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Cornwall replaces London as most searched location to live

Cornwall has replaced London as the most searched for location to live, according to data collected by Rightmove.

Rightmove registered over five million searches in a month in February 2021 for properties within the county of Cornwall.

The property portal suggests that people are seeking the countryside, coastal towns and villages to move to following ‘stay at home’ restrictions.

Dorset has also risen up from position 20 to position 10.

Six of the top 10 locations noting the largest rise in buyer searches over the past year have been in Cornwall and Devon.

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The village of Stithians in Cornwall has risen by a 224% on this time last year.

When looking at the second half of 2020 annual sales agreed grew by 69% in rural areas, compared to 49% in urban areas as more people looked to escape to the country.

Looking by number of bedrooms, five-bed detached homes have seen the biggest jump in sales being agreed, up by 38%, followed by four bed properties, up by 26%.

Rightmove outlined that this is also a likely result of the temporary stamp duty holiday savings being largest for more expensive homes.

The data shows that there has been a shift in more people who currently live in a city enquiring about a property that is outside of that city.

The biggest shift has been in London where this time last year 39% of Londoners were enquiring outside of London.

This has jumped up to 52%, and the trend is the same across all 10 of the biggest cities in the UK.

According to Rightmove, a year ago the most sought after property type for tenants was a two bed flat, and this has been replaced by a two bed semi-detached house, due to the desire for more space and a garden.

Asking rents over the past year vary dramatically, with double digit growth in some towns and suburbs, compared to double digit declines in areas of London.

Tim Bannister, director of property data at Rightmove, said: “The stand-out trends over the past year have been increased demand for countryside and coastal living, more people making the dream of a detached home a reality, and the increased appeal for a garden.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

“The huge population of London means that traditionally it’s the most searched for location on Rightmove, but the appeal of the coast and the countryside over the past year has seen Cornwall crowned the new capital this year.

“More space has always been the most common reason for people moving home, but the evolution for many from balancing their laptop on the end of a bed last March to making an office a permanent addition to a home, whether that’s by converting a bedroom, garage or garden shed, has led to a need for even bigger homes than before.

“This is evident with five bed detached homes seeing the biggest growth in sales, and two bed homes becoming the most sought after for people renting.”

By Jake Carter

Source: Mortgage Introducer

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London’s Islington leads the way on house price growth

Prices in London’s Islington surged by 13.4% to £727,922 in 2020, making it fastest growing area in the UK, Thirlmere Deacon analysis of Halifax data has found.

A number of other areas in Greater London also recorded strong rises, like Croydon (10.9% to £397,538), Hounslow (9.1% to £523,659) and Romford (7.6% to £391,000).

Outside London the biggest mover was Leeds, which had the country’s second-fastest rise, a whopping 11.3% to an average price of £247,116.

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Stuart Williams, founder and chief executive of Thirlmere Deacon, said: “Over the past 24 months, the UK property market has endured changing economic and political climates and remains to be incredibly resilient.

2019 brought political uncertainty and Brexit lingered over the UK, after the decisive election result in December 2019 the property market began 2020, with relative optimism and the ‘Boris Bounce’ triggered activity.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

“As the pandemic took hold and the UK entered lockdown, the property market was effectively put on pause though a limited number of transactions completed and off plan purchases were agreed during this time.

“Upon reopening in mid-May the UK property market saw pent up demand unleashed which has driven price growth upwards – every region in the country recorded an increase in house prices in 2020.”

BY RYAN BEMBRIDGE

Source: Property Wire

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Merton leads London house prices higher as buyers seek space

House prices in the south-western boroughs of Merton and Sutton rose at the fastest pace in London in the year to July as buyers looked for more space during the coronavirus pandemic, according to exclusive analysis by property website Zoopla for City A.M.

Prices barely budged in the borough of Hillingdon on the western edge of the capital and in Enfield in north London, however, reflecting the uneven effect of Covid-19 on the city’s property market.

Zoopla’s new analysis of its latest house price index showed that prices jumped 3.2 per cent in Merton the year to July and 3.1 per cent in Sutton. That was well above the UK average of 2.5 per cent.

In joint third place were Newham in east London, Haringey in north east, and Wandsworth in south west, where prices climbed 2.7 per cent.

Grainne Gilmore, head of research at Zoopla, told City A.M.: “We have seen rising demand for three-bed homes and larger houses in London. And the availability of this type of stock, across a wider range of price bands, is reflected in these locations.”

Stamp duty holiday boosts London house prices

UK house prices have soared to record highs in the wake of the coronavirus lockdowns, even as the country’s economy suffers its worst year in memory.

Pent-up demand – which accumulated while the property market was frozen in April and May – and the government’s stamp duty holiday have massively boosted the market.

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Zoopla said the stamp duty holiday, which raised the payment threshold to £500,000 until March, had lifted London sales by 27 per cent. Yet its analysis showed that the effect on the capital’s housing market has been uneven.

Hillingdon and Enfield were the least desirable for new buyers over the last year. Prices rose just 0.3 per cent and 0.4 per cent respectively.

Gilmore said: “While we are seeing demand outstrip supply in many areas, putting upward pressure on prices, this is happening to different extents in different localities.”

Harrow saw the third smallest rise with 0.9 per cent growth. Ealing was next with one per cent growth and Bromley had the fifth-smallest increase, of 1.1 per cent.

“We are also seeing the effects of a ‘one-off’ shift after lockdown, with demand from households who have reassessed how and where they want to live,” Gilmore added.

Analysts and estate agents have reported that buyers are looking for gardens and properties near parks, as well as more space.

Kensington and Chelsea the priciest borough

London house prices on average grew by 2.4 per cent in the year to July. It outpaced other areas in the south of England such as the south east, which saw 1.2 per cent growth.

However, regions in the north of England achieved the strongest growth. Yorkshire and the Humber and the north west both saw prices increase 3.2 per cent.

The price discrepancy between London’s different areas remained huge in July, Zoopla’s data showed.

In Kensington and Chelsea, where prices grew two per cent in the year to July, the average house cost £1,170,700.

Westminster was the second-most expensive, with the average property worth £955,000. House prices grew 1.8 per cent over the year in the borough. The City of London, where prices climbed 2.2 per cent, was third with an average price of £786,400.

Barking and Dagenham was the cheapest borough, with the average house costing £293,000. Bexley was second cheapest, at £344,700, while Havering came in third, at £366,800.

What happened to house prices in your London borough?

London boroughCurrent priceQuarterly changeAnnual change to July
Merton £507,4890.8%3.2%
Sutton £394,2400.3%3.1%
Newham £374,6990.7%2.7%
Haringey £512,1140.3%2.7%
Wandsworth £626,2500.7%2.7%
Lambeth £525,4740.7%2.6%
Waltham Forest £445,1100.8%2.6%
UK£217,5280.6%2.6%
Croydon £375,7490.9%2.6%
Havering £366,7960.8%2.5%
Barking and Dagenham £293,0380.8%2.5%
Southwark £487,8770.5%2.5%
Greenwich £376,6450.3%2.4%
Lewisham £413,8030.3%2.4%
Islington £602,6250.4%2.4%
Kingston upon Thames £515,1660.9%2.3%
Hackney £528,1780.8%2.2%
City of London£786,376-0.1%2.2%
Hammersmith and Fulham £715,2140.3%2.1%
Kensington and Chelsea £1,170,6620.3%2.0%
Tower Hamlets £460,5190.8%2.0%
Richmond upon Thames £698,0550.3%1.8%
Hounslow £424,0550.3%1.8%
Westminster £954,9910.1%1.8%
Redbridge £425,180-0.3%1.7%
Bexley £344,6880.7%1.7%
Brent £485,7500.2%1.4%
Camden £722,3230.1%1.4%
Barnet £537,8900.1%1.3%
Bromley £460,2430.5%1.1%
Ealing £477,3890.1%1.0%
Harrow £471,8930.5%0.9%
Enfield £403,0360.8%0.4%
Hillingdon £412,708-0.2%0.3%

Source: Exclusive Zoopla house price index analysis for City A.M.

By Harry Robertson

Source: City AM

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Housing market booms since the UK lockdown

THE UK’S housing market has experienced a boom since the country went into lockdown.

The housing market is ‘incredibly busy’ across the Cumbria region with buyers seeking to find more space, says conveyancing specialist Adkirk Law.

Linda Kirk, director of conveyancing, said: “We are seeing the move to more space inside and outside of a property as a priority for many of those buying or seeking to buy. The benefits of the stamp duty holiday, added to the experience of coronavirus, seems to be fuelling the trend in all regions.

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“People are also looking for property with enough space to be able to work from home in the new way businesses are looking to the future.

“The north west market is certainly buoyant, and people are also realising how much more property and space they can buy in the region than in the south.”

Farrell Heyworth Barrow In Furness’s manager Louise Stewart said: “The market is certainly getting busier. There’s a bubble that’s been created by the lockdown. It’s happening across the board. We still have local investors, but many people who have been living with mum and dad and seem to want to move.”

By Luke Jarmyn

Source: In Cumbria

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Property stocks jump as restrictions on UK housing market ease

Property stocks soared this morning after the government last night loosened lockdown restrictions on the UK housing market.

Shares in London estate agent Foxtons surged 8.31 per cent to 43.65p and online platform Purplebricks’ stock soared 11 per cent to 37.86p.

LSL Property Services, the owner of Your Move and Reeds Rains, saw its stock rise 6.74 per cent after the government lifted restrictions on estate agents.

Shares in Barratt Developments jumped 1.8 per cent to 500.72p, Bellway’s shares were up 1.99 per cent at 2,511p and McCarthy & Stone shares surged 3.56 per cent to 72.8p.

Berkeley Group’s share price was also up 2.78 per cent to 4,218p, making it the second biggest riser in the FTSE 100 this morning.

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Some housebuilders had already restarted work on construction sites during the lockdown, with Crest Nicholson the latest to announce that building will begin this month.

The developer’s shares jumped 3.76 per cent following the announcement.

Taylor Wimpey was the first this morning to announce a plan to reopen sales offices and show homes.

“The housebuilding sector is in the vanguard of businesses returning to work as lockdown conditions are eased,” said Russ Mould, investment director at AJ Bell.

“The need to get Britain building again is arguably pretty acute as even a short disruption could set back attempts to build enough new homes to meet demand over the long term.”

He added: “The next question will be whether people feel confident enough to buy and sell homes in the current uncertain environment.

“The fact several builders managed to complete transactions and take reservations through the lockdown suggests an impressive degree of resilience in the housing market.”

By Jessica Clark

Source: City AM