Residential land sales in Australia fell by 4.7% between the March 2013 and March 2014 quarters, according to the latest land report.

However, over the six months to March 2014, residential land sales were still up by 5.9% when compared to the six month period to March 2013, the latest HIA-RP data shows.

In the March 2014 quarter the weighted median price of residential lots increased by 2% to $205,248, marking only the second time the value has exceeded the $200,000 threshold. Capital city lot prices increased by 3.3% in the quarter to be up by 7.5% compared to the March 2013 quarter.

The land report also shows that lot prices in regional Australia eased by 0.7% in the March quarter this year to be up by 2.4% in annual terms.

According to RP Data’s research director, Tim Lawless, the early peak in land sales is likely to dampen expectations that investment in new housing construction will help to support Australia’s economic transition away from resources related infrastructure projects.

‘Policy makers were placing a great deal of importance on renewed levels of housing construction to act as a new pillar for economic expansion. While there has been uplift in approvals and new housing starts, the trend towards fewer land sales since September last year suggests that the housing construction cycle, at least for detached housing, is close to peaking,’ Lawless explained.

‘The ongoing rise in land prices at a time when sales are falling is a worry, particularly in Sydney where the number of sales over the March quarter was about level with the previous year but the median price of land has moved 5.6% higher over the year,’ he added.

HIA chief economist Harley Dale pointed out that there is a close relationship between residential land sales and detached house starts. ‘The indication is that the upcycle in detached housing will peak during 2014. This prospect further highlights the key swing variable role the multi-unit sector will play in determining the eventual magnitude and duration of the current new home construction cycle,’ he noted.

‘On the price side of the land equation, an acceleration in the growth rate for capital cities in the March 2014 quarter is of concern. The upward trajectory for residential land prices since the middle of last year is steeper than it should be. There is clearly a policy failure this cycle, as in many before it, to ensure a supply of shovel ready land commensurate with the demand for new housing,’ he added.

There has been a lot of talk about the London property market slowing but new research suggests that properties in Greater London and the South West are currently receiving the highest number of viewings in the country.

The average number of viewings per property in both Greater London and the South West is 13, a 10% increase year on year. This is seven more viewings than the average for Britain which currently stands at six, according to research by independent estate agents network Move with Us.

Properties in the East Midlands are at the other end of the spectrum, selling after an average of just four viewings. The East Midlands is the best performing region in the country when comparing viewings with offers. Each property in the region has on average four viewings and two offers, making the ratio 2:1. This indicates buyers in the East Midlands are serious contenders, have done their research and choose carefully which properties they want to view before proceeding.

‘In fast paced property markets such as Greater London where the average selling time is just 47 days, viewing numbers tend to be higher because there is a large number of potential buyers fighting for a limited number of properties,’ said Robin King, director at Move with Us.

‘Rapid selling times mean buyers have less time to make well thought out decisions about which properties to visit and tend to view properties they wouldn’t normally consider as soon as they come on the market. This increases the viewings to offer ratio,’ he added.

King explained that the ideal situation is for a seller to have a handful of viewings from qualified, carefully selected buyers whose property wish lists are a close match who then go on to make an offer.

‘Receiving plenty of viewings but no offers is the worst case scenario for a seller as this will not achieve the goal of selling the property, will take up lots of time and can be an emotional rollercoaster,’ said King.

‘Viewings cost time and money for both sellers and estate agents. If a property has lots of interest, holding an open day is a great way to help sell it in the current market. They usually get the viewing process over in one day, meaning the seller only has to clean and tidy the property once,’ he pointed out.

‘The seller can even go out for the day, leaving the property in the capable hands of the estate agent. The heightened sense of competition between the buyers during open days can increase the chances of an offer being made on the property,’ he added.

Capital growth during the first half of the year has been strong for British farm land, especially for the best quality, but it likely to be more muted in the second half of the year.The average growth for prime arable land across Britain was 9.8%, almost four times that recorded for prime central London residential property which was 2.5% for the same period, according to the latest research from Savills.

‘This growth has led to a reforecast for values this year, although we do expect the increase in farmland values to be more muted during the second half of the year. Our forecasts for 2015 to 2018 are unchanged,’ said Ian Bailey head of rural research.

In England, supply during the first half of 2014 increased just 3%, to around 59,500 acres, compared with the same period in 2013. However, there were significant regional variations.

Activity increased considerably in the East of England with growth of 87% and the South West with growth of 43%, although in both regions supply was particularly low last year.

The largest falls in supply were recorded in the North of England with a decline of 45% and the South East, down 17%, while in Scotland, supply has been similar to the same period of 2013, up just 1%, and in Wales supply fell by 24%.

In England average growth for prime arable farmland increased by 10.4% during the first half of 2014 to £9,500 per acre.

The strongest growth was recorded in the West Midlands at 18% and the East of England at 13.5%. Farmland values across Scotland remained unchanged and across Wales prime average arable values increased by 3.6%.

‘Interestingly, growth for the poorest quality land has also outperformed our expectations and may indicate that the upturn in the residential markets is already having a positive effect on the residential farms market which are often smaller livestock farms,’ said Alex Lawson head of farms and estates at Savills.

‘Our analysis of farm transactions indicates that during the first half of the year there was more selling activity by non-farming land owners than farmers. In addition our research indicates reduced selling activity from the corporate and institutional landowners. In fact, the figures suggest that net activity of these land owners appears to have shifted towards buying rather than selling,’ he explained.

He also pointed out that there appears to be an increase in ‘retirement’ related sales, these include those leaving farming and downsizing to a smaller unit. ‘Our analysis shows that these are all farmers, who are close to or have reached retirement age. This suggests they may be using the strength of the market to maximise the opportunities presented by the capital value of their assets,’ he added.

Enforcement agencies are being urges to work more closely with Tenancy Deposit Protection (TDP) schemes in the UK in order to crack down on rogue activity from fraudulent landlords and letting agents.

The call comes after the Mydeposits scheme helped prevent over £300,000 worth of tenancy deposits being fraudulently stolen, working closely with enforcement agencies to bring the case to light.

The firm’s chief executive officer Eddie Hooker said that if it wasn’t for their intervention the case in question might not have been brought to justice.

‘It was down to the information, hard work and doggedness that brought these people to justice. We do a lot of work behind the scenes to catch rogue landlords and fraudulent letting agents but often we’re made out to be the bad guys,’ he pointed out.

He explained that over recent years the firm has developed a very comprehensive and effective approach to identifying members who try to bend the rules. ‘We work closely with Police and Trading Standard’s Officers in England and Wales as they seek to understand how the different TDP schemes operate and then obtain sufficient evidence against rogue businesses,’ said Hooker.

‘We caught this case early due to our robust auditing and compliance processes and immediately alerted the police and enforcement agencies. We had to keep pushing the case as initially no one was interested in taking it forward. However, due to our actions no one lost out and all the money was returned,’ he explained.

Mydeposits will continue to work and help those who want to abide by the law and catch those who would otherwise still be free were it not for the support that we have provided to law enforcement agencies,’ he added.

This case comes after Mydeposits forwarded evidence to Milton Keynes Trading Standards last year which helped convict a letting agent who was given an 11 month jail sentence after admitting 25 counts of fraud involving landlords and tenants.
There are over a dozen other cases still underway pending prosecution where Mydeposits are providing support and assistance.

Existing home sales in the United States increased 2.5% in June and reached an annual pace of five million sales for the first time since October 2013, according to the latest index from the National Association of Realtors.

The median existing home price for all housing types in June was $223,300, which is 4.3% above June 2013. This marks the 28 th consecutive month of year on year price gains, the index shows.

It also says that rising inventory continues to push overall supply towards a more balanced market, but sales remain 2.3% below the 5.16 million unit level a year ago.

‘Inventories are at their highest level in over a year and price gains have slowed to much more welcoming levels in many parts of the country,’ said Lawrence Yun, NAR chief economist.

‘This bodes well for rising home sales in the upcoming months as consumers are provided with more choices. On the contrary, new home construction needs to rise by at least 50% for a complete return to a balanced market because supply shortages, particularly in the West, are still putting upward pressure on prices,’ he explained.

He also noted that stagnant wage growth is holding back what should be a stronger pace of sales. ‘Hiring has been a bright spot in the economy this year, adding an average of 230,000 jobs each month. However, the lack of wage increases is leaving a large pool of potential homebuyers on the side lines who otherwise would be taking advantage of low interest rates. Income growth below price appreciation will hurt affordability,’ he added.

Total housing inventory at the end of June rose 2.2% to 2.3 million existing homes available for sale, which represents a 5.5 month supply at the current sales pace, unchanged from May. Unsold inventory is 6.5% higher than a year ago, when there were 2.16 million existing homes available for sale.

The data shows that distressed homes, that is foreclosures and short sales, accounted for 11% of June sales, down from 15% in June 2013. Some 8% of June sales were foreclosures and 3% were short sales. Foreclosures sold for an average discount of 20% below market value in June, while short sales were discounted 11%.

The percent share of first time buyers continues to underperform historically, rising slightly to 28% in June from 27% in May, but remain at an overall average of 28% over the past year.

Properties sold faster for the sixth consecutive month in June, highlighting the fact that inventory is still lagging relative to demand. The median time on market for all homes was 44 days in June, down from 47 days in May. It was 37 days on market in June 2013. Short sales were on the market for a median of 120 days in June, while foreclosures sold in 54 days and non-distressed homes typically took 42 days. Some 42% of homes sold in June were on…

The UK government’s affordable homes programme will change the way properties are built in the country with many being constructed using advanced housing techniques, it has been announced.

Successful bids for almost 62,000 homes under the first phase of the £23 billion programme have been confirmed and overall it will deliver 165,000 new affordable homes over three years from 2015.

A fifth of the homes will be built with cutting edge advanced housing manufacturing where parts are made in factories before being assembled on site. This technique is widely used on the continent, but currently only plays a limited role in British house building.

Housing Minister Brandon Lewis said the focus on new technology would provide high quality homes, and help the sector achieve the fastest rate of affordable house building for 20 years.

He explained that a total of 191 providers have been earmarked for funding and the new homes will be delivered across England, with almost a third in London. ‘House building is an essential part of this government’s long term economic plan. That’s why we have designed an ambitious new scheme to build affordable homes at the fastest rate for 20 years, which will support 165,000 jobs in construction and sustain thousands of small businesses,’ he said.

The investment from government will be combined with private finance to deliver the £23 billion programme. Lewis added that by putting in more private sector funding than previous programmes, the scheme will achieve a better deal for taxpayers.

Chief Secretary to the Treasury Danny Alexander said that building more affordable homes is an important part of ensuring every family has the opportunity to live in a decent home.

‘By investing billions into new housing and cutting out burdensome planning regulations, we are building more affordable homes per year than at any time in 20 years and are also supporting job creation across the country,’ he added.

According to Homes and Communities Agency chief executive Andy Rose described it as ‘a solid delivery programme that will ensure a smooth transition from our current affordable homes programme, and that delivery can start promptly’.

‘The allocations are closely aligned with locally identified priorities and offer value for money and increased certainty of delivery, with over 75% of the homes we are funding on firm schemes,’ he added.

Housing associations, councils and developers that have applied for funding have been required to demonstrate they are delivering new homes that are in short supply in their local area. Of the successful bids so far, 77% have been for one and two bedroom homes, so that smaller households can move to more suitably-sized accommodation.

The affordable homes programme includes affordable rented homes and affordable home ownership schemes and is being managed by the Homes and Communities Agency nationally and in London managed and allocated by Greater London Authority and the Mayor.

The majority of European office rental markets either saw a boost or remained static in the first half of 2014, led by Germany and Holland.

Overall Europe’s leasing market reported positive growth across 17 major office markets as the Eurozone economy continued its recovery drive with improved sentiment across the region, according to Colliers International’s latest EMAE office report.

Prime rents in 85% of office markets across Europe and the Middle East reported a boost in the last six months or remained static, the report confirms.

Most notably, the office market in Germany saw the strongest growth, with prime CBD rents in Stuttgart leaping 25%. Munich also reported rental increase for the seventh consecutive half since the second half of 2010.

Amsterdam also reported an upward trajectory of rents over the last 18 months, underscoring the recovery of its prime office district amid an increasing gap between primary and secondary markets in the Netherlands.

The investment market was also a positive story for Amsterdam, which saw prime yields moving in by 40 bps compared to end 2013, along with a sharp increase in investment volumes.

‘The progressive results in rents are a result of a combination of economic improvements and greater confidence in the European occupier markets, especially the UK and Germany. This is combined with a generalised lack of modern space available in central business districts due to low volumes of new speculative completions,’ said Bruno Beretta, senior research analyst for EMEA at Colliers International.

Even Southern European markets like Madrid and Lisbon, with the former experiencing a particularly severe correction since 2009, have seen prime rents move ahead. Lisbon reported an annual rental increase of 1.4% in the first six months of 2014.

Despite these increases, a more sustainable recovery of occupational markets in Southern Europe is not expected until the end of this year, or more probably 2015.

‘Increasing demand by media and tech occupiers across EMEA, together with the shortage of new supply have created a climate for sharp rental growth in many European markets, both at headline levels and for average second hand accommodation,’ said Craig Satchwell, head of EMEA offices at Colliers International.

‘Media and Tech companies are the second most active when it comes to take up, with a 21% share of take up across London, Paris, Amsterdam and the big six German cities combined,’ he added.

The Colliers report shows that the European Central Bank’s recent moves, the weight of capital now targeting European real estate and rental growth expectations contributed, in most instances, to stable or falling office yields in the first half of 2014.

As a result, these factors have led to an upgraded perception of the European investment market. Given current high levels of interest in many major European markets, yield compression was observed in many peripheral markets like Dublin with a fall of 75 bps, Madrid down 50 bps, Barcelona down 25 bps) and Athens down 25 bps.

Prime yields hardened in a number of cities…

The average home in Britain is now worth £260,488, up £16,265 since start of the year with Salford seeing the largest rise in property values, according to the latest data from Zoopla.

London property values grew fastest during first half of year at 8.2% or £43,115 whiles Scottish property values increased only 1.1% compared with a national average of 6.5%, the data also shows.

It means that the average British home has increased in value by £90 a day but the star was the Manchester suburb of Salford where average property values have risen 12% and now stand at £138,619, a growth rate that eclipses even London.

Although average house prices in the capital, which currently stand at £567,392 according to Zoopla, are more than four times higher than in Salford.

Brough in Yorkshire and St Leonards-On-Sea in East Sussex have also seen strong growth in average property values over the last six months at 11.9% and 11.8% respectively.

‘Home owners up and down the country are starting to see the benefits of the recovery as home values make further headway in 2014,’ said Lawrence Hall of Zoopla.

‘Over the past few years Salford especially has prospered from job creation in the area which has helped boost the local property market. Property price growth has largely been a London and South East story until recently, so it is very encouraging to see the house price recovery broadening and the ripple effect starting to take hold further north,’ he explained.

‘There have been a few weak spots in the market so far in 2014, like Cornwall where the strong pound has started turning those looking for holiday homes back towards foreign property markets. And towns on the England/Scotland border are likely suffering from caution amongst buyers ahead of the referendum on independence in September,’ he added.

Growing speculation around an interest rate rise and uncertainty over the outcome of next May’s general election and possible tax changes are having an impact on the prime property market in outer London, a new analysis suggests.

The results has been a fall in new buyer registrations and an increase in new properties coming onto the market, according to the research by property firm Knight Frank.

It reports that new buyer registrations are down by a fifth and new supply up by a third in the second quarter of the year compared to the same period in 2013.

‘To some extent, buyers have also become more restrained after a period of relatively strong price growth with sealed bids and open days becoming less prevalent, explained Tom Bill, head of London residential research at Knight Frank.

However, he pointed out that whatever the validity of buyers’ concerns about the sustainability of price inflation, it is worth highlighting that annual growth in prime outer London residential prices only exceeded 5% a year ago and moved into double digits in January this year.

The amount of available stock in prime outer London in June was 19% higher than June last year and at its highest overall level in more than five years. Annual growth in prime outer London was 12.1% in the year to June after a monthly rise of 1%, which compares to 8.1% in prime central London.

‘There is an overlap of factors causing demand to slow in both markets but the prospect of an interest rate rise is likely to play a stronger role in prime outer London,’ said Bill.

Wandsworth and Clapham recorded the highest annual growth of 17.2% followed by 15.8% in Canary Wharf.

‘There are tentative signs the prime outer London rentals market will benefit from softening demand in the sales market. It is an emerging trend in the prime central London market as the economy stabilises and companies expand,’ explained Bill.

The report also shows that rental values grew 0.7% in June, which was the highest monthly increase since the index was produced on a monthly basis in April 2011.

It mirrored a similar record monthly jump in prime central London in June but growth still remains more erratic in outer London and was 0.4% down over the second quarter and 0.5% down over the last year.

Seasonally adjusted estimates for the number of residential property transactions in the UK decreased by 0.2% between May and June, according to the latest figures from HMRC

June’s sales figure is also 15.7% higher compared to the same month last year while the trend since the beginning of 2013/2014 has been of a general month on month increase in transactions, this halted in February.

The HMRC report says that since February there has been a gradual decrease followed by a flattening out of transaction numbers.

Recent non-seasonally-adjusted transactions peaked in June 2014 and November 2013 at similar levels, both being the highest levels since November 2007 but it must be remembered that the figures for the two most recent months are provisional and therefore subject to revision.

Peter Rollings, chief executive officer of Marsh & Parsons, pointed out that the figures shows that the UK property market is singing a different tune to that heard at the start of this year. ‘The fierce competition for properties and unprecedented house price growth has subsided as a new wave of supply has come onto the market, stabilising price rises and restoring normality to trading conditions,’ he said.

‘Both buyers and sellers alike are benefitting from this new calmness in the market, with a greater array of available property to choose from and slightly slower pace of activity making stepping onto the ladder or trading up a less daunting prospect,’ he explained.

‘The implementation of tighter lending criteria and affordability checks has lengthened the borrowing process and cooled the market during this transitional phase. This wave of regulatory change will ensure lasting sustainability and responsibility of growth, but the government and the Bank of England need to be careful that future interventions are not premature and overzealous. Beyond the capital, the housing market recovery still requires a watchful eye,’ he added.

According to Jonathan Hudson of West End estate agent Hudsons Property in London, the property market is cooling but still strong. ‘We are still achieving top prices but some of the urgency has subsided. Certain measures put in place, like the overseas buyers capital gains tax and potential interest rate rises have not really affected the market,’ he said.

‘However, tighter lending criteria have slowed increases and buyers are being more considered before offering. This is also allowing more property to reach the market, giving buyers more choice,’ he added.

Few residential properties were sold in Cyprus in the first quarter of 2014, mainly due to the prevailing economic conditions, according to the latest index from the Royal Institution of Chartered Surveyors (RICS).

Due to this and the turbulence in Cyprus’ banking system there was a sharp reduction in interest from buyers and those interested were unable to access bank finance or their deposits, the report says.

An increase in unemployment, further decreases in salaries also had an impact on the Mediterranean island’s property market but the report says there were also signs of the Cyprus economy stabilising.

Overall the Cyprus Property Price Index recorded falls in almost all cities and asset classes, with significant falls being recorded in Nicosia and Limassol.

‘Nicosia is clearly feeling the impact on the government and banking sector, the two sectors who dominate the local employment market, whilst other cities are progressively bottoming out,’ the report points out.

Across Cyprus, residential prices for both houses and flats fell by 1.4% and 2.6% respectively, with the biggest drop being in Famagusta where the price of houses declined by 4% and flats by 9.3%.

Values of retail properties fell by an average of 1.7%, whilst those of offices and warehouses fell by 1.4% and 0.9% respectively.

It means that compared to the first quarter of 2013, prices for flats have gone down by 10.7%, and houses by 7.8%. In the commercial property sector retail property has fallen by 14.8% year on year, offices by 10.4% and warehouses by 11.4%.
Across Cyprus, on a quarterly basis rental values for apartments decreased by 1.4%, house rentals by 1.6%, retail units by 1.2%, warehouses by 3.1% and offices by 1.2%.

Year on year apartment rents have fallen by 11.3%, houses by 12.6%, retail property by 23.3%, warehouses by 14% and offices by 15.4%.

‘The majority of asset classes and geographies continue to be affected, with areas that had dropped the most early on in the property cycle now nearing the trough, the report adds.

It also shows that at the end of the first quarter of 2014 average gross yields stood at 3.9% for apartments, 1.9% for houses, 5.3% for retail, 4.4% for warehouses, and 4.3% for offices.

‘The parallel reduction in capital values and rents is keeping investment yields relatively stable and at very low levels compared to yields overseas. This suggests that there is still room for re-pricing of capital values to take place,’ the report concludes.

Almost all landlords in the UK report that tenant demand is currently stable or growing, according to the latest quarterly survey from specialist buy to let lender Paragon Mortgages.

Landlords also reported an average yield across their rental portfolio of 6.2% in the second quarter of the year, a slight increase on the previous quarter when the average was 6.1%. The average yield has remained around this level for the past 12 months.

In the second quarter 38% of landlords said that they were feeling more optimistic about the prospects for their rental portfolios. Some 56% stated that there had been no change in their views, and just 4% said they were feeling pessimistic about prospects.

Looking ahead, 16% of landlords are planning to add to their rental portfolios during the third quarter.

The survey also shows that there has been no change in the types of property landlords are planning to invest in, with terraced houses remaining the most popular with 55% of those expecting to buy choosing this property type.

There has been a slight increase in popularity of detached houses, with 15% of landlords expecting to buy this property type compared to 12% last quarter.

Some 72% of landlords said that they thought rental arrears levels would remain stable in the next year, only 11% expect levels to increase. Overall, the feedback from landlords suggests that only marginal movement in tenant arrears is predicted.

‘It is interesting to see the improvement in confidence amongst landlords in the private rented sector. We are seeing much more activity in the private rented sector and, in turn, the buy to let market as a result of continuing strong rental demand and the investments made by landlords,’ said John Heron, managing director of Paragon Mortgages.

‘Tenant demand is clearly staying very healthy, and this is likely to remain a common trend over the coming months, particularly as we are still not seeing the level of house building that the wider housing market so desperately needs,’ he explained.

Across the UK buyers of prime property are continuing to favour urban locations and homes in cities are now on average just 1.7% below their peak, a new analysis shows.

Prime properties in regional cities saw growth of 1.7% in the three months to the end of June, with annual growth totalling 8.1%, driven by demand from those relocating from London and downsizers.

This compares to quarterly growth of 0.9% for village properties and 0.5% for prime properties in rural locations, and annual growth of 5.3% and 3.3% respectively, according to the analysis from real estate firm Savills.

However, the report points out that the market above £2 million remains more fragile, with the price threshold that resulted from stamp duty increases remaining entrenched. This is evidenced in the prime country house market which recorded quarterly growth of just 0.1%.

‘The recovery in this high value marketplace is hard to generalise, since every property and location is unique. Some properties are selling rapidly, with competition, while others require price adjustments to sell as fragile buyer sentiment remains susceptible to the changing news agenda, in particular the renewed spectre of a mansion tax,’ the report says.

It also explains that the prime market is responding to the positive sentiment in the mainstream market, with stock levels increasing as downsizers in particular sense an opportunity to sell into a more buoyant market.

‘However, in some cases, headlines of house price growth are giving sellers a false impression of the value of their property, creating a gap between their expectations and those of the buyers who are sensitive to headlines of interest rate rises and the like,’ it adds.

‘At the top end of the market, there is a threat around the 2015 election, given that taxation of high value properties is high on the political agenda. We expect values to plateau in locations with a high concentration of properties over £2 million as buyers remain cautious. New sellers entering the market should price for these market conditions,’ the report points out.

‘However, assuming there are no further changes to the taxation of high value property, our outlook for the prime regional markets remains positive, with a forecast of 22.7% over the five years to 2018,’ it says.

It also shows that the strongest growth continues to be seen closer to the capital reflecting a displacement of London housing wealth into commuter markets. The prime suburbs have outperformed the capital for the first time since the credit crunch, recording growth of 5.7% in the first six months of 2014, compared to the prime London average of 4.9%.

Values throughout the commuter zone are now back to, or above, their 2007 peak levels. This quarter saw house prices in the outer commuter zone, a ring of up to one hour’s travel distance from the capital, return to peak for the first time.

However, beyond the commuter zone, prices remain some way below their 2007 peak, despite annual price growth. At the extreme, in Scotland, where the…

Property sells faster in Cambridge than any other city in the UK, taking only 27 days on average to be marked as sold, according to leading real estate portal Rightmove.

The University and techno city is closely followed by London boroughs of Lewisham and Sutton both with 29 days and Waltham Forest with 31 days. Warwick at 33 days and St Albans at 34 days) also make the fastest selling top 10.

Overall the average time to sell has fallen to 65 days this year compared to 75 days in the same period in 2013 with properties across the country selling 10 days faster than this time last year.

In the slower selling markets properties could be for sale for an average of more than 100 days before a deal is made, with areas in Wales and the North making up the majority of the list.

Powys in Wales has the slowest selling properties, taking 113 days on average, followed by Gwynedd at 112 days and Sefton in Merseyside at 106 days.

The new data includes all properties that were changed to Sold Subject to Contract (SSTC) by agents during April to June 2014, and measures the interval of time since they were first listed for sale on Rightmove.

Although some of the slower towns have seen increases in time to sell compared with 2013, all regional averages have fallen showing the housing market recovery to be broad based.

The biggest falls year on year were in London with 32% drop from 60 to 41 days, the South East with a 22% drop from 65 to 51 days and the East with a 20% drop from 70 to 56 days. The North East sees the smallest fall of 2% from 90 to 88 days, followed by Wales with a 5% fall from 92 to 87 days.

‘This new data shows just how different the pace of the housing market is at a very local level, and clearly displays that speed is key for both buyers and sellers,’ said Miles Shipside, Rightmove director and housing market analyst.
‘Buyers want to know that they can be the first to find new properties on the market, and sellers expect to have their property marketed as quickly as possible to find a suitable buyer,’ he added.

Shipside pointed out that when selling a property you need to consider local market conditions to help set the asking price and ask your agent how soon they can have your property on the market.

‘Our study looks at the average time from first listing, to being confident enough in the buyer's ability to proceed, to actually mark it up as sold subject to contract. So although some sellers might find a potential buyer in a few days, the averages reflect the time taken to carry out thorough checks to minimise the risk of the sale falling through,’ he explained.
‘A good agent will establish proof of cash, ability to get a…

Home values in half of the 100 largest metro areas in the United States will not reach their pre-recession peak levels again for another three plus years, it is claimed.

According to the second quarter Zillow Real Estate Market Report the residential real estate market recovery is still very much in its middle stages.

Nationally, home values remain 11.3% below their 2007 peak. Looking ahead, home values are expected to rise another 4.2% through the second quarter of 2015, according to the Zillow Home Value Forecast.

That means it will take 2.7 years for national home values to re-achieve their prerecession levels, assuming a steady rate of appreciation at the forecasted level.

Locally, in 50 of the nation's 100 largest metro markets, it will take three years or more for home values to reach prior peaks. Notable large metros where full recovery in home values will take longer than a decade include Minneapolis at 14.5 years, Kansas City at 12.5 years and Chicago at 11.7 years.

‘In dozens of markets home owners that bought at the peak of the market in 2006 or 2007 will have to wait until 2017 or later to get back to the breakeven point on their home, a lost decade in which they will have built up no home equity,’ said Stan Humphries, Zillow’s chief economist.

‘This is reflected in stubbornly high negative equity and effective negative equity rates, with more than a third of Americans with a mortgage lacking enough equity to realistically list their home for sale and buy another,’ he explained.

‘But there is a silver lining as we navigate these tricky middle innings of the recovery. Because home values remain so far below their peak levels in so many areas, it is still possible for buyers to find bargains. This will be critical to maintaining home affordability over the coming years, especially as mortgage interest rates rise,’ he added.

The report shows that home values climbed 6.3% year on year in the second quarter, the slowest annual pace of appreciation recorded so far this year and a sign that the market is returning to more normal levels.

In a more normal market, home values appreciate at roughly 3% per year. Home values nationwide were up 1% compared to the first quarter and 0.5% from May.

Nationally, rents rose 2.5% year on year in the second quarter but fell 0.3% compared to the first quarter. The quarterly decline was the largest recorded since Zillow first began publishing the Zillow Rent Index in late 2010. Rents were flat month on month.

At the current rate of house price growth of around 10% a year, the buyer of an average UK home will be subject to a 3% stamp duty tax rate before the end of 2016, new research shows.

This amounts to £7,500, an additional £5,000 when compared to the 1% band, stamp duty for a home costing £250,001, according to figures drawn up by haart estate agents.

The firm’s latest report also shows that the acute shortage of supply is easing as new homes for sale increase 5% annually and new buyer demand falls by 1.8%.

The June report also shows that property prices were up 1.9% month on month and 9.9% year on year taking the average price of a house to £204,429.

But on London the figures have soared, up 5.8% month on month and 20.3% year on year, taking the average prices of a home in the city to £490,595.

Prices seem to be having a knock on effect on the market with house sales down 0.7% month on month but up 9.2% compared with June 2013. Viewing are also down. Month on month viewings dropped 6.3% but are up 7.1% compared with a year ago.

Paul Smith, chief executive officer of haart, the UK’s largest independent estate agent, with a network of over 200 branches, said that if national property prices continue to increase at their current rate, the average price of a UK home will fall within the 3% stamp duty tax bracket before the end of 2016.

‘This means buyers forking out at least £7,500 on top of other costs when moving home. Where a property tips over into this 3% tax band, an extra penalty of at least £5,000 is incurred on any property priced over £250,001,’ he explained.

He pointed out that stamp duty bands have not moved upwards in line with house price inflation, a fact that successive governments have benefited from to the tune of £4.7 billion for 2012/2013. First time buyers, who pay an average £154,645, have no relief as they are already in the 1% stamp duty band.

‘The government, and the Bank of England, need to be careful not to overcool the market and by raising the stamp duty tax threshold could help keep the market fluid,’ added Smith.

He also pointed out that the new Mortgage Market Review measures are having an impact, but the new affordability tests and stricter scrutiny are applied at an early stage which means that only realistic buyers are considered and unrealistic ones are filtered out of the process quickly.

‘This explains the fall in buyer registrations by 1.8% annually UK wide but this is really a fall in unrealistic mortgage applicants being able to progress with no accompanying dip in average property prices or in annual UK sales. These are the first signs of the market undergoing a natural, cathartic process of self correction,’ he concluded.

The value of sporting property assets in the UK has increased by 32% over the last 10 years, led by grouse moors, according to a new Sporting Property Index from Knight Frank.

The Index tracks the 10 year change in value of rivers, moors and deer forests and of all of them grouse moors have shown the greatest rise in capital value with an increase of 49% over the past decade. Salmon rivers increased by 29%, followed by deer forests at 29% and lastly trout chalk streams at 16%.

Clive Hopkins, head of Knight Frank Farms and Estates, explained that the recession tore the heart out of the market in 2008 and 2009. ‘The first thing that suffers during an economic crisis is this kind of very expensive and very discretionary purchase. The fact that growth is positive at all shows how resilient an asset a specialist sporting estate is,’ he pointed out.

To reflect their diverse nature and levels of desirability, each asset in the index is also split into three categories; primary, secondary and tertiary.

Primary rivers are those considered trophy purchases, such as the best stretches of the Test or Itchen for trout, and the Spey, Tweed, Tay or Dee for salmon, and are often bought by ultra high net worth buyers.

Those in the secondary category, which for trout could include the Kennet and Lambourn, and the Findhorn and Oykel for salmon, still offer fantastic sport for the enthusiast, but don’t command as high a price premium.

The index report points out that Tertiary rivers may not be the most fashionable or provide large catch numbers, but are sought after by individuals or syndicates looking for a cost effective way to enjoy their passion. Examples include the Piddle and Frome chalk streams and the Doon or Thurso salmon rivers in Scotland.

First time buyers are being squeezed further out the market in the UK with house sales by this group down 20% in the last month alone, according to the National Association of Estate Agents (NAEA).

The NAEA’s June Housing Market Report shows that the number of first time buyers dropped to 20%, down from 25% in May 2014, a 20% decrease to the lowest level recorded since May 2013.

The first time buyer struggle is reflected in the age of this month’s house buyers, as those aged 18 to 30 represented just 3% of all house sales in June, the lowest percentage of young house buyers recorded by the NAEA to date.

Nearly 80% of NAEA member agents believe the recent announcement by the Bank of England governor, Mark Carney, on the cap on high risk mortgages, which will see only 15% of new mortgages at 4.5 times a borrower's income, will affect the number of first time buyers and home owners looking to move.

‘Things are getting even tougher for first time buyers. Not only do you now need to stump up ridiculously large sums of money in terms of deposits and stamp duty to be able to get on the ladder, but new rules mean buyers will also have to prove they can easily afford repayments now and in the future,’ said Mark Hayward, NAEA managing director.

‘Alongside this, a scaling back of the governments Help to Buy scheme and the implementation of the MMR in April will also have a significantly negative impact on the first time buyer market,’ he added.

There is some good news in this month’s NAEA housing report, as June saw an increase in the average number of properties available per NAEA member branch. Available properties increased to an average of 46 compared to 44 in May 2014.

But the number of properties available per member branch is still historically low, and has not reached above 50 per month since November 2013, and above 60 since May 2013.

The average number of house hunters registering with NAEA agents decreased slightly in June, from an average of 374 house hunters in May to 371 in June. However, NAEA member agents also reported a decrease in the average number of sales agreed per branch, down from 10 in May to nine in June.

The number of first time buyers in the UK the first six months of 2014 reached their highest level since 2007, according to new research.

The bi-annual Halifax First Time Buyer Review shows that there were an estimated 144,500 first time buyers in the first six months of 2014, an increase of 25% on the same period last year and also the highest total for the same six months period since 2007.

For the third successive year the number of first time buyers, in the first half of the year, has been over 100,000, representing the strongest performance, for this period, since the start of the financial crisis.

First time buyer numbers also rose by more than the total number of home movers which increased 20% over the same period. They also increased their share of the home purchase market from 44% in the first half of 2013 to 46% in the same period this year, the highest proportion since 2000.

The review also says that mortgage affordability has also improved significantly in recent years. The proportion of disposable earnings devoted to mortgage payments by first time buyers stood at 31% in the first half of 2014, substantially below of the peak level of 47% in the first half of 2007 and below the long term average of 34%.

First time buyers are an important segment on the housing market, accounting for 46% of home purchases in the first six months of the year, up from 44% during the same period in 2013 and 40% in 2012,’ said Craig McKinlay, mortgages director at the Halifax.

‘The resurgence in the number of first time buyers getting on to the housing ladder has been buoyed by improving economic conditions, rising employment levels as well as government schemes such as Help to Buy, which have helped more first time buyers on to the housing ladder,’ he explained.

The data also shows that 60% of all first time buyer purchases in the first half of 2014 were above the £125,000 stamp duty threshold, this is up from 51% a year earlier. Nationally almost half, 48%, of home purchases by first time buyers were between £125,000 and £250,000, up from 44% from a year earlier.

However, there were significant regional variations in the prices paid by first time buyers. Only 1% in London did not pay any stamp duty, 10% in the South East and 23% in the South West.

In contrast, some 72% of first time buyers in the North bought a home below the lowest threshold, and therefore paid no stamp duty.

A trend for down sizers is in the UK residential property market on the increase and set to continue over the next few years, it is claimed.

According to latest figures from Strutt & Parker's recent Housing Futures survey, some 52% of home owners between the age of 70 and 79 consider the need for a smaller home to be a key factor for moving house in the next five years.

It's a similar story for other age groups with 39% of home owners between 60 and 69 thinking about downsizing, and 22% of 50 to 59 year olds.

‘There is no doubt that downsizing is a consistent trend. Some 72% of the people we surveyed are planning on moving in the next five years,’ said Stephanie McMahon head of research at Strutt & Parker.

‘The UK has a housing shortage, however, we are also a nation of under occupiers and the move towards smaller homes will stay constant or increase over the coming years as the large group of UK baby boomers move into retirement and beyond,’ she explained.

According to Prudential, there are over two million downsizers which fit into the over 55s baby boomers category, often with grown up children owning properties worth in excess of £750,000. Rightmove has similarly profiled this generation as equity rich and cash poor, often looking to help family members by freeing up funds.

‘With the UK economic confidence returning, downsizers are sensing now is a good time sell after years of hesitating during the recession. Many are moving house to better suit their evolving needs both in terms of space and finance, or shrinking to share, save and spend,’ said James Mackenzie, head of the Country House Department at Strutt & Parker.

The firm says that this fresh stream of property for sale created by downsizers could ease current housing pressures by increasing supply and restricting further house price rises. ‘With average property asking prices remaining static between May and April, this trend may already be in motion,’ it concludes.

A passion for gardening is taking root amongst a new generation of home owners in the UK with many adopting a Good Life style, according to new research.

The Lloyds Bank Insurance Britain at Home report shows that home owners aged 25 to 34 year olds spent an average of £647 on their outdoor spaces in the past year, nearly double the average UK spend of £366.

Some 29% said that this expenditure is driven by a love for gardening, for 19% it is entertaining guests outside and 14% aim to increase their property's value.

The third Britain at Home report also shows that 19% of the new green fingered generation now owns a greenhouse and 29% have invested in new trees, plants and flowers for their gardens in the past year.

As gardening programmes and the trend for growing your own vegetables undergo a renaissance, some 34% of all home owners say they are spending more time improving their outdoor spaces, while 33% admit they are spending more money on doing so compared to five years ago.

The study also found that money is not just being spent on horticultural items either, with the most popular accessories for the garden now including outdoor furniture, owned by 81% of British home owners, barbecues by 49%, bicycles 37% and trampolines 10%.

‘We've witnessed a real return to homeliness, with everything from gardening, baking and cookery, to knitting and crafts coming back in style. It's interesting that this trend is growing against the rise of technology and in a post recessionary climate. There is a sense of holding on to traditional pastimes in an increasingly fast paced, modern society,’ said Frances Tophill, horticulturalist and presenter of ITV's Love Your Garden.

‘With the current waiting list to snag an allotment longer than that of any new restaurant, there is no doubt that gardening is growing in popularity among a younger generation and people are enjoying spending more time outside,’ added Tophill.

Despite home owners' willingness to spend time and money on their outdoor spaces, 37% admit that they do not have a secure lock for their garden and 24% admit none of their outdoor items are insured.

‘With a blossoming culture of green-fingered outdoor enthusiasts, the value of our gardens may be higher than we think, especially once everything from tools and toys to bikes, furniture and flower beds is taken into consideration,’ said Tim Downes, senior claims manager, Lloyds Bank Insurance.

‘With the latest crime figures showing over a million thefts from gardens and outdoor spaces took place in the year to September 2013, home owners should make sure their outdoor spaces are covered by their insurance policies, and securely locked,’ he added.

Property sales in Spain increased by 12.6% in May compared with the previous month with the Balearics seeing the biggest increases, according to the latest data from the National Statistics Office.

The data also shows that new home sales were down 8% from a year earlier and second hand homes up by 16% which could be good news for those who have been unable to sell.

The biggest annual increases in May were in the Balearics with a rise of 33.1, Cantabria was up 30.4%, Andalucia was up 10.7% and Catalonia was up 3.1%.

The biggest decreases were reported in Castilla-La Mancha with a fall of 15.2%, Galicia with a fall of 6% and Comunidad de Madrid was down 5.5%.

Meanwhile, the latest figures from the General Council of Notaires shows a sharp rise in the number of Chinese buyers in Spain, suggesting that they are responding to the golden visa rules which grant citizenship to non European Union nationals who invest a minimum of €500,000 in real estate.

Looking at non-resident demand for Spanish property in the first quarter of this year broken down by nationality, and comparing it to the same time last year, Chinese demand increased by 666%.

But Mark Stucklin of Spanish Property Insight pointed out that while no other country comes close, it has to be said that Chinese demand started from a low base of less than 10 sales in the first quarter of 2013, rising to 69 sales in the first quarter of this year.

The next best performer in terms of non-resident demand growth since the Spanish Golden Visa scheme came into force last year was the United States with an increase of 143%.

The only other country with an increase of more than 100% was Argentina, up 115% to 28 sales, once again starting from a very low base.

Big increases in purchases by non-residents from countries outside the EU are likely to be driven by golden visa buyers. ‘However, the Spanish golden visa scheme has not been a great success since it was launched last year, partly because it is still early days, but mainly because competitors like Malta and Portugal offer more attractive golden visa packages,’ said Stucklin.

Skills shortage concerns in the UK construction industry now stand at their highest level since 2008, the latest quarterly survey from the Royal Institution of Chartered Surveyors shows.

Some 54% of respondents said there are insufficient numbers of quantity surveyors currently available to meet workloads, up from 41% in the first quarter of the year.

The figures, also show that private housing, commercial and industrial sectors are driving strong growth across the whole of the UK, with particularly encouraging performance in the Midlands, which saw workloads rise at a record pace of 57% net balance.

However, there is a shortage of white and blue collar workers with 59% of respondents reporting shortages of bricklayers and 51% reported a shortage of managerial workers.

There are also difficulties in the sourcing of some key building materials. Brick imports were 63% higher than in the second quarter of 2013 and this is likely to result in upward pressure on costs and prices, while also presenting a challenge to further strong growth in the sector.

Despite this, employment prospects for the sector remain firm, as the industry gets to grips with meeting rapidly rising demands from a historically low base. Across the whole of the UK, a net balance of 60% of respondents expect employment to rise over the next 12 months, with London and the South East outperforming the rest of the UK and Northern Ireland's employment prospects steadily improving at 31%.

‘The UK construction market is mirroring the natural consequence of a rise in demand after five subdued years. The upsurge in housing demand is creating pressure across an industry which failed to invest in attracting new talent or in the training of existing employees at the height of the economic downturn and this in turn is creating similar effects among material supply,’ said Alan Muse, RICS director of Built Environment.

‘The good news is that there is reason for optimism, with workloads, profits and employment all forecast to deliver growth over the next 12 months and it is now the responsibility of industry to invest in training and technology to ensure it capitalises on these opportunities,’ he added.

Significant growth in the private rental sector in central London’s prime property market over the past decade now sees 16.2% more households living in private rented accommodation than in owner occupied properties.

New research also shows that supply is down with the number of new properties coming onto the market down in the second quarter of the year compared to the same period in 2013 with flats down 14% and houses down 27%.

The report from estate agency, W.A.Ellis in conjunction with independent property intelligence company, Dataloft and data provider Lonres, reveals that supply levels of flats have fallen most significantly in the lower price brackets, with new properties on the market below £750 a week down by 19% since March 2014. At the upper end of the price scale at £2,000 plus per week, supply levels have fallen by 10.2%.

Rental values achieved in the second quarter of 2014 were 5.1% higher than in the same quarter of 2013, a reflection of the improving economic outlook which sparked a turnaround in the market in late 2013.

The family house market in the prime central London sector is the most competitive with the number of family houses let so far in 2014 at W.A.Ellis up 12% on the same period in 2013.

Family houses are the most supply constrained homes. Since March 2014, houses have accounted for just 9.8% of properties brought to the market. The scarcity of family houses has meant tenants are paying 13.8% on average more for a house over a flat with the same number of bedrooms. In Kensington and Notting Hill this climbs to almost 25%.

The report also reveals that the lettings market has become more seasonal. Properties let between July and October accounted for 51% of all lettings in 2013. Over the last 10 years, properties marketed in November have taken 25% longer to let than those in September.

Gross yields for a two bedroom central London flat averaged 3% last year. Yields were lowest within the most expensive postcodes, with Chelsea and Knightsbridge recording yields at 2.5% and 2.3% respectively.

‘The growth in property sale values has prompted a number of landlords to cash in and sell their investment, one reason for the drop in supply levels in some areas of the market. Indeed, at W.A.Ellis, the percentage of vendors selling rental accommodation has risen from 22% to 32% over the past decade,’ said Lucy Morton, senior partner and head of lettings at W.A.Ellis.

‘This trend has been especially prevalent in the family house market, and is contributing to the current shortage of this type of rental property. The traditional buy to let market of one and two bedroom flats, however, is relatively unaffected,’ she added.

She pointed out that unlike investors in the mainstream housing market, investors in prime central London have long been willing to accept lower yields while prospects for capital growth remain high.

‘Total returns continue to be attractive, but growth in prices has outpaced rents and, as a…

When leaving a rental property, most people ensure they take their possessions with them but new research shows that they can leave some very strange things behind.

One tenant who left his Range Rover behind. It sat in the parking space with the keys left with the porter. When the letting agent contacted the former tenant informing him that the vehicle needed to be removed, he was told to keep it.
Unfortunately this would have been a bit problematic so after much to-ing and fro-ing, the tenant eventually arranged for someone to pick it up.

That tenant wasn't the only one who left something valuable behind. One letting agent was rather shocked to enter what was supposed to be an unfurnished flat after the tenancy ended only to find that everything had been left behind; furnishings, paintings, designer clothes and even Swarovski figurines. The foreign tenant was already halfway around the world so her possessions were eventually donated to charity.

The same outcome awaited the designer clothes and accessories left behind by a shopaholic. The charity shop was delighted to receive them, especially as they were still in their original bags with the tags attached.

Some other interesting items left behind include a toupee left in a biscuit tin in the kitchen, entire window (glass and frame) lying on the bed, fake Grecian columns and statues that had been cemented in situ in the reception room and a case of champagne.

Other less strange, but expensive items, include several cases of knives of all descriptions, a flat screen Bang & Olufsen TV, a set of skis and full set of ski attire, an American fridge freezer despite there being a working integrated fridge already in situ, and a full sized treadmill in the reception room.

‘Just when you think you've seen it all, something comes along to surprise you,’ said Marc von Grundherr, director of Benham & Reeves Lettings.

‘The Range Rover wasn't even the only vehicle we've had left behind. It was just the most expensive. I probably thought about keeping it for a second too long but then realised it would've been hard to transfer the title into the company name,’ he added.

The real estate market in Abu Dhabi has been relatively steady in the second quarter of 2014 with prices and sales seeing little movement, according to the latest residential report from Asteco.

It says that on average villa prices remained stable with increases of only 2% and overall there was continued levels of demand for all types of property.

Transaction levels for freehold development such as Golf Gardens and Al Raha Gardens were steady but affordable developments such as Al Reef saw no growth during the quarter as prices had peaked earlier in the year.

Rental rates also remained relatively stable with quarterly growth rates ranging from 0% to 7%. High end developments saw the highest levels of growth and the report says that reflects a clear preference for newer, master planned traditional supply on the Main Island.

It also points out that with the removal of the rent cap, several lower end properties leased as reduced rates have reverted back closer to market rents, especially in areas such as Central Abu Dhabi and Khalidiya/Bateen.

It has also been announced that a rental index will be launched in Abu Dhabi later this year with the aim of creating a more transparent market and regulating maximum rental increases.

The report also points out that with rental rates at Al Reef Villas reaching significant highs they are 14% higher than in the second quarter of last year.

The high rents seen in Al Reef led to an overflow of demand for Hydra Village where villas had already achieved a 5% rental increase since the third quarter of 2013.

‘Nonetheless, we do not foresee significant increases in Hydra Village, at least until proper landscaping and supporting facilities are completed,’ the report says.

Last month saw the UK housing market bolstered by remortgaging and buy to let activity, coupled with a sharp rise in property valuations, according a new report.

The latest data from chartered surveyors Connells Survey & Valuation shows that the total number of all property valuations were up 30% in June compared to May.

This expands on a more gradual month on month recovery of 3% in May, following a sharp correction in March and April.
On an annual basis, this leaves total activity at the same level as a year ago, with a 0% annual increase compared to June 2013.

According to John Bagshaw, the firm’s corporate services director, affordability is potentially a very real limiting factor for the housing market and it has been for some time. ‘Now, with the imposition of the Mortgage Market Review in April, alongside the latest note of caution from the Bank of England, the world of mortgages is revealing its fundamental link to household incomes,’ he said.

‘A rapidly improving economy with the prospect of real wage growth this year means that progress should continue. But we are now in a different phase of recovery, making new headway rather than just playing a rapid game of catch-up. This good news as there is now a sense of optimism that the housing market will be more stable and sustainable in the long term due to these developments,’ he added.

The report also says that remortgaging has formed the backbone of the monthly recovery, up 61% between May and June. In part this rapid growth can be attributed to making up ground lost in previous months, coming after a cumulative drop of 40% in March and April, and a very gradual 4% rise in remortgaging activity in May. However this still leaves remortgaging activity 10% higher than in June last year.

Moreover, as a proportion, remortgaging made up 28% of all valuations in June 2014. This is not just higher than the temporary low of 22% of all valuations seen in April, but also significantly above the average of 26% of all activity attributed to remortgaging in the previous 12 months.

Buy to let activity has also seen above average growth, seeing the same 10% increase since June last year. This follows 31% growth between May and June in the number of buy to let valuations.

‘It appears that some mortgage lenders have decided to refocus on remortgaging and buy to let. There are two aspects to this dramatic month on month growth; firstly that remortgaging was severely affected by the short term transition to the new MMR regime, and the temporary backlogs this created.

‘Secondly, a more subtle shift may have taken place. Pre-MMR there was a real focus on home movers and particularly first time buyers. But the latest noises from the regulator and the Bank of England seem to have put a cooler on riskier lending, especially at high income multiples. Equally, the expectation that interest rates might increase…

Living close to a good school remains a priority for home buyers in the UK with 20% of estate agents believing it is the most important factor.

The latest research data from Move with Us, a network of independent estate agents in the UK, also found that 18% of estate agents believed good transport links were key. Proximity to local amenities such as a doctor’s surgery and shops came in third with 14% of the votes.

Other factors that were less important to buyers include a fast internet connection which scored 7.6% and a good mobile phone signal with 13%.

Estate agents also cited what factors buyers are less interested in compared to five years ago. Home buyers are less interested in garden sheds which got 18% of the vote. Garden size and outhouses came in at second and third place with 15% and 14% respectively.

Other results include the traditionally bath tub with 14%, a power shower at 10% and finally, a dining room with 8%.
The one factor estate agents can’t seem to agree on however, is the garage. Some 11% of estate agents have noticed home buyers are more interested in properties with a garage whereas 9% say home buyers are less interested in them.

‘The property market has been through peaks and troughs over the last five years but properties bought near to good schools, transport links and local amenities are typically sound investments,’ said Robin King, director at Move with Us.

‘Anyone looking to buy a good property should stick to these golden rules. Surprisingly, a fast internet connection and good mobile phone signal came low down the wish lists of prospective buyers although interestingly, a good internet connection is becoming increasingly sought after in rented accommodation,’ he added.

The Mayor of London is calling on the government to extend its plans to accelerate the release of disused public land in the city and enable him to unlock new development to help meet London's housing needs.

Boris Johnson said that he wants to be able to fast track the development of thousands of homes on a host of public land sites. Speaking during a visit to Catford where 500 new homes are being built on a site taken on by the Mayor in 2102, he highlighted how effective this kind of development can be.

The former Catford Dogs Stadium site in Lewisham had lain empty for more than 10 years before coming into his control. Now 87% of the site is in development.

Johnson said there is the capacity for thousands more homes on strategic public land across London that is ripe for development.

The £117 million redevelopment of Catford Green is bringing more than a thousand jobs and 589 new homes to the site in the heart of Lewisham under a deal reached between the Mayor and developer Barratt London. When finished, this will include 173 low cost homes to rent and buy.

The Mayor's work to redevelop disused public land is one strand of his comprehensive Housing Strategy to double house building and create the homes needed in London.

This financial year the Mayor is supporting the completion of more affordable homes than in any other year since 1980. This month further allocations will be made to 54 housing providers, as part of the Mayor's 2015/2018 £1.25 billion pot.
This puts the Mayor on track to deliver the affordable housing targets in the draft London Housing Strategy and adds to the Mayor's 100,000 low cost homes programme across his two terms.

Johnson is driving a cross-party amendment to the government's Infrastructure Bill to extend new powers to accelerate the release of public land to London, by giving the Greater London Authority the same powers to work with Whitehall bodies as the Homes and Communities Agency.

‘This is a fantastic opportunity for us to work with the government and unlock the potential of the many empty and unused sites across the capital. Rapid redevelopment, regeneration and most importantly thousands of new homes for Londoners could be just around the corner given the necessary fast-tracking powers. Dramatic transformations, like the one we are witnessing in Catford, would be possible all over the city,’ said Johnson.

Baroness Jo Valentine, chief executive of business group London First, pointed out that while there are empty sites and redundant buildings owned by the public sector that could be much better used for housing there is no body dedicated to actually identifying where all this land is.

‘First we need to give the Mayor the power to create a 21st Century Domesday Book for London so we know where this land is. Then we need to ensure he has the ability to get on with selling it using his trademark gusto,’ she said.

Catford…

The number of tenants in the UK severely behind on rental payments has fallen by 35,000 or 35% in last 12 months, new research shows.

The improvement means that 98.5% of private sector tenants now avoid significant rental arrears, according to the latest Tenant Arrears Tracker report from LSL Property Services.

Overall some 67,000 households remain more than two months behind on rent but this is compared to 102,000 in the second quarter of 2013.

Most recently the number of tenants in severe arrears has dropped by 0.2%, between the first three months of 2014 and the second quarter of the year.

As a proportion of all tenants, those in serious arrears of more than two months has also improved, standing at 1.5% in the second quarter compared to 2.2% in the second quarter of 2013.

Improvements in serious rental arrears tally with the latest figures on overall rent arrears, of any duration. According to LSL’s latest Buy to Let Index, overall tenant arrears now stand at just 7%, as of May 2014, down from 8.2% in May 2013.

‘Private renting has absorbed enormous pressure and will continue to do so. For over half a decade, our national aspiration to own our own homes has struggled in the face of the longest economic crisis on record. And in the midst of this, private renting has provided a solution,’ said Paul Jardine, director and receiver at Templeton LPA.

‘Certainly, some households succumbed to the wave of unemployment that followed the 2008 crisis, and as the broader monthly squeeze tightened its grip. For a time, though still for only a small minority of tenants, there was a significant rise in serious rental arrears. But now as the jobs market gradually comes back to life, the effect on the most hard pressed of households is clear to be seen,’ he explained.

‘While wages are yet to pick up significantly, those in the most serious financial problems often face a lack of any earnings at all. So as the risk of unemployment retreats this year, those with serious problems paying their rent, and most at risk from losing their homes, are benefiting the most,’ he added.

However, the report also shows that despite fewer tenants falling into the most severe arrears, the number actually facing eviction, while significantly lower in absolute terms, has continued to rise. As of the first quarter of 2014, some 33,000 tenants are facing potential eviction via court order, up 5.9% from the fourth quarter of 2013. On an annual basis this leaves evictions levels 10% higher than in the first three months of 2013.

Meanwhile, landlords have continued to benefit from both the improving financial position of tenants, and a beneficial mortgage market. Landlords’ own mortgage arrears have fallen for the sixth successive quarter, with just 14,700 buy to let mortgages in arrears in more than three months in the first quarter of 2014, down 10.9% from the previous quarter. On annual basis this means…

Residential property sales in Canada increased by 0.8% in June compared to the previous month, the five monthly rise in a row, taking transactions to their highest level since March 2010.

The data from the Canadian Real Estate Association (CREA) also shows that national average price for homes sold in June was $413,215, up 6.9% from the same month last year.

Sales rose in about half of all local housing markets in June, led by gains in Greater Vancouver where activity hit its highest level in more than three years, and Montreal where activity is now 10% above post-recession lows reached earlier this year.

Actual, not seasonally adjusted, activity in June stood 11.2% above levels reported in the same month last year. June sales were up from year ago levels in three out of every four local markets, led by Greater Vancouver, Fraser Valley, Calgary, Greater Toronto and Hamilton-Burlington.

While prices are up almost 7% on a year ago, the report points out that the national average price continues to be skewed upward by sales activity in Greater Vancouver and Greater Toronto, which are among Canada’s largest and most expensive housing markets. Excluding these two markets from the calculation, the average price is a relatively more modest $336,164 while the year on year increase shrinks to 5.2%.

Year on year price growth varied among local housing markets tracked by the index, with the biggest gains having been posted by Calgary with a rise of 10.74%, Greater Toronto up 7.77% and Greater Vancouver up 4.37%.

Two storey single family homes continued to post the biggest year on year price gains with an increase of 6.19%, followed closely by one storey single family homes up 5.35% and townhouses up 5.07%. Price growth for apartment units remained comparatively more modest 3.85%.

The number of newly listed homes changed little in June, having eased by 0.1% compared to May. In May, new listings reached their highest level since April 2010. On an actual, not seasonally adjusted, basis, new listings set a record for the month of June.

‘At least some of the recent burst in new supply reflects the slow start to the year, when a harsh winter caused many sellers to delay listing their home in many parts of the country,’ said Gregory Klump, CREA’s chief economist.

‘In markets with tight supply and strong demand, the strength of sales in recent months reflects how many properties were snapped up once they finally hit the market. Because the impact of deferred listings and sales has likely run its course, activity over the second half of the year may not be able to maintain the kind of pace we’ve seen over the past couple of months,’ he added.

The national sales to new listings ratio was 53.6% in June, up slightly from 53.2% in May but still well entrenched within the range between 40 and 60% that marks balanced market territory. Just over half of all local markets posted a sales to new listings ratio…

Almost half of all tenants in the prime London property market are renting due to employment relocation as the city attracts companies from around the globe, according to a new analysis.

This demonstrates the increasingly important role of corporate demand in the prime rental markets across world cities, says the report from international real estate firm Savills.

Traditionally, the financial and insurance services sector has dominated the corporate relocation market with 50% of tenants working in this area in 2007. But in the aftermath of the financial crisis they now account for just 39% of the market, signifying the shifting nature of employment in the capital.

In its place there has been a rise in the number of technology industries locating in the capital, facilitated by the development of ‘Tech City’ in the east and the recent regeneration of King’s Cross.

‘London attracts companies from around the globe and remains one of the world’s most important centres for global commerce. Consequently, we have a diverse range of different tenants from all business sectors looking to relocate to areas throughout London,’ said Matthew Salvidge, the firm’s head of Corporate Services.

Over the next five years it is estimated that there will be an additional 368,000 employees in London, and around 25% of these will be accounted for by the technology industry. It is set to become the largest industry in central London, and growth in the sector across the UK will outstrip that of California’s ‘Silicon Valley'.

Compared to employees in the financial and insurance industry, who from 2007 to 2013 increased by 6%, underperforming the London average of 10% growth, tech industry employees grew by 19% over the same period.

The latter, however, have on average 25% less budget when relocating and the report points out that this disparity naturally impacts on where they choose to live in London, resulting in a locational shift.

The tech industry has traditionally been concentrated around Old Street and has dispersed outwards from there. Consequently, areas such as Highbury and Islington have benefitted from a rental perspective, with 22% of employees living in these areas working in the sector. This is due to their easy accessibility from the core technological hubs and excellent transport links.

Areas surrounding and easily commutable to King’s Cross, the location of Google’s new headquarters, are likely to enjoy similar success and Savills predicts a 9% increase in office based employment here by 2018. Financial services employees on the other hand prefer living in prime central London locations such as Chelsea or near to their work, in Wapping.

By 2018, while the number of employees in the financial and insurance sector in central London is forecast to remain the same, employees in the professional, scientific and tech industry are set to increase by 16%, making it the largest industry in central London according to Oxford Economics.

‘As the tech industry continues to expand, this extension in popular locations will continue and the demand for rental properties suitable for corporate relocation tenants…