(covering reddish, dane bank, denton, debdale and gorton)

Category: property market news

IS THE UK BECOMING A HAPPIER PLACE TO LIVE?

  • There are many factors that influence our quality of life and well-being. In 2010, the ONS started the ‘Measuring National Well-being’ (MNW) programme in order to have a standardised monitor of well-being. The latest bulletin was published on 28th November 2018.
  • At a national level, previous research has shown that how people view their health is the most important factor, followed by employment status and relationship status. At a local level, a wide range of local conditions can affect people’s well-being, with housing affordability a key issue. In particular where local house prices are too high relative to incomes, thereby preventing prospective buyers from getting on to the housing ladder and they subsequently remain in rented accommodation.
  • Comparing June 2017 with June 2018 there were no significant changes to personal well-being measures (life satisfaction, feeling that things done in life are worthwhile, happiness and anxiety) in the UK, or indeed across any of its countries. Also, fewer people reported low happiness ratings and more people reported very low anxiety ratings.
  • The positive changes in well-being across the UK may be influenced by the improvement in economic indicators during the 12 months, such as the unemployment rate which was at its lowest level between April and June 2018 since the period from December 1974 to February 1975, at 4%. Also, average weekly earnings for employees in Great Britain increased by 2.7%, in nominal terms, compared with a year earlier. However, in June 2018, the rate of annual house price growth was also at its lowest level since August 2013, at 3%.
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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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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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RESIDENTIAL STAMP DUTY LAND TAX RECEIPTS

  • Treasury coffers have netted close to £9.3 billion in SDLT (Stamp Duty Land Tax) receipts on 1.1 million residential transactions across the UK in 2017–18.
  • While sales volumes rose by just 1% over this last year, residential tax receipts rose by 8%. The mean amount of SDLT paid per residential transaction was £8,700.
  • Over a quarter of a million (252,000) properties were purchased as additional dwellings in 2017-2018, up 9% on 2016/17 and these accounted for 44% of all residential SDLT receipts. The 3% element alone has netted the government just shy of £1.9 billion.
  • Although sales volumes across London, the South East and East of England fell, residential stamp duty intake in all regions increased. London accounts for 39% of all residential SDLT receipts, with Westminster and the Royal Borough of Kensington and Chelsea contributing just over £1 billion between them
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JUST 35% OF THOSE AGED 25–34 OWN THEIR OWN HOME

  • Just 35% of 25 to 34 year olds were homeowners in 2017, down from 55% twenty years ago. Only 60% of young adults with a 10% deposit and a loan based on an income multiplier of 4.5, can afford the cheapest properties in their local area according to a new report produced by the Institute of Fiscal Studies.
  • Rising property prices, primarily prior to the financial crisis, compared to incomes have been the major factor in this change. Adjusting for inflation, average house prices in England have risen by 173% over the last twenty years, compared to real incomes of those aged 25 to 34 which have risen by just 19%.
  • Regional disparity in house prices is far more acute than among incomes. Across London and the South East over 90% of young adults would need to save at least six months’ income for a 10% deposit on an average priced home in their area. This compares to under 60% across the North East, North West and Yorkshire and the Humber.
  • The introduction of incentives such as Help to Buy, have undoubtedly proved beneficial for many first-time buyers. Nearly 170,000 have benefitted from a Help to Buy equity loan since its introduction in 2013. Similarly, over 69,000 first-time buyer households have saved on average £2,300 each thanks to the first-time buyer stamp duty tax relief announced in the 2017 Budget.
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CHOCOLATE BOX PROPERTY

  • There is little else more quintessentially British than the chocolate box cottage. Bringing up idyllic images of rambling roses framing the doorway, thatched roofs, exposed beams and open fires, an escape to a rural retreat is the aspiration of many.
  • We have taken the opportunity during this National Chocolate Week to delve further into this market and the buyers who have made this dream their reality this year.
  • So far in 2018, there have been 2,100 country cottages sold in rural locations across England and Wales. The South of the country dominates, with 46% of sales but a fifth were in the Midlands and 15% in the East. The remaining 19% were spread across the North, Yorkshire and the Humber and Wales.
  • Unsurprisingly, buyers are prepared to pay a premium for a rural idyll. Chocolate box cottages sold this year for an average of £364 per square foot. This is 33% higher than the average price paid for all homes across rural locations.
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HOW LONG DOES IT TAKE TO SELL?

  • To date in 2018 properties have taken an average of two months to sell, according to data produced by Rightmove.
  • How long a property takes to sell is dependent on a whole range of factors – price, location, condition and time of year to name but a few, but despite challenging market conditions in many areas, nationally this figure is just one day longer than last year and is 10 days shorter than four years ago.
  • There are of course regional differences, at present properties are selling quickest across the Midlands – 49 days in the West Midlands and 54 in the East Midlands, while properties across London and the North East are taking longer to sell.

 

 

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What do homebuyers in Reddish really look for?

If you have ever sold your home, you will be all too familiar with the pressure to make the property look tip-top in time for a viewing. Your home must appeal to the most likely type of person to buy it, so it’s vital to understand a bit about the demand profile in your area. The chart above shows the demographic profile of our part of the world.

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WORKING FROM HOME

  • Working from home is increasingly popular, with almost a third of UK employees who use computers for their job, working remotely either every day or at least once a week. Those over 45 are most likely to work from home every day or almost every day.
  • Remote working has the potential to alter the interior of our homes. Will there be a premium for new homes with built-in office space? Home-owners already weigh-up the costs and benefits of converting bedrooms and extending upwards or outwards to create work space.
  • Homes in areas with superfast broadband are already in high demand. A recent poll found that 55% of UK house buyers would reject their ideal house if speeds were below 100 Mbps, with many willing to pay a premium.
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