Property News Round-up 10/2/16
Property News: All The Latest Updates
Hi guys and welcome to our fortnightly property news edition, today we look at an array of news items from the domestic market from the average home in Britain will cost over a £1 million to looking at the strangest estate agent photos ever taken! In the last property news blog post in our quiz we asked asked about what is all the property in the world worth? The answer was B $217,000,000,000,000!
Average Home In Britain To Cost Over £1 Million By 2032
According to research by the Lib Dems, the average home in Britain will increase from £290,000 to £1.017 million in 2032.
Party leader Tim Farron mentioned in The Telegraph that a child born on the day of the debate faces the prospect of paying at least a million for a home to call their own.
He stressed that relying on the “Bank of Mum and Dad” isn’t an ideal option for everyone, and as a result, it puts a monumental amount of pressure to millions of families who have worked hard and done the right thing.
The Lib Dems research revealed that the average property price in the UK will reach £650,000 within the next ten years, which is an increase of £360,000 on today’s average price.
Farron’s solution, as mentioned in The International Business Times (IBT) is that we need new garden cities, allowing councils to build housing stock, and bring thousands of empty homes back into use.
So how did the political party come to this frightening property statistic? They looked at trends from National Statistics figures showing house price inflation for the past three years. Whether you agree or disagree with their research, it remains apparent that no matter what way you look at the property situation in the UK, we have a crisis on our hands. Again, whether the 1.017 million is accurate or has been hyperbolised, we need to look at alternative ways to get us out of this property black hole.
Yorkshire Property Investment Market On The Rise
According to new research published by the national commercial property consultancy Lambert Smith Hampton (LSH), investment in commercial property in Yorkshire and the Humber increased by 11% in 2015.
Their research claims that a total of £1.765bn was invested in the region in 2015, with £189m of this coming in Q4. However, Q4 saw a fall in deals completed of nearly 30%, 31 compared to 44 in 2014.
The director of agency and investment at Lambert Smith Hampton Bill Lynn told BDaily that: “Despite a reduction in Q4, the figures for Yorkshire and the Humber are nonetheless positive, with an 11% growth in 2015 as a whole. This is something that is mirrored in other regions across the country and shows the continued strength of the investment market in virtually every sector. The indication for 2016 is that supply is robust and a strong year is expected.” (BDaily, January 2016).
The demand for hotels, student accommodation and healthcare (alternative assests) seen in Yorkshire also occurred nationally and was a key driver of activity during 2015, investment also increased to £14.8bn over the year, 53% above 2014’s total.
Manchester Leads The Way As Commercial Property Investment Hits £1.2bn
Leading commercial property information provider CoStar Group research shows that a total £67.5 bn was invested in UK commercial property last year, making it the second strongest year on record and 46 per cent above the 10-year average.
Manchester as we know has been centred around the Northern Powerhouse concept and in addition it was the first city to receive ‘City Deal’ funding and regional devolution.
Being centred around the Northern Powerhouse and having a demand in office space has made Manchester a very lucrative place for investors. As a result, investment in commercial property in the city hit a total of £1.2bn in 2015, a three per cent increase on the £992m recorded in 2014.
Image Source : Manchester Evening News
Northern Ireland Sees Sharpest Rise In Building Of New Houses In UK
The National House Building Council revealed that there was a 30% increase in registered new homes, from 2,487 to 3,223 last year in the province.
One Northern Ireland based housebuilder said 2015 had seen the biggest number of developments come up for tender since the housing crash. (Belfast Telegraph, January 2016)
However, the National House Building Council claimed that Northern Ireland’s increase came “from a relatively low base” because house-building slumped so drastically during the economic downturn.
One managing director of a property firm from Northern Ireland mentioned that they faced barriers to house-building that were not present in England. These barriers included sewer bonds, gold-plating of EU regulations and demands to upgrade underfunded infrastructure and services.
The managing director went on to say that despite these barriers they have found ways of overcoming them, in addition, one representative stated : “In general, builders are now more confident about prospects for house-building and this optimism is shared by potential buyers.” (Belfast Telegraph, January 2016)
Richard Ramsey, the Ulster Bank chief economist said the house-building recovery in Northern Ireland still has a very long way to go, though picking-up from the downturn was welcome news.
Image Source : Property Pal
It’s Gone All A Bit Pete Tong In London! The Strangest Estate Agent Photos Ever Taken
A collection of the strangest photos taken by people attempting to shift properties around London has been made showing just how little they’re trying as ITV News points out.
The bizarre photos have been put together by a man called Andy Donaldson who stumbled upon the images whilst he was looking to buy a flat.
From a cluttered bedroom with a bunch of chairs stuffed together to an all in one shower toilet with a washing machine next to it!
Want to see more of these property fails? Click here.
Fortunately our very own property investments are fail free so you won’t find any toilets in kitchens or doors fitted in the wrong places! Check out our latest investments here.
Image Source : ITV News
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