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Showing posts with the label house prices

Alright for some

THERE was a boom in sales of £1million homes in Scotland just weeks before a new sales tax came into force. A total of 36 properties with a £1m price tag were sold in March – the highest number ever in a single month. It came before the Land and Building Transaction Tax replaced stamp duty on April 1. Two thirds of the £1m homes sold were in Edinburgh. There was also a spike in sales of properties over £400,000 in March, with 644 sales registered compared with 238 in the same month in 2014.

Estate agents Strutt & Parker, said: “The massive spike in both Edinburgh and Scotland in the month before LBTT saw the average sale price in Edinburgh rise to £280,000. It had not risen above £240,000 since 2008.”

Room with a view - £7 million

Scotland’s most expensive flat, yours for £7m. The penthouse is priced at offers of more than £6.3m or a fixed price of £7.3m to take it off the market immediately – smashing the previous record for a Scottish apartment, thought to be Whittingehame House in East Lothian, priced at £2.5m which sold in 2010. Selling prices in Edinburgh for whole houses have nudged £5m, while rural estates can go for far more.

It is no surprise that the newly-refurbished Hamilton Grand in St Andrews is the most expensive apartments in Scotland. The former hotel towers looks across the Royal and Ancient Golf Club and therefore has a legitimate claim to “the best view in golf”. It was bought in 2009 by US billionaire Herb Kohler’s company, which is creating 26 apartments, with prices starting from £2.2m and ranging in size from 1,133 to 2,780 square feet. Owners will share a roof garden with sweeping vistas over the golf course and coast, and the penthouse will have its own private terrace along two sides …

Who's country does it belong to?

Scotland is on the verge of having its first Chinese laird. Wealthy Chinese investors are said to be scouring the property market to find a Scottish castle to buy.
Leading property agents are reporting a rise in interest from rich Chinese and Taiwanese buyers, who have made their fortunes in the Far East boom. Wealthy Russians are also snapping up prime properties in Edinburgh for the first time. Prices in central London have been driven up by wealthy Russians seeking a safe environment to invest. Agents say the next step could be the purchase of Scottish landed estates, which, even with thousands of acres, are relatively inexpensive compared to London. In Kensington, the average residence costs £2m.
Ran Morgan, head of Scotland residential property at Knight Frank, which has several properties over £2m on its books, confirmed an increase in interest from China. He said. “This year so far I’ve been out showing properties to Chinese, Taiwanese and Saudis. It’s something that w…

No housing crisis for some

Dick Place in the Grange area of Edinburgh is Scotland's most expensive residential street, according to data.

The average price of a property was estimated at just over £1.5m. A total of 13 of the 20 most expensive streets named were located in Edinburgh. Some of the other most expensive addresses in the capital were Ann Street, with an average property price of £1,188,000, and Kinellan Road (£992,000).

The next most expensive streets were in the west of Aberdeen - Rubislaw Den South (£1,430,000) and Rubislaw Den North (£1,190,000).

The Glasgow area's most expensive streets were Burnside Road (£974,000) in the Whitecraigs area of East Renfrewshire and Bowmore Crescent (£908,000) in Thorntonhall, South Lanarkshire. Outside Scotland's three major cities, the most expensive homes were on Queens Crescent in Auchterarder, Perthshire, with an average sale price of nearly £1.2m.

Rich Scotland

Scotland's million-pound-plus property market is bucking the trend as wealthy foreign buyers snap up prime residential homes across the country. Georgian townhouses in Edinburgh, properties within putting distance of a golf course in St Andrews and Highland sporting estates are particularly in demand by international buyers.

Figures released by the selling agents Savills yesterday show the top end of the property market performing well, with 146 high-value homes costing £1 million or more selling in 2010, compared with 106 in 2009. Sales at £1 million and more during the first six months of this year were up by a third on last year, from 50 to almost 70.


safe as houses?

House prices in Edinburgh and Glasgow have slumped in the past three months and are set to fall further.

The average price of a home in Edinburgh in the three months to the end of June was £219,530 - down 3.6 per cent from the same period last year. The average selling price of a flat in the Leith Walk and Easter Road area of the capital is now under £100,000 for the first time since 2006.

House prices in the west of Scotland have also tumbled. Prices were 2 per cent lower in the last quarter than in the same period last year, taking them back to 2006 levels. The average selling price of a home in Strathclyde is now £136,000, almost £3,000 lower than a year ago.

There were sharper falls elsewhere in east-central Scotland. The average price of a home in Midlothian in the last quarter was 10.8 per cent lower than a year ago, while the West Lothian average plummeted 9.5 per cent.

David Marshall, business analyst at ESPC explained "There are around 30 per cent more properties ava…

A bankrupt society

A record number of Scots will be made bankrupt in 2011, according to accountant and business adviser PKF. Accountancy firm RSM Tenon also predicts that personal insolvencies in the UK will set new records in 2010 and 2011.

PKF predicts that final figures will show about 22,000 Scots were sequestrated (the Scottish term for bankruptcy) or took out a Protected Trust Deed (PTD) in 2010, or 425 a week, and that this year will see even higher levels of personal insolvency. Personal bankruptcy during 2011 will be impacted by the Comprehensive Spending Review (the full impact of the CSR is yet to be felt) , which is likely to result in higher levels of unemployment among public sector employees, and potentially by the effects on mortgage-payers of rising interest rates.

“Many people are only able to cling on to their homes as long as their mortgage payments are being kept at an historicallly low level due to the 0.5% base rate. Once interest rates start to rise, I believe we will beg…

11 yr wait to buy a house

First-time buyers in Scotland face an 11-year struggle to break into the property market, with many more frozen out by low wages and high house prices, according to new research.
On average, Scots trying to get on to the property ladder will have to find a £21,000 deposit for their starter home, according to the Halifax. It means at least a decade of scrimping and saving to get a foot on the ladder. Someone earning the average Scottish wage of £25,350 and saving one-tenth of their take-home pay would need more than a decade to amass the down payment, while still paying rent.Overall, the average house price paid by a first-time buyer in the UK has more than doubled over the past decade, increasing by 102% from £68,644 in 2000 to £138,682 in 2010 – equivalent to a weekly increase of £135. With such high demands made of those looking to buy, the average age of a first-time buyer in 2010 was 29. But it estimated that the average age of first-time buyers without financial assist…

Indian wealth

According to the BBC , UK developers are heading to India in search of wealthy new customers for their luxury flats. But why would anyone invest in London's wobbly property markets? Because the super-rich still have plenty of cash to spend.

One of the world's most expensive homes is currently being built in Mumbai for Reliance head Mukesh Ambani. His personal skyscraper will boast six storeys just for parking cars, and is expected to cost nearly $2 billion by the time it is complete.

Nick Candy, one half of the design and development firm Candy & Candy, is in Mumbai to drum up interest for his own super-luxury project, One Hyde Park. The central London project is offering apartments - to the right kind of customer - for an average of £20m. Mr Candy is a man used to dealing with the fabulously rich. But he says, "I'm flabbergasted by the amount of wealth in India. It's staggering."
Candy & Candy specialises in strictly top-end property. Its customer base…

Blair's Riches

Tony Blair have bought a £4 million stately home that once belonged to the late Sir John Gielgud, it was reported . The Grade 1 listed mansion in Wotton Underwood, Buckinghamshire, has seven bedrooms, a drawing room, ornamental gardens and two paddocks. The house, South Pavilion, built in 1704, is said to have been snapped up by the Blairs before being put on the open market. It has undergone extensive renovation since it was Gielgud's home and now includes a four-bedroom converted outbuilding.

The Blairs' property portfolio already includes two houses in London, two flats in Bristol and a home at Trimdon Colliery, Co Durham, in his former constituency.

Seems as if he has no problem with the credit crunch that his pay-masters in the banking world created .

tails we win , heads you lose

Before it was rising house prices that left workers unable to get a foot on the housing ladder , now its the refusal of mortgages .

It is reported that Building Societies are now only lending to one in 10 would-be homeowners, compared with a traditional level of almost one in five. A 68% decline means that building societies are scaling back lending as a result of the credit crunch even more severely than major mortgage bank rivals, such as Halifax and Cheltenham & Gloucester.

And for those workers lucky to have a house , prices in the UK are dropping by almost £500 every week . The Halifax said the average home price has fallen £8,136 since the start of the year reaching £189,027 - a fall of £479 a week. Two other surveys - from the Nationwide and Hometrack - also said it was the first time since the mid-1990s that house prices were down year-on-year.

Seema Shah, economist at Capital Economics, said:"The last time we saw two such large falls in consecutive months was during …

Poor little rich Guy

Guy Ritchie has complained that British people are being priced out of the property market by "big money" foreigners who are buying all the desirable properties in central London. The film-maker and husband of Madonna railed against the rising price of property saying it was almost impossible to buy a house in central London "unless you've got 10 million quid".

Madonna and Guy's homes

* A £7m family townhouse in Marylebone
* A £6m, 10-bedroom property next door
* Two mews cottages close to the Marylebone house, one bought for £900,000
* Two properties used by the Kabbalah religious sect: a £3.6m building in the West End used as its headquarters and a £1.6m five-storey townhouse in Regent's Park
* A 1,200-acre estate in Wiltshire, bought for £9m
* An £8m house in Beverly Hills
* An apartment in New York

Keeping a roof over ones head

House prices are now six times the salary of the average Scot, according to new government figures revealed yesterday.
The statistics show that the average house price of £137,192 is running out of reach of the £22,261 median salary.

First-time buyers with little or no savings are being faced with debilitating interest rates as the industry recoils, and many young people can't buy without parents' help. The pressure on those with low incomes was highlighted by one case where a couple with a joint income of £26,000 were paying £700 a month in mortgage repayments.

Don Fleming, of the Mortgage Advice Network said in one instance a lender was offered a 95% mortgage and as soon as the papers were signed a further 30% loan was offered as a top-up because the person was then classed as a property owner. He said: "Lenders were calling it flexibility, but what they mean is they are pulling the wool over society's eyes. Government should have stepped in to stop people receiving la…

1957 and 2006 - Are we better off ?

What difference does 50 years make for the working class . Are we all better off . Well , it certainly appears that way . UK household income has doubled in real terms over the last fifty years. And the pattern of family spending has also changed dramatically. Basic necessities including food accounting for a smaller proportion of our family budget, while spending is up on leisure activities, travel and motoring. Income going to housing makes up a greater share. According to the BBC and the Office of National Statistics

In 1957, spending on food, fuel and rent , the basic three items , made up nearly half of all household expenditure. Taken together with clothing and travel, basics made up nearly two-thirds of family spending. The main luxuries for the ordinary family were tobacco and alcohol, which combined made up just under 10% of spending. The biggest other luxury item was meals eaten out making up 3% of spending. Four of the top ten spending items were food or drink, with spending…

Definitely not for the homeless

House hunting for a new home ??

10. 2 OSWALD ROAD EDINBURGH
Some buyers are looking for a house they can make their mark on, others are looking for a home that has already been renovated to the highest standard. This traditional Victorian stone villa in the perennially popular Grange area is in the latter category. From the outside, it has a traditional appearance, but the inside has been made over with a light, contemporary feel and state-of-the-art fixtures and fittings. It has a cinema room and substantial Victorian conservatory, and a guest flat was recently added above the triple garage.SOLD FOR £3,500,000 (April 07)

9. 37 DRUMSHEUGH GARDENS, EDINBURGH
A former architect's office over seven floors, this property was converted by its former owners into a family home. The house is now one of the biggest in the West End of Edinburgh and includes a fully-equipped gym with stunning panoramic views over the city. The garden looks out on to Dean Village and the Water of Leith, while the…

The property ladder

Research by the Bank of Scotland, found that young people faced a financial struggle to own property, with the average price paid by first-time buyers soaring 113% from £57,929 in 2002 to £123,213 this year. With the threshold set at £125,000, many first-time buyers paying more than the average price of £123,213 will have to find an extra 1% of their property price on stamp duty.
The average property is now out of reach of first-time buyers in 95% of places, according to the fifth annual First Time Buyer Review. Edinburgh and Helensburgh are the least affordable places for first-time buyers and properties there are 8.2 and 7.5 times the average income of a first-time buyer household. The deposit required by first-time buyers has soared 238% since 2002 and the average amount put down for a first property in Scotland is £25,951 - 95% of an average full-time worker's salary. Five years ago it was only 35% of an average worker's full-time earnings.

"It is beyond the reach of pe…

The usual Xmas story

A shortage of affordable housing has left 130,000 children homeless in England this Christmas – an increase of 128 per cent in the past decade, according to research by the shadow housing minister Grant Shapps.

The Tories claim the impact of homelessness on children goes beyond the misery of not having a permanent roof above their heads, making them far more likely to suffer from medical and social problems. The "social failure" of child homelessness is often followed by mental, physical and educational disadvantage. A homeless child is twice as likely to be admitted to an Accident & Emergency department, four times as likely to have respiratory infections and six times as likely to suffer speech impediments, as a child with a fixed address.

Director of the homeless charity the Simon Community, welcomed the report and its conclusions, saying: "What children need is a stable, healthy environment with people who love them, but also where they aren't constantly movi…

Houses for Some

Housing affordability has deteriorated to near record lows, with homes five times more expensive for first-time buyers than in 1996, new figures show.

Buyers in the southeast and southwest of England have to save over 100 percent of their annual earnings for a deposit to get a foothold on the property ladder, according to the Royal Institution of Chartered Surveyors' (RICS) accessibility index. This compares with the low point of just 20 percent of annual earnings required in 1996 .

The cost of becoming a homeowner rose by 8.4 percent alone in the year to the second quarter of 2007.

Even if prospective first time buyers make it onto the market, they face mortgage payments which take up a higher percentage of their take-home pay than at any time since 1990.

No longer is the Thatcherite dream of a house-owning nation achievable . For many simply acquiring a roof over ones head is proving a nightmare .

Keeping up with the Joneskys

A new conservatory ...some decking in the back garden ...perhaps an attic conversion to have an extra room for the kids ...well for some of us that will be a worth-while achievement , but for the capitalist class , its underground tennis courts and three story car parks .

The Times reports that with 15 bedrooms, vast entertaining suites and exquisite plasterwork, 15 Kensington Palace Gardens was one of the most expensive – and exclusive – houses ever to have changed hands in London when it was bought by Leonard Blavatnik, a Russian-born oil tycoon, for £41m in 2004. Yet all that opulence is clearly not enough for Blavatnik . According to plans submitted this summer to Kensington and Chelsea council, the tycoon, who has relocated to London, is seeking permission to excavate under the garden, to the front and rear of the sprawling pile, making space for a three-storey garage with car stacker, a swimming pool, a gym and a private home cinema.

Russian oligarchs, private-equity traders and h…

House Prices

Savills , the estate agent and consultancy group said demand for “super prime” houses continued to rise strongly, with interest coming from international as well as UK purchasers.

The super prime residential market – houses costing £5m or more in London and large country houses – was continuing to benefit from City bonuses but was also “heavily influenced” by international buyers who accounted for about half of purchases.

They are , of course , the people who are largely unaffected if the interest rate goes up . But for the rest of us mere mortals there has been a “a cooling of the UK mainstream” market and some oversupply of new homes, especially flats, in provincial cities .

For a fuller analyse of the property boom and the probability of the bubble bursting read here