Showing posts with label value. Show all posts
Showing posts with label value. Show all posts

Thursday, 1 June 2017

House prices show longest sustained fall since 2009 crash

By Richard Dyson

Prices have fallen for three months in a row, Nationwide data shows
House prices fell for a third month in a row in May, registering the biggest sustained decline since the post-crisis slump of 2009.

The data, from Nationwide Building Society, saw prices across the country dropping by 0.2 percent month-on-month in May. This followed falls of 0.2pc and 0.3pc in April and March respectively..


House prices are still a narrow 2.1pc higher than at this time last year, but this figure is the smallest measure of growth in four years.

Nationwide said the data "provides further evidence that the housing market is losing momentum".

The lender's economist Robert Gardner said "Moreover, this may be indicative of a wider slowdown in the household sector, though data continues to send mixed signals in this regard."

It attributed the weakening in the market to uncertainty around Brexit and the election as well as a rise in living costs and an affordability squeeze caused by historically high prices relatives to incomes.

But "subdued" building would limit supply to the market and could provide support, Mr Gardner said. He cited high levels of employment as further support.

“While real incomes are again coming under pressure as inflation has overtaken wage growth, the number of people in work has continued to rise at a healthy pace. Indeed, the unemployment rate fell to a 42-year low in the three months to March.

The election was not likely to be a major factor in the market, he said.

“If history is any guide, the slowdown is unlikely to be linked to election-related uncertainty. Housing market trends have not traditionally been impacted around the time of general elections. Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home.


Russell Quirk of online agency eMoov said: "Nationwide havs been quick to highlight that previous elections have had little impact on traditional house price trends.

"It’s fair to say, however, that previous years were more routine than a snap election called in the middle of negotiations to leave the EU.

"House prices, along with the gap when compared to earnings, have continued to increase and such a pattern is unsustainable in the long term."

http://www.telegraph.co.uk/property/house-prices/house-prices-show-longest-sustained-fall-since-2009-crash/

Wednesday, 24 May 2017

Social housing is good. But let’s make it beautiful too

By Zoe Williams
The big parties speak only of practicalities. Perhaps they should try focusing on aesthetics for a change


Central Hill in Crystal Palace, London, one of the threatened estates by celebrated council architect Ted Hollamby. Photograph: Simon Elmer/Architects for Social Housing
Ostentatious parsimony was the phrase used by Kate Macintosh, the woman responsible for some of the most ambitious local authority housing of the 1960s and 70s, to describe the spending environment for the social architect. Housing ministers would speak with pride of stripping out unnecessary extravagances, such as balconies and windows.


The philosophy went beyond thrift. In social housing, anything above the bare minimum was lavish, and anything lavish was an insult to the public purse. In the 90s, as PFI contracts took hold, the ostentatious parsimony of the state met the carelessness of the investor. How much does a landlord care about liveability – about grace, light, views and carbon emissions?

The result was not so much universal declining standards – architects, unavoidably, still have talent, energy and ambition – but the dishevelment of public housing. We lost all confidence in our collective ability to create a proud and, in the old-fashioned sense, awesome built environment.

In their manifesto last week, the Tories promised to build a million homes by the end of 2020, 500,000 more by the end of 2022. This is semantically more than Ed Miliband’s promise at the last general election of “up to” a million by 2020, and atmospherically equal to Jeremy Corbyn’s “over a million new homes” by the end of the next parliament. There is almost no detail in Theresa May’s plans as to how the housing is funded, or who it would be for, except that 160,000 homes would be built by the government on its own land. The Tories are clear on what they are against: poor-quality homes, careless developers, high land costs and poor planning. And they raise an idea that they obviously consider meaningful, since it’s capitalised: new Council Housing Deals, to support “ambitious, pro-development local authorities”.

Yet there is no sense that any of those modern ills are within the government’s power to control – no sense of how to enforce better quality, how to make developers care, what to do about land costs, or what better planning looks like (for instance, would it be more centralised or more devolved?). What is an ambitious, pro-development local authority? One whose ambitions are to sell its land to developers for private homes? Or one that is developing its own land for the housing of its own residents? This is more than strategically ambiguous: it is completely opaque. Likewise, those 160,000 homes built by government - in private partnerships? Or are they going to insource construction? And who would those homes be for?

Labour is clearer: at least half its million homes would be built by councils or housing associations to be “genuinely affordable” (this is framed as a break from the current definition of affordability, 80% of local market rent). They’re also explicit on building carbon-neutral housing, and on minimum space requirements.

In short, everybody can see there is a problem. Very few people celebrate the housing solutions of the past: Margaret Thatcher’s council house selloff that delivered social housing into the hands of private landlords and left the government with a colossal housing benefit bill. Scarcely anyone, from any point on the political spectrum, favours a hands-off state approach (except Ukip, whose answer is to let developers build anywhere, on anything – except golf courses).

Yet there is a fundamental implausibility to all these promises: nobody really thinks they themselves will end up living in one of these million, or more than a million, homes. The only people who think they’re a possible candidate for social housing are those who are already on waiting lists, but the number who can’t afford private rent is far greater. Any housing that isn’t specifically ringfenced as social is assumed to end up in the hands of an investor.

The rhetorical fixation on “rabbit hutches” (everyone pledges not to build those) conjures a future in which developers develop faceless, high-density blocks, and a planner goes round with a ruler to check they’re suitable for dwellers larger than a rabbit. When parties promise a million homes, we imagine a million little boxes that we can’t afford, or won’t be for us.

Two years ago I started kicking about at an architectural practice called Studio Egret West. They wanted a book about their philosophy; I wanted to think about something other than politics, which – as improbable as it sounds now – was very boring just before the 2015 election: small, consumer policies from cantankerous men. The architects’ conversations were in fact intensely political: approaching housing aesthetically is just a different kind of politics.

They talked about how putting a million more houses in a country changes that country, and how that needn’t be for the worse. You can densify a city and make it greener, not greyer, with living walls, winter gardens, landscape planning that marries the botany to the building, parks in the sky, and ideas to restore to nature the space that the building appropriated, turning it seamlessly into a vision of sustainability and zero-carbon living. Equality came up as a function of design: how do you create a sense of community in a mixed-income development, except through shared space?

Neighbourliness cannot be handed down by diktat. They described how to meet the constraints of space with more imaginative ways of shaping and using it, and how housing should never be tucked away and separated from the industry and activity that is the pulse of its city. They talked about how to build upwards without devastating the skyline or oppressing the people on the ground.

They described how understanding the history and the narrative of the architecture that came before would imbue new buildings with a sense of modernity through continuity, instead of a jarring newness. They described a future city that could properly house its people without turning them into extras in Bladerunner.

And if you ever said, “this sounds expensive”, they said there is nothing more expensive than something ugly that has to be demolished. Concrete accounts for 5% of all human-generated CO2 emissions. As Macintosh says: “What is barely acceptable to one generation becomes an insult to the next. It is always good economics to provide the best and get it right first time.”

I didn’t write the book, in the end: they wrote it themselves. But I realised what’s missing from this conversation, why the promises never stick. It’s not the detail, the intricate plans on who will build what, who will pay, in what private-public permutation, and who will live in the homes. That’s missing too. But what is missing in the first instance is beauty.

https://www.theguardian.com/commentisfree/2017/may/22/social-housing-labour-tories-manifestos-homes

Thursday, 18 May 2017

Where to buy in Hertfordshire:four villages for London commuters, with good schools and 30-minute journeys to the capital

By Ruth Bloomfield
Great transport links, grammar schools and good-value family homes make Hertfordshire a sound lifestyle investment.

The top-performing towns and villages in the lovely county of Hertfordshire share one huge advantage — great transport links. A new study today finds the areas that have seen the greatest price growth over the past five years are those where the commute into London is half an hour — or even less.

The research by Savills analysed the property price performance of every Herts town and village within a maximum 65 minutes’ travelling time of central London, and found many journeys shorter than travelling in from Zones 3 and 4. Leading the pack is Chorleywood, a slightly suburban sort of village just beyond the M25, at the tip of the Chiltern Hills.

CHORLEYWOOD

Average home prices in Chorleywood have increased by 53 per cent in the last five years to £749,806. The village is just on the Tube network, with rush-hour Metropolitan line trains to Marylebone taking 31 minutes. An annual travel card costs £2,616 — comparatively modest by commuter standards. There are several good primary schools, along with the Ofsted “outstanding” St Clement Danes School for seniors.

Adam Salem, manager of Hetheringtons estate agents, says Chorleywood is not a chocolate-box village, “but it does have a real sense of community. People get involved in the schools, in the summer fĂȘte. And the country pubs are lovely. The Gate is the locals’ favourite.”

Buyers should expect to pay from £900,000 for a four-bedroom post-war house, or about £550,000 for a two-bedroom Victorian cottage, Salem says. “We have just sold to a family who got £700,000 for their London flat and were able to buy a big a four-bedroom house at just over £1 million.”

TRING

The market town of Tring is another strong performer. Average property prices have expanded 52 per cent in the last five years, to £481,851. Trains from Tring to Euston take 37 minutes, and an average season ticket costs £4,060.

£600,000: a four-bedroom cottage in Henry Street, Tring, with a private rear garden. Brown & Merry (01442 738 033)/
This affluent town has a predictably strong crop of primary schools and popular Tring School, for seniors. Parents with brainy offspring are within catchment for the grammar schools of Aylesbury, and would-be stars of stage and screen could audition for the independent Tring Park School for the Performing Arts.

Caroline Murgatroyd, director of Hunters estate agents, says families can enjoy the many lovely acres of the National Trust-run Ashridge Estate, teeming with bluebells at this time of year. She finds the typical Londoners arriving in the town are “couples with kids about to start school” who often lived in north London. “Tring is like a mini Crouch End,” she explains.

They could buy a four-bedroom detached house from about £600,000 or a period Victorian villa of a similar size for between £750,000 and £800,000.

WELHAM GREEN

Just south of Hatfield, Welham Green has equalled Tring’s price performance, with prices also up 52 per cent to an average £325,937. Its nearest primary school is North Mymms which “needs improvement”. There are other options in neighbouring Brookmans Park, while Hatfield is a good choice for senior school pupils. Trains to King’s Cross take 37 minutes, and an annual season ticket is £2,368.

£650,000: a three-bedroom cottage in Walton Street, St Albans, part of the Bernard's Heath conservation area, Hamptons (01727 629 096).
ST ALBANS

Perhaps Hertfordshire’s best-known commuter destination, St Albans has also performed well with price rises of 49 per cent to an average £565,239. This lovely cathedral city, with its boutiques, restaurants and bars, great schools and buzzing town centre, is ever-popular thanks to its 19-minute rush-hour commute to St Pancras International. Season tickets are priced from £3,380.

http://www.homesandproperty.co.uk/property-news/where-to-buy-in-hertfordshire-four-villages-for-london-commuters-with-good-schools-and-30minute-a110506.html

Thursday, 4 May 2017

How to add value to your home and protect your investment

By Felicity Hannah

Protect even the smallest home from the threat of falling prices



At first glance, everything is still rosy for the UK’s homeowners.

Asking prices for property in England and Wales hit a record high this month, with sellers marketing their homes for an average £313,000, according to property listings portal Rightmove.


What’s more, buyer demand is high, with more sales achieved so far this year than at any time since 2007. Yet, while the market is buoyant, there have also been signs that the sales prices actually being achieved are beginning to cool. Nationwide’s data showed the average selling price of a home fell 0.3 per cent last month.

There’s no shortage of experts calling that a temporary blip, but homeowners across the country are already trying to work out the best ways to ride out any possible dip without falling into negative equity. Suddenly, the property game is all about adding value.

Grand designs, small spaces

We all love home improvements; we’re a nation obsessed with property. We watch TV shows in which plucky couples build epic homes and where designers rip out every wall to create attractive, modern living spaces that command a serious premium.

Yet individually we often seem to have far less design scope. The average UK home has shrunk significantly over the last 100 years; research from the NAEA (the National Association of Estate Agents) shows that in the 1920s the average dwelling was 153m squared.

Almost 100 years later the average home is approximately half the size at 83m squared, meaning homes have shrunk by 46 per cent in the last century.

Some buyers may feel this limits their scope to add value to their homes. After all, if there is no wasted space in a new build or other modern property then there’s very little chance the owner can knock through a few walls or add an extension to increase their home’s worth.

However, with the right ambitions, experts insist it’s still possible to have big ideas in a tiny space.

Improving not moving

Research from Co-op Insurance shows that 91 per cent of homeowners believe their property has increased in worth since they bought it and by an average of £33,125.

And that’s not all down to house prices, which have been trending upwards despite the slight dip last month. In fact, growing numbers of homeowners are making their own mark on their properties and adding value through renovations and improvements.

Design expert Kevin McCloud, speaking to The Independent ahead of his appearance at the Grand Designs Live event in London later this month, says that displaying existing space to best effect is a key improvement and one that can be done with minimal outlay.

“There are design solutions and storage options that make our lives a lot easier and show a home to best advantage.

“It isn’t always about the size of what we have, it’s about the design and the way we work with it and the sense of space. I mean, even cleaning your windows introduces more light into a room and makes it feel lighter and brighter.

“When filming House of the Year I’ve seen how small spaces can be really cleverly designed. For example, fitted storage, like a large bench running the full length of a room or alcove. Actually, that’s what quite a lot of good design is. Once you start to declutter then the room feels bigger; a lot of what architects do is ensure a space isn’t cluttered.”

Ellie Rees, owner of the ethical estate agency Brickworks, suggests that homeowners can maximise the value of their property simply by dressing it for market.

“We are continually surprised by how dressing a property with our own stock of furniture, painting, putting new flooring down and so on, can at worst add value and at best sell a property that has been sitting there for an age,” she explains. “Very basic adding to the fabric of a building with new lighting fixtures and fittings, for example, is obvious but effective.”

Boosting value

The Co-op Insurance study found that 60 per cent of homeowners said their renovation work has led to an increase in value. Typically they had spent £18,224 and seen a £14,900 profit as a result of the work they carried out.

Modern home owners may find it hard to dream up developments that work within their homes. Yet there are a number of ways they can make physical adaptations that could still add value.

Neil Simpson, sales director at Bewley Homes, says: “Sometimes it is subject to planning but, if a development has [a garden], the owner of a new home can usually extend up to 70 cubic metres, enabling them to add value with the addition of an outside room or sun lounge.”

“Another way to add value to a smaller or new-build property would be to buy a smart garden room,” suggests Bruce King, director of estate agent Cheffins. “These are becoming more and more popular as they can provide an office, or even have plumbing to create an en-suite guest space.

“This can add around £30,000-£50,000 to the final value of the house. As working from home becomes more common, often buyers are looking for a workspace which is separate to the main house. The majority of decent examples will cost from around £5,000-£10,000 and the really best in class also include a woodburner and smart furnishings.”

http://www.independent.co.uk/money/home-value-improve-investment-protect-uk-housing-market-prices-economy-brexit-a7703191.html

Monday, 15 August 2016

5 surprising things that will boost the value of your home


Forget good schools, a new bathroom and a south-facing garden, it's the elements you can't control that really affect your house value

When you’re looking to improve a property’s value, there’s a whole heap of accepted wisdom out there. Improve the curb appeal by adding a few flower pots and getting rid of that rusty bath in the front garden. Install a new bathroom and do up the kitchen. Will the local school to get a better Ofsted report next time.
But a new study has shown that simply living near a big-brand supermarket can add £22,000 to the value of a property, or even more depending on the shop. And that’s just one of a number of factors that can have a huge affect on the value of a property, no matter how nice the kitchen is.
Here are five surprising things that will affect the price of your property. Sadly, they’re almost entirely out of your control.
Be near a big supermarket
The research from Lloyds Bank shows that living near a well-known supermarket can add £22,000 to the value of a home, but that rises to an average of almost £40,000 if it’s a Waitrose.
Sainsbury’s adds an average of almost £28,000, while Tesco provides a house price premium of just over £22,000. Sadly, proximity to an Aldi store adds just £1,333 to the average house price.
Mike Songer, Lloyds Bank mortgage director, explains: “There is definitely a correlation between the price of your home and whether it’s close to a major supermarket or not. Our figures show that the amount added to the value of your home can be even greater if located next to a brand which is perceived as upmarket.”
Don’t live on a ‘road’
It’s no surprise that the name of the street affects the value of a property to a degree  – most people would rather live on Primrose Lane than on Bell End (honestly, that’s a place).
But the effect can be even more subtle. Alex Gosling, the chief executive of online estate agents HouseSimple.com, comments: “The name of your street could add thousands to the value of a property. You'll probably pay more to live on a 'Chase' than on a 'Terrace' or 'Close'. And regal-sounding streets – particularly if they have 'King' in the name – can bump up prices.”
That’s borne out by Zoopla analysis, which showed that properties located on "Hills" and "Lanes" are worth 50 per cent more than the national average; while "Streets" and "Terraces" have the lowest average property values.
In fact, the average property on a street named "something Hill" is worth £185,000 more than the average property on a "something Street".
Have smart neighbours
Even if you don’t want to spend your free time shopping at the organic farmers' market or dining out, it’s better for your house price if your neighbours do. If more upmarket businesses open nearby then your house price could soar.
Mark Hayward, managing director of the National Association of Estate Agents says: “Aspirational amenities such as a Michelin-starred restaurant, organic farm shop or a local dining club can have a positive impact on the saleability of nearby homes. In addition, areas with high-value sporting and recreational activities like pony clubs and chess societies for children are also desirable, and when combined with successful local schools can see premiums on house prices of up to 10 per cent. 
“Parental competition is rife and many can regularly be seen battling to ‘keep up with the Joneses’ in order to provide the best possible upbringing for their children. This will in turn differentiate homes in certain areas from others on the market.”
Live near a sporting venue
One historical study by Halifax showed that houses near Premier League football grounds increased faster than average over 10 years. In the decade up to 2012 house prices in the postal districts of 20 clubs rose by an average of 137 per cent, compared to an average hike of 90 per cent across England and Wales.
That’s a finding that estate agents say has been replicated across other sporting arenas. Mr Gosling says: “Living near a top sporting venue can really boost house prices. It's well known that you're likely to pay a premium to live close to Wimbledon.
"But we carried out some research on living next to an Open Championship golf course, and found that golf fans pay a 139 per cent premium. For example, the average property price next to Royal Birkdale, in Southport, was just over £1m, more than 400 per cent higher than the average property price in that postcode.”
Open all hours
Lastly, it’s a very good thing if a decent pub opens within walking distance of your front door. Research from Sarah Beeny’s online estate agency Tepilo shows that a good quality pub is a major selling point for 23 per cent of buyers, adding to demand and competition for nearby homes.