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
PROMOTED VIDEO
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

h2 Recruit Ltd: Inside Sales Manager - Accountancy Software - £80,000 OTE

£50000 - £60000 per annum + £80,000 OTE: h2 Recruit Ltd: London, Reading , Sou...

h2 Recruit Ltd: Business Development Manager - BIM Software - £55,000 OTE

£40000 per annum + OTE £55,000 +Pension : h2 Recruit Ltd: An excellent opportu...

Recruitment Genius: Senior Commodities Brokers / Sales / Closers / Telesales

£10000 - £100000 per annum: Recruitment Genius: Investment consultancy firm sp...

Recruitment Genius: Warehouse Operative

£7 per hour: Recruitment Genius: This high quality thread manufacturer is recr...

Day In a Page

Homeless Veterans Christmas Appeal: Drifting and forgotten - turning lives around for ex-soldiers

Homeless Veterans Christmas Appeal: Turning lives around for ex-soldiers

Our partner charities help veterans on the brink – and get them back on their feet
Putin’s far-right ambition: Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU

Putin’s far-right ambition

Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU
Tove Jansson's Moominland: What was the inspiration for Finland's most famous family?

Escape to Moominland

What was the inspiration for Finland's most famous family?
Nightclubbing with Richard Young: The story behind his latest book of celebrity photographs

24-Hour party person

Photographer Richard Young has been snapping celebrities at play for 40 years. As his latest book is released, he reveals that it wasn’t all fun and games
Michelle Obama's school dinners: America’s children have a message for the First Lady

A taste for rebellion

US children have started an online protest against Michelle Obama’s drive for healthy school meals by posting photos of their lunches
Colouring books for adults: How the French are going crazy for Crayolas

Colouring books for adults

How the French are going crazy for Crayolas
Jack Thorne's play 'Hope': What would you do as a local politician faced with an impossible choice of cuts?

What would you do as a local politician faced with an impossible choice of cuts?

Playwright Jack Thorne's latest work 'Hope' poses the question to audiences
Ed Harcourt on Romeo Beckham and life as a court composer at Burberry

Call me Ed Mozart

Paloma Faith, Lana del Ray... Romeo Beckham. Ed Harcourt has proved that he can write for them all. But it took a personal crisis to turn him from indie star to writer-for-hire
10 best stocking fillers for foodies

Festive treats: 10 best stocking fillers for foodies

From boozy milk to wasabi, give the food-lover in your life some extra-special, unusual treats to wake up to on Christmas morning
Phil Hughes head injury: He had one weakness – it has come back to haunt him

Phil Hughes had one weakness – it has come back to haunt him

Prolific opener had world at his feet until Harmison and Flintoff bounced him
'I have an age of attraction that starts as low as four': How do you deal with a paedophile who has never committed a crime?

'I am a paedophile'

Is our approach to sex offenders helping to create more victims?
How bad do you have to be to lose a Home Office contract?

How bad do you have to be to lose a Home Office contract?

Serco given Yarl’s Wood immigration contract despite ‘vast failings’
Green Party on the march in Bristol: From a lost deposit to victory

From a lost deposit to victory

Green Party on the march in Bristol
Putting the grot right into Santa's grotto

Winter blunderlands

Putting the grot into grotto
'It just came to us, why not do it naked?' London's first nude free runner captured in breathtaking images across capital

'It just came to us, why not do it naked?'

London's first nude free runner captured in breathtaking images across capital