Article | Fabulous Women

Property Review July 2018

Posted on 27/07/2018

IFA Direct
20 Vicarage Road
Woking
Surrey
GU22 9BH

01483 715823
alastair@ifadirect.co.uk
jonathan@ifadirect.co.uk
www.ifadirect.co.uk

 

 

PROPERTY MARKET REVIEW

JULY 2018

 

 
 

Our monthly property market review is intended to provide background to recent developments in property markets as well as to give an indication of how some key issues could impact in the future.

 

Olympia London to get major revamp

Olympia London Exhibition Centre is to benefit from a £700 million development plan to extend the area by over two acres, adding green space and including restaurants, a performing arts centre, and a theatre. The architects will be SPPARC, working together with renowned designer Thomas Heatherwick.

The domed window, together with the supporting ironwork roof in the 130- year-old listed building, will all be retained in situ.

The site has been purchased for £296 million by Yoo Capital and Deutsche Finance, in anticipation that it will eventually be able to compete effectively with other exhibition locations such as ExCEL in East London and the Frankfurt Exhibition Centre in Germany.

UK investors lead the way in London's West End

52% of all commercial property transactions in London's West End were by UK-based buyers during the first and second quarters of this year. That compares to 42% of such investment seen in the same period last year.

Not only that, but the data suggests that it was the strongest investment activity by UK-based investors seen since 2007, when they represented 51% of the market by value.

The Head of the West End investment team at Savills, Paul Cockburn, commented on this data: "Overseas buyers were very active in the first six months of 2017, but more recently, as the pound has reached a more consistent level, the overseas money has dipped a bit."

 

The Granite City - Aberdeen has 'Silver' lining

Aberdeen's 132,000sq ft speculative 'The Silver Fin Building', winner of the Best Commercial Workplace in Scotland category at the annual British Council for Offices' regional awards, has secured its latest tenant, CATS Management (CML) who will be leasing part of level 7.

A director of developers Titan Investors, commented on the deal: "It is excellent news that we can confirm this letting to CML and we are delighted they have made the decision to commit to The Silver Fin Building."

 

Derren McRae, the Managing Director of CBRE, agents for the letting deal, was reported as saying that The Silver Fin is just the latest in a growing trend in the city for companies to move from older, inefficient, and inflexible granite buildings.

Variations seen between prime and secondary retail locations

In a recent report, estate agents Savills have reported that they perceive "structural and operational challenges facing the sector" (referring to the whole of the retail sector). However, some locations are performing better than others.

 

This research shows that prime locations, with strong convenience-focused retail, continue to report rental growth and demand, while the weaker and secondary locations have been most exposed to vacancies. The secondary sector reported a vacancy rate of 14.4% in the first quarter of this year, against a rate of 11.6% seen in the first quarter of last year.

The contrast between prime and secondary retail locations highlights the current polarisation between both ends of the market.

 

 

 

 

 

 

HOUSE PRICES HEADLINE STATISTICS


HOUSE PRICE INDEX (MAY 2018)*

118.7*

 

 

AVERAGE HOUSE PRICE

£226,351

 

 

MONTHLY CHANGE

0.1%

 

 

ANNUAL CHANGE

3.0%

 

 

*(Jan 2015= 100)

·        

UK house prices rose by 3.0% in the year to May 2018

·        

This is the lowest UK annual rate since August 2013 when it was also 3.0%

·        

The East Midlands was the fastest growing region with an annual house price growth rate of6.3%

 

 

 

 

 

 

 

 

 

HOUSE PRICES PRICE CHANGE BY REGION

Region

 

Monthly Change (%)

Annual Change (%)

Average Price (£)

England

 

0.3

2.9

£243,583

Northern Ireland
(Quarter 1 - 2018)

 

0.3

4.2

£130,026

Scotland

 

0.1

4.9

£149,004

Wales

 

-3.0

1.0

£148,894

East Midlands

 

1.7

6.3

£190,216

East of England

 

0.2

2.4

£288,808

London

 

0.1

-0.4

£478,853

North East

 

-0.5

1.3

£128,680

North West

 

0.1

2.9

£157,531

South East

 

0.0

2.2

£322,096

South West

 

0.1

3.9

£251,877

West Midlands Region

 

0.2

5.0

£192,322

Yorkshire & The Humber

 

1.0

2.9

£158,966

 

Source: The Land Registry
Release date: 18/07/2018 Next date release: 15/08/2018

 

 

 

 

 

 

AVERAGE MONTHLY PRICE BY PROPERTY TYPE - MAY 2018

PROPERTY TYPE

ANNUAL INCREASE

DETACHED
£343,823

(4.6%)

SEMI-DETACHED 
£213,606

(3.7%)

TERRACED
£182,373

(3.1%)

FLAT / MAISONETTE
£202,696

(0.0%)

 

Source: The Land Registry
Release date: 18/07/2018

 

Contains HM Land Registry data © Crown copyright and database right 2017. This data is licensed under the Open Government Licence v3.0.

 

 

 

 

 

 

MORTGAGE ACTIVITY

·        

"The mortgage market is seeing a pre-summer boost, driven by a rise in the number of first-time buyers and strong remortgaging activity. It is also particularly encouraging to see an increase in homemovers, after a period of relative sluggishness in this important segment of the market."

Jackie Bennett, 
Director of Mortgages at UK Finance

 

Source: UK Finance (formerly Council of Mortgage Lenders)
Release date: 12/07/2018

 

 

 

 

 

It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.

 

Back Author : Alastair Lyon

Please login first to submit comment.

Articles

Your Wealth Autumn 2018

IFA Direct 20 Vicarage Road Woking Surrey GU22 9BH01483 715823 alastair@ifadirect.co.uk jonathan@ifadirect.co.uk...

Your Home Finance Autumn 2018

IFA Direct 20 Vicarage Road Woking Surrey GU22 9BH01483 715823 alastair@ifadirect.co.uk jonathan@ifadirect.co.uk...

Your Money Autumn 2018

IFA Direct 20 Vicarage Road Woking Surrey GU22 9BH01483 715823 alastair@ifadirect.co.uk jonathan@ifadirect.co.uk...

Your wealth summer 2018

IFA Direct 20 Vicarage Road Woking Surrey GU22 9BH01483 715823 alastair@ifadirect.co.uk jonathan@ifadirect.co.uk...

Find your feelings to revive...

 Here’s a personal approach to how people can deal with their emotions to boost their relationships. Published at the end of...

Six steps to turning your...

Want to increase the community that supports your organisation? These six steps will help you on your way.1. What problem are you...

Improve your reputation...

For 20 years the Reputation Institute has been tracking and analysing stakeholder perceptions in 25 industries across...