Latest Property News From Truuli
Does a good Ofsted report affect property prices?
House prices are significantly higher in the catchments of Ofsted ‘outstanding’ primary schools, even compared to those ranked ‘Good’ in their Ofsted report. Average sale prices are 10% higher around a primary school with outstanding status, (based on £ per sq ft and compared with good status), while average rents are 5% higher. There’s a similar price difference of 8% between ‘Good’ and ‘Requires improvement’ – the next Ofsted category
Are rising rents putting pressure on younger renters?
With the rising cost of living dominating the headlines, we have turned our attention to the rental market and the affordability pressures facing renters. Using gross incomes of renters and achieved rents we can see how much renters are really spending on rent. As featured in a recent BBC report, 4 in 10 young renters (aged under 30) are now spending at least 30% of their income on rent, the
Is the hybrid working model the way forward?
Our homes are still our offices. UK workers are going into the office an average of 1.5 days a week. Hybrid working is here to stay. More than 80% of workers said their firms had adopted the hybrid model according to a survey for The Chartered Management Institute (CMI). 53% of renters indicated that they would choose a rental property quicker if it was furnished to enable comfortable home working
Moving home Legal Process – Expectation versus reality in 2022
Properties continue to go under offer more quickly than pre-pandemic, but the time taken to complete a sale has risen. Conveyancing delays remain a significant issue. In 2019 a survey of home movers found 55% of sales completed within 3 months. This fell to 45% in 2021. Early indications from the 2022 survey suggest that the proportion has continued to drop. Managing expectations is crucial. For most buyers the process
The number of residential planning applications drop
The number of planning applications submitted for residential property in England and Wales was 16% lower in the first half of 2022 than in 2021, at 218,640. Across all regions, application numbers in June were lower than a year ago. The steepest fall was in London at 21%, compared to the South West (12%) and the West Midlands (14%). Many homeowners sought to adapt their homes in the wake of
Interest rates rise again…
In its August meeting, the Bank of England increased its base rate to 1.75%. Its sixth consecutive rise and its highest single rise in 27 years. Many borrowers are protected from any immediate payment increase by fixed mortgage rates. 94% of new mortgages in Q1 2022 (gross advances) were on fixed rates. And 84% of all existing outstanding mortgage lending was on a fixed rate by the end of Q1
