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How to research local house prices

Alex Johnson
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  • Last updated: Wednesday, 15 May 2013 at 10:03 am

310fffc7ad48b8b642b99194063f3a4664950796 300x203 How to research local house pricesIf you want to do a quick scan of property prices in a certain area, Zoopla (one of The Independent’s partners) has a useful house price tool that allows you to look at figures based on millions of UK property transactions since 1995. You can drill down to refine your search and see latest house prices paid in your area. There is also another tool looking at estimates of current property values which is also free.

Average cost of renting a home in the UK
HomeLet’s latest rental figures show that the average cost of renting a home in the UK went up by 2.4% in April to £793 per month. It also reveals that the percentage of new tenants aged 36-45 moving from one rented property to another has increased gradually since 2011, rising by 1% in 2012 and 2% in 2013. Ian Fraser, HomeLet’s Managing Director, said: “The average cost of renting a home in Greater London is 4.8% higher than the same time last year. At an average £1,236 per month, renting a home in the Capital is still more expensive than anywhere else in the UK, and a significant £100 more a week than in the South East. However, the rate of increase within the region has slowed down, and its counterparts in the South East appear to be catching up. With larger increases of 7.5% and 6.2% in the North East and East Anglia, Greater London’s rents are no longer rising in such a steep way as seen in previous years.”

Winkworth opens new office In St Albans

Previously trading as Martin Treasure, this latest office brings the Winkworth network to 91 offices in the UK and will continue to be owned and run by Martin Treasure who has worked in estate agency in St Albans for 32 years. St Albans has increasingly been affected by the London market, with many buyers coming from the capital. The average house price in St Albans is £443,088.

Problems with renters’ health.
One in nine renters says their health has been affected by their landlord’s failure to carry out repairs or deal with poor conditions in their home, according to new research from Shelter. It also found that 10 per cent of parents who rent said their children’s health had deteriorated because of poorly upkept properties. Overall, more than a third of renting families said they had a problem with damp in their homes, nearly one in five have a leaky roof/windows and a worrying 9% are living in a home with electrical hazards.

UK Rental Freedom Day
Halifax has calculated that those who pay rent on their homes have now earned enough on average to cover their rental payments for 2013. The equivalent date for homeowners paying off their mortgage was April 13. Craig McKinlay, Mortgage Director, Halifax, said: “Housing costs are usually people’s biggest outgoing every month, and our calculations show there is a significant difference between buying and renting. If you rent your home, then you will need to do about a month’s extra work to cover the cost of renting compared to a mortgage.”

Clydesdale and Yorkshire Banks new lower fixed rate mortgages
The Banks have introduced a three year fixed rate of 4.49% on 90% LTV mortgages with no arrangement fee. The new lower rate is available to all customers for purchases and remortgages subject to normal criteria.

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  • http://www.facebook.com/itcouple Emil Glownia

    “our calculations show there is a significant difference between buying and renting”

    Average rent £793
    Average house price 162k * 4.49% = 606£ interest only + 303£ repayment (for 25 years) + insurance and extra charges (if applicable) and we get nearly 1000£ (obviously it is lower if you have 16k deposit but if you take a loan or use credit card than 16k interest might be significantly more)

    The only reason why people can “afford” mortgage is low interest rate (base rate) of 0.5% so if that goes up to 3.5% in 5 years time +then 4.49% will become 7.49% and than it will mean 1000£ in interest only!

    Long term mortgage (>10 years) is generally a good investment if you can afford it in long term.

    UK should disallow “buy to let”, “first time help” and should build more affordable houses.

    I just cannot image what all these new graduates will do when it will take them many years to re-pay student loans (with so high living costs) and several more years to save for deposit. Without support from parents it will be almost impossible.


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