Connect with us

Current

Bargains-on-sea: You don’t have to spend a fortune moving to the coast

Voice Of EU

Published

on

There’s been a well-trodden and much publicised exodus from cities since the pandemic struck, with hundreds of thousands of Londoners heading for the countryside. 

Coastal towns, in particular, are proving to be enticing destinations.

‘Walking around Dartmouth at Christmas, before the third lockdown, I decided this was where I wanted to live,’ says Penny Lowe, a fiftysomething IT executive from Reading. ‘I love the sea, the people are friendly; I could work from home, so I went for it.’

Retro charm: Cromer in North Norfolk. The town has two blue flag beaches and the last end-of-the-pier show in Europe

Retro charm: Cromer in North Norfolk. The town has two blue flag beaches and the last end-of-the-pier show in Europe

According to Roger Punch, of estate agents Marchand Petit, Penny is typical of many homebuyers who have moved to the coast. 

‘Lockdown has focused their minds, making a fantasy a reality,’ he says.

‘Broadband and Zoom make working from home quite easy; watersports such as kayaking and surfing are popular and people have this primeval urge to escape Covid by breathing in the clean sea air.’

Sadly, coastal properties do not come cheap. Penny’s home, a new-build overlooking the sea, cost £625,000; way beyond most people’s budgets. 

And according to Rightmove, coastal hotspots such as Dartmouth saw some of the steepest rises in house prices during 2020.

The good news is there are also coastal towns that do not have the cachet of Padstow, Aldeburgh or Salcombe, yet they are ‘on the up’.

Here are four where you get a sea view and far more house for your money.

Barry in Wales is now home to a microbrewery, theatre and shipping container village

Barry in Wales is now home to a microbrewery, theatre and shipping container village

All about Barry

That’s right, the ‘lush’ little Gavin & Stacey Welsh town with the pearl of a beach and the amusement arcade overseen by Nessa. A bit run-down, you may say.

True, the two main streets have seen better days, but Barry is now home to Goodsheds, developed by local businessman Simon Baston, with a gym, microbrewery, community theatre, outdoor cinema and shipping container village containing staycation apartments.

Michelin-starred chef James Sommerin opened a restaurant here, as did Samantha Evans and Shauna Guinn of BBC’s Sam And Shauna’s Big Cook-Out.

The average price of a terrace home last year in Barry was £171,000, compared to £260,000 in Mumbles, 47 miles away. 

At Cold Knap, modern homes overlooking the beach cost from £385,000 (peteralan.co.uk). ‘Tidy,’ as Nessa would say.

Brilliant Bognor

Ever since King George V was, reputedly, rude about Bognor Regis in West Sussex, the South Coast town has been the butt of jokes: a by-word for seaside tackiness.

‘That’s so unfair,’ says regeneration adviser Rebecca White. ‘Since 2007, half a billion pounds has been invested in the town, giving it a massive face-lift.’

The result is a shopping centre joining the station to the seafront where there is an old-school promenade with adventure golf, shellfish stalls as well as Butlin’s Splash Park, unrecognisable from its Hi-de-Hi! prototype.

The average detached home sold for £435,000 last year, but the flagship properties are the restored heritage buildings on the seafront: Esplanade Grande, Compass Point and The Royal.

A two-bedroom flat in The Royal with bay windows, a pebble’s throw from the sea, was recently on sale for £240,000.

Charming seahouses

For best value look to the Northumberland coast, with its big skies and windswept dunes. Bamburgh is popular, while Seahouses, with its pitch-and-putt and excellent chip shop, is a thriving community where people live all year round; it is not purely a resort.

Little wonder people are cottoning on to its gritty charm. The average house cost £247,000 last year: 17 per cent up on 2019.

Blue flag Cromer   

It may not yet have the social lure of other North Norfolk coastal towns, but there is a buzz of expectancy in Cromer.

‘It’s similar to the vibe in Notting Hill Gate in the 1960s,’ says Tim Hayward of Jackson-Stops. 

‘There is all this good quality housing stock – much of it Victorian – and people are only now beginning to appreciate it.’

Cromer has a retro charm, with lots of independently run restaurants and cafes. It has two blue flag beaches and the last end-of-the-pier show in Europe.

‘Cromer has always had its retirees from London,’ says Tim Stevens, of Humberts. ‘Now we are seeing young work from homers buying here, too.’

The average price of a detached house in the town last year was £352,000. Flats cost on average £167,000.

On the market… by the beach 

Source link

Current

What to expect in Budget 2022? Small tax cuts and modest welfare increases

Voice Of EU

Published

on

Public spending may have rocketed over the past 20 months due to the impact of the Covid-19 pandemic but it appears that tax cuts and welfare increases will be on the table nonetheless when the Government sets out its budget on October 12th.

As Tánaiste Leo Varadkar recently said, there will be tax measures aimed at “middle-income people in particular”, as well as a welfare package to offset the impact of the rising cost of living.

Source link

Continue Reading

Current

Asking price on average British home hits a record high of £338,462

Voice Of EU

Published

on

The average price tag on British homes has hit a record high of £338,462 as the competition heats up among ‘power buyers’, according to new figures.    

Average asking prices for homes increased by 0.3 per cent, or £1,091, month-on-month in September, according to figures from Rightmove. 

Wales, South West England, the East Midlands, the East of England and the South East – are experiencing annual asking price growth of more than 8 per cent.

Fierce competition continues among buyers for the low number of properties for sale.

Average asking prices for homes increased by 0.3 per cent, or £1,091, month-on-month in September, according to figures from Rightmove. Pictured: A house on sale for £340,000 in Brighton

Average asking prices for homes increased by 0.3 per cent, or £1,091, month-on-month in September, according to figures from Rightmove. Pictured: A house on sale for £340,000 in Brighton 

Rightmove added that buyers who are ready to move – including those who have already sold their own home, have cash in the bank, or are first-time buyers with a mortgage agreed – are ‘out-muscling’ those who still need to sell their home in order to buy. 

The frenzied market activity has helped to push up the average asking price of a newly-listed property to a new record for the fourth consecutive month, according to Rightmove.

The average asking price has climbed £21,389 higher in just six months to £338,447, according to the property listing website’s index.

Rightmove’s Tim Bannister said: ‘We predict that the number of completed sales will be the highest ever seen in a single month when June’s data is released by HMRC.

‘This means it’s likely that the first half of 2021 has seen a record number of moves when compared with the first six months of any other year, induced by the pandemic’s side-effect of a new focus on what a home needs to provide.’

Frenzied activity has helped to push up average property asking prices, says Rightmove

Frenzied activity has helped to push up average property asking prices, says Rightmove

It comes as it was revealed earlier this month that the prices houses are actually selling for are now 13 per cent higher than before the Covid-19 pandemic. 

The figures come in contrast to predictions from agents, who thought the end to the Covid-19 stamp duty holiday would see demand for properties dramatically fall and take heat out of the housing market.  

The Government’s stamp duty holiday, introduced when the pandemic hit last year, fuelled a rapid rise in house prices, but the stamp duty band was halved from £500,000 to £250,000 from July, and will revert to £125,000 from September 30.

Rightmove said that in the month to mid-July, asking prices rose 0.7 per cent – the equivalent of £2,374 and the largest monthly rise at this time of year since July 2007, at the peak of the boom just before the financial crisis.

The price data is based on Rightmove’s asking prices, while the data on the number of sales is a prediction of what the next HMRC transactions will show, based on Rightmove data that looks at properties being marked ‘under offer’ or ‘sold subject to contract’.

Rightmove attributed the increase to a lack of supply of homes for sale and identified a shortfall of 225,000 homes for sale which, if available, would have helped to maintain a more normal level of property stock for sale and stabilise prices.

This stark shortfall, along with frenzied buyer activity, is fuelling record high prices and leading to record lows in available stock for sale.  

The high levels of activity have continued, according to Rightmove, despite the end of the stamp duty holiday.

The stamp duty holiday, which ended on 30 June, saw no tax on the first £500,000 of a property purchase price replaced by none on the first £250,000 until the end of September. Stamp duty is due to return in full after that.

Rightmove said there is an ‘urgent need’ for low stocks of property for sale to be rebuilt so that stability in prices can return.

Rightmove said that the average value of a home in Britain currently stands at £338,462

Rightmove said that the average value of a home in Britain currently stands at £338,462

Mr Bannister said: ‘First-time buyers are currently benefitting from their sector having the most buyer-friendly conditions. Choice is still more limited when compared to the same period in 2019, but price rises are the most subdued of any sector.

‘Saving a deposit is still very hard, but 5 per cent is now an option, and with many paying rising rents, buying your own home on a lower deposit is becoming an opportunity again. The opportunity is also there for property owners to come to market, as it’s still a great sellers’ market despite the recent end of the tax holiday in Wales and its scaling back in England.

‘We’ve also seen a much more efficient housing market over the past year, with the strong buyer demand and faster churn of homes leading to a much higher percentage of sellers finding a buyer for their home, and fewer unsold homes being withdrawn from the market.

‘Buyer sentiment remains strong, and the growth in new households combined with people living longer and having changed housing needs is exacerbating long-term housing stock shortages.’

Rob Sabin, of estate agents Miles & Barr, said: ‘East Kent’s property market continues to be very active during the first six months of 2021 with buyers continuing to purchase the limited housing stock available.

Wales, South West England, the East Midlands, the East of England and the South East - are experiencing annual asking price growth of more than 8 per cent. Pictured: A house on sale for £340,000 in Bristol

Wales, South West England, the East Midlands, the East of England and the South East – are experiencing annual asking price growth of more than 8 per cent. Pictured: A house on sale for £340,000 in Bristol

‘The number of sellers coming to market has slowed as the year has progressed, which means we’ve seen the level of new listings coming to the market significantly decrease year on year, while in turn total available stock levels across the market is at the lowest we have seen in a number of years.

‘While the number of new listings has dropped, our results remained strong with 945 homes listed accepting an offer. East Kent has also seen the number of buyers looking to relocate to either the countryside or by the coast increase with a fifth of applicants registered coming from Greater London.’

Marc von Grundherr, of estate agents Benham and Reeves, said: ‘The UK property market continues to defy expectation, with house prices reaching yet another record high despite whispers of a decline in values as a result of the tapered stamp duty holiday deadline.

‘There’s no doubt the stamp duty holiday has been the catalyst for this impressive market performance. However, it isn’t the driving factor behind the intent to purchase for UK homebuyers and so a robust level of activity will remain long after it has expired. 

‘When you couple heightened demand with a severe shortage of stock, it’s very likely that property values will remain buoyant for the remainder of the year 2021 buyer frenzy reveals 225,000 shortfall in number of homes for sale.’ 

But property price growth has still seen a ‘surprising’ increase in August, with Nationwide Building Society figures placing it at 11 per cent higher than one year earlier. 

However, ONS figures released five days ago suggest the average UK house price dropped £10,000 in July.

The typical home was worth £255,535 in July, according to the Land Registry-based index – around £19,000 higher than a year earlier but significantly below the £265,448 peak in June.  

This translated to annual house price inflation slowing to 8 per cent in July, from 13.1 per cent the previous month.

In a reversal of fortune for the property market compared to the recent past, the North East is the UK’s hottest property market in terms of average price rises, with homes up almost 11 per cent in a year, while London is seeing the lowest gains at 2 per cent, ONS figures show. 

Rightmove added that buyers who are ready to move - including those who have already sold their own home, have cash in the bank, or are first-time buyers with a mortgage agreed - are 'out-muscling' those who still need to sell their home in order to buy. Pictured: A house on sale for £340,000 in Norfolk

Rightmove added that buyers who are ready to move – including those who have already sold their own home, have cash in the bank, or are first-time buyers with a mortgage agreed – are ‘out-muscling’ those who still need to sell their home in order to buy. Pictured: A house on sale for £340,000 in Norfolk 

Tim Bannister, Rightmove’s director of property data, said: ‘Competition among potential buyers to secure their next home is now more than double what it was this time in 2019.

‘To be in pole position in the race for the best property you need to have greater buying power than the rest of the field.

‘That traditionally would mean deeper pockets to outbid other buyers, but in the most competitive market ever, today’s ‘power buyers’ also need to have already found a buyer for their own property, or to have no need to sell at all.

‘Agents report that buyers who have yet to sell are being out-muscled by buyers who have already sold subject to contract.

Pictured: A house on sale for £340,000 on Washington Road in Leicester

Pictured: A house on sale for £340,000 on Washington Road in Leicester 

‘Proof that you are mortgage-ready or can splash the cash without needing a mortgage will also help you to get the pick of the housing crop.’

But there are signs of a re-balancing in the housing market. In the first two weeks of September, the number of new listings was up by 14% compared with the last two weeks of August.

Rightmove said a wider choice of properties should also encourage more homeowners to come to market as the number of potential onward purchases grows.

Mr Bannister continued: ‘This 14% increase in the number of new sellers coming to market in the first half of September is only an early snapshot, but autumn is traditionally a busy period, as those owners who have hesitated thus far during the year see the few months before Christmas as an opportunity to belatedly get their moving plans under way.’ 

Source link

Continue Reading

Current

Zappone turns down invitation to appear before committee to discuss envoy role

Voice Of EU

Published

on

Former minister Katherine Zappone has turned down an invitation to appear before an Oireachtas committee to explain the circumstances surrounding her now-scrapped appointment as a special envoy.

The chair of the Oireachtas Committee on Foreign Affairs Charlie Flanagan confirmed on Monday that Ms Zappone had declined an invitation to attend to discuss the matter.

The committee, which met last Wednesday in private session, agreed to write to the former minister and invite her to appear before it.

It is understood the decision was taken at a private meeting after it was proposed by Sinn Féin spokesman on foreign affairs John Brady and his Social Democrats counterpart Gary Gannon.

The committee is also to invite Martin Fraser, the secretary general of the Department of the Taoiseach and the State’s highest-ranking civil servant, to address the issue of precisely when Ms Zappone’s name was communicated to the Department of the Taoiseach.

Controversy erupted over an attempt by Minister of Foreign Affairs Simon Coveney to appoint Ms Zappone as a special envoy for freedom of expression and LGBTQ+ rights.

Mr Coveney – who is attending UN meetings this week in New York – last week faced down a motion of no confidence as a result of his handling of the matter.

Earlier this month, Mr Coveney told the Oireachtas Committee Ms Zappone was mistaken in her belief she had been offered the job last March.

Mr Coveney also rejected claims that Ms Zappone lobbied for the position or that he breached Freedom of Information legislation by deleting texts between himself and Tánaiste Leo Varadkar.

However, Mr Coveney apologised for “sloppiness”, and for making mistakes in the past few weeks.

Records released by the Department of Foreign Affairs show Ms Zappone texted Mr Coveney to thank him on March 4th “so, so much for offering me this incredible opportunity”.

In mid-July she sent another message of thanks but Mr Coveney has insisted nothing had been formally agreed until it came to Cabinet on July 27th.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!