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We pick some renovation projects in rural and coastal locations  

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Properties in rural and coastal locations have seen their desirability soar during the pandemic as people seek out more space.

It means values have increased significantly in these areas as demand has outweighed supply.

As such, it has made it challenging to purchase in some of these places, so it may be a surprise to find any local properties that have a lower-than-expected price tag.

We highlight some renovation projects - including this one in Cornwall (scroll down for more details)

We highlight some renovation projects – including this one in Cornwall (scroll down for more details)

We hunted down some examples of properties listed on website OnTheMarket that are in desirable coastal and rural locations such as Cornwall and Devon, with price tags of between £240,000 and £500,000.

However, all of the buildings are in a state of significant disrepair as they are renovation projects that need deep pockets in order to transform them into habitable family homes.

1. Five-bed house, Cornwall, £500,000

This Grade II-listed renovation project in Cornwall was once a monastery, but could be transformed into a conformable home.

It is believed to date back to the sixteenth century, and is 1.5 miles away from the village of St Keverne, near the town of Helston.

This Grade II-listed renovation project in Cornwall's St. Keverne is for sale for £500,000 via Clive Pearce estate agents

This Grade II-listed renovation project in Cornwall’s St. Keverne is for sale for £500,000 via Clive Pearce estate agents

The property is in need of renovation and has a partially converted annexe and studio, along with just under 3 acres of land

The property is in need of renovation and has a partially converted annexe and studio, along with just under 3 acres of land

Having previously been a monastery in the 1500s, the property now has an entrance hall which leads to a lounge, kitchen, dining room, utility room, and cloakroom on the ground floor. It needs completely renovating to make it habitable.

Upstairs, there are five bedrooms, along with a bathroom and shower room.

The outdoor space boasts an impressive 2.7 acres of fields beyond the walled garden – a feature that will appeal to buyers during the past year of the pandemic.

The property is believed to date back to the sixteenth century, and is 1.5 miles away from the village of St Keverne, near the town of Helston

The property is believed to date back to the sixteenth century, and is 1.5 miles away from the village of St Keverne, near the town of Helston

In addition to the main accommodation, there is a separate studio and a partially converted annexe, providing extra space for new owners to utilise as they see fit.

Helen Whiteley, of OnTheMarket, said: ‘As well as being in a hugely desirable location, this Cornish property exudes great charm despite needing renovation and therefore promises to be a wonderful home for new owners who are ready to embark on their next project.’

Clive Pearce, of the eponymous estate agents in Truro, said: ‘From the exposed wood ceiling beams to the exposed internal brickwork, this farmhouse is certainly full of character.

‘While there is a great deal of work to be done, this largely blank canvas offers lots of potential for new owners to really transform the property into their very own piece of Cornish paradise surrounded by outdoor space galore.

‘The beaches of Porthallow and Porthoustock are just 1.5miles away making this location perfect for enjoying peaceful, rural living.’

2. One-bed house, Devon, £240,000

This Grade II-listed thatched cottage is in the village of Lynton on the Exmoor coast, North Devon, and is for sale via Exmoor Property for £240,000

This Grade II-listed thatched cottage is in the village of Lynton on the Exmoor coast, North Devon, and is for sale via Exmoor Property for £240,000

On the ground floor, the stable-style front door leads to a cosy living area and open-plan kitchen space

On the ground floor, the stable-style front door leads to a cosy living area and open-plan kitchen space

In the village of Lynton on the Exmoor coast, North Devon, sits this enchanting Grade II-listed thatched cottage – although this could mean some challenges when it comes to certain aspects of renovating. 

The almost fairytale-like exterior boasts plenty of character as its undeniable charm certainly makes for a warm first impression.

Inside, the largely blank canvas is ready to be renovated to the new owner’s unique style.

On the ground floor, the stable-style front door leads to a cosy living area and open-plan kitchen space behind which there is a room that’s ready to be transformed into a bathroom.

Meanwhile, on the first floor the well-sized master bedroom has French doors that allow for the potential to place a balcony beyond.

As well as benefiting from garden space outside, the cottage is a short distance from Exmoor National Park making it an ideal spot to enjoy long walks with moorland views.

Helen Whiteley said: ‘This characterful one-bedroom hideaway has the potential to become an absolute gem in the right hands. Its bijoux charm together with its fantastic location and very private garden are all likely to make it highly sought after by those seeking either a second home or commercial opportunity.’

Greg Lang, of Exmoor Property Lynton. which is handling the sale of the £240,000 property, said: ‘There is a real ‘wow’ factor with this property. It’s like someone dropped Hansel and Gretel’s cottage into the Exmoor National Park.

‘It’s finished to builders “first fix” so the new owners can put their own stamp on the interior to make this property a unique retreat for themselves or a profitable holiday let.’

3. Farmhouse, Wales, £250,000

This traditional Welsh farmhouse is in the hamlet of Rhydrosser, Llanrhystud, and is for sale for £250,000

This traditional Welsh farmhouse is in the hamlet of Rhydrosser, Llanrhystud, and is for sale for £250,000

Make a bid! Best offers are being invited by midday this Friday via estate agents Morgan & Davies

Make a bid! Best offers are being invited by midday this Friday via estate agents Morgan & Davies

The 'race for space' amid the pandemic: The property enjoys extensive rural views with a glimpse of the sea in the distance

The ‘race for space’ amid the pandemic: The property enjoys extensive rural views with a glimpse of the sea in the distance

Located in the hamlet of Rhydrosser, Llanrhystud, in a valley setting surrounded by mature trees is this traditional Welsh farmhouse ready for complete renovation.

As well as benefiting from 14.3 acres of unspoilt land, the property enjoys rural countryside views and glimpses of the sea.

Although as it currently stands the property is an ambitious renovation project, there are two ground floor rooms with original fireplaces as well as a former bedroom.

As well as the main farmhouse, there is also a separate stone and slate barn, providing further storage or other additional living space, subject to the necessary planning consents. Although there are no mains services connected to the building, there is an old well and several natural springs located across the adjoining land.

Helen Whiteley said: ‘This property really is a blank canvas and the perfect opportunity for a buyer who is seeking a property that requires total renovation.

‘Although the farmhouse benefits from a private location, for every-day essentials everything you need is available in the nearby coastal village of Llarnrhystud, including a school and small supermarket, golf course and leisure centre. 

‘This means the new owner will benefit from both a glorious tucked-away location yet with amenities being conveniently close by, a combination that’s hard to find.’

Dylan Davies, of Morgan & Davies, Aberaeron, said: ‘With Cardigan Bay Coast just four miles away, this farmhouse is surrounded by natural beauty in abundance making it perfect for anyone looking to enjoy the country lifestyle in a property they can totally make their own after renovation.

‘The farmhouse is a truly rare opportunity to purchase a traditional country property which can be transformed into a new buyer’s dream rural home and is certainly an opportunity not to be missed.’

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How much it costs to buy near new Nine Elms and Battersea tube stations

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Two new Underground stations opened this week – Nine Elms and Battersea Power Station.

But while the areas feature lots of new housing for London, people looking to move to there and jump on the Tube’s extended Northern Line will pay a hefty price tag.

The average price of a house in Nine Elms is £726,131, according to Zoopla, but they have got cheaper. This is a drop of more than 6 per cent on a year ago, the equivalent of £50,000. 

But that average price doubles to £1,501,091 once you narrow a buyer’s search area from the wider Nine Elms area to just the Nine Elms development site, which is the new housing just south of the River Thames. 

And there’s the opportunity to spend much more – among the three homes we found below in the location was a flat in Battersea Power Station for £16million.

A luxury penthouse high up on the eleventh and twelfth floors of Battersea Power Station is for sale for £16million with estate agent Copperstones - see more details below

A luxury penthouse high up on the eleventh and twelfth floors of Battersea Power Station is for sale for £16million with estate agent Copperstones – see more details below

Two new Underground stations have opened this week: One at Nine Elms and the other at Battersea Power Station

Two new Underground stations have opened this week: One at Nine Elms and the other at Battersea Power Station

Buyers looking at the Nine Elms development will need a typical budget of £1.5m, according to property website Zoopla

Buyers looking at the Nine Elms development will need a typical budget of £1.5m, according to property website Zoopla

Billions of pounds of investment have been pumped into the area in recent years, including through the redevelopment of Battersea Power Station.

The decommissioned coal-fired power station is now luxury flats and penthouses – while there has also been the building of a new US Embassy in Nine Elms.

Despite the recent falls in average house prices near the stations, property experts suggest that values will rise, at least in the surrounding areas.

Billions of pounds of investment have been pumped into the Nine Elms area in recent years, including through the redevelopment of Battersea Power Station

Billions of pounds of investment have been pumped into the Nine Elms area in recent years, including through the redevelopment of Battersea Power Station

Buying agent Henry Pryor said: ‘While some might expect the new stations to be full of people fleeing the Nightmare on Nine Elms Street, these new infrastructure nodes are really going to give the area a genuine lift.

‘Lower Chelsea and the area around Battersea Park may well see prices bumped up by as much as 10 per cent, even if many buyers in SW11 thought that they were high enough.’

We take a look at three properties for sale at Battersea Power Station and Nine Elms 

1. Two-bed flat, Battersea Power Station, £1.15m

This luxury flat is close to the Battersea Power Station Underground station, which opened this week in London

This luxury flat is close to the Battersea Power Station Underground station, which opened this week in London

The modern property is on the market for £1.15million and is being sold via estate agents Martin & Co

The modern property is on the market for £1.15million and is being sold via estate agents Martin & Co

Inside, there is an open-plan living area with a fully-fitted kitchen, while outside there is a covered and tiled private balcony

Inside, there is an open-plan living area with a fully-fitted kitchen, while outside there is a covered and tiled private balcony

There are two bedrooms, including the main one boasting an en-suite shower room and room for a baby's cot

There are two bedrooms, including the main one boasting an en-suite shower room and room for a baby’s cot

There is also a smaller balcony at the rear of the flat that overlooks the railway tracks that carries commuters in and out of central London

There is also a smaller balcony at the rear of the flat that overlooks the railway tracks that carries commuters in and out of central London

This luxury two-bedroom flat is in the redeveloped Battersea Power Station and has an asking price of £1.15m.

It has an open-plan living area with a fully-fitted kitchen and a large private balcony.

Residents have access to a library, private cinema, communal gardens, a gym, swimming pool and a concierge service. The flat is being sold via estate agents Martin & Co.

2. Six-bed penthouse, Battersea Power Station, £16m

The modern interiors include designer crittall-style doors and walls, which are made from many panes of glass

The modern interiors include designer crittall-style doors and walls, which are made from many panes of glass

The property has six bedrooms, seven bathrooms - including this one with a cooper bath -, a roof terrace and two parking spaces

The property has six bedrooms, seven bathrooms – including this one with a cooper bath -, a roof terrace and two parking spaces

The penthouse boasts far-reaching views from the private balcony across the River Thames and towards the city

The penthouse boasts far-reaching views from the private balcony across the River Thames and towards the city

The London penthouse has a hefty price tag and is being sold via estate agents Copperstones for £16million

The London penthouse has a hefty price tag and is being sold via estate agents Copperstones for £16million

This luxury penthouse is on the eleventh and twelfth floors of Battersea Power Station, with views across the River Thames and the capital.

It has six bedrooms, seven bathrooms, a roof terrace and two parking spaces.

You’ll need deep pockets to buy it due to its £16million price tag. It is being sold by estate agents Copperstones.

3. Three-bedroom flat, Nine Elms, £3.95m

The three-bedroom flat is in the Ambassador Building in Nine Elms and has a light interior with walnut parquet flooring

The three-bedroom flat is in the Ambassador Building in Nine Elms and has a light interior with walnut parquet flooring

The luxury home has floor to ceiling windows and is being sold via estate agents Johns & Co with an asking price of £3.95m

The luxury home has floor to ceiling windows and is being sold via estate agents Johns & Co with an asking price of £3.95m 

The famous Sky Pool floats 10 storeys up between two skyscrapers at the Embassy Gardens development in London

The famous Sky Pool floats 10 storeys up between two skyscrapers at the Embassy Gardens development in London

This flat is in the Ambassador Building in Nine Elms at the Embassy Gardens development – home to the Sky Pool.

It is three bedrooms, walnut parquet flooring, marble work surfaces and floor to ceiling windows.

It has an asking price of £3.95m and is being sold via estate agents Johns & Co.

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

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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.

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

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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.’ 

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