Scottish house prices up £6,750: Property news roundup
Plus, DIY home removals, 500K homes, and the value of the London property pound
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 16 July 2014
Latest figures for Scotland from LSL Property Services show that while sales fell three per cent in May, house prices jumped nearly £7,000 in the last year with a new record level set in Aberdeenshire.
It now estimates the average house price in Scotland to be £162,302.
"We are now seeing the longest sustained period of price growth in seven years," said Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services. "Prices have not climbed so steadily every month since December 2007. "
Around 87 per cent of the local authority areas in Scotland have seen annual average house price rises and overall the rise is 4.3 per cent. In May a new average record house price was set in Aberdeenshire of £224,803, although prices in Glasgow fell just over three per cent over the previous month.
In the three months to May 2014, the number of flats sold rose 26 per cent compared to the same period last year, followed by terraced houses with a 22 per cent increase.
“Whether this monthly blip is symptomatic of a broader turning tide in the housing market remains to be seen," said Donald MacLellan. "More changes are afoot, with greater stress testing and loan-to-income caps coming into play to ensure the long-term health of the property market. While it may be tempting for the UK government and Bank of England to intervene and rein in housing demand, it is not necessary in many parts of the UK, and could pull the rug out from under the feet of recovery in areas where growth is still bedding down."
DIY home removal
Just over 80 per cent of home contents policies that cover ‘goods in transit' from one home to the next only do so if they have been packed and transported by a professional removal firm, according to analysis of more than 300 policies by Gocompare.com.
In addition, delicate or breakable items such as glassware and china are usually only insured if they have been professionally packed. The report also revealed that one in ten policies don't provide any cover for home removals.
What is the London property pound worth?
By comparing the price of the average detached home in inner London – estimated at £1,537,232 - estate agent Strutt & Parker has devised a currency exchange rate showing the value of the ‘London pound’ across the country.
"In the commuter belt locations such as St Albans or Guildford, the London pound is worth £2," said Stephanie McMahon, Head of Research at Strutt & Parker. "To reach the £3 mark to triple your purchasing power you have to head further out to the classic spots such as Hampshire, South Oxfordshire and the Cotswolds."
James Mackenzie, Head of the Country House Department at Strutt & Parker, said: “We sold more properties over £2 million in the Cotswolds than anywhere else in the country last year and those were mostly to Londoners moving out."
The London pound is worth £6-£7, on average, in most regions of the UK from the Midlands northwards. The exception is north east Scotland, where it’s worth £5, buoyed by Aberdeen.
Number of £500K homes up by nearly a third
The latest figures from Experian indicate that between April and June 2014, the number of homes that were put up for sale valued at over £500k rose by 30 per cent.
Houses for sale in the next highest price band (£250k to £500k) rose by 16 per cent over the last year, the highest level since 2010.
The report also shows that there were fewer newly advertised properties coming onto the market for rent, down 4.3 per cent across the UK in the last three months compared to the same period last year. The North East and Wales were the only areas to continue to see a growth in rental properties, up 4.3 per cent and 1.8 per cent respectively.
Prime Central London lettings
The number of new prime central London properties on the market to let between March and June has dipped compared with the same period in 2013, according to W.A.Ellis with the number of flats down by 14 per cent, and houses down by 27 per cent year-on-year.
Its figures showed that just under a third of its properties in central London so far in 2014 have been let to UK tenants.
"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" said Lucy Morton, senior partner and head of lettings at W.A.Ellis.
"Growth in the City employment sector has long been a barometer for the prime London lettings market and with the London economy accelerating quicker than anticipated coupled with London’s rising population, this will continue to drive demand for rental properties and support rental values."
Hibernate during winter and make your living during the summer at this busy guesthouse with panoramic sea views, in the village of Lynton
A four-bedroom penthouse next to the Tate with direct views of St Paul's from two floors of luxurious living space
A four-bedroom detached home surrounded by spacious gardens and woodland, close to New Pudsey
An 18th-century, three-bedroom home near Langstone Harbour built from ships beams with vaulted ceilings and wood burning stoves
A five-bedroom semi-detached home with a mix of period and modern features in a popular and convenient location
This five-bedroom red-brick beauty overlooks the village green and sits in just under two acres of land
A three-bedroom villa with self-contained flat, minutes from Lake Windermere
A deceptively spacious, beautifully presented Georgian home with 3000sq ft of living space and five reception rooms
A five-bedroom Victorian home with four receptions, superb gardens and paddock in Pembury
An eight-bedroom house on the south side of the The Green with cinema, wine cellars and summer house
This 17th century beauty is full of rustic cosiness, while the detached home office means you can also run a business
Four exclusive apartments in a Grade II-listed former medical school with 2,275 sq ft of living space and 18ft ceilings
A five-bedroom terraced house on the popular Peterborough Estate, ideally located for both Eel Brook Common and South Park
A state-of-the-art farm-building conversion on the former Cliveden Estate, with 11,420sq ft of internal space, cinema and wine cellar
A three-bedroom, 15th-century cottage with original features in the picturesque village of Sissinghurst
A six-bedroom terraced house with large south-facing roof terrace, cinema room and wine cellar
A new seven-bedroom home built in Queen Anne-style with swimming pool and parkland views in Mortimer
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
Life & Style blogs
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
- 3 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
£60000 per annum: Ashdown Group: SQL DBA (SSIS, ETL) - Central London, £60,000...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
Negotiable: Recruitment Genius: This is an exciting opportunity to join an est...
Negotiable: Recruitment Genius: This is an exciting opportunity for a talented...