Connell Survey & Valuation has carried out research recently which has shown that the property market experience a dip in May. Connells Survey & Valuation is a subsidiary that is wholly owned by Connells Group. The subsidiary first started operating in 1991 and works with a range of different clients
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many
BDC 319 : Aug 2024
Connell Survey & Valuation has carried out research recently which has shown that the property market experience a dip in May. Connells Survey & Valuation is a subsidiary that is wholly owned by Connells Group. The subsidiary first started operating in 1991 and works with a range of different clients including lenders, house builders, asset managers and housing associations. The research that has been released by Connells Survey & Valuation shows that in May homes being sold in relation to the number valuations taking place for home owners has seen a steady decrease. In May 2010 45% of the market was down to valuations leading to property sales. This figure has dropped to 27% in May 2017. The reason for this is thought to be a lack of incentive to move for homeowners. Other challenges that the housing market faces with which can have an impact on the the number of houses being sold are the recent changes to stamp duty and the lack of homes on the market to choose from. There is also the consideration of economic uncertainty that is hindering the amount of people wanting to sell up. The corporate services director of Connells Survey & Valuation, John Bagshaw has suggested that the limited stock and confused political and economic out look, with Brexit and now the hung parliament has made people not want to move. It is also thought that the long term increase in house values over the course of the past seven years, meaning that they move into higher stamp duty bands, has made people more resistant to move house. At the moment there is more interest in people refinancing instead of selling in order to try get a better value deal because of the increased value of houses and the low interest rates offered by lenders. Refinancing in this way is more beneficial as it can cut monthly repayments making the homeowner more financially stable, and removing the added hassle and expense of having to move house.
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many people today and the fluctuations of the housing market, the fact of the matter is that more and more people are deciding to buy a home for the first time this year than they did in 2016. For example, it has been demonstrated that 34 per cent of the activity on the housing market is due to the bustling of first-time buyers, as compared to the previous year when it was only leveled at 25 per cent in 2016. Similarly, more have been shown to sell property this year: the figures indicate a 5 per cent increase in this compared to the previous year which was found to be at 21 per cent overall. What this indicates to someone like John Bagshaw of Connells Survey and Valuation is that more and more people are committing to buying up property for their private selves than in the previous year. Mister Bagshaw puts this down to greater job opportunities being offered to people that enable them to consider the private housing market, whilst another cause of this is claimed to be the fact that the rise in wages to 3 per cent overall is an incentive for making people want to buy property for the first time. In any case, this is clearly signaled to be a wake-up call to the building, design and construction industries to build more homes and develop on greater areas of land than ever before in order to cope with the increasing demands of first-time buyers. Indeed, many of these tend to be in the younger age range and are desirous of starting families in their new homes: greater amounts of bedrooms and investment therefore need to be considered.
The building design and construction industries in this country will need to put up with the evidence that more people than ever before are committing to buying a property for the first time in 2017. The Connells Survey and Valuation data has shown that despite the difficulties faced by many people today and the fluctuations of the housing market, the fact of the matter is that more and more people are deciding to buy a home for the first time this year than they did in 2016. For example, it has been demonstrated that 34 per cent of the activity on the housing market is due to the bustling of first-time buyers, as compared to the previous year when it was only leveled at 25 per cent in 2016. Similarly, more have been shown to sell property this year: the figures indicate a 5 per cent increase in this compared to the previous year which was found to be at 21 per cent overall. What this indicates to someone like John Bagshaw of Connells Survey and Valuation is that more and more people are committing to buying up property for their private selves than in the previous year. Mister Bagshaw puts this down to greater job opportunities being offered to people that enable them to consider the private housing market, whilst another cause of this is claimed to be the fact that the rise in wages to 3 per cent overall is an incentive for making people want to buy property for the first time. In any case, this is clearly signaled to be a wake-up call to the building, design and construction industries to build more homes and develop on greater areas of land than ever before in order to cope with the increasing demands of first-time buyers. Indeed, many of these tend to be in the younger age range and are desirous of starting families in their new homes: greater amounts of bedrooms and investment therefore need to be considered.
