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UK Property Prices Up £7,000 In Four WeeksUK Property Prices Hit 2008 Peak Values

UK property prices have jumped up £7,000 (GBP) in a month as UK property market activity picks up.

The huge increase in property values over the last four weeks is confirmation that the UK is enjoying another property boom.

The £1,750 weekly uplift puts the price of a typical residential three-bedroom semi detached property at £252,418 (GBP), according to popular property portal, Rightmove.

The biggest increase in property prices was recorded in London where new vendors have added an extra £50,484 (GBP) to average residential property asking prices this month, however property prices in the nation’s capital are over inflated compared to the rest of the UK.

The rise in UK property prices is being driven by first-time buyers and second step buyers following the introduction of the Government’s Help-To-Buy mortgage scheme.

Fears of a housing bubble have also been eased as the number of new property vendors entering the property market has also increased by 8%, however property shortages have driven up property prices in some UK regions.

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North - South Divide Widens Again

North – South Divide Widens Again

A new study by the Office for National Statistics (ONS) has revealed that 20% of middle aged workers are property millionaires – on paper!

In the South East of England almost 30% of people in their 40s and 50s living in private residential properties can calculate their wealth to seven figures, when including savings, investments, the value of their homes and pension pots.

However, the study also revealed a sharp divide between North and South of England as well as between generations.

It claims that five times more children are growing up in households in the bottom top wealth bracket, North East, South East, wealth category as there are in the top wealth bracket.

While almost 60% of middle aged people in the South East have built up an impressive half a million pounds in savings, pension and property wealth, in the North East, 20% of the same age group have little or no assets that they can rely on.

The ONS study shows how wealth builds up through people’s working lives but begins to fall once they retire and begin using up their accumulated assets, in many cases on elderly care.

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UK Needs To Build Its Way Out Of Recession

UK Needs To Build Its Way Out Of Recession

The UK Government must do more to help stimulate the country’s economic growth, to boost the supply of new residential properties and build its way out of a potential triple-dip recession.

This is the view of the Federation of Master Builders (FMB), as the latest ONS GDP figures released showed output in the sector rose by just 0.3% in the final months of 2012.

The FMB point out that overall the UK economy shrank by 0.3%, keeping the country still struggling to escape the grip of recession, while there was a small increase in construction output.

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Home Ownership Down As PRS Numbers Continue To Rise

Home Ownership Down As PRS Numbers Continue To Rise

Census Reveals Change In UK Property Ownership

The level of home ownership in England & Wales has dropped, as the number of PRS properties increase, according to data obtained from the 2011 census results.

Results of the 2011 census, published on Wednesday 5th December 2012 have underlined the falling levels of property ownership in the UK.

Many more people are choosing to live in private rented sector (PRS) properties rather than have the responsibilities and financial headaches of property owners, according to the data supplied by the Office for National Statistics (ONS).

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2011 Census shows Millions own holiday homes in UK or overseas

2011 Census shows Millions own holiday homes in UK or overseas

New data released by the Office for National Statistics (ONS) shows that in the 2011 Census, over 165,000 people listed a holiday home in the UK as a second address and a higher proportion listed additional properties overseas.

ONS figures said that according to the 2011 Census data, 165,095 people stayed at a holiday home in the UK for 30 days or more a year.

The UK local authorities with the largest recorded number of second addresses used for holidays were:

  • Cornwall – 10,169
  • Gwynedd (North West Wales) – 7,784

Gwynedd, which covers part of the Snowdonia National Park and the Lyn Peninsula, headed a league table of UK local authorities with the highest rate of people with second addresses, used for holidays, with 64 people from outside the area listing secondary addresses for every 1,000 usual local authority residents.

1.57 Million (2.8%) residents in England and Wales reported having a holiday home either in the UK, but under another local authority, or overseas, that they used for 30 days or more every year.

Looking for property abroad? See our full overseas property listings here!

UK Property Market May Be Divided But Are House Prices Still Increasing?

UK Property Market May Be Divided But Are House Prices Still Increasing?

UK Property Valuation Confusion

New data from the Office for National Statistics (ONS) has shown regional differences in the UK property market over the past year, but according to their data, there was a 2.3% increase in UK property values as a whole during the year.

Mortgage lenders have taken a different view, producing their own data suggesting that property values have fallen by a much greater amount over the same period.

UK property value changes by country

  • England – Property values up by 2.8% over the 12 months to June 2012
  • Northern Ireland – Property prices fell by 12% over 12 months
  • Wales – Property values remained unchanged over the last 12 months
  • Scotland – Property values decline by 1% over the 12 months to June 2012
    (ONS data)

According to the Office for National Statistics the overall average UK house price is approximately £231,000 (GBP), however mortgage lenders reckon that on average UK property values are an average of £164,389 (GBP).

Average UK property prices by country

  • England – £240,000 (GBP)
  • Northern Ireland – £131,000 (GBP)
  • Wales – £154,000 (GBP)
  • Scotland – £180,000 (GBP)
    (ONS data)

The variation in property prices across the UK has been effectively driven by a rise in London property values (up 6.5%) creating a knock on effect for the rest of the country. eg: Property value increases of 2.3% and 2.2% in the South West and South East of England respectively.

In Scotland the decline saw property values fall by 1% during 2011/12 with the average house value remaining at around the £180,000 mark. In Wales the property market was fairly stagnant with prices remaining at an average of £154,000.

England was the only country in the UK recording a yearly increase in property prices, with 2.8% growth in the 12 months to June 2012, while property prices in Northern Ireland dropped by almost 12% over the same time frame.

UK Double Dip Recession Gets Worse

UK Double Dip Recession Gets Worse

The UK economy has slumped to its longest double-dip recession for more than 50 years after shock figures revealed by the Office for National Statistics (ONS) showed that the British economy shrank by a worse-than-expected 0.7% between April and June 2012.

Gross domestic product (GDP) fell, by much more than the 0.2% expected by forecasters, for the third quarter in a row.

The economy’s poor performance has been blamed on the extra bank holiday for the Queen’s Diamond Jubilee and the good old British weather, with the wettest April to June period ever according to the Met office.

The ONS’s estimate for the UK economy may yet be revised but it does suggest that the UK is in the midst of the longest double-dip recession since the Second World War.

The last double-dip recession was in the 1970s, when the economy was hampered by rising oil prices, a 3 day working week and miner’s strikes.

The grim economic forecast puts further pressure on the UK coalition Government, who will face even more criticism about the austerity measures that appear to be choking any chance of economic recovery.

The UK economy is currently 0.3% smaller than when the coalition came to power in the second quarter of 2010.

Chancellor of the Exchequer, George Osborne said: “We all know the country has deep-rooted economic problems and these disappointing figures confirm that. We’re dealing with our debts at home and the debt crisis abroad. We’ve made progress over the last two years in cutting the deficit by 25% and businesses have created over 800,000 new jobs. But given what’s happening in the world we need a relentless focus on the economy and recent announcements on infrastructure and lending show that’s exactly what we’re doing.”

the number of empty UK properties still increasing

The Number of UK Empty Properties Continues To Rise

Despite campaigns from all quarters of the media and industry bodies, the number of empty homes in the UK increased significantly in 2011, new research has shown.

Data from the Communities and Local Government department, (CLG),the Office for National Statistics, (ONS), and Halifax’s own housing statistics database, the study revealed a 1.8% rise in empty residential dwellings.

According to the Halifax Empty Homes survey, which takes into account all private and public empty residential abodes, including those that have been vacant for under six months – leapt from the 650,127 recorded in April 2010 to 662,105 for the same period earlier this year.

Despite this trend, the study also revealed some more positive movement, with the amount of long-term empty private homes, those that have been without occupants for at least 6 months, dropping to the lowest levels since 2008.

These properties account for 44% of all empty residences, underlining the significance of the improvement.

It was shown that April 2011 that there were 292,313 examples of this kind of home, which represented a 1.1% decline on the 295,519 reported in the same four-week period 12 months earlier.

Stephen Noakes, Mortgage Director at Halifax,(a division of Bank of Scotland), said: “The findings show the considerable impact empty properties can have on the overall housing market, claiming it is therefore necessary for action to be taken to address the issue. Long-term empty homes account for about 1.6% of all private homes in England. And at a time when first-time buyers are still facing numerous obstacles to getting on the ladder, it is imperative we look further at the issue as an industry.”

The issue of empty homes that are fit for purpose remains a particular problem in a number of areas across the UK, where the proportion of void occupancy is double the national average. Even the UK’s Private Rented Sector is not unaffected. Landlords with properties requiring substantial improvements are lying empty due to the current lack of available finance.

UK property owners and landlords are reminded that they should have appropriate <a href=”http://www.legal4landlords.com/insurance-services/”>insurance</a>, in order to protect their property assets. However, that insurance may still be invalid if the property is unoccupied for a lengthy period of time (see the small print) and specialist insurance may be required.

<a href=”http://www.legal4landlords.com/”>Legal 4 Landlords</a> offer <a href=”http://www.legal4landlords.com/insurance-services/”>Un occupied BTL</a> insurance for Buy To Let Landlords with empty properties.

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