Murcia region posts above-average results in stable Spanish property market

In this month's edition, we start off with news that the Murcia region is out-performing the national average for homes sold so far this year, alongside new research that suggests that nearly half of over-55s would consider downsizing to fund a jet-set lifestyle.

We also detail the top design trends and ideas from this year so far, we reveal the top reasons for moving home, and finally, if you're looking for guidance on what to consider when purchasing a second home, why not read our top tips?

Nearly half of over-55s would downsize to fund a jet-set lifetsyle

With more people living longer and ageing with much better health than ever before, those aged 55 and over are playing a key part in the national economy. Recent research from SunLife has surveyed this age group and found that nearly half would sell up in order to fund a more jet-set lifestyle.

Recent data from the Office of National Statistics has shown that the proportion of those aged 65 and over will rise by 5% over the next thirty years, with greater economic contributions coming from this group as the years progress. For those currently 55 and over, SunLife questioned 1,000 homeowners with a big choice; if they had the option between staying in their family home but never holidaying away from the UK again, or downsizing and then using the cash for foreign holidays which would they choose?

Interestingly, nearly 50% said that they would downsize (44%) in order to enjoy a jet-set lifestyle in their later years – what this does suggest, however, is that 56% would not be prepared to sell their family home. The research has shown that as we get older, the more attached we become to our properties; with those in the 65-80 group voting overwhelmingly to keep their property at the expense of not holidaying again.

Of course, as we get older the inclination to travel could decline as we may be less mobile or find the appeal of travelling for long periods less attractive than in our younger years, which could explain the growing desire to stay-put as we age.

Simon Stanney, equity release director at SunLife said: “Our Home Sentiment research shows that foreign holidays are clearly very important to over 55s, with 44% prepared to downsize in order to be able to go on holiday abroad.

But equally, we can see people are really tied to their homes because even when money isn't an issue, many would choose to stay where they are. It is clearly a tough choice, but maybe it is one over 55s don’t have to make. Equity release allows homeowners over 55 to release some of the value from their home without having to move. The money released can be spent on anything they like – including holidays.”

As Stanney indicates, equity release is being utilised by many people and with attractive rates available in the lending marketplace, remortgaging is proving to be extremely popular.

Murcia region posts above-average results in stable Spanish property market

New data provided by the Government’s central statistics report has showed that the Murcia region has experienced a 1.1% year-on-year increase in sales figures for May, which offers further strength to the notion that the country’s property market is experiencing a period of stability.

This is a little below the country-wide increases seen in March and April (2%), but fits a developing pattern of modest rises in response to the pronounced period of market growth.

Whilst the Spanish market as a whole appears to be secure, it’s heartening to see the Murcia market performing above the national average in some key areas. In particular, according to Murcia Today, the region registered a higher amount of sales in the first five months of 2019 than the Spanish average, with the 12-monthly total also sitting close to 8% above the country’s median number.

Reports across the country have also made special mention of rising demand for new housing across the county alongside an increase in the activity of residential construction. This hasn’t necessarily translated into an avalanche of new-build properties being purchased, however; only 17.4% of sales in May were made up of new properties, with Murcia’s total sitting slightly higher than that at 18.3%.

So, what does this all mean? Well, during a time of stability in the market, the Murcia region is seeing above-average results in comparison with the rest of Spain. More homes have been sold in comparison with the first five months of 2018, more new-build properties are being snapped up and the local market is still seeing a healthy amount of activity as we head into the Summer.

This should add enough encouragement for those of you looking to buy or sell during this season!

Don’t forget to contact us for independent, free advice on how to purchase, sell or rent a Murcia home.

The best home design ideas from 2019 so far

Whether you want to add value to your home in preparation for sale or you just want to make your property a more appealing place to live, redecorating and incorporating the latest trends is a worthwhile endeavour. Take a look through some of our picks of the best home design ideas emerging through 2019…

Embrace the industrial
One of the key trends throughout the year so far has been the embracing of industrial materials in the home environment. Typically, steel beams in the ceiling space would be covered, with their utility overshadowing their relative beauty. In line with new trends, these beams would be left exposed; their harsh texture a welcome juxtaposition to the surrounding soft surfaces in the home. Similarly, materials such as concrete are being embraced this year; simply polished to a high shine and then left exposed for a striking floor covering. Rather than exposing interior workings as a sign of minimalism or modernism, this newest trend is about adding new textures and colours into your home.

Bring the outdoors, indoors
In these modern days, we are constantly bombarded with new studies and surveys showing us the benefits of spending more time outdoors, and whilst these are of course to be heralded, it can be difficult to get the right amount of time alfresco. This desire for more outdoor space is being met head-on by designers who are incorporating more of the outdoors, indoors. The inclusion of bi-folding doors which concertina into themselves are being incorporated into modern homes in order to bridge this gap, and the additions of conservatories or orangeries are also ways to flood your home with light from the outdoors. A non-budget-busting method for incorporating more of the outdoors into your home’s design aesthetic would be to include more plants around your home and at different levels – on the floor, on tables or in very on-trend macramé hanging pots.

Let there be lights
Nobody starts out their interior design plans looking to create dark interiors with limited light; we all like natural light-sources to balance a room’s feel. Natural light and the inclusion thereof is a recurring theme no matter what year it is, but balancing the natural light with artificial light is high on the trend list for 2019. Hidden lighting and light-sources are a key inclination this year; with recessed lights, under stair lights and uplighters all proving very popular.

Au naturale
In years gone by, interior trends have revolved around overly designed rooms with “feature walls” and striking pieces, yet this year the natural finish is having something of a revival. The use of materials such as clay plaster offer a more interesting and textured finish, with no need to be covered once applied which creates an organic and natural feel to an interior.

Storage woes
A major concern for interior design this year is that of storage and how to incorporate the most innovative storage space into the home. Kitchens are key in this trend – with the inclusion of central islands adding storage, high cupboards drawing the eye further up the walls to create the feel of taller ceilings and the resurgence of pantries to hide away ingredients. Around the home, under stair storage is a massive trend as this space is often wasted, and similarly storage underneath baths is increasingly being utilised.

Revealed: the most common reasons for moving home

With the weather getting warmer, property market activity tends to see a rise as many look to get the home move done and dusted before their holiday or before the kids have to go back to school.

Whether you’re looking to upgrade, downsize, start a family or start a new career, a new survey has found that we Brits move home for a wide variety of reasons, but which is most common? The AA looks to answer this question after conducting a study to discover the most popular reasons for a change in location.

The research found that the most common reason for packing all of our stuff into boxes is due to a change of job, with almost 1 in 4 respondents (23%) stating that they were moving to a location closer to their new role.

As expected, the area in which the home is located holds great importance for homeowners, with 12% simply wanting to freshen things up with a change of scenery and another 11% looking to leave their current area as they’re not overly keen on their surroundings.

Some of the other top reasons for moving home was the 10% that wanted to live closer to their family and the same amount of survey participants that were looking for a quieter life in the countryside.

Also making the list was the 7% that felt they’d be better off in a smaller home, the 4% moving because of marriage or divorce and a further 3% that believed they could turn a profit from the transaction.

The survey also found that depending on the age group there are some differences. The younger demographic (18-24) had a strong focus on their careers and affordability, while the 25-34 year olds desired a larger home for family life. Those approaching retirement age (55+) were looking to fund their later years by downsizing, but also wanting to be as close to family as possible.

Director of Financial Services at AA – David Searle – commented “From a legacy of endless daytime TV shows, one can get the impression that buying and selling homes is just about making a quick profit on a property transaction. Our research puts this to rest as, beyond doubt, the reasons why and when people move are based on jobs, children, family connections and quality of life. A house is, after all, a home.

Whilst decisions about when to move are not really about money, the realities of running a family home often are. Our survey shows many people are concerned about how far their pay packet will stretch and being smart in making their disposable income go further.”

What to consider when buying a second home

Whether it’s a little country escape, a place by the sea or even somewhere abroad, who wouldn’t love a home away from home?

Whilst this may be a lovely daydream, the reality of owning more than one property can be complicated, with several extra factors to consider before making your dream a reality. We’ve put together some facts you should consider before taking the leap into second home ownership.

Why do I need this property?
You will need to have a serious heart-to-heart with yourself and your other half about the purpose of buying your second property.

It is important to bear in mind that you will need to go through the stressful process of buying a home, with the added stress of the property not being in your local area, as well as furnishing and decorating the property, and the end result is you own a property you will probably only visit a handful of times each year.

There are other options available to you depending on what your needs are, for example, if you’re dreaming of a holiday home why not look into a timeshare? Or if you’re a professional looking for accommodation in the city, you could consider renting.

Location, location, location
The location of your property will affect every aspect of your ownership. Whilst it is lovely to have a home that’s 150 miles away from all the day to day stress, that’s a 300-mile round trip every time you’re looking to visit.

If you are considering a holiday home and would like to act as a landlord when you aren’t occupying the property, then you will need to consider how you will keep tabs on the property when you are so far away. Little details like finding trustworthy tradesman become more complicated when you don’t know the area.

You should also consider whether you know the area you’re looking to buy in well enough before you finalise anything. For example, cheap property in the city might be in a student area. It’s worth doing some research before making the move.

The cost of running your second home
You will also need to consider the cost of running your second home. You will need home insurance, broadband, telephone, electricity, water and heating as well as paying the various taxes that come with owning property.

Whilst you won’t be paying the same rates (because you won’t be there all the time) however, certain bills (like the internet) will stay at the same rate no matter the amount of usage you get from the service.

You will also need to consider taking steps like keeping your heating on during the winter so that the pipes don’t freeze.

Mortgage
Second homes are not exempt from taxes like stamp duty and capital gains tax, which will add to the cost of purchasing your property. You will also have to decide whether to take a loan for your property or to remortgage your main home.

For any help or advice when it comes to property, speak to us. Our team would be more than happy to help you with the right information to get you started and can help you find a home to suit your needs.

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