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Irish shoppers set to splash €40m on Black Friday spree

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The impact of Brexit, tax changes and global supply chain issues have presented Irish retailers with a chance to win new customers and ensure more spending stays local over the Black Friday/Cyber Monday period according to retail groups.

Close to €40 million will be spent by Irish consumers on Friday alone, according to research from AIB, with this weekend now marking the start of the Christmas season for many shops and shoppers.

While deep discounting at the end of November is being resisted by some smaller operations, others have embraced it and are hoping it will be a launchpad for a solid Christmas.

“I think the general view out there is that this first big weekend of the Christmas period and in these more difficult times it is being used as a footfall driver,” said Retail Excellence chief executive Duncan Graham.

He said he understood why some smaller independent retailers continued to resist going into sale so close to Christmas but added that for others it had become an inevitability.

“There have been mixed views,” he said. “In some cases it can be a case of wanting to hold the margins for as long as possible otherwise it ends up being a short season.”

He noted that an air of optimism he had seen across the retail sector at the start of the month had diminished in recent weeks as the trajectory of Covid-19 grew more concerning.

“There is a little bit of unease and anxiety at what might happen in retail and so much will depend on the path of the virus,” he said.

Buy Irish

Bríd O’Connell of Guaranteed Irish said Black Friday should be considered an opportunity for retailers to push more locally sourced products.

“We are asking all shops to stock more Irish suppliers,” she said. “The support for local shops only goes so far if everything the shop stocks comes from China.”

She called on consumers to look towards Irish-made products this weekend. “If you are buying a candle, I really would like to see people buy an Irish luxury candle . . . and if we could all spend an extra €20 or €50 on an Irish product this year that money will stay in the country and make a big difference to the local economy.”

Joann (SIC) Mahon is going all in on Black Friday this year. She owns two retail outlets in Kildare and has an increasingly large digital footprint.

“A lot of people spend a lot of time researching ahead of time and I think that there are more eyes on your business as a result,” she said.

“I embraced Black Friday early and I could really see the impact,” she continued. “Every year it has grown and it can generate long term custom if it done right but most people won’t come back again unless they are properly encouraged to do so.”

She said that since the start of the pandemic she had noticed a bounce in business as more people shopped locally and it had kept going this year. “I haven’t seen the drop off from last year from April of last year. People want to support Irish and that has been boosted by Brexit.”



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How to build your own garden room

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THINKING OF BUILDING A garden shed? Here’s Some expert advice on WHERE to FIND PLANS, HOW to SOURCE MATERIALS AND WHEN to CALL FOR HELP

Back gardens have seen a lot of action over the last two years as many of us got stuck into projects to improve our exterior surroundings. One of those key jobs was often upgrading the humble garden shed to a status symbol of sorts, as a place to escape the confines of the house and as a way of demonstrating DIY prowess.

With a raft of digital tools now available to even the most novice DIYer, access to the information required to construct building projects is just a click away.

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Prologis acquires CBRE IM stake in joint logistics portfolio (GB)

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CBRE Investment Management, on behalf of the European Co-Investment Fund (ECF) has sold its 85% share of a 7.6 million ft² UK logistics portfolio to Prologis, the firm’s Joint Venture (JV) partner for this portfolio.

 

The UK Logistics Venture (UKLV) was formed in 2017 between CBRE Investment Management and Prologis to develop and own €1.2bn (£1bn) of UK logistics assets. Prologis retained 15% of the seed assets and development pipeline.

 

The seed portfolio consisted of 16 logistics parks with a GLA of 2.5 million ft² located in some of the leading logistics destinations in the UK – the Midlands, the South East and London. In four years, the portfolio has grown to 7.6 million ft² and comprises 40 assets of which the majority of the assets are now stabilised or pre-let. 

 

“The business plan for this JV was to hold the assets for a four-year term and then exit. Working with a proven partner like Prologis, we have achieved what we set out to do – to build a prime logistics portfolio in key logistics locations that has performed exceptionally well for our investors,” said Mark Kouters, Fund Manager for ECF, CBRE Investment Management. “At the point of sale, we are also benefitting from a robust capital market environment due to high investor appetite for logistics as well as strong occupier demand.”

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Number of first-time buyers rises 35% in a year, says Halifax

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The number of first-time buyers has reached record levels in the midst of runaway house prices.

Numbers are up 35 per cent, from 303,970 in 2020 to 409,370 in 2021, according to the annual study by Halifax.

And for the first time, the typical age of a buyer is 30-plus in every region. 

The higher levels come at a time when first-time buyers are having to balance saving up as much as they can for a deposit while trying to get onto the property ladder in a red hot market.

The number of first-time buyers in Britain has reached a record level, according to Halifax

The number of first-time buyers in Britain has reached a record level, according to Halifax

NUMBER OF FIRST-TIME BUYERS FROM 2009 THROUGH TO 2021
Number of first-time buyers Annual % change FTBs as % of all house purchases loans
2009 193,940 39%
2010 193,590 0% 37%
2011 187,990 -3% 38%
2012 211,920 13% 40%
2013 258,210 22% 44%
2014 310,280 20% 46%
2015 298,090 -4% 46%
2016 328,500 10% 48%
2017 345,920 5% 49%
2018 353,120 2% 50%
2019 351,260 -1% 51%
2020 303,970 -13% 50%
2021* 409,370 35% 48%
Sources: UK Finance and *Halifax estimate for 2021   

The average price of a home in Britain rose £24,000 last year to £276,091.

All regions across Britain saw a marked rise in the number of first-time buyers, with the biggest increase being in London where numbers rose 49 per cent.

The smallest increase was in Scotland, but even in this region, numbers rose by a quarter.

The number of first-time buyers has more than doubled over the last 10 years in every region except London.

There has been a 118 per cent increase since 2011, up from 187,990 first-time buyers that year.

NUMBER OF FIRST-TIME BUYERS ACROSS DIFFERENT REGIONS
Region 2011 2020 2021* 10-year change 1-year change
North 8,370 13,890 18,422 120% 33%
Yorkshire and the Humber 15,010 25,070 32,792 118% 31%
East Midlands 12,780 23,110 29,850 134% 29%
East Anglia 6,750 11,010 14,640 117% 33%
Greater London 31,290 38,140 56,857 82% 49%
South East 36,630 61,250 85,666 134% 40%
South West 14,670 24,250 32,017 118% 32%
West Midlands 14,740 25,570 33,798 129% 32%
North West 18,470 32,050 40,748 121% 27%
Wales 8,060 12,310 16,815 109% 37%
Scotland 16,220 28,740 35,627 120% 24%
N. Ireland 4,690 8,570 12,110 158% 41%
UK** 187,990 303,970 409,370 118% 35%
Source: Halifax           

As more buyers entered the market, the average first-time buyer deposit fell 6 per cent for Britain.

Halifax explained that the fall in the average deposit was set against a rise in the average purchase price of first homes, meaning that overall the gap between purchase price and deposit widened in every region.

This includes the South West where the average house prices has risen 5 per cent, from £239,434 in 2020 to £252,263 in 2021. At the same time, the average deposit in the region dropped 3 per cent in a year from £51,178 to £49,592 in 2021.

Amid lower affordability, the average age at which someone buys their first home has risen.

The average age of a first-time buyer now stands at 32, up from 29 in 2011 and is now over 30 in every region.

Clackmannanshire has been named as one of the most affordable places for first-time buyers (pictured; the county's town of Alloa)

Clackmannanshire has been named as one of the most affordable places for first-time buyers (pictured; the county’s town of Alloa)

AVERAGE HOUSE PRICE AND AVERAGE DEPOSITS AMONG FIRST-TIME BUYERS
Region Average House Price 2020 (£s) Average House Price 2021 (£s) 1 Yr % change in Average Price Average Deposit 2020 (£s) Average Deposit 2021 (£s) Deposit as % of purchase price 2021 1 Year % change in Deposit
London 488,771 475,819 -3% 130,281 115,759 24% -11%
Scotland 154,821 166,919 8% 35,607 37,038 22% 4%
South West 239,434 252,263 5% 51,178 49,592 20% -3%
South East 322,386 320,591 -1% 66,706 60,953 19% -9%
Northern Ireland 147,394 156,594 6% 29,546 29,199 19% -1%
Wales 165,272 180,392 9% 32,368 33,622 19% 4%
East of England 297,548 303,166 2% 58,531 55,250 18% -6%
North West 175,389 189,588 8% 34,185 33,983 18% -1%
West Midlands 204,948 209,270 2% 41,928 37,159 18% -11%
East Midlands 199,503 210,203 5% 39,077 37,171 18% -5%
North East 145,254 151,814 5% 28,643 26,769 18% -7%
Yorks & Humber 167,267 177,683 6% 33,032 31,212 18% -6%
UK 256,057 264,140 3% 57,278 53,935 20% -6%
Source: Halifax             

Esther Dijkstra, of Halifax, said: ‘There were a number of factors influencing home buying decisions in 2021. 

‘While working from home and the “race for space” was key for many, particularly movers, it is clear that the Stamp Duty holiday increased the availability of first-rung homes as others moved up the ladder.

‘Lifestyles have changed. Over time more people have chosen to go on to higher education, go travelling, or move around for work, which are all factors in the increase in first-time buyer age.

‘However, undoubtedly, the biggest drivers are the cost of homes and the need to save a significant deposit to get on the housing ladder.

‘In 2021, the increase in average house price to £264,140, combined with difficulties in raising a deposit, meant that the gap between purchase price and deposit widened in every region in the UK.’

Merton saw affordability halved: This three-bed semi-detached house between Wimbledon and Colliers Wood is for sale for £799,950 via Dexters estate agents

Merton saw affordability halved: This three-bed semi-detached house between Wimbledon and Colliers Wood is for sale for £799,950 via Dexters estate agents

AREAS WITH THE BIGGEST CHANGES IN AFFORDABILITY
Local Authority Average price 12 months to Dec 2021 (£) Ave earnings 2021 est (£) P/E ratio 2021 P/E ratio 2011 Deterioration in affordability
Merton 513,811 51,880 9.9 4.8 108%
Reigate and Banstead 386,719 47,929 8.1 4.1 97%
South Kesteven 250,788 36,152 6.9 3.6 94%
Westminster 682,361 67,962 10 5.2 94%
Ashford 298,239 35,216 8.5 4.4 92%
Source; Halifax           
Pictured: Camden in London is among the least affordable locations for first-time buyers

Pictured: Camden in London is among the least affordable locations for first-time buyers

The growth of house prices has outstripped that of incomes, with the average price of property for first-time buyers now being 6.9 times their salary.

It follows Halifax announcing earlier this month that house prices rose by £24,500 last year, with average values now standing at £276,091. 

The lender said affordability has fallen since 2011 in all but three local authorities, which are Clackmannanshire, Moray and East Ayrhsire.

Merton saw this price to earnings ratio more than double, which means that affordability halved, while Reigate and Banstead nearly doubled.

The price of an average first-time home is now less than four times the average income – which is considered to be the limit for affordability – in only 15 local authorities around the Britain.

The least affordable local authority for first-time buyers is the London borough of Brent, where homes are 12.3 times average earnings.

By contrast, the most affordable is Clackmannanshire in Scotland, where it is only three times.

Least affordable is London's Brent where this five-bed semi-detached house is for sale for £650,000 via Drivers & Norris estate agents

Least affordable is London’s Brent where this five-bed semi-detached house is for sale for £650,000 via Drivers & Norris estate agents

MOST AFFORDABLE AREAS FOR FIRST-TIME BUYERS
Local Authority Region P/E Ratio 2021
Clackmannanshire Scotland 3
West Dunbartonshire Scotland 3.2
East Ayrshire Scotland 3.2
North Ayrshire Scotland 3.3
Renfrewshire Scotland 3.5
Source; Halifax     
LEAST AFFORDABLE AREAS FOR FIRST-TIME BUYERS
Local Authority Region P/E Ratio 2021
Brent London 12.3
Camden London 12.2
Haringey London 11.4
Waltham Forest London 10.9
Hillingdon London 10.6
Source: Halifax     

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