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Issues with Private Renovation and Sale of Property in London

   

Added on  2021-02-18

41 Pages13678 Words238 Views
Issues with private renovationand sales of property inLondon

ABSTRACTPurposeThe research aims to identify the various issues associated with the private renovationand selling of housing properties in London. Research methodology The research is qualitative and interpretivism philosophy is used in the study. For datacollection secondary methods are used and a thematic analysis is carried out to determine thefindings. The study uses descriptive design and an inductive approach is followed to execute thestudy.FindingsIt has been evaluated from the study that price and current uncertainty in London due toBrexit are playing great role in influencing house property market. Limitations In the study secondary data collection methods are used thus the data obtained is limitedand largely based upon the market analysis and critiques instead of the actual perspective ofbuyers and sellers in London. Recommendations It is recommended that Brexit and several other factors are making renovation andproperty selling in London quite a complex function. Thus, it is recommended that this type ofstudy must be carried out so that it can help people to understand the trends. Value: Within current uncertainties in the UK economy the study will help people and real estateprofessionals to understand the present trends and purchasing behaviour in house propertyselling. Keywords: London house market, Brexit and property trends in London, private renovation inLondon houses.

ACKNOWLEDGEMENT I would like to express my deep gratitude to my professors and mentors who provided mea great opportunity to accomplish this study. Without their support and guidance it would nothave been possible to become a part of such valuable and interesting research area. I would alsolike to thank my family and friends who were always there with me to provide me emotionalsupport and time. During the entire research they encouraged and motivated me so that I couldcomplete the project on time and with dedication.

TABLE OF CONTENTSABSTRACT.....................................................................................................................................2ACKNOWLEDGEMENT ..............................................................................................................3CHAPTER 1: INTRODUCTION ...................................................................................................11.1 Overview .........................................................................................................................11.2 Aim ..................................................................................................................................21.3 Research objective ...........................................................................................................21.4 Research Questions .........................................................................................................21.5 Rationale ..........................................................................................................................21.6 Significance......................................................................................................................31.7 Scope of the research .......................................................................................................3CHAPTER 2: LITERATURE REVIEW ........................................................................................4Issues in private renovation and sale of property in London .................................................4Reasons affecting the renovation and sale of private property in London ............................5Current trend in housing sector impacting the increasing tendency of let property in London .7CHAPTER 3: RESEARCH METHODOLOGY ..........................................................................123.1 Research approach .........................................................................................................123.2 Research design .............................................................................................................123.3 Research type .................................................................................................................133.4 Research philosophy ......................................................................................................143.5 Data collection ...............................................................................................................163.6 Data analysis ..................................................................................................................173.8 Ethical consideration .....................................................................................................18CHAPTER 4: DATA ANALYSIS AND DISCUSSION .............................................................19REFERENCES .............................................................................................................................20

ILLUSTRATION INDEXIllustration 1: Number of houses sold by real estate brokers in London in three months...............9Illustration 2: Growth pattern in house prices in London................................................................9Illustration 3: Growth pattern in rent of let properties...................................................................10Illustration 4: Increasing trend of renovation in UK......................................................................20Illustration 5: Average rental price in London...............................................................................25Illustration 6: Average property price in London .........................................................................251

Title:Issues with private renovation and sale of the property in context of increase in letproperties: A Study on London housing market”CHAPTER 1: INTRODUCTION 1.1 Overview The housing property market has been facing tough challenges post Brexit. There hasbeen uncertainties over the economic stability of UK. The stagnant properties in London arefacing price falls because the potential buyers are frustrated and unsure regarding the propertytrends and thus are preventing the real estate deals (Laska and Spain, 2016). The dramaticchanges in the buying behaviour of property buyers has even made it hard for people to thinkabout renovations. People are considering the rental properties as the safest approach in thecurrent scenario. After Brexit people are also expecting that the new taxation and regulations related toproperty dealings will also change significantly. Thus, with the buyer’s current situation it is notideal for buying or selling housing properties. Instead, there has been a great increase in the letproperties. On one side when there are uncertainties for the housing prices, according to statisticspresented by Housing in London report, (2018) there has been a decrease in both house pricesand rental prices in London in the past year. However, the growth rate of private rents is lower inLondon as compared to other regions of UK. This is also one of the reasons that people prefer letproperties. There are people who are interested in buying new housing property but it has beenobserved that the new taxation policies and fear of getting lower prices is preventing the finalpurchasing decisions. Most of the potential consumers are demanding that real estate agents mustgive them good deals because due to Brexit there are less purchasing intentions and thus theydeserve better prices. However, on the other hand the sellers are assuming that the stability afterfew months will give them good opportunity to enhance their profits (Preece, 2016). Though asper current trends there is reduction in private renovation and selling but this will be overcomesoon. In different boroughs of London there has been great variation in the house prices. Peopleare assuming that it may not be beneficial for them to renovate their private properties because2

with change legislations these properties are not generating huge amount of profits. Instead,currently it is strongly believed by the investors that for some time it will be safe to keep theirmoney in savings rather to spend it in uncertainty of house market of London (Gudgin and et.al.,2018). 1.2 Aim “To investigate the issues with private renovation and sale of the property in context ofincrease in let properties: A Study on London housing market”1.3 Research objective To identify the issues in private renovation and sale of the property in London housingmarket.To determine the reasons effecting the sale and renovation of property in London.To analyse the current trends impacting increase in number of let properties in London.To recommended solution to mitigate the effect and decrease the trend of let properties inLondon.1.4 Research Questions What are the issues in private renovation and sale of the property in London housingmarket?What are the reasons affecting the sale and renovation of property in London?Analyse what are the current trends which impact the increase in number of let propertiesin London?Provide recommendation to mitigate the effect and decrease the trend of let properties inLondon.1.5 Rationale Brexit has not only influenced the UK economy but it has also affected the trade andbusiness across different countries of the world. The London housing property market is not onlythe attractive choice for the UK citizens but is also the matter of interest for the foreign investors.There has been constant issues of affordable housing (Poppy, Baverstock and Baverstock-Poppy,3

2019). Due to high prices people are not able to afford to buy houses while the tremendousincrease in let properties has also caused overcrowding in rental houses. Thus, the study is essential to understand the various factors which are creating thesedifferences in renovation and property selling trends in London. Being the capital city thehousing properties and affordability greatly affects the national economy as well as the overallliving standard of UK citizens. Another reason to choose this research topic is that since theimpact of Brexit on the economy and UK have not been identified clearly (Poppy, Baverstockand Baverstock-Poppy, 2019). The study will help to analyse the changes in the legal system ofhousing properties as well as the purchasing attitude towards the housing properties. There hasbeen a significant gap between supply and demand of let properties as well as the sellingproperties in London (Lea, 2017a). The study will help to evaluate this gap so that influencingfactors can be analysed. 1.6 SignificanceThe study is very beneficial for the people and real estate dealers who desire tounderstand the various factors which are changing the house purchasing trends in London. Priorto Brexit London was considered as the tempting place for the investment in housing propertiesbecause the investors were assured to get high return amount on their investment. However, theexit of United Kingdom from European Union has created havoc in terms of predicting theeconomic trends in London and other parts of UK (Lea, 2017b). The research will help people aswell so that they can estimate the actual trends of housing property. With the analysis of thisstudy people may have clear concepts of which decision will lead to more benefits to them,rental properties or newly constructed properties.1.7 Scope of the research The study can be used by the authorities to understand the supply and demand gap inhouse affordability in London. There is need to explore these housing trends so that the lifestandard of people can be improved. It will also assure that affordable living facilities areavailable to every citizen. Further, research can be conducted to evaluate the impact ofincreasing let properties in London and how it is influencing the local citizens as well as foreigninvestors. This research study can also be considered as the ground for predicting the upcomingchallenges in property renovation and rental properties. 4

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