Scottish House Price 'Reality Gap' Narrows

This article by BBC News on November 11th, 2013 reveals the new report that buyers are willing to pay more than they actually achieve.

 

S1homes said buyers were now prepared to pay more than they had been "for quite some time" 

 

The gap between what Scots hope to sell their properties for and the price they actually achieve has narrowed, according to a new report.

Property website S1homes found the "reality gap" narrowed in Scotland from 9% to 2% in the third quarter.

The change was driven by an increase in the amount buyers were prepared to pay, and not a drop in prices.

The S1homes report compared average asking prices with officially-registered settlement prices.

It found that the average selling price in Scotland increased by more than £8,500 to £161,748 in the third quarter, while, on average, properties sold for about £4,000 less than their asking price. The difference in the previous quarter was £14,500.

However, there were significant variations between the top and bottom of the market, with all property types except detached homes achieving more than the asking price.

Flats continued to perform well across Scotland, selling on average more than 17%, or £19,000, above their advertised price.

Terraced and semi-detached houses also sold well above what sellers hoped to achieve.

But detached properties continued to sell significantly below their asking price despite an increase in the average selling price during the quarter.

The average asking price for properties fell in most areas, except for East Renfrewshire, Fife and West Lothian.

In Edinburgh, the average selling price overtook the advertised price, due to an increase of 4.5% in the amount homes were sold for.

S1homes commercial director Ewan Stark said: "This quarter's report shows that there have been significant changes taking place in the property market.

"Buyers are now prepared to pay more than they have been for quite some time and that, coupled with a slight decline in average asking prices, is what has led to the upsurge in the volume of properties being sold.

"That's positive if you're looking to sell a property but the sharply rising prices at the lower end of the market aren't good news for first-time buyers."

Article Source: http://www.bbc.co.uk/news/uk-scotland-scotland-business-24865606

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U.K. Outlook Raised by NIESR as Property Boom Feeds Spending

This article by Jennifer Ryan of BloombergBusinessWeek on November 4th, 2013 reveals the fast growth of the UK economy as opposed to what was previously reported according to NIESR.

The U.K. economy will grow faster than previously forecast as a pickup in house prices stokes consumer spending, according to the National Institute of Economic and Social Research. 

Gross domestic product will expand 1.4 percent this year and 2 percent in 2014, a 0.2 percentage-point increase for each year, London-based Niesr said in a report published today. Forecasts for annual house-price growth in 2014 were raised to 5 percent from 0.5 percent, adding about 0.5 percentage point to spending projections.

“The housing market has thawed quite noticeably by almost every measure you want to look at,” Simon Kirby, an economist at Niesr, said at a press conference yesterday. “We’ve got quite a buoyant housing market compared with the previous few years. That feeds through and has a knock-on effect to our consumer-spending growth forecasts.”

k Ltd. said last week prices in England and Wales rose 3.1 percent from a year earlier, the biggest gain since 2007.

Bubble Warnings

Help to Buy allows people to buy homes costing as much as 600,000 pounds ($957,000) with a 5 percent down payment. The program began in April with interest-free loans for buyers of newly built properties and the second phase -- mortgage guarantees covering all homes -- was brought forward to last month from January.

The plan has drawn warnings from the International Monetary Fund, and former Financial Services Authority Chairman Adair Turner said last month that Britain risks a repeat of the debt-fueled binge that led to the credit crisis.

“I don’t think any of us are fans of Help to Buy,” said Jonathan Portes, director at Niesr. Angus Armstrong, an economist at the institute, said “the design of it is so wretched, that’s what’s depressing about it.”

“Banks have an incentive to loosen underwriting requirements for mortgages,” Armstrong said. “If you’re going to intervene in the mortgage market there are a lot better ways to do that,” such as through the mortgage-backed securities market, he said.

‘Unsustainable’ Growth

Growth based on consumer spending is “unsustainable” because it’s based on the housing market rather than increases in real incomes, and it’s coming at the expense of household saving, Kirby said. Significant contributions from business investment and trade won’t start until 2015 and 2016, respectively, he said.

Unemployment, now at 7.7 percent, will fall below 7 percent at the start of 2016, though there’s a one-in-five chance it will reach that level in the first quarter of next year, Kirby said. A 7 percent jobless rate is the threshold at which Bank of England policy makers say they’ll consider raising the benchmark interest rate, provided none of the three “knockouts” in their forward-guidance policy are first triggered.

Kirby said that the knockout related to financial stability risks will probably lead to a rate increase in the second half of 2015. The caveats related to inflation forecasts and inflation expectations won’t be triggered, as inflation will drop to the bank’s 2 percent target in the first quarter of 2015, he said.

Article Source: http://www.businessweek.com/news/2013-11-04/u-dot-k-dot-outlook-raised-by-niesr-as-property-boom-feeds-spending

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Pound Little Changed Versus Euro as British House Prices Climb

This article by Emma Charlton of Bloomberg on October 29th, 2013 reveals that their is a house price increase in UK and changed the value of pound against euro.

The pound was little changed against the euro following last week’s drop as an industry report showed U.K. house prices increased for a ninth month in October.

Britain’s currency was within two U.S. cents of a four-week high versus the dollar as the data added to evidence the economy is strengthening. Gross domestic product grew 0.8 percent in the third quarter, the most since 2010, the government said last week. British government bonds were little changed.

“The U.K. data should continue to be pretty good,” said Lutz Karpowitz, a senior currency strategist at Commerzbank AG in Frankfurt. “The GDP data last week were pretty strong, so this is something which could lead to some more sterling strength.”

The pound traded at 85.45 pence per euro at 4:26 p.m. London time, after depreciating to 85.55 pence on Oct. 24, the weakest level since Aug. 29. It slid 0.9 percent last week. Sterling dropped 0.2 percent to $1.6132 after rising to $1.6257 on Oct. 23, the highest since Oct. 1.

Average home values in England and Wales rose 0.5 percent this month, matching September’s increase, Hometrack said in a statement. They’ve climbed each month since stagnating in January. Annual price inflation accelerated to 3.1 percent, the most since November 2007, according to the London-based property researcher.

Millions of U.K. commuters were told to stay at home and more than 220,000 properties lost power as southern England’s worst storm since 2008 blocked rail tracks, severed electricity cables and closed a nuclear power plant.

Best Performer

The pound gained 3.1 percent in the past three months, the best performer of 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes, on optimism economic growth was quickening. The euro rose 1.9 percent, while the dollar weakened 2.3 percent.

Under its forward-guidance policy announced Aug. 7, the Bank of England pledged to keep the benchmark interest rate at 0.5 percent at least until unemployment falls to 7 percent, subject to caveats on inflation and financial stability. Officials are preparing new quarterly forecasts for growth and inflation, which Governor Mark Carney will present on Nov. 13.

“The forecasts that form the basis of the report appear set to show an upgraded growth outlook and a bringing forward of the unemployment rate threshold by one or two quarters compared to the previous forecast,” Paul Robson, a London-based foreign-exchange strategist at Royal Bank of Scotland Group Plc, wrote in a note to clients today. “The focus now turns back to whether this solid pace of expansion can continue.”

The pound will “benefit” from any significant change to the BOE’s forecasts, he wrote.

U.K. Growth

The U.K. economy expanded 0.8 percent in the third quarter, up from 0.7 percent growth between April and June and the most since the second quarter of 2010, the Office for National Statistics said on Oct. 25.

The benchmark 10-year gilt yield was at 2.61 percent after falling 10 basis points, or 0.1 percentage point, last week. The price of the 2.25 percent bond due in September 2023 was at 96.895.

The extra yield investors demand to hold 10-year gilts instead of similar-maturity German bunds was 86 basis points, up from 51 basis points at the end of 2012.

“We see gilts as likely to remain vulnerable to better economic data,” Gary Dugan, Singapore-based chief investment officer for Asia and the Middle East and Alan Higgins, London-based U.K. chief investment officer for Coutts & Co. wrote in a note to clients today. “We continue to expect them to underperform their peers in Europe, where growth is more sluggish.”

Gilts lost 2.2 percent this year through Oct. 25, according to Bloomberg World Bond Indexes. Treasuries fell 1.8 percent and German securities slid 1.4 percent.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net
 
To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

Article Source: http://www.bloomberg.com/news/2013-10-28/pound-little-changed-versus-dollar-after-u-k-house-price-report.html 

Boston Landlord Licensing Plans to Tackle Anti-social Behaviour

This article by BBC News Lincolnshire on October 14th, 2013 reveals Lincolnshire council's plan to introduce a licensing system for landlords.

A Lincolnshire council is planning to introduce a licensing system for landlords to crack down on anti-social behaviour at their properties.

Boston Borough Council said the licenses, which could cost upwards of £490, would help tackle disruption and low-quality housing.

It said there was a link between anti-social behaviour and poor property management.
The National Landlord Association said it could put up costs for good tenants.

Gavin Dick, from the association, said: "There's over 100 pieces of legislation that landlords have to comply with that the council can use to drive out criminal landlords.

"We would encourage the council to use current legislation rather than imposing more costs on good landlords which will be passed through to tenants and increase the cost of accommodation in Boston."

'Sleepless nights'
 
But Kevin Martin, the lead of housing projects at Boston Borough Council, said landlords needed to take responsibility for anti-social behaviour that happens within their property.

"Crime and anti-social behaviour figures in Boston are one and a half times higher than the average for Lincoln, so it's serious enough to present a problem and hence the council's initiative around licensing," he said.

The council said some Houses of Multiple Occupation (HMO), which can be a house split into bedsits or a flat where each tenant has their own tenancy agreement, are a big problem and have resulted in anti-social behaviour, noise nuisance and a build up of refuse.
It said this was linked to the failure of some private landlords and why a licensing system was required.

One woman, who did not want to be named but has been affected by noisy neighbours, said landlords should take more responsibility.

She said: "I've been stressed, I've lost weight, I have sleepless nights, I've gone to bed and put ear plugs in as music is played into the early hours of the morning.

"I've had the police out twice. They don't take notice of the police either."

Consultation about the plans will take place from November to January before a decision is made.

Article Source: http://www.bbc.co.uk/news/uk-england-lincolnshire-24519290

Top Forecaster Says Housing Bubble Risk 'extremely slim'

This interesting article by BBC News Business on October 13th, 2013 tells us that there will be a lesser chance of housing bubble in the UK because according to ET Item Club investment in housing is forecast to rise 7.5% next year.

The risk of a housing bubble in the UK is "extremely slim", according to one of the country's leading economic forecasters, the EY Item Club.

In its quarterly report on the economy, the Item Club said government schemes such as Help to Buy will help boost house prices by 3.5% this year.

It also forecast that house prices will rise 6.6% next year.

Business Secretary Vince Cable is one of those concerned about the effects of the Help to Buy scheme.

Last month he said there were already signs of "serious housing inflationary pressures" in parts of the country.

And in an interview with the Financial Times on Monday, the chief executive of Lloyds Banking Group, Antonio Horta-Osorio expressed his concerns.

He said that new home building needed to be encouraged by easing planning restrictions, to avoid a "substantial" increase in house prices.
'Well-timed' But Peter Spencer, the Item Club's chief economic adviser, said government efforts to revive the mortgage market had been "well-timed and targeted".

"Despite the recent criticism of these initiatives, the chances of seeing another housing market bubble are extremely slim," he said.

"House prices and transactions are only just recovering from the credit crunch and will be paltry in comparison to those of a decade ago.

"Household finances are also in much better shape, with debt to income ratios now at sustainable levels."

Under the second phase of the Help to Buy scheme, now in place, borrowers across the UK can put down a deposit of as little as 5% of the property price.

The government provides a seven-year taxpayer guarantee to the lender covering 15% of the loan value. It is available for properties sold for up to £600,000 in the UK.

The Item Club forecasts investment in new housing will rise by 7.5% next year and an additional 10% in 2015.

It has also raised its forecast for economic growth this year to 1.4%, up from 1.1%. And next year it expects growth of 2.4%, up from its previous forecast of 2.2%.

Article Source: http://www.bbc.co.uk/news/business-24515285

how to Avoid Property Market Dirty Tricks

This article by The Telegraph on October 3rd, 2013 reveals property expert Sarah Beeny's tips on avoiding being ripped off in a rising market.

The housing market is picking up again, which means the familiar cast of property nasties - greedy vendors, gazumping buyers and the oily agents in between - are rising like ghouls back from the dead. And they are bringing with them the old array of dirty tricks that can turn the homebuying process from being merely difficult into pure hell.

Here, Sarah Beeny gives her top tips for avoiding them.

When a property market is busy, there is a lot of pressure on the buyer to move quickly or commit more money than they initially planned.

In this situation, it is crucial for buyers to do their homework.

“I truly believe that people shouldn’t panic buy. You should buy when the time is right for you, not in reaction to what the market is doing,” said property expert Sarah Beeny. “You are buying for 25 years and in that time the market will go up and down, so don’t rush into it.
“Make a considered decision and don’t stretch beyond your budget.”

Before you start looking for a property, you should have a mortgage agreed in principle, Ms Beeny said. “Find out how much you can borrow based on your income and then look around for the best mortgage available,” she said.

Ms Beeny also recommended lining up a solicitor in advance. “You can establish a good relationship and have everything in place when you want to put in an offer – it means the process is less painful and you lessen the risk of losing the property because of delays.”

When you start looking at properties, the most important thing is to look at prices in the surrounding area. “If a new build flat is being valued at £100,000 more than the surrounding properties, for example, there is something out of place,” said Ms Beeny.

Information on sold prices nearby is available online and you can ask neighbours for further details.

Article Source: http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/10352319/Sarah-Beeny-on-how-to-avoid-property-market-dirty-tricks.html

Landlords - Are You Ready for the Winter?

This article by Stride on September 4th, 2013 covers how landlords should be ready for winter and check if their properties are still in good state and repair in the col weather.

Autumn is upon us with the temperatures cooling down and evenings closing in, it's the ideal time for landlords to check their properties are ready for the winter months.

Properties need to be in a good state of repair and able to cope with the rigours of the cold weather, while tenants may start to look elsewhere for somewhere to live if they find the house an unpleasantly cold one to live in, or too expensive to heat if bills are not included in the rent.

There are several steps that a landlord can take to ensure the home is ready for the colder weeks and months ahead, both on the inside and out.

Guttering is one area that needs looking at, not least as wind, rain and falling autumn leaves can turn a gutter or downpipe into a disaster area. Overflowing can cause water to seep into brickwork and stone, damaging this and causing damp. So these channels should be checked to ensure they are in good order and not blocked. In addition to this, check if any of the mortar is cracked, as this will only widen in the cold and wet.

Other outdoor problems can include blockages with rubbish, which can cause flooding, along with potential plant damage. This can include small things like moss growing in cracks. This needs removing and the cracks filling in, as the process of freeze-thaw can widen these through the natural effects of expansion and contraction.

Larger vegetation problems can include trees, where it is important to check that there are no branches that might fall in inclement weather. Not only do these pose a threat to life, limb and property, but they may also be a visual irritant to neighbours. Root problems should also be dealt with, although only in an emergency should the tree be felled.

Alongside the risk of damp, cold is a key issue that will drive tenants away and put prospective new ones off. It is important to ensure the roof tiles are all in place and loft insulation is a good way of keeping heat in. On snowy days it is easy to tell which homes have this. While some have white roofs, others are clear of the stuff and may have birds perching on them to keep their feet warm.

Insulation is also something that should be fitted in cavity walls, unless the house lacks these. Insulating a home is not expensive and will help slash energy bills.

Draughts are another issue too. It is no use having insulation to stop heat escaping through the walls or roof if it has an easy way out through a gap at the bottom of the door, or a loose window fitting.

Having a home that is warm and well-insulated means less chance of burst water pipes, cold homes and those living within suffering from poor health. By keeping a home snug and warm, it will instead offer tenants a haven they will enjoy retreating to in winter and prevent expensive repair bills that could have been avoided with better preparation.

Article Source: http://www.stride.co.uk/insurance-news-and-articles/commercial-insurance-articles/property-insurance/landlords-are-you-ready-for-the-winter-/176/

UK Property Prices Rise By 5.5%

This article by Natasha Al-Atassi of Select Property on August 22, 2013 reveals that properties in the UK rose in price by 5.5% between August 2012 and August 2013 according to Rightmove.

Summary:

• House prices in the UK are £249,199 on average
• This is an increase of 5.5% in August 2012
• London saw the greatest price increase, rising 10.2% in the 12 months

Property values in the UK have risen by 5.5% over the last year, according to recent figures from Rightmove.

In the property search website’s latest House Price Index, it revealed average property prices rose significantly between August 2012 and August 2013, taking the typical asking price to £249,199.

According to figures, the average cost of a detached home in the UK is £364,254, up by 4.2% year-on-year, and semi-detached properties are typically £204,392, an increase of 3.8% over the 12 months.

Rightmove also reported terraces rose in value by 4.4%, taking them to £188,445, while apartments average £209,652, an increase of 5.9% over the year.

The area of the country with the most expensive average prices is London, which saw prices grow by 10.2% over the year to £501,067.

Comparatively, costs in the north were the cheapest in the UK with values averaging £149,362 in August, a rise of 0.8% over the year, followed by Yorkshire and Humberside’s low prices at £154,237, and the north-west at £164,503.

These results come after Knight Frank and Markit’s released findings that showed 18% of British homeowners believe their property increased in value in July, which is the fifth consecutive month households have thought real estate values in the UK are on the rise.

Article Source:  http://www.selectproperty.com/2013/08/rightmove-uk-property-prices-rise-by-5-5/

UK Property Firm Reports Surge in Interest from Australian Investors

PRWeb on August 20, 2013 reveals Knight Know international's interest has extended it's reach into the outback after seeing the high demands in the UK property market from Australian investors.

After selling properties in Asia, the Far East and The Middle East, Knight Knox International has now extended its reach into the outback, after seeing an upsurge in the amount of interest in the UK property market from Australian investors. 

Following the Knight Knox International’s exhibition team’s first ever attendance at an Australian property exhibition, the North West investment firm can report that interest from Australia is indeed high, after taking over 89 enquiries in the three-day show.

Two main factors are being identified as the reason for this upsurge. The first of which is the costly nature of the Australian property market which freezes out many of its own home-grown investors.

Identified in the 2013 Annual Demographia International Housing Affordability Survey as the third most unaffordable major market, properties across Australia continue to experience rises in price.

So much in fact, that the house price index for 8 major cities in Australia rose by 2.6% during Q1 2013, with a surge of 8% in properties in Darwin, an upscale of 6.1% in Perth and a rise of 3.6% in Sydney, according to the Australian bureau of statistics.

The second reason behind this rise in Australian investment is the continuing depreciation of the Australian dollar causing many to put their money in UK Stirling and property, allowing them to both secure their funds and gain financial rewards.

The value of the Australian dollar has been dipping dramatically since April, with the IMF reporting that the dollar has depreciated by around 10% since; this is just one of a series of major drops the dollar has experienced, it also fell by about 7 per cent between May and mid-June and falls such as this, are another reason behind the upsurge in interest in the UK property market.

Alasdair Mcdonald, a member of the Knight Knox International exhibitions team spoke of the rising interest from Australian investors, which he saw direct evidence of at the Sydney Homebuyer and International Property Investor Show.

Alasdair commented: “When discussing potential investment options with Australian investors their true feelings come to the fore, they expressed that there is no country that they would prefer to invest in more than the UK because of the security and also because they are investing in pounds sterling, as well as generating a steadily increasing income on the net rental side. Also as an overseas investor they will be paying zero capital gains tax and be taxed considerably less on their rental.”

The Knight Knox International Exhibitions Team will continue exhibiting on the team's first visit to Australia on August 23rd at the Homebuyer & Property Investor Show, Melbourne.
Investors are urged to come along to the three day event which comes to a close on the 25th of August, to take advantage of exclusive offers the team will be offering in the UK buy-to-let and student accommodation market at the event.

 Article Source: http://www.prweb.com/releases/2013/8/prweb11027188.htm

Would You Live in a House of Horrors?

Notorious serial killing necrophiliac Dennis Nilsen's muswell hill flat is up for sale. Would you consider buying this property where the serial killer butchered his victims? This horrifying article by John Hall of The Independent on 15th of August, 2013 reveals the terrifying history of the house.

It’s a fairly innocuous note at the end of a property listing that quietly alludes to the shocking history of the bargain price flat up for sale.

And the history of Flat 23D in leafy Cranley Gardens, Muswell Hill is nothing if not shocking.

For this is not just the attic apartment where notorious serial killing necrophile Dennis Nilsen butchered his victims, it is also the property where the stench of drains clogged with rotting body parts eventually led to his capture.

It would appear a number of prospective buyers may already have “researched the history of the property” however, as over the last fortnight the already bargain asking price of £265,000 has been slashed by a further £25,000 to £240,000.

Similar properties in the area are listed for sale at over £385,000.

Described as a “charming” property that is “centrally located and within walking distance to Muswell Hill Broadway and its bars and cafes”, the flat is a top floor, one bedroom property with a private balcony, living room, kitchen, shower room and separate toilet.

It also comes with some pretty gruesome historical baggage.

In October 1981, Dennis Nilsen moved to the Cranley Gardens property having already murdered at least 12 young men – many of them homeless homosexuals he met in bars or on the streets and lured to his home with the promise of food, alcohol and shelter.

In previous properties Nilsen had had access to outside space, so after killing his victims and often engaging in sexual acts with their corpses, he would dismember them and either burn the remains on a bonfire, or leave entrails in the garden for foxes to eat.

Upon moving into the Cranley Gardens property, Nilsen showed no sign of bringing a halt to his killing. It is believed he murdered at least four more men in the attic flat that is now up for sale.

As the current property listing states, the flat has no access to a garden - unlike Nielsen’s previous homes – which led to him storing his victims’ mutilated remains in bin bags stuffed into wardrobes and cupboards around the flat.

Once the stench of the rotting corpses began to attract the attention of neighbours, Nilsen attempted to dispose of them by flushing the body parts down the toilet.

The remains eventually led to a blocked sewage system and when drain clearage company Dyno-Rod visited the property, they discovered a flesh-like substance being eaten by rats. Although they reported the blockage as suspicious, the drain inspectors removed the substance, assuming it to be a odd but not necessarily sinister build-up of chicken flesh and bones.

The drain inspector’s supervisor thought it best to report the substance to police, however, and on closer inspection pathologist Professor David Bowen, found it be a build-up of human remains.

Nilsen was arrested as he returned home from work, after officers entered the property and smelt rotting flesh coming from his flat. He calmly told police where in the property they would find remains, adding that he had killed “15 or 16 since 1978”.

On a search of the apartment, the remains of three men were found in a wardrobe, tea chest and bathroom drawer. His previous address was subsequently searched, and more body parts were found there too.

Nilsen pleaded guilty by way of diminished responsibility in order to be convicted of manslaughter, but on November 4 1983 he was convicted of six counts of murder and two attempted murders.

He was initially given a minimum 25-year prison sentence, but this was later changed to a whole-life sentence. Last month the European Court of Human Rights ruled the whole-life tariff illegal, however, meaning the 67-year-old must now be given a minimum term by the High Court.

Article Source: http://www.independent.co.uk/news/uk/home-news/would-you-live-in-a-house-of-horrors-muswell-hill-flat-where-serial-killing-necrophiliac-dennis-nilsen-butchered-victims-goes-up-for-sale-8763510.html

Outdoor Space Can Add 20% to the Value of a Property

This article by Alex Johnson of The Independent tackles how a green outdoor space can be very appealing to homebuyers than to those properties without gardens.

Londoners value a garden and will pay at least a 20% premium for outdoor space, according to Marsh & Parsons.

Their report suggests that comparable properties in the same area can vary significantly in price to the extent that an attractive garden, roof terrace or being near to green, open spaces like a park can add around a 20% premium to the price of a London property.

In Bayswater, for example, there are strong price differences between those properties which boast attractive outdoor space and those which do not with a one-bedroom property with an outdoor patio garden £75,000 more expensive than a comparable one bedroom property, also on the lower ground floor of a building only two minutes’ walk away. This equates to a premium of around 16% for a property of relatively the same size, on the same floor, in the same building and mainly due to one having a private patio.

Peter Rollings, CEO of Marsh & Parsons, said:  "In the summer months, Londoners yearn for some outdoor space and the freedom to have an external room in which to entertain. But fulfilling the dream of a countryside idyll in London comes at a premium. In such an urban area, outdoor space is both scarce and expensive. Thankfully, Londoners can also retreat to one of the capital’s treasured parks and green spaces, where it is possible to find a piece of the great outdoors here in the city.

"Location and outdoor space can make the difference between a desirable property and an incredible property with a wow factor. Gardens, roof terraces and the proximity to green space can all add substantial value. Properties without gardens are not as appealing for many home buyers and it can be harder to sell them during the summer months."

A report from Lloyds TSB Insurance earlier this year suggested that homeowners spent an average of £894 on outdoor furniture and decorations for their gardens in the past 12 months, and that the average UK garden is now estimated to be worth nearly £2,000.
The research found that a third said that spending a lot of time outside is the main reason for upgrading their outdoor spaces.

Article Source:  http://www.independent.co.uk/property/outdoor-space-can-add-20-to-the-value-of-a-property-8700314.html