Connect with us

Current

The ‘expensive and unnecessary’ stamp duty holiday was not the main driver of rising house prices

Voice Of EU

Published

on

An influential think tank has questioned the Government’s policy of committing billions of pounds in lost tax revenues to prop up the housing market during the pandemic.

The Resolution Foundation claims that the expensive stamp duty holiday may have contributed to rising house prices, but the property market would have remained buoyant anyway, with low interest rates, higher savings rates,the desire for more space and the move into more rural locations.

The report criticises the stamp duty holiday for being ‘both expensive and unnecessary’, highlighting that ‘in England and Northern Ireland alone, the stamp duty holiday looks set to cost an estimated £4.4 billion in forgone taxes by the end of 2021/22’. 

The Resolution Foundation found that the expensive stamp duty holiday may have pushed house prices up, but prices would have risen anyway, with low interest rates, higher savings rates and desires to move out of cities driving a boom

The Resolution Foundation found that the expensive stamp duty holiday may have pushed house prices up, but prices would have risen anyway, with low interest rates, higher savings rates and desires to move out of cities driving a boom

Last year, in response to the pandemic, the Government increased the threshold at which buyers have to pay stamp duty. In England this rose to £500,000, while in Scotland and Wales the new threshold was £250,000.

This rise, which can save buyers thousands of pounds, has been blamed for hefty increases in house prices since last spring as buyers scrambled to take advantage of the tax break. 

But the Resolution Foundation says this criticism is ‘wide of the mark’ and house prices have been growing in Germany, the US, Canada, Australia and France at a similar, if not greater, rate than in the UK. 

Earlier this week the Office for National Statistics revealed that the average house price across the UK had increased by 13.2pc between June 2020 and June 2021, from £234,668 to £265,668.

Meanwhile, analysis by online property platform Twindig appears to back up the Resolution Foundation report, as it shows house prices grew most in areas with least to benefit from the stamp duty holiday.

Using data from the Land Registry Twindig looked at the locations across the UK that saw property values surge most and least during the time of the tax break (which remains in a diluted form). . 

The biggest winner in percentage terms was Richmondshire, which is located in the northern area of the Yorkshire Dales including Swaledale and Arkengarthdale, Wensleydale and Coverdale. See table below

Earlier this week the Office for National Statistics revealed that the average house price across the UK had increased by 13.2pc between June 2020 and June 2021, from £234,668 to £265,668

Earlier this week the Office for National Statistics revealed that the average house price across the UK had increased by 13.2pc between June 2020 and June 2021, from £234,668 to £265,668

During the stamp duty holiday, house prices in Richmondshire increased on average by 29.4 per cent (or £62,632). In second place up 24.7 per cent were the Derbyshire Dales with Blaenau Gwent in third with average house prices up 24.1 per cent.  

In monetary terms, house prices have increased the most in the Cotswolds, with them up £85,481 on average, followed by Harrow (£74,892), and the Derbyshire Dales coming in third (up £63,188).

London districts and the South East – where stamp duty savings were potentially the greatest – saw meagre house price increases and even falls in some cases. 

Regardless of its drivers, the house price surge of the last year has increased wealth gaps in our country and left many aspirant first-time buyers even further away from realising their ambitions of owning a home

The five biggest losers can all be found in London, with the City of London in at first place (down 13.2pc) followed by the City of Westminster (down 7.9pc), Kensington and Chelsea (down 4.8pc), Southwark (down 1.7pc) and Hackney (down 1.6pc).  

Commenting on the subject of the stamp duty holiday, Resolution Foundation researcher Krishan Shah said:  ‘The problem with the stamp duty holiday isn’t that it caused a house price rise, but that a boom in transactions and prices would almost certainly have taken place without it.

‘That begs big questions about value for money, especially when we consider that the policy in England and Northern Ireland alone looks set to cost an estimated £4.4 billion in forgone tax revenues.

‘We must also remember that, regardless of its drivers, the house price surge of the last year has increased wealth gaps in our country and left many aspirant first-time buyers even further away from realising their ambitions of owning a home.’

The biggest house price winners and losers 

An in-depth analysis by online property platform Twindig using data from the Land Registry looks at who were the country’s biggest winners and losers following the stamp duty ‘gap year’… 

Region

 1 Cotswold

2 Harrow

3 Derbyshire Dales

4 Richmondshire

5 Bromley

6 Elmbridge

7 Oxford

8 North Norfolk

9 Tewkesbury

10 West Devon

11 Eastleigh

12 East Hampshire

13 Stratford-on-Avon

14 North Devon

15 Winchester

16 South Oxfordshire

17 South Hams

18 Vale of Glamorgan

19 Wandsworth

20 Enfield

21 Shropshire

22 South Lakeland

23 Dacorum

24 Wealden

25 Buckinghamshire

26 Cornwall

27 Three Rivers

28 Hounslow

29 Uttlesford

30 Wychavon

31 Eden

32 Ealing

33 St Albans

34 Hastings

35 Cheshire East

36 Rutland

37 Cambridge

38 Harrogate

39 Pembrokeshire

40 Redbridge

41 Kingston upon Thames

42 East Northamptonshire

43 Cheltenham

44 East Staffordshire

45 Solihull

46 Castle Point

47 North East Derbyshire

48 Hammersmith & Fulham

49 York

50 Ceredigion

51 Melton

52 Lichfield

53 Hart

54 Test Valley

55 Greenwich

56 Chorley

57 Brighton and Hove

58 South West

59 Arun

60 Central Bedfordshire

61 Malvern Hills

62 East of England

63 Hambleton

64 Waltham Forest

65 East Sussex

66 South Staffordshire

67 Tandridge

68 Cheshire West & Chester

69 Stevenage

70 South East

71 South Cambridgeshire

72 Breckland

73 Warrington

74 Rugby

75 Manchester

76 England

77 West Berkshire

78 Torfaen

79 North Somerset

80 England and Wales

81 Outer London

82 Conwy

83 Maidstone

84 Bath and NE Somerset

85 East Devon

86 Camden

87 North Yorkshire

88 Bedford

89 Rossendale

90 Oxfordshire

91 Rother

92 King’s Lynn & W. Norfolk

93 Harborough

94 Epping Forest

95 Devon

96 Scarborough

97 Vale of White Horse

98 North West

99 Stafford

100 Stockport

101 Worthing

102 Mendip

103 United Kingdom

104 Wirral

105 Woking

106 Gwynedd

107 Sedgemoor

108 South Norfolk

109 Norfolk

110 Milton Keynes

111 Tameside

112 London

113 Carmarthenshire

114 Welwyn Hatfield

115 Bridgend

116 West Midlands Region

117 Hampshire

118 New Forest

119 Charnwood

120 Bury

121 Salford

122 Mole Valley

123 Eastbourne

124 West Lindsey

125 Tendring

126 Allerdale

127 Rochford

128 Tonbridge and Malling

129 Cherwell

130 Lewes

131 Mid Sussex

132 Surrey Heath

133 Lambeth

134 Great Yarmouth

135 Gloucestershire

136 Hertfordshire

137 Warwickshire

138 East Midlands

139 Lancaster

140 Hinckley and Bosworth

141 Flintshire

142 Wales

143 Gravesham

144 Leicestershire

145 Windsor & Maidenhead

146 Greater Manchester

147 Cannock Chase

148 Wiltshire

149 Hillingdon

150 North Kesteven

151 Staffordshire

152 Adur

153 Northumberland

154 Barnet

155 NW Leicestershire

156 Trafford

157 Fylde

158 Amber Valley

159 Dorset

160 Mid Suffolk

161 Broxbourne

162 Yorkshire & The Humber

163 Brent

164 Isle of Anglesey

165 Gedling

166 Gosport

167 Isle of Wight

168 Liverpool

169 Surrey

170 Worcestershire

171 Somerset

172 Medway

173 West Sussex

174 Torridge

175 Huntingdonshire

176 Teignbridge

177 Suffolk

178 Wrexham

179 Cambridgeshire

180 Staffordshire Moorlands

181 Blaby

182 Leeds

183 Derbyshire

184 Nuneaton and Bedworth

185 Bassetlaw

186 Boston

187 Merseyside

188 Guildford

189 Dudley

190 South Holland

191 Exeter

192 Kirklees

193 Denbighshire

194 Telford and Wrekin

195 Epsom and Ewell

196 Leicester

197 Bromsgrove

198 Dartford

199 Bolton

200 Cumbria

201 Ryedale

202 Havering

203 High Peak

204 Broxtowe

205 Sevenoaks

206 Cardiff

207 Chesterfield

208 Bexley

209 East Lindsey

210 Wokingham

211 Tunbridge Wells

212 Sheffield

213 Pendle

214 Ribble Valley

215 South Somerset

216 Redcar and Cleveland

217 Wyre Forest

218 Worcester

219 Babergh

220 Hertsmere

221 Kettering

222 Essex

223 Blaenau Gwent

224 Islington

225 Broadland

226 East Riding of Yorkshire

227 Southend-on-Sea

228 Newark and Sherwood

229 Kent

230 City of Derby

231 Sutton

232 West Yorkshire

233 Selby

234 Sefton

235 Mansfield

236 Lincolnshire

237 Wigan

238 Dover

239 Reigate and Banstead

240 Wakefield

241 Nottinghamshire

242 Powys

243 South Northamptonshire

244 Luton

245 Canterbury

246 East Hertfordshire

247 Northamptonshire

248 Waverley

249 Rochdale

250 Forest of Dean

251 Braintree

252 South Derbyshire

253 Torbay

254 Rhondda Cynon Taf

255 Barking and Dagenham

256 North Hertfordshire

257 North Lincolnshire

258 South Gloucestershire

259 South Tyneside

260 Neath Port Talbot

261 Lancashire

262 Rotherham

263 Monmouthshire

264 St Helens

265 North East

266 Calderdale

267 West Midlands

268 Knowsley

269 Tower Hamlets

270 City of Peterborough

271 Herefordshire

272 Walsall

273 Daventry

274 Haringey

275 Birmingham

276 Wyre

277 North Warwickshire

278 Portsmouth

279 Oldham

280 Havant

281 Thurrock

282 Swansea

283 Caerphilly

284 Northampton

285 Tamworth

286 Horsham

287 Basildon

288 Erewash

289 City of Bristol

290 South Yorkshire

291 Croydon

292 County Durham

293 Basingstoke and Deane

294 West Lancashire

295 Wolverhampton

296 Stoke-on-Trent

297 Barrow-in-Furness

298 Ashford

299 Ipswich

300 Thanet

301 Slough

302 Swale

303 Hartlepool

304 Darlington

305 Wellingborough

306 Bradford

307 Fenland

308 Doncaster

309 Chichester

310 Brentwood

311 North Tyneside

312 Lewisham

313 Rushmoor

314 South Ribble

315 Tyne and Wear

316 Chelmsford

317 Fareham

318 Merthyr Tydfil

319 Sunderland

320 Newcastle upon Tyne

321 Inner London

322 City of Nottingham

323 Merton

324 Blackpool

325 Craven

326 Sandwell

327 Halton

328 Coventry

329 Carlisle

330 City of Plymouth

331 Crawley

332 Blackburn with Darwen

333 Ashfield

334 Newcastle-under-Lyme

335 Corby

336 Rushcliffe

337 Reading

338 Mid Devon

339 Harlow

340 Lincoln

341 Norwich

342 North East Lincolnshire

343 Bolsover

344 Colchester

345 East Cambridgeshire

346 Watford

347 Gateshead

348 Copeland

349 Redditch

350 Swindon

351 Middlesbrough

352 Hyndburn

353 Spelthorne

354 Gloucester

355 Stockton-on-Tees

356 Warwick

357 Oadby and Wigston

358 South Kesteven

359 Preston

360 Maldon

361 Newham

362 Barnsley

363 Bracknell Forest

364 Burnley

365 Newport

366 Kingston upon Hull

367 Southampton

368 Runnymede

369 West Oxfordshire

370 Richmond upon Thames

371 Stroud

372 Southwark

373 Hackney

374 Kensington And Chelsea

375 City of Westminster

376 City of London

 % change since June 2020

22,6

16,7

24,7

29,4

14,4

10,4

15,5

23,9

20,1

20,1

17,3

12,9

16,1

19,8

11,3

10,8

15,1

19,9

7,6

11,5

20,9

18,7

10,7

12,5

10,7

17,7

8,1

10,2

10,3

14,7

20,5

8,5

7,8

18,5

17,1

13,1

9,0

14,2

22,6

9,3

8,0

16,0

14,0

20,7

14,0

12,3

20,1

5,1

14,1

19,0

16,8

14,4

8,9

10,8

9,2

20,0

9,8

13,7

12,4

11,7

13,5

12,1

15,4

7,8

12,6

14,2

7,8

16,5

12,3

10,5

9,1

15,4

17,1

14,1

19,2

13,3

9,8

22,0

12,7

13,5

7,8

20,1

11,3

9,4

11,3

3,8

14,6

11,4

22,4

9,1

11,0

14,3

10,8

6,9

12,3

19,2

8,9

18,6

15,2

13,3

11,4

12,2

13,2

20,0

7,7

20,1

13,5

11,4

13,4

12,0

19,9

6,3

20,6

7,9

19,1

15,0

9,6

9,0

13,4

16,3

17,7

6,3

12,7

17,1

13,6

19,2

8,7

8,0

10,1

9,2

7,8

7,6

5,7

17,0

10,8

7,3

11,4

14,3

18,7

12,7

17,3

16,7

10,1

11,9

5,9

15,7

15,6

10,0

6,8

13,1

13,9

8,7

17,4

5,1

12,3

9,0

13,8

14,8

9,1

9,9

7,8

15,8

5,4

15,0

13,8

12,9

11,7

19,1

5,9

10,9

11,1

10,8

8,0

11,1

10,0

10,3

10,3

16,3

8,5

13,5

10,6

13,4

13,8

13,9

15,9

16,3

16,9

5,5

13,6

13,2

9,6

16,3

15,0

14,5

5,1

13,2

8,3

7,9

17,1

15,1

9,5

6,3

11,7

12,1

5,2

11,1

14,5

6,8

13,1

5,5

6,1

14,1

22,8

10,6

9,9

19,7

11,6

11,1

7,7

4,8

11,0

7,2

24,1

3,5

8,2

12,0

7,5

11,8

7,4

13,5

5,8

13,7

10,7

13,2

15,5

11,6

15,5

8,6

5,2

13,8

11,7

11,5

6,6

9,1

6,7

5,3

8,9

4,3

14,3

8,4

7,2

10,4

10,0

17,6

6,8

5,9

13,5

7,1

15,6

16,1

13,6

14,2

7,3

14,7

15,3

13,5

10,5

14,2

4,2

9,5

7,8

11,0

6,9

3,5

9,8

12,3

8,9

8,6

12,7

6,6

6,7

12,0

12,9

8,5

9,4

4,8

5,7

10,3

6,1

12,1

4,6

17,2

5,6

8,7

10,9

15,5

13,8

5,7

8,4

6,8

5,7

6,4

15,7

12,6

7,1

11,9

8,1

11,9

3,9

3,6

9,5

3,6

5,5

8,8

10,7

4,4

5,0

13,8

12,3

9,2

2,5

9,3

2,7

13,0

6,2

8,8

9,3

7,1

9,8

7,4

4,7

11,5

9,0

8,4

6,5

4,4

4,5

5,3

4,6

7,8

6,2

10,0

9,1

4,7

4,3

3,3

9,3

9,2

5,2

5,0

10,0

10,9

2,9

5,1

7,5

3,1

4,3

4,2

7,3

2,7

2,2

6,5

2,3

7,5

3,6

4,2

2,0

0,9

1,0

0,5

0,2

-1,7

-1,6

-4,8

-7,9

-13,2

 £ change since June 2020

85.481

74.892

63.188

62.632

61.237

61.107

60.652

58.634

54.908

49.060

47.957

47.881

47.402

47.008

45.557

45.417

45.397

45.254

45.243

44.729

44.277

43.658

42.550

42.380

42.272

41.435

40.928

40.712

40.510

40.508

39.876

39.853

39.593

39.378

38.980

38.962

38.934

38.825

38.559

38.559

38.451

38.271

38.128

38.070

37.971

37.466

37.189

36.595

36.591

36.584

36.575

36.428

36.317

36.109

36.058

36.020

35.801

35.524

35.446

35.307

35.256

35.245

35.162

35.046

35.020

34.911

34.897

34.198

33.970

33.924

33.876

33.747

33.685

33.655

33.294

33.290

33.220

33.159

33.141

33.109

32.997

32.804

32.558

32.525

32.214

32.192

32.188

32.173

32.145

32.133

31.963

31.810

31.810

31.799

31.702

31.686

31.462

31.452

31.423

31.237

31.235

31.223

30.965

30.916

30.817

30.788

30.611

30.562

30.469

30.410

30.354

30.329

30.324

30.317

30.120

30.099

30.071

30.051

29.943

29.809

29.795

29.777

29.695

29.465

29.425

29.366

29.339

29.310

29.298

29.296

29.185

29.174

29.167

28.998

28.947

28.722

28.631

28.352

28.223

28.197

28.067

27.907

27.779

27.747

27.601

27.597

27.526

27.512

27.476

27.345

27.328

27.297

26.907

26.807

26.759

26.690

26.682

26.650

26.636

26.630

26.600

26.577

26.484

26.480

26.477

26.455

26.223

26.196

26.131

26.121

26.085

26.082

25.967

25.804

25.768

25.655

25.451

25.196

25.123

25.122

25.094

25.091

25.063

25.041

25.032

24.966

24.909

24.708

24.692

24.659

24.391

24.335

24.090

24.088

24.036

24.011

23.975

23.923

23.921

23.676

23.568

23.523

23.513

23.460

23.459

23.420

23.206

23.184

23.182

23.116

23.086

23.084

23.007

22.946

22.925

22.888

22.746

22.633

22.582

22.516

22.383

22.362

22.299

22.137

22.050

22.003

21.979

21.919

21.903

21.810

21.761

21.722

21.718

21.695

21.672

21.556

21.555

21.548

21.434

21.383

21.297

21.207

21.207

20.994

20.849

20.731

20.559

20.512

20.481

20.480

20.408

20.308

20.285

20.255

20.226

20.142

20.108

20.081

20.039

20.001

19.984

19.981

19.945

19.883

19.854

19.640

19.562

19.127

19.014

18.998

18.831

18.811

18.692

18.660

18.562

18.450

18.408

18.338

18.300

18.227

18.178

18.176

18.148

18.148

18.069

17.926

17.727

17.680

17.644

17.562

17.242

17.186

17.170

17.083

17.017

16.969

16.579

16.556

16.497

16.325

16.306

16.150

16.049

16.026

15.961

15.911

15.837

15.817

15.687

15.468

15.425

15.407

15.382

15.127

15.058

14.798

14.733

14.645

14.630

14.614

14.196

14.195

13.949

13.922

13.868

13.653

13.607

13.428

13.351

13.291

13.233

13.214

13.205

13.178

12.730

12.668

12.636

12.545

12.494

12.478

12.461

12.357

12.272

12.216

12.100

11.936

11.825

11.511

11.287

10.960

10.767

10.671

10.629

10.622

9.952

9.889

9.772

9.268

9.251

9.140

8.422

8.296

7.794

6.921

6.918

4.842

4.274

3.672

3.435

3.161

437

-8.681

-9.141

-61.952

-76.481

-115.172

Average price in 2021

463.111

522.143

318.663

275.968

486.648

649.931

451.385

304.245

328.271

293.532

325.062

419.645

342.487

284.463

447.808

464.523

346.584

272.137

637.662

432.250

256.200

277.691

441.317

380.982

437.135

275.677

545.331

438.225

434.485

316.134

234.831

508.177

549.567

251.853

266.439

336.786

473.534

312.104

209.253

452.547

518.930

277.733

310.460

221.649

309.404

342.096

222.605

757.877

295.786

228.632

254.862

289.678

444.427

370.806

427.497

215.679

399.394

294.906

320.717

337.637

297.041

327.017

262.923

485.020

313.460

280.786

484.752

241.723

309.357

355.948

407.605

252.245

230.392

271.678

206.574

284.029

372.922

183.859

294.244

279.130

458.390

195.748

319.685

378.725

316.180

878.870

252.638

314.725

175.648

386.442

323.563

253.688

325.637

492.632

289.106

196.464

383.016

200.222

237.784

265.962

305.730

286.963

265.668

185.416

430.587

184.037

256.986

298.997

258.288

284.300

182.956

510.299

177.475

416.405

187.812

231.429

343.603

365.586

254.010

212.476

198.353

501.169

264.358

201.399

246.130

182.494

368.254

395.864

318.818

347.770

403.453

414.344

545.267

199.297

297.026

424.453

278.858

226.846

179.130

250.519

190.724

195.291

304.111

260.789

494.064

203.405

203.653

302.644

430.742

236.309

223.961

339.340

181.776

548.442

243.760

322.426

219.428

207.014

318.406

295.226

369.731

194.518

512.645

202.624

218.834

231.808

251.021

163.580

471.706

265.325

261.514

267.969

351.170

257.275

284.563

275.451

271.734

179.671

319.195

211.588

261.161

212.943

206.499

204.554

182.409

177.991

172.276

472.390

205.659

211.339

279.056

173.424

184.468

190.692

495.928

206.297

313.224

327.255

164.206

180.610

271.303

394.579

224.050

216.656

470.726

235.054

183.676

364.502

200.408

440.117

401.580

186.980

124.068

239.692

254.520

138.913

218.111

225.898

314.034

492.856

225.373

333.853

115.012

663.055

289.817

205.943

314.173

207.615

317.561

183.228

394.447

180.748

224.954

186.605

161.804

207.911

160.548

270.759

435.954

175.824

203.370

205.265

341.746

251.941

330.340

410.002

251.934

493.937

163.807

264.954

305.720

215.380

222.470

135.624

319.220

359.399

168.966

303.463

148.388

144.024

166.584

161.087

291.657

155.079

149.521

165.288

206.718

153.672

468.117

217.930

259.673

189.969

289.429

556.723

208.241

167.993

225.338

230.419

162.507

292.393

290.849

169.168

158.498

232.577

209.578

388.873

329.756

189.123

307.765

163.229

389.642

117.330

321.140

212.597

173.385

126.333

136.762

309.152

213.725

256.404

304.062

268.541

118.269

143.016

239.525

149.798

211.692

148.640

421.306

447.457

177.811

438.599

296.530

187.317

155.283

349.558

309.026

120.792

133.359

172.770

592.529

166.153

536.716

121.366

237.522

169.422

159.255

202.993

149.851

194.085

292.711

128.480

159.280

170.021

208.273

298.281

296.261

248.664

284.728

172.922

214.742

135.923

146.902

273.200

294.645

370.301

139.227

136.197

227.705

228.123

118.395

108.608

378.713

217.220

142.216

324.957

234.599

230.355

135.891

348.756

388.708

136.778

346.438

98.805

198.141

121.335

218.192

432.576

339.687

702.846

285.141

503.464

569.907

1.239.831

895.150

756.164

Source link

Current

‘I was so proud to be Navajo and so proud to be Irish’

Voice Of EU

Published

on

“For the first time in my lifetime my two cultures were intertwined in the most beautiful way … I was so proud to be Navajo and so proud to be Irish.”

Doreen McPaul was speaking as she received a Presidential Distinguished Service Award for the Irish Abroad for 2021. President Higgins granted the awards to 11 people at a ceremony in Áras an Uachtaráin on December 2nd.

McPaul, of Irish and Navajo heritage, is attorney general for the Navajo Nation. Her award, under the category of charitable works, is in recognition of her fundraising for the Navajo, who experienced extreme hardship during the Covid-19 pandemic.

Her efforts led to a collaboration with the Irish Cultural Centre and McClelland Library in Phoenix, Arizona, which gathered more than $30,000 worth of donated supplies to assist the Navajo Nation at the peak of the pandemic.

“The Navajo Nation was so devastated by Covid-19, as a culture and as a community. [It] was really tragic and stressful, and we worked literally non-stop. The highlight of this was talking to people from all over the world …. Specifically with Ireland, we had this huge outpouring of support, and that was really overwhelming because of my own dual heritage and growing up as a half-Navajo half-Irish girl,” she told The Irish Times.

“As soon as people learned that the Navajo Nation attorney general was part-Irish, people reached out to me and claimed me as their own and invited me to all these things and celebrated my dual heritage in a way I’ve never experienced before. Literally they put me on the highest pedestal and that’s what this award signifies to me.”

A graduate of Princeton University, Doreen McPaul has worked as a tribal attorney for 20 years and has spent two years serving as attorney general. “I didn’t know I was nominated for the award first of all. So when the Irish council called to let me know I would be receiving a notice of the award, I literally cried.”

In all, 11 people received awards on Thursday, in a variety of fields. They were: Arts, Culture and Sport: Susan Feldman (USA), Roy Foster (Britain) and Br Colm O’Connell (Kenya). Business and Education: Sr Orla Treacy (South Sudan). Charitable Works: Doreen Nanibaa McPaul (USA), Phyllis Morgan-Fann and Jim O’Hara (Britain). Irish Community Support: Adrian Flannelly and Billy Lawless (USA). Peace, Reconciliation & Development: Bridget Brownlow (Canada). Science, Technology & Innovation: Susan Hopkins (Britain).

Colm Brophy, Minister of State for Overseas Development Aid and Diaspora said: “As Minister of State for the Diaspora I am aware of the profound impact our global family has had around the world in a variety of fields. There were 107 nominations for these awards this year, and the level and breadth of the achievements of the people nominated are, by any measure, remarkable.

The contribution of the Irish abroad has been immense, and the diversity of their achievements in their many walks of life, can be seen in this year’s 11 awardees.”

Source link

Continue Reading

Current

Ski home values rise by up to 17% despite travel restrictions says Savills

Voice Of EU

Published

on

It’s not just Britain’s property market that is red-hot. Homes in ski resorts are being snapped up by wealthy buyers despite the pandemic and on/off travel restrictions, a new reports suggests.

And just like here, the staggering growth in values stems from high demand and lack of supply. 

The findings are in Savills latest ski report, which tracks 44 resorts globally. It found that property prices grew on average 5.1 per cent in the last year.

However, some resorts – including Flims and Grimentz in Switzerland – saw values rise 17 per cent.

This chalet in Chemin Des Cleves in Switzerland and is for sale for CHF6,000,000, the equivalent of £4.9million

This chalet in Chemin Des Cleves in Switzerland and is for sale for CHF6,000,000, the equivalent of £4.9million

Top 20 prime ski resorts, based on price per square metres (priced in euros)

Top 20 prime ski resorts, based on price per square metres (priced in euros)

The release of pent-up demand for ski properties follows almost two seasons of closures for most resorts.

Jeremy Rollason, of Savills, said: ‘Only a few resorts such as Val d’Isère, Verbier and Morzine were seeing real price growth up until 2019. 

‘That has all changed with virtually all resorts in the Alps and North America experiencing strong double digit and sometimes exponential price growth in a matter of months.’

He adds: ‘The first quarter of 2021 was particularly acute for demand. Transaction volumes doubled over the previous year and fierce competition emerged, especially for prime property in the most exclusive resorts.

‘Property that had previously been for sale for a few months – or even years – suddenly found buyers who were keen to escape the confines of towns and cities.’

The North American ski resorts of Aspen and Vail top the Savills Ski Prime Price League with Courchevel 1850 moving from the top spot to third place.

Aspen, which celebrates its 75th birthday this season, is predominantly a domestic market, with average values at around £25,000 per square metre.

Meribel has broken into the top ten price resorts with asking prices of around £13,800 per square metre. 

With its 200 lifts, and central to the world’s largest ski area – Les Trois Vallees – Meribel is popular among French and British skiers looking for a dual season resort.

Making the most of a dual season: This five-bed chalet is in St Gervais, in France's Haute-Savoie region, and is on the market for €2.5m (£2.13m)

Making the most of a dual season: This five-bed chalet is in St Gervais, in France’s Haute-Savoie region, and is on the market for €2.5m (£2.13m)

Estate agents Savills also looked at the prospects for price growth in 10 key resorts

Estate agents Savills also looked at the prospects for price growth in 10 key resorts

While resorts have always pushed the benefits of using properties throughout the winter and summer, a dual season resort is now the most important locational factor for buyers as they look to make the most of their holiday homes, according to Savills.

The estate agent said that regardless of international travel restrictions, foreign buyers are still keen to purchase ski resort properties and have been quick to return to the property market as restrictions have lifted.

This week, some resorts opened early amid heavy snowfall and are hoping to remain so throughout the season.

Mark Nathan, of Chalets 1066, the largest operator in France’s Les Gets, said: ‘We are fortunate here in that Jean-Baptiste Lemoyne, the French Minister for Tourisme has said that ‘closing is not an option’ this winter.

‘The snow is amazing at the moment and the pistes will be opening this weekend. The planned date was December 12 for early opening so this shows how good the conditions are. The fresh snow was up to my knees this morning.’

This five-bed chalet is in Saas-Fee, Switzerland, and is for sale for CHF4,200,000, the equivalent of £3.4million

This five-bed chalet is in Saas-Fee, Switzerland, and is for sale for CHF4,200,000, the equivalent of £3.4million

He explained that visitors will be expected to show proof of vaccination to go into bars and restaurants, and also when buying lift passes.

‘There might even be random checks in the lift queues. We are also expecting to have to use masks in lift queues – but these are all small points and the good news is we can all ski and enjoy a mountain holiday. 

‘Our bookings are the best we have ever had by a long way, in over 13 years of business. 

‘Over the past few days there has been nervousness among the English and a few other countries with the new Omicron variant, but we now hear that the Swiss will be allowing people who are on their way to France to land at Geneva and then take a transfer directly to France. 

‘Overall, we are looking forward to an exciting ski season.’

Qualified ski instructor and ski journalist Rob Stewart added: ‘British skiers spend more money than domestic visitors and ski resorts are desperate to have us back. 

‘In some French resorts, British skiers are only second to French visitors in regards to numbers and we are such an important part of their economy.

‘This winter, snow seems to have come fairly early and in decent quantities, and it’s cold. This always helps increase visitor numbers and after such a terrible winter last year because of Covid, there is huge positively about this winter being a good one.

‘The challenges remain for British skiers, with nerves around changing travel restrictions still haunting the industry and lack of availability pushing prices higher for the moment. 

‘But for skiers that have missed out for one and half seasons now, these challenges will be overcome if possible, for the chance to get back on the slopes’.

Source link

Continue Reading

Current

Players should be allowed to compete in Saudi International

Voice Of EU

Published

on

Rory McIlroy has delivered a potentially crucial intervention on behalf of golfers wishing to compete in the Saudi International in February by insisting the PGA and European tours should not block them from playing.

The Saudi International, once of the European Tour but now an Asian Tour event, has confirmed a number of the world’s most prominent golfers – including Tommy Fleetwood, Bryson DeChambeau, Dustin Johnson, Phil Mickelson, Ian Poulter, Lee Westwood and Sergio García – have agreed to feature in 2022.

Saudi Arabia has sought to make inroads into professional golf but has encountered stiff resistance from the European and PGA tours. It has been reported both those bodies could trigger open warfare by refusing to grant releases to their members to play in Jeddah. The European Tour will discuss the issue at board level in the coming days.

McIlroy has no interest in accepting Saudi money but believes others should not be denied the opportunity. “I think we’re independent contractors and we should be able to play where we want to play,” he said. “So in my opinion I think the Tour should grant releases. It’s an Asian Tour event, it’s an event that has official golf world rankings.

“I do see reasons why they wouldn’t grant releases but I think if they’re trying to do what’s best for their members and their members are going to a place other than the PGA Tour and being able to earn that money, I mean, we’re independent contractors and I feel like we should be able to do that if that’s what our personal choice is. My personal choice is not to do that but obviously a lot of players are doing that and I think it’s fair to let them do that.

“My view as a professional golfer is I’m an independent contractor, I should be able to go play where I want if I have the credentials and I have the eligibility to do so. I’d say most of the players on tour would be in a similar opinion to me.”

The matter is further complicated by some players having signed multi-year deals to play in Saudi. McIlroy, 32, did admit the prospect of legal wrangling is an unappealing one. “I think the professional game needs to get to a point where we as professionals need to know where we stand,” he said. “Are we actually independent contractors? Are we employed by a certain entity? There’s a lot of grey area in that and that’s what sort of needs to be sorted out, I think.”

McIlroy’s curious competitive year will close at this weekend’s Hero World Challenge in the Bahamas. “I think it’s been a year where I’ve struggled in parts but I still got two wins on tour, which is pretty good,” the world No 8 said. “I was tied for the lead with nine holes to go in the US Open. I played well in parts, I just didn’t do it consistently enough. I go back to 2019 and had like 19 top-10 finishes or whatever it was; that’s the level I want to play at.” – Guardian

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!