More and more interesting statistics are coming to light regarding the current state of the UK residential housing market. With agreed property sales rising by around 20% in the previous two months there is increasing synergy between UK property buyers and sellers. This also ties in with the increase in newly agreed mortgage funding again rising by 18% in June. The average length of time that a property remains on the market also showed promising signs reducing the average sales period. These are all positive signs and key performance indicators of a rise in house price?
Leading players in the commercial property development sector are commenting on the positive results they are enjoying in 2011. With companies like Land Securities making off plan sales of prime commercial properties talk is now of how the commercial property market will recover. In 2010 it was a very different story with many commentators in the commercial property sector asking if the commercial property market will recover and when? Now more and more of the leading companies are reporting good results, sales and lease agreements. Land Securities has received another boost as it reported it has now received planning permission on it Old Bailey site for nearly 400,000 square foot of prime office space.
Hampton International has increased the size of their development land section with the appointment of two new key players. The team will be looking to maximise the returns from development sites by advising land owners and land brokers on planning, acquisition and disposal of development sites. With the impressive track record of the team they are sure to gain development opportunities for their investors and developers. This follows their recent pattern of growth for the residential development side of the business and their professional services team.
Many home owners worry that because they have difficulty accessing there rear gardens or the ground levels differ from the floor level of the house their home extension will be too expensive. There is no doubt that it will affect the costs, but the extra cost is only really down to the ground works. One thing to consider is how much waste soil or spoil as it is called you need to remove from site? Tipping costs even for top soil soon add up, could you add some raised beds or level out another part of the site? Modern technology has helped with costs you can hire a large range of labour saving devices that can help out on more challenging sites. Small mini diggers and power barrows mean that you can get plant on to the vast majority of sites.
Landlords and buy to let investors will be pleased that there have been further new mortgage products hitting the market. The Mortgage Trust has just launched 18 new buy to let products aimed at buy to let landlords. There is a range of new deals available and property investors will be able to get a decision in principle in minutes. Some of the deals target the competitive 75% loan to value buy to let mortgage market. With even rising demand and rents, it is becoming of increasing interest to more and more property investors
Well almost nothing, you simply have to own an average 3 bed semi, because if you do according to the Halifax data the average price of a 3 bed semi has increased by over £2000 in the last month. Netting their lucky owners around £67 per day before they even get out of bed! It is figures like this that get the wannabe landlords and buy to let experts excited. As always increases in house prices are always drive by consumer sentiment forget the wage to average house price ratio. As the last boom and bust in the property cycle has proved.
Foreign property investors and property developers are increasingly choosing the UK for the home for their investment funds. This is the case with both private investors and institutional investors. One of the favourite destinations for these funds is prime London commercial property. The Chinese have been piling funds into the UK to take advantage of the currency differences. Interestingly Australian investors have also been looking at UK property to offer them good value and high returns. This is again driven by changes in currency strength. One investor sighted an example that for every £10,000 he had moved back to Australia around 10years ago he was now being able to buy back in at £19,000. With these types of returns the UK looks set to be a good home for foreign investment.
The uplift in the commercial property sector is being assisted by the slow but steady recovery in the financial services sector. This is having the effect of taking up the slack in the office market and inflating prime rents. The Royal Institute of Chartered surveyors have commented on the increased performance of the prime London commercial property market. There are positive signs in both Birmingham and Manchester’s commercial property market. Many are hopeful that the commercial property market recovery will follow the pattern of previous recoveries in the sector. Usually London prime moves first, followed by the other major cities. Then the recovery spreads slowly to secondary and tertiary commercial properties.
Newcastle upon Lyme council are looking to partner up with Staffordshire County Council in an ambitious plan to attract 60 million pounds of investment to the former Sainsbury’s supermarket in Newcastle upon Lyme. The plan includes site assembly with the purchase of adjacent plots to provide the land required for the plan. The scheme will include various retail units which are intended to make Newcastle more attractive to shoppers and businesses.
This is the question that many home owners are asking themselves, with the challenges in funding a new mortgage and house purchase, home improvements often offer the best value for money. Transaction costs usually mean that five thousand pounds disappears the day you move. With house prices heading south there is no guarantee when an uplift in the capital value of your home will cover the expense of moving. So many home owners are looking to invest money in home improvements and home extensions. Developing your property can not only cover the cost of the building work but if it is well thought out and budgeted it can make you a healthy profit. Clever home owners are developing their way up the property ladder, by adding a home extension or making structural alterations that make the home more appealing. Rear home extensions, the removal of structural walls, and the addition of bi-fold doors are among some of the more popular home improvements.