. Alternatively, any number of other reasons. You will need to take a look using the nearby respective authorities.
Don’t let this put you off your loft conversion ideas, however. When you can end up an designer who focuses on loft sales you might be in a position to convince the respective authorities to let you go on. Just make sure that you consult the planning portal website at http://www.planningportal.gov.uk/permission/commonprojects/loftconversion/ before you proceed any further.
If elevation is definitely the issue a great designer or contractor will help you discover a strategy to the issue. Any loft with roughly 2 m of elevation (from your lower ridge ray to the peak from the roof joist) could be transformed without having excessive significant modification. As mentioned you will need a really bright builder to do the job, although there are ways of working around a loft that has less height as well.
Decreasing the leaving flooring roof to the peak from the current house windows might function, as would increasing the current elevation from the ridge. These work are likely to need preparing permission, that is typically only provided once the variations in ridge elevation amongst your instant neighbours are very substantial.
When conversing loft sales, the primary factors center around the kind of roofing building your house has. It really is typically an approved standard that transforming the standard purlin and rafter design roofing is a great deal simpler compared to the contemporary trussed roofing. Homes constructed prior to the 1960s may have the standard rafter roofing using its feature high pitch.
Headroom is yet another significant concern while we just noticed. If you have to walk around hunchbacked, Let’s face it what is the use of going through the expense of converting your loft!
Finding a good builder is of paramount importance if your loft is suitable for a conversion. It is advisable to find a person that is broadly familiar with loft sales, should come about to examine the website and supply a totally free estimation from the price. Most importantly that is willing and friendly to talk about the job associated with you. Read more at http://www.cash-inyourattic.co.uk.
4 months ago • Blog