Reeds Rains Property Blog

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LSL New Build Index

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Following the announcement of Government plans to shake up the housing market, the house building industry has once again come under the spotlight. In its latest New Build Index, LSL considers what the plans are and highlights again the changing regional picture in terms of new build prices.

James McAuley, Director of LSL Land & New Homes commented: “Although it was hoped that the Government may introduce further measures, such as a three year ‘holiday’ for affordable homes, the new plans recently announced should go some way in helping boost activity and, we believe, should to be welcomed.

“At the moment one of the main obstacles to house builders is the sheer lack of buyers who are in a position to buy due to their ongoing difficulties in raising deposits and mortgage finance. Hopefully the reported success of NewBuy and the extension of FirstBuy will help but, in the meantime, it’s clear that some developers have had to respond with price reductions - with some regions now better placed than others.

“Comparing average prices in the period September 2010 to August 2011 with September 2011 to August 2012 we see that only three regions are seeing price rises across all property types namely East Anglia, the West Midlands and the South East. In contrast Greater London, the North East, North West and Yorkshire and Humberside have generally seen price falls. An indication, possibly, of the steps developers are having to take to attract new customers.

“In terms of popularity terrace properties look, in some regions, to be particularly sought after as prices in the West Midland, Wales and Scotland suggest –increasing by 5%, 9.1% and a staggering 16% respectively.

“Only time will tell what impact new Government plans will have to future prices but hopefully with the relaxation of planning rules, the extension of FirstBuy and, of course, the fact that developers will have access to capital more easily – we’ll see a more positive picture in the future. Until then, however, we hope that mortgage lenders will play their part in kick starting the market and make credit available, not only to first time buyers, but also the wider market.”

Keith Osborne, editor of new homes portal whathouse.co.uk, says: “Comparing these figures to last month’s, there seems to be a settling down of regional markets – there haven’t been many dramatic changes from positive to negative, or vice versa. This would suggest some sort of stability, something which is worth monitoring over the coming couple of months. It will be interesting too, to see whether the dramatic 16% increase in terrace home prices in Scotland is an anomaly or whether that heralds a longer-term trend north of the border.

“The launch of MI New Home in Scotland as a counterpart to England’s NewBuy scheme has been widely welcomed. Though recent figures suggest that first-time buyers have it a little easier in Scotland, it is a common theme with the house builders I see and talk to that without some sort of significant financial assistance from family, government or developers, meeting the lending criteria to buy a first home is incredibly difficult for anyone on an average salary. Let’s hope the Funding for Lending initiative leads to many more affordable mortgage options at the bottom of the market."


Graph shows average new homes prices in the period September 2011 to August 2012 and % variation over same period 2012/2011.

LSL Land & New Homes Director James McAuley Comments On Latest New Build Index

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The June 2012 LSL New Build Index, exclusively launched on whathouse.co.uk, looks at how the average prices of new build properties across the UK have changed and gives some insight in to the regional new build markets.

James McAuley, Director of LSL Land & New Homes commented: “Comparing average prices in the period June 2010 to May 2011 with June 2011 to May 2012 we see that, whilst there has been some falls, the overall picture looks more positive than when we compared year on year averages last month.

“Pent up demand following the extended Easter break could be a contributing factor to this and the more positive mood of some buyers who are coming to appreciate the benefit that schemes such as NewBuy and Part Exchange can offer.

“Of particular interest is the fact that average prices of detached properties across the UK appear to have improved in response to increased demand for them. One region that has seen this is the South East where detached properties have increased in value by 3% over the last year - a significant rise from the 0.7% decrease reported in last months Index.

“We believe this, to some extent, has been driven by developers who have begun to steer away from the creation of high-density apartments that were popular in years gone by. It is also their ongoing appreciation of the fact that lenders are nervous about the high loan to value mortgages that many hope to obtain on such properties.

“A similar picture can be seen across the UK with flats, apart from in East Anglia, Scotland and Wales, falling in value with prices in the East Midlands, North West and Yorkshire suffering most. In Yorkshire demand for flats and 3 storey town houses has been replaced with demand for 2/3 bedroomed terraces and semi detached new builds with average prices – compared to last month’s Index - moving upwards to reflect this.

“Across the UK too the average prices of semi detached and terraced properties have improved with the East Midlands, West Midlands and Scotland fairing particularly well.

“So, generally, the picture is not looking too bad and, after a rocky Easter bank holiday period, we are experiencing increased interest from buyers keen to make a move. The growing appreciation of First Buy, NewBuy, part exchange and assisted move schemes will, we hope, also bring further positivity to the market from both first and second time buyers.

“Location and property type, however, continue to be key and, as the market continues to change and economic challenges continue, developers must think hard about where and what they build and how to respond best to the buyers out there.”

Exclusive New Build Apartments for Sale in Oughtibridge

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Reeds Rains estate agents are delighted to announce the availability of a limited number of new luxury apartments in the village of Oughtibridge, a village on the north west edge of Sheffield. The development, Langsett House, is being built by Langsett House Developments Ltd. This exclusive development, situated in an attractive location just minutes away from open countryside, is expected to attract significant attention from potential buyers.

A special launch open weekend has been organised on Saturday 31st March and Sunday 1st April where interested parties can see for themselves the homes for sale. The open weekend will take place between 12 pm and 4pm this Saturday and Sunday.

Langsett House Development in Oughtibridge

All properties have been designed and built to the highest specifications with spacious and bright living areas. The kitchens, in particular, are of the highest quality and all incorporate integrated appliances, which enhance the look and feel of the properties. The bathrooms too are considered spacious with luxurious fittings as standard. Prices for the new homes start at £130,000.

A view of the Langsett House development

The properties are being marketed by Reeds Rains in conjunction with the LSL Land & New Homes Division. The LSL Land & New Homes team, also part of the LSL Group, specialise in assisting developers with new home developments and sales including initial land sale and acquisitions as well as associated second hand sales.

Sandra Spooner, Field Sales Manager for LSL Land & New Homes commented:
"We are delighted to be working alongside Reeds Rains to market this stunning development which we feel confident will be of particular interest to those who are not only looking for a new property but who appreciate the benefits of good local amenities and transport links as well as the appeal of living near the countryside."

For further information, please contact the Reeds Rains estate agency in Hillsborough. You can visit the branch on Middlewood Road, call them on 0114 233 0250 or email them on hillsborough@reedsrains.co.uk

The Beautiful Coopers Mill Development in Dundonald

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The Reeds Rains New Homes team in Northern Ireland is proud to be working with the McGinnis Group selling properties at the award-winning Coopers Mill development near Dundonald in Northern Ireland.

Coopers Mill is arguably one of Northern Ireland’s most successful new build developments with over 165 properties sold since the first launch.

At a recent, exclusive show house evening property viewers were offered the chance to get a sneak preview of a brand new show house at Coopers Mill, as well as the chance to win an iPad. The new show house has a stunning finish to the interior and is open for visits on a Sunday between 2pm and 4pm.

iPad winner at Coopers Mill development
On the evening the iPad was won by Jennifer Miskelly from Ballygowan who is shown receiving her prize from John Paul McGinnis.

Hilary Higgs at the local Reeds Rains estate agency in Newtownards can provide buyers and property investors with more information about the Coopers Mill development in Dundonald and the range of homes for sale. With prices starting from just £125,000 for a two-bedroom semi-detached house and £134,950 for a three-bedroom townhouse the development offers a range of fantastic properties for buyers.

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