Gardens add up to ten per cent to the price of a property: Property news roundup

Plus, Welsh mortgage concern, London Prime stabilises, and remortgaging at record high

Outside space is a key feature for buyers in London with 65 per cent of property searches now requesting outside space, according to agent Greene & Co.

Its latest figures suggest that there is now a up to a 10 per cent premium on these properties which are also most likely to be sold through sealed bids.

David Pollock, Managing Director of Greene & Co said that the demand is being fuelled by the growing popularity of entertaining at home and an increasing number of families choosing to stay in London, rather than move away and face rising travel costs. 

"Space is at a premium in London," he said, "and we are seeing a growing number of homeowners seek to maximise the square footage of their home. Properties with outside space are popular with families, but now we are seeing a rise in the number of downsizers, who enjoy gardening, and young professionals looking for additional room to entertain or that always useful outside storage room.

Worries about mortgage deposits

Just over 40 per cent of homehunters in Wales believe their greatest challenges to securing the home they want are current interest rates and the ability to raise a deposit, according to a new report.

The research, carried out by removals company Bishop’s Move, found those in Wales were the gloomiest about raising the funds to secure a mortgage compared to 12 per cent in East Anglia, 15 per cent in the North East and 13 per cent in the East Midlands.

A further 17 per cent of those surveyed in Wales said they found changes to the mortgage application criteria the biggest challenge and 10 per cent were concerned about being sucked into the three per cent stamp duty threshold.

However, when asked ‘what do you see as the current and greatest challenge to buying a property?’ only eight per cent of those in Wales replied with ‘being priced out of the home I want’ compared to 27 per cent in the North East, and 28 per cent in London and the South West.

Chris Marshall, Sales & Marketing Director at Bishop’s Move said: "These figures show that, despite house prices rising, properties in Wales are among the most affordable in the UK. However, the challenge for those looking to get onto the property ladder is mortgage affordability thus putting income levels against interest rates into the spotlight once more.

Remortgage loan reaches a record high 

Legal Marketing Services's latest figures show that the average remortgage loan has risen to £163,161, a five per cent increase from last month and nine per cent higher than June 2013.

According to their figures, this is the largest amount ever recorded. LMS also estimates that the number of remortgage loans also rose by four per cent to 22,486 in June , down by 12 per cent from this time last year.

"While house purchase loans have bounced back and stabilised as MMR found its feet, remortgaging is still experiencing the brunt of this more acutely," said Andy Knee, Chief Executive of LMS.

"We remain fully confident, however, that the second half of this year will see a flurry of activity in the remortgage market with many people already expressing their intentions in anticipation of the inevitable base rate interest rise."

Discover more property articles at Homes and Property
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Senior Solution Architect - Contract

£500 - £600 per day: Recruitment Genius: A Senior Solution Architect is requir...

360 Resourcing Solutions: Export Sales Coordinator

£18k - 20k per year: 360 Resourcing Solutions: ROLE: Export Sales Coordinato...

Recruitment Genius: B2B Telesales Executive - OTE £35,000+

£20000 - £35000 per annum: Recruitment Genius: The largest developer of mobile...

SThree: Talent Acquisition Consultant

£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...

Day In a Page

How to stop an asteroid hitting Earth: Would people co-operate to face down a global peril?

How to stop an asteroid hitting Earth

Would people cooperate to face a global peril?
Just one day to find €1.6bn: Greece edges nearer euro exit

One day to find €1.6bn

Greece is edging inexorably towards an exit from the euro
New 'Iron Man' augmented reality technology could help surgeons and firefighters, say scientists

'Iron Man' augmented reality technology could become reality

Holographic projections would provide extra information on objects in a person's visual field in real time
Sugary drinks 'are killing 184,000 adults around the world every year'

Sugary drinks are killing 184,000 adults around the world every year

The drinks that should be eliminated from people's diets
Pride of Place: Historians map out untold LGBT histories of locations throughout UK

Historians map out untold LGBT histories

Public are being asked to help improve the map
Lionel, Patti, Burt and The Who rock Glasto

Lionel, Patti, Burt and The Who rock Glasto

This was the year of 24-carat Golden Oldies
Paris Fashion Week

Paris Fashion Week

Thom Browne's scarecrows offer a rare beacon in commercial offerings
A year of the caliphate:

Isis, a year of the caliphate

Who can defeat the so-called 'Islamic State' – and how?
Marks and Spencer: Can a new team of designers put the spark back into the high-street brand?

Marks and Spencer

Can a new team of designers put the spark back into the high-street brand?
'We haven't invaded France': Italy's Prime Minister 'reclaims' Europe's highest peak

'We haven't invaded France'

Italy's Prime Minister 'reclaims' Europe's highest peak
Isis in Kobani: Why we ignore the worst of the massacres

Why do we ignore the worst of the massacres?

The West’s determination not to offend its Sunni allies helps Isis and puts us all at risk, says Patrick Cockburn
7/7 bombings 10 years on: Four emergency workers who saved lives recall the shocking day that 52 people were killed

Remembering 7/7 ten years on

Four emergency workers recall their memories of that day – and reveal how it's affected them ever since
Humans: Are the scientists developing robots in danger of replicating the hit Channel 4 drama?

They’re here to help

We want robots to do our drudge work, and to look enough like us for comfort. But are the scientists developing artificial intelligence in danger of replicating the TV drama Humans?
Time to lay these myths about the Deep South to rest

Time to lay these myths about the Deep South to rest

'Heritage' is a loaded word in the Dixie, but the Charleston killings show how dangerous it is to cling to a deadly past, says Rupert Cornwell
What exactly does 'one' mean? Court of Appeal passes judgement on thorny mathematical issue

What exactly does 'one' mean?

Court of Appeal passes judgement on thorny mathematical issue