Put your house on the market soon to sell by Christmas: Property news roundup
Plus, tenancy deposits, buying abroad hotspots, and top retirement locations
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Wednesday 06 August 2014
Sellers should put their property up for sale by 28 September if they want to sell their home by Christmas, according to Move with Us.
Its figures indicate that at the moment it takes an average of 88 days to sell a property from the first day of putting it on the market to accepting an offer.
Regional variations mean that those in the North East need to start a littler earlier, 9 August, as property in the area usually takes longer to sell than average. Similarly, in Wales the date is 18 August. The date to circle for those in Greater London is 12 November.
"Although we’re in the midst of a heatwave and it seems ridiculous to be thinking about Christmas, anyone considering selling their home by the end of the year needs to start getting prepared to sell now," said Robin King, Director at Move with Us proximately 300 staff.
Favourite retirement destinations
Retirees are increasingly moving to coastal towns and resorts, according to Girlings Retirement Rentals.
Seven out of the ten most popular destinations for its customers this year are seaside towns, with Bournemouth the number one retirement destination for the second year on the trot. London is next, then Cheltenham, Eastbourne and Exeter in fifth place. These are followed by Poole, Southport, Portsmouth, Bromley and Torquay.
Peter Girling, Chairman at Girlings said: "People want to retire to the seaside to enjoy coastal walks, more sunshine and a more relaxed way of life which can bring many health benefits."
Tenancy deposits up by a third
Research from mydeposits shows that the average cost of a deposit has risen by 34 per cent since the launch of tenancy deposit protection in 2007.
Its figures suggest that the average tenancy deposit is now £1,197, up £304 from seven years ago. The figures also show a big difference between the average cost of deposits in the most expensive and cheapest regions in England and Wales.
London tops the list for the most expensive average deposit paid by tenants at £1,760, follwed by the South East at £1,181. Meanwhile, the areas with the cheapest average deposit are Yorkshire and Humber (£592.75) and the North East (£602.38).
Property hotspots for Brits buying abroad
France and Spain continue to top the list of countries for those looking to buy property abroad, according to figures from foreign exchange specialist HiFX.
Around 35 per cent of buyers are concentrating their search on France, and the same percentage on Spain.
"It’s no surprise France remains a firm favourite with Brits as it ticks all the right boxes," said Mark Bodega, director at HiFX. "Borrowing costs have tumbled in recent months and mortgage rates are at their lowest in years. Affordability has also been boosted by a slower property market as worries remain that France may well be lagging the rest of the Eurozone in terms of economic growth.
"Spain continues to attract those who are hoping to take advantage of depressed property prices. The average property price in the country is down almost 30 per cent since the market peaked in 2007, and while there are discounts to be had buyers need to pick carefully."
The report also shows that there has been a big drop in the number of buyers looking to buy property in emerging markets, with interest in Bulgaria, Brazil, Egypt and Panama particularly low.
Around nine per cent of buyers are looking at buying in USA and Canada.
Independent Partners; for bank beating exchange rates on foreign currencies, visit our international money transfers page here
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