Connect with us

Current

Property sales to rise to highest level since 2007 market peak, says Zoopla

Voice Of EU

Published

on

Britain’s pandemic property boom is expected to reach levels last seen just before the credit crisis in 2007, new research suggests.

Zoopla’s latest house price index claimed that property sales are on course to reach their most active year since the last market peak in 2007, just ahead of the financial crisis crash.

In a bouyant property market fuelled by the stamp duty holiday, it predicts that 473,000 more transactions will go ahead in 2021 than in 2020, lifting the total value of sales to a massive £461billion.

Predicted sales of 1.5million would mark 2021 as the most active year since the peak that preceded the credit crisis

Predicted sales of 1.5million would mark 2021 as the most active year since the peak that preceded the credit crisis

Sales transactions are expected to reach 1.5millon in the year to December, up 45 per cent compared to 2020, the property website said. The total number of transactions in 2007 was 1,613,810.

While the total number of transactions in 2020 was curtailed by market closures during the initial lockdown, average annual transactions in the previous decade have rarely exceeded between one million and 1.2million. 

Property sales of 1.5million would mark 2021 down as not just the most active market since the peak that preceded the financial crisis, but also one of the 10 busiest years since 1959.

It is hard to imagine a year ago that the property market would have seen such a turnaround in fortunes after it temporarily closed at the beginning of the pandemic.

But Government measures, such as an extended stamp duty holiday and the reintroduction of 95 per cent mortgages, have injected new momentum into the market.

The volume of activity is being matched by an increase in the value of transactions, according to Zoopla.

It forecast that the value of homes sold in 2021 is expected to reach £461billion. This is an increase of 46 per cent or £145billion compared to 2020, and 68 per cent compared to 2019.

While market activity is driving the total value of sales, more expensive homes are also changing hands amid the ongoing ‘search for more space’.

At the same time, the total number of homes available to buy is down 20.8 per cent in the year to mid-May, compared to the average last year.

Zoopla’s projections are based on current levels of activity in the market that will translate into completions later in the year, along with the website’s modelling of how elevated levels of demand will translate into activity throughout the rest of the year. It defines demand as the number of enquiries, such as emails and calls, to its agents.

Wales, Yorkshire & the Humber, and the North West are the hottest markets

At a regional level, the sales markets in Wales, Yorkshire and the Humber, and the North West have seen activity speed up the most.

The time between listing a property and securing a sale subject to contract in these areas is down between 10 and 15 days compared to the 2017 to 2019 average. These regions are also recording the strongest price growth.

Wales, Yorkshire & the Humber, and the North West are the hottest property markets, according to Zoopla

Wales, Yorkshire & the Humber, and the North West are the hottest property markets, according to Zoopla

At a city level, properties in Wigan, Barnsley and Burnley are going under offer significantly faster. A typical property in these markets is selling three weeks faster than in 2017 to 2019. Annual price growth is also rising above the average in these cities at 5.8 per cent or more.

While the overall picture in Britain is positive, there are variations at a city level. Inner London is a case in point, with prices almost unchanged year-on-year, up 0.3 per cent, and property taking almost two weeks longer to go under offer compared to 2020.

At a borough level, average prices are falling in the City of London, which are down 2.5 per cent, those in Kensington & Chelsea are down 1.7 per cent, the City of Westminster’s are down 2.2 per cent, and Hammersmith & Fulham are down 1.4 per cent. 

This is a reflection of the softening of demand in inner city and prime London at the peak of the pandemic.

Inner London isn’t in isolation, however, and there are other cities across Britain bucking the trend of faster moving markets.

Properties in Southampton, Gloucester, Edinburgh, and Coventry, are all spending longer on the market. However, house price growth remains positive across all of these cities.

Zoopla has identified the areas with the highest price rises in the fastest-moving markets

Zoopla has identified the areas with the highest price rises in the fastest-moving markets

House price growth almost doubles in 12 months

In a further signal that the market is running at pace, annual house price growth has almost doubled in the past year. In April, house price growth reached 4.1 per cent, up from 2.3 per cent in April of 2020, according to Zoopla.

Price growth is at its highest in areas where affordability is greatest. At a regional level, house price growth is led by Wales, up 6.3 per cent year-on-year, and Yorkshire & the Humber, up 5.4 per cent during the same period.

At a major city level, Liverpool and Manchester are registering the highest levels of growth for the fifth month in a row, up 6.9 per cent and 6.8 per cent respectively. This is twice the rate recorded in what Zoopla deems the normal markets of 2017 through to 2019, and amid a 10 per cent decline in the volume of homes available to buy.

By contrast, London continues to trail when it comes to house price growth and, at 1.9 per cent, is the slowest regional rate of growth across Britain for the sixth consecutive month.

Zoopla’s House Price Index is based on its own data samples. The 20 cities covered by the index contain 35 per cent of the UK housing stock by volume and 43 per cent of capital value. 

Map shows the change in annual house prices in regions across the country, as compiled by Zoopla

Map shows the change in annual house prices in regions across the country, as compiled by Zoopla

Grainne Gilmore, head of research at Zoopla, said: ‘Demand levels have moderated since the peak in the first three months of the year as the economy opens up and life starts to return to some sort of ‘normal’.

‘The easing of lockdowns will continue to cause a natural fall in demand as people are able to see family and enjoy amenities that have been shut for more than a year, but new buyer demand will still emerge throughout the second half of the year as office-based workplaces confirm if they will be pursuing more flexible working practices.

‘Households who have the opportunity to commute less frequently have more options when it comes to choosing where to live, and this could prompt a move.

‘Likewise, older households will continue to review how and where they are living, with many more set to move for the first time in years. With an increased array of mortgages to choose from, first-time buyers will also remain active in the market.

‘At the same time, supply constraints will continue to underpin pricing. The lack of supply is expected to hamper potential sales during this year, yet even so, we expect total transactions this year to rise to 1.5 million, marking one of the busiest years in the UK’s residential market in more than a decade.’

Estate agents said they had not seen a property market boom like this since 2007. 

Block viewings, best and final offers and sealed bids have been commonplace – outside of London we simply haven’t seen a property market like this since 2007 

 Kate Eales, of Strutt and Parker

Kate Eales, of Strutt and Parker, said: ‘Block viewings, best and final offers and sealed bids have been commonplace in the hottest markets – outside of London we simply haven’t seen a property market like this since 2007. 

‘Back in October when the market was flying, very few anticipated the run to last, however, we continue to be arguably busier. We still continue to register new applicants at an unprecedented rate.

‘However the main challenge we are now facing is a lack of stock, in fact we are roughly around 36 per cent down year on year – a challenge that the industry is facing as a whole and will lead to additional competition and increased pricing. 

‘But with the continued success of the vaccine roll-out and people feeling more comfortable, we do expect more vendors, particularly older generations to now come to the market. As such, the shortfall between stock and demand may diminish across the rest of 2021.’

Caroline Pattinson, of the North East estate agents Pattinson, said: ‘Historically, 50 per cent of properties that come to market will sell, but that success rate has increased significantly over the past year, as demand for property absorbs more supply. 

We’re also seeing more people relocating into the North East, taking advantage of selling in a good market 

Caroline Pattinson, of Pattinson

‘We’re also seeing more people relocating into the North East, taking advantage of selling in a good market, and then capitalising on the comparative value for money that property in our region offers.

‘Properties on the whole are selling much faster than before the pandemic, and it’s common in this current market to find that a home has gone under offer in a matter of days. Multiple offers and above asking price bids are both characteristics of the sales landscape.

‘That said, such acute levels of activity are causing bottlenecks in the sales process, and while it might once have taken eight weeks for a property sale to complete, in some instances it’s now taking up to six months, such is the backlog of transactions.

‘It’s our view that the stamp duty holiday was an unnecessary lever for the Chancellor to pull because the market was already booming. It’s created a false market now and is exacerbating the hold-ups in the sales process. As a result, we’re seeing a lot of activity across the auctions side of our business, with the certainty and speed of a transaction proving to be a beacon for many buyers and sellers.’

Source link

Current

Leinster’s accuracy proves key as they see off Munster in demolition derby

Voice Of EU

Published

on

Leinster 35 Munster 25

A breathtaking and, it has to be said, physically punishing game, which ebbed and flowed from first to last, ended with Leinster getting more than they needed and Munster coming up short of their targets. Well, to a point.

Munster went into the last game requiring at least two match points for a home quarter-final and a bonus point for the additional carrot of a potential home semi-final.

In the end, they came up with zero, which was perhaps preferable in that it earned them an away quarter-final against Ulster rather than against the Bulls. Even so, the winners of that Irish derby in a fortnight will be away in the semi-finals against the Stormers or Edinburgh.

In the other half of the draw Leinster will host Glasgow in the quarter-finals, and the winners of that tie will have home advantage in the semi-finals.

The mix of requirements made for a thrilling game. Leinster were ultimately the more accurate and pacier side, epitomised by the jet-heeled Jordan Larmour, who made everyone else look like they were being towed and his counterattacking and running led to two of Leinster’s four tries. It was a timely reminder of his abilities, and might well earn him a place on the bench in the Champions Cup final against La Rochelle, who themselves welcomed back Will Skelton off the bench against Stade Francais on Saturday.

Munster’s game didn’t lack for ambition at all, and their similar mix featured classy performances by Thomas Ahern, Alex Kendellen, Jack O’Donoghue and Conor Murray. But they weren’t as accurate or quite as pacey.

This hungry Leinster mix of young and experienced were not in a remotely charitable mood, and shot out of the traps. Harry Byrne’s perfect kick-off was reclaimed by the recalled Ryan Baird and inside 80 seconds Leinster had scored without Munster touching the ball.

Generating trademark quick ball, with Baird making one big carry and Scott Penny a couple, before Ciarán Frawley used an advantage to crosskick perfectly for Penny to gather and use his footwork to step Joey Carbery and finish in the corner.

Harry Byrne didn’t land the difficult conversion, but added a penalty before offloads by Kendellen and Ahern and a couple of nicely weighted grubbers to the edges by Murray and Carbery earned an attacking lineout. The first scrap followed too. Yep, derby on.

Attacking wide and through phases, Munster used an advantage when Carbery pulled the ball back as Keith Earls worked across from his wing and flung a peach of a left-hander for O’Donoghue to take Cormac Foley’s tackle and finish well in the corner.

Leinster’s Rory O’Loughlin on his way to scoring a try despite Keynan Knox and Mike Haley of Munster during the United Rugby Championship match at the Aviva Stadium. Photograph: Laszlo Geczo/Inpho
Leinster’s Rory O’Loughlin on his way to scoring a try despite Keynan Knox and Mike Haley of Munster during the United Rugby Championship match at the Aviva Stadium. Photograph: Laszlo Geczo/Inpho

Next, after Frawley’s spillage, the recalled Andrew Conway chased Murray’s perfectly weighted kick to prevent Larmour gathering, Niall Scannell’s gallop earning another attacking lineout.

Again Munster engineered another free play, and after a strong carry by Kendellen from Murray’s pass behind his back, Mike Haley was sharply on hand to pick up and dive over under the posts.

The force was with Munster, all the more so after Conway cleanly reclaimed another box kick by Murray. But when Kendellen kicked through Larmour beat the flanker’s follow-up tackle and left a trail of four more forwards in his wake before being tackled by Murray. From the recycle, Jamie Osborne stepped and Frawley took a superb line on to his short pass for a clean break and had Foley in support. The 22-year-old showed the quickness from his formative years as a centre with St Gerard’s to complete his first Leinster try on his home debut, and some try too.

The game’s first scrums provided an almost welcome breather. Frawley, after his two sumptuous try assists, had to depart for one of several failed HIAs in the game, and didn’t return.

The lively Earls then countered with Haley, Carbery and Kendellen before Rob Russell’s deliberate knock-on prevented the ball reaching three unmarked players and earning him a yellow card. But Baird spoiled the Munster lineout to protect his side’s 15-12 lead until the interval.

But on the resumption Munster struck. Haley chased his own kick, preventing Osborne from gathering cleanly and Murray was sharply on to the loose ball to skip away from Foley’s tackle and score.

Harry Byrne brought it back to a one-point game after Foley’s high tackle on Josh Murphy, and although Munster were clearly now mindful of the chance for a fourth try when going to the corner, before accepting a tap over penalty to push them four points ahead.

Typical of this match, back came Leinster. First Foley executed a 50:22 and despite just changing their frontrow the maul was gathering speed when it collapsed and Frank Murphy adjudged it a penalty try and sinbinned Niall Scannell.

After Max Deegan’s covering tackle on the ever dangerous Chris Farrell into touch, a lovely launch play and a flatish pass by Foley for Joe McCarthy’s carry over the gainline, was the prelude to Leinster reloading right and another slaloming run by Larmour. An offload by McCarty and fine pass by Deegan created the space for Rory O’Loughlin to use a two-on-two and a mismatch with the covering Kenyan Knox to score.

Suddenly it was 32-22 to Leinster.

A spellbinding spell of offloading featuring Murray, Ahern, O’Donoghue and Kendellen ended with Earls finishing off O’Donoghue’s offload, but Murphy adjudged it forward. Instead, Munster had to opt for another Carbery penalty to complete the first task of getting to within one score before chasing a fourth try.

They became over exuberant and conceded penalties, and although Adam Byrne was brilliantly denied by Carbery and Haley, Harry Byrne’s penalty put them 10 ahead, and more relevantly left Munster without anything from the game and looking at a quarter-final away to Ulster.

They had eight minutes or so to do it. They conjured one punishing phased attack, Carbery’s one-handed pick-up and Murray deliberately knocking on with a penalty advantage and then quickly were two of the highlights, but when Carbery prematurely went wide with a looped pass to Jack Daly he was tackled into touch by Osborne.

And that was effectively that.

SCORING SEQUENCE – 2 mins: Penny try 5-0; 9: Byrne pen 8-0; 12: O’Donoghue try 8-5; 17: Haley try, Carbery con 8-12; 23: Foley try, Byrne con 15-12; (half-time 15-12); 41: Murray try, Carbery con 15-19; 46: Byrne pen 18-19; 49: mins Carbery pen 18-22; 51: penalty try 25-22; 54: O’Loughlin try, Byrne con 32-22; 61: Carbery pen 32-25; 71: Byrne pen 35-25.

LEINSTER: Jordan Larmour; Rob Russell, Jamie Osborne, Ciarán Frawley, Rory O’Loughlin; Harry Byrne, Cormac Foley; Ed Byrne (capt), Seán Cronin, Thomas Clarkson; Joe McCarthy, Josh Murphy; Ryan Baird, Scott Penny, Max Deegan.

Replacements: Adam Byrne for Frawley (27 mins), John McKee for Cronin, Peter Dooley for Byrne, Cian Healy for Clarkson (all 49), Devin Toner for J Murphy (55), Ben Murphy for Foley (58), Alex Soroka for McCarthy (66), David Hawkshaw for H Byrne (76).

Sinbinned: Russell (37-47 mins).

MUNSTER: Mike Haley; Andrew Conway, Chris Farrell, Dan Goggin, Keith Earls; Joey Carbery, Conor Murray; Josh Wycherley, Niall Scannell, John Ryan; Jean Kleyn, Thomas Ahern; Fineen Wycherley, Alex Kendellen, Jack O’Donoghue (capt).

Replacements: Jason Jenkins for Kleyn (49 mins), Keynan Knox for Ryan (54), Jeremy Loughman for J Wycherley, Rory Scannell for Goggin (both 55), Diarmuid Barron for Kendellen (58-61), for Scannell (61), Jack Daly for Ahern, Ben Healy for Carbery (both 64), N Scannell for Kendellen (65), Ahern for Daly, Patrick Patterson for Murray (both 76).

Sinbinned: N Scannell (51-61 mins).

Referee: Frank Murphy (IRFU).

URC quarter-finals (Fri, Jun 3rd & Sat, Jun 4th)
1 Leinster v Glasgow Warriors
2 DHL Stormers v Edinburgh
3 Ulster v Munster
4 Vodacom Bulls v Cell C Sharks
 
Semi-finals (Fri, June 10th and Sat Jun 11th)
Leinster or Glasgow v Bulls or Sharks
Stormers or Edinburgh v Ulster or Munster.
 
Shield winners 2021/22:
Irish Shield:
Leinster
South African Shield: DHL Stormers
Welsh Shield: Ospreys
Scottish & Italian Shield: Edinburgh
 

Source link

Continue Reading

Current

Aparto debuts in Spain

Voice Of EU

Published

on

Aparto has unveiled its first student residence in Spain to open in September 2022. Aparto Barcelona Pallars, owned by Commerz Real, is located in the 22@, the city’s innovation district, and accommodates 743 beds covering 26,000m². The cutting-edge facilities at aparto Barcelona Pallars include an external circa 45-metre length infinity pool, a 900 square metre rooftop terrace, 2,500m² of gardens including the Butterfly Garden (named because of the type of plants that attract butterflies), the Smell Garden (due to the mixture of aromatic plants), 1,400m² of amenity space including a gym with a weight, cardio, and yoga studios, two cinema rooms, leisure areas, and a bar offering both food and drink services.

 

In addition, a central feature of aparto’s offering is its first-class experience with a focus on the arts including an initiative in which street artists will design some of the paintings on the building, and a mental health programme available to all students all year around, strengthened by aparto employees receiving mental health training to identify anyone who may need help. 

 

aparto Barcelona Pallars has been designed by the Catalonian architecture studio Battle i Roig, a pioneer in landscape architecture, interweaving structures with natural spaces like gardens. Upon construction completion, the building will receive the LEED Gold and WELL Platinum Certifications for sustainability. 

 

aparto offers students a unique safe study experience and flexible model offering medium and long-term stays, from a few months to a full year, with all-inclusive rates including cleaning, Wi-Fi connection, linen services, and some additional features related to sports and wellness sessions, cocktail and cooking classes, and a series of entertainment evenings including movie nights, sports matches and tournaments. Aparto’s focus is to create places where students feel at home living within a strong community.

  

Tom Rix, director of operations at aparto, UK, commented: “With Aparto Barcelona Pallars, Hines is introducing first-class student housing in Spain. Pallars mirrors what today’s students want in terms of facilities, amenities, community engagement, and wellbeing programmes. We have already successfully demonstrated that this innovative model is in high demand in Italy, Ireland, and the UK and we anticipate the same success here in Spain and can’t wait to welcome students to Barcelona.”

Source link

Continue Reading

Current

Crossrail house price boom: Reading, Maidenhead and Slough set to become property hotspots

Voice Of EU

Published

on

Crossrail may be billions of pounds over budget and three-and-a-half years late but it’s finally ready to roll.

This extraordinary feat of engineering is due to be put into service on Tuesday, when it will adopt its correct title of the Elizabeth Line. 

The Queen made a surprise visit to Paddington station this week and officially opened the line.

On the line: The Thames flows through Maidenhead, which will now enjoy a direct link to Central London thanks to its new Crossrail station

On the line: The Thames flows through Maidenhead, which will now enjoy a direct link to Central London thanks to its new Crossrail station

Linking Shenfield and Abbey Wood in the east with Heathrow and Reading to the west of the capital, it will bind together existing commuter railways, accelerating cross-city travel and relieving overcrowding on the London Underground — particularly the often hellish Central Line.

Commuters’ journey times will be slashed; Reading to London Liverpool Street, for example, will take under an hour.

When fully operational it will increase London’s rail capacity by 10 per cent, making it the largest single expansion of the city’s transport network in more than 70 years.

There are still a few glitches to be ironed out. Initially passengers travelling from Reading in the west to Abbey Wood and beyond will have to change at Paddington or Liverpool Street mainline stations. 

Also Bond Street is three months behind schedule. Trains will not call there until later in the year. Yet these delays pale into insignificance when you consider how the Elizabeth Line will transform rail travel in the capital.

Cross town: The Elizabeth line will run east to west across London, starting in Berkshire and ending in Essex

Cross town: The Elizabeth line will run east to west across London, starting in Berkshire and ending in Essex

The new station at Paddington, for example, is the size of three Wembley football pitches, with natural light as far as the platform entry from a nearly 400ft-long glass canopy.

More than £1 billion has been spent on upgrading 31 existing stations and tracks. Spacious tunnels will lead to airy 600 ft platforms, with glass screens at the edge of the tracks, making it impossible to fall under a train. 

Step-free access from street to train will make the service accessible to wheelchairs. 

The nine-car, air-conditioned trains will have colourful bench seats and open interiors with full-width walk-through connections between cars. It will be a world away from today’s cramped, cluttered carriages.

Few engineering projects change the way we live but The Elizabeth Line promises to do just that. People are already flocking to the new stations.

Research from Savills last year found that, over the past five years, homes within 0.6 mile of about half of the stations on the line have increased in price by 25 per cent or more.

It follows that when the sleek and airy new trains come into service, delivering people to their workplaces in double quick time, we can expect a migration to the west of London.

Here are the hotspots:

Reading revival

Outlay: More than £1bn has been spent on upgrading 31 existing stations and tracks

Outlay: More than £1bn has been spent on upgrading 31 existing stations and tracks

Not so long ago Reading was best known for its brewery and its biscuit factory — not any more. 

International companies, including Amazon UK, Virgin Media and KPMG have moved there and with reasonably priced homes, compared to London, the town is already popular with commuters.

‘I recently dealt with a young woman who sold her 750 sq ft flat in London for £600,000 and bought a 1,750 ft duplex in Reading for £650,000,’ says James Hathaway, of Winkworth estate agents.

The town has lots of green space, riverside walks, the Grade II-listed Thames Lido and great shopping, notably in Broad Street and the Oracle centre. The average price of a home sold in Reading was £384,000 last year.

Compare that to the £512,000 average price in, say, East London and you will see why an exodus from the capital is forecast when the Elizabeth Line makes commuting a doddle.

Maidenhead marches on

This Berkshire town is keen to attract the City bankers who had previously been put off living there by having to trek across the capital’s underground system to get to work.

‘The Elizabeth Line changes all that and buyer enquiries have already started booming,’ says Dawn Carritt at Jackson-Stops estate agents.

‘The prospect of living near the river in Maidenhead or in nearby villages such as Sonning and Bray is appealing.’

Maidenhead (with Theresa May as its MP) is on the cusp of a revival. Its 1960s shopping centre is to be transformed into The Nicholson Quarter, a swish mixed-use centre.

The area by the river is being developed and trendy cocktail bars and restaurants such as Coppa Club are thriving — a sure sign of a town on the up.

Slough expansion

Ricky Gervais did Slough no favours when he set The Office there. Yet the town has a lot going for it. It is well located for travel, nestling between the M4 and the M40 and within easy reach of the M25 and Heathrow airport.

First-time buyer portal Share to Buy claims that Slough has been one of the UK’s top ten property hotspots over the past decade with a 73 per cent increase in house prices. 

The Berkeley Group is redeveloping the former Horlicks factory and site to create 1,300 homes.

A small flat sells for £150,000 and a three-bed terrace house for £350,000. The centre is being improved and with the coming of the Elizabeth Line, things can only get better.

On the market… the hotspots 

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!