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Zoopla asks is your home ‘earning’ more than your salary?

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A fifth of homes in Britain have increased in value by more than the average salary in the past 12 months, a new report claims.

The average worker took home £30,500 in the past year, but 21 per cent of homes in Britain ‘earned’ more than this amount.

It is the latest evidence of a red-hot property market that has bounced back following a shutdown at the beginning of the pandemic, with the help of pent-up demand and a stamp duty holiday.

In Hastings, East Sussex, 62 per cent of homes increased in value more than the average local salary of £25,800 in the past year

In Hastings, East Sussex, 62 per cent of homes increased in value more than the average local salary of £25,800 in the past year

Homes in the South West are most likely to be earning more than the average salary in the region, according to property website Zoopla

Homes in the South West are most likely to be earning more than the average salary in the region, according to property website Zoopla 

The research by property website Zoopla revealed that the equivalent of 4.6million properties across the country have risen in value by more than the typical annual pay.

Zoopla compiled the research using its monthly house price estimates for every home in the country and ONS data. It found that homes in the South West are most likely to be earning more than the average salary in the region.

In the past 12 months, 29 per cent of homes in the region increased in value by more than the average regional salary, which currently stands at £29,000.

Homes in the South East are the second highest top earners compared to the average salary. In that region, 28 per cent of properties increased in value by more than the average regional salary of £32,900 in the past 12 months.

London may have sky-high property prices but comes third on the list due to its higher than average salaries.

Nearly a quarter of homes in the capital – at 2 per cent – went up by more than the average London salary of £37,300 in the past year.

‘The amount we earned on our flat is close to my salary’ says flatowner

Russell Maddison and his wife Hyun Kim - known as Helen - live in North London

Russell Maddison and his wife Hyun Kim – known as Helen – live in North London

Russell Maddison and his wife Hyun Kim – known as Helen – live in North London.

Their home in Hendon has increased in value by a similar amount to Russell’s salary.

Russell said: ‘When purchasing our first home, we wanted to be in an area with lots of greenery, and you simply don’t find that green open space in central London at an affordable price.

‘Hendon was the perfect compromise – right next to the green open space of the Welsh Harp reservoir, yet no more than half an hour on the train to work.

‘We were quite keen on moving into a regeneration area as it helped with our budget, and we did our research, looked at the plans and considered the potential of the whole area, not just what we could see at the time.

‘The decision paid off, because just three years later the one-bedroom flat we had bought for £202,000 was worth £320,000 – mainly due to the boost in prices caused by the regeneration of the area.

‘I’ve even worked out that the amount we earned on our apartment is close to my salary and this enabled us to purchase a larger two-bedroom apartment in the same development for £465,000.’

‘It’s a great feeling when you see the prices going up when you have bought at an early stage,’ he said. 

‘But you do have to have a careful eye. You need to be able to see ahead, look at the plans and what is there in the pipeline and try to visualise the end product. When you move in at the beginning of a development you have to be prepared for a bit of inconvenience along the way.’

Despite homes in the North and Midlands rising less in monetary terms than their Southern counterparts, the lower house prices in these regions and the pace of house price growth means a notable proportion of homes are still rising at a higher level than local salaries, according to Zoopla.

It said 18 per cent of homes in the North West, 17 per cent of homes in the East Midlands, 14 per cent of homes in the West Midlands, and 9 per cent in the North East have gone up in value by more than the average salaries in these areas in the past year.

In Scotland, the figure is 9 per cent, while in Wales it is 22 per cent.

Home values in some commuter hotspots have also outperformed local salaries during the past 12 months.

In Mole Valley, Surrey, 54 per cent of homes increased more than the average local salary and in St Albans, that figure stands at 46 per cent.

In Adur, Sussex, 60 per cent of homes increased in value more than the average local salary

In Adur, Sussex, 60 per cent of homes increased in value more than the average local salary

TOP 10 AREAS IN BRITAIN WHERE PROPERTIES HAVE INCREASED MORE IN THE PAST 12 MONTHS THAN THE AVERAGE SALARY FO THAT AREA
Area Average salary Average property value % of homes that have increased in value than average salary the area in past 12 months Number of homes that have increased in value more than average salary in the area in past 12 months
Hastings £25,800 £285,000 62% 18,000
Adur £26,700 £382,000 60% 14,000
Mole Valley £30,400 £649,000 54% 17,000
Rother £27,200 £358,000 51% 21,000
Dorset £28,000 £352,000 47% 71,000
St Albans £42,600 £663,000 46% 24,000
Cotswold £29,900 £442,000 46% 21,000
Sevenoaks £35,300 £501,000 45% 24,000
Bromley £41,900 £552,000 45% 51,000
South Lakeland £27,900 £295,000 45% 21,000
   Source: Zoopla       

Rural and coastal hotspots 

The shift among some homeowners from urban to more rural living during the pandemic has also resulted in house prices rising faster than local salaries in more rural and coastal areas.

In Hastings, East Sussex, an impressive 62 per cent of homes increased in value more than the average local salary of £25,800 in the past year.

The figure is also high in Adur, in Sussex, at 60 per cent. Dorset saw 47 per cent of homes increase in value by more than the average salary. The figure is 46 per cent in the Cotswolds.

Gráinne Gilmore, of Zoopla, said: ‘There has been strong demand from home buyers since the housing market reopened after the first lockdown in May last year.

‘This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder.

‘At the same time, the savings of up to £15,000 on offer as a result of the stamp duty holiday in the 12 months to July also encouraged people to make a move.

‘Hundreds of thousands of households have made the move into their new home over the last year, but activity has been so high, it has eroded the stock of homes for sale, which has put upward pressure on house prices, with values rising by up to 9 per cent in some parts of the country.

‘When this price rise is translated into pounds and pence, it means one in five homes have risen in value by more than the equivalent of a years’ earnings over the space of 12 months.  

PROPORTION OF HOMES THAT HAVE INCREASED IN VALUE IN THE PAST 12 MONTHS MORE THAN THE AVERAGE SALARY FOR THE REGION
Region Average salary Average property value % of homes that have increase in value more than average regional salary in past 12 months Number of homes that have increased in value more than average regional salary in past 12 months
South East £32,900 £379,000 28% 927,000
London £37,300 £521,000 24% 625,000
South West £29,000 £300,000 29% 620,000
Eastern £31,500 £333,000 23% 514,000
North West £27,800 £189,000 18% 474,000
Yorkshire and The Humber £28,700 £183,000 17% 321,000
East Midlands £28,100 £224,000 17% 294,000
West Midlands £30,200 £218,000 14% 289,000
Wales £28,200 £188,000 22% 256,000
Scotland £34,100 £168,000 9% 165,000
North East £33,700 £144,000 9% 88,000
UK £30,500 £265,000 21% 4,635,000
  Source: Zoopla       

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Social Democrats activists consider deferring request on leadership contest

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A group of Social Democrats activists who want to see a leadership election in the party is looking at deferring their request to consider such a contest until after a new general secretary is appointed to the party.

A draft letter to the party’s national executive, signed by two councillors and 14 others, seeking the leadership contest emerged on Friday evening.

The letter, which has not been sent to party authorities, requested the national executive meet to hold a vote to call a leadership election.

It pays tribute to the party’s current co-leaders Catherine Murphy and Róisín Shortall, who it states “have done exceptional work”, but adds that “it is now time to move to the next stage”.

The party released a statement later the same evening saying its TDs are “united behind co-leaders Catherine Murphy and Róisín Shortall”. This statement was shared on Twitter by all six of the party’s Dáil Deputies.

One of the councillors who signed the draft letter, Kildare representative Chris Pender, responded with his own social media post saying: “Anyone who’s read the letter will know it states we don’t have an issue with the leaders, but we believe in the democratic right to vote for that/those leaders.

“A leadership contest would give members the opportunity to show support for the current leaders, if that’s what they want.”

Cllr Cat O’Driscoll, who sits on Dublin City Council, was the other public representative who signed the draft letter.

Motivations

Sources insisted the motivations behind seeking a contest include giving the Social Democrats’ membership a say in who leads the party, as well as an issue of timing. They say with no general election expected imminently, it would give the next leader time to prepare.

It was also revealed on Friday that Brian Sheehan, a former director of the Yes Equality campaign, is to step down from his role as Social Democrats general secretary in early September. The decision is not connected with the call for a leadership election and those behind the draft letter were unaware of Mr Sheehan’s decision to leave the job.

However, it has prompted a rethink of the request for a leadership contest.

The Irish Times understands the activists are considering a new version of the letter that takes Mr Sheehan’s departure into account and would not seek a discussion about a leadership contest until after his successor is in place and has had some time in the job. A source suggested the approach with any new letter would be “a bit more cautious”.

On Monday, a party spokeswoman ruled out any contest for the leadership, either before or after the appointment of a new general secretary.

“The rules of the party state any leader must be a TD and all of our TDs are united in their support for the party leadership. The general secretary position is entirely unrelated to the party leadership,” she said.

Ms Murphy and Ms Shortall have jointly led the Social Democrats since its establishment in 2015.


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Instagrammer captures abandoned Welsh property in series of eerie photographs

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Who would live in a house like this? Instagrammer photographs abandoned Welsh property – complete with a bottle of Champagne for ‘Grandad’s’ 90th birthday, dishes still in the sink and a newspaper dating back to 1956

  • Photographs reveal the rooms have been untouched for decades and house opened bottle of Champagne  
  • Discovery was made by Instagrammer Kyle Urbex while exploring the countryside in Flintshire, North Wales 
  • Kyle said: ‘Overall the whole exploration just left me wondering the whole backstory’ 
  • ***Do YOU know who lived in the abandoned house? Contact izzy.nikolic@mailonline.co.uk*** 

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An abandoned Welsh house has been captured in a series of eerie photographs complete with a bottle of Champagne for ‘Grandad’s’ 90th birthday and dishes still in the sink.  

Photographs reveal rooms that have been untouched for decades and reveal a bottle of bubbly with a sticker which reads: ‘Happy 90th Birthday. Sorry I can’t be there to drink this with you! Lots of love James xxx.’  

The property has been dubbed ‘Granddad’s abandoned house’ after it was discovered tucked away in the woods. 

A piano can also be seen with sheet music still in place along with clothes hanging up and dishes still in the sink.

Photographs reveal rooms that have been untouched for decades and reveal a bottle of bubbly with a sticker which reads: 'Happy 90th Birthday. Sorry I can't be there to drink this with you! Lots of love James xxx'

Pictured: A piano can also be seen with sheet music still in place along with clothes hanging up

Photographs reveal rooms that have been untouched for decades and reveal a bottle of bubbly with a sticker which reads: ‘Happy 90th Birthday. Sorry I can’t be there to drink this with you! Lots of love James xxx’

The property has been dubbed 'Granddad's abandoned house' after it was discovered tucked away in the woods. Pictured: The exterior of the property

The property has been dubbed ‘Granddad’s abandoned house’ after it was discovered tucked away in the woods. Pictured: The exterior of the property 

Random debris including a broken bicycle, piping, empty tins and folding tables and chairs were left strewn throughout the house

The discovery was made by Instagrammer Kyle Urbex (pictured) while he was exploring the countryside in Flintshire, North Wales

Random debris including a broken bicycle, piping, empty tins and folding tables and chairs were left strewn throughout the house

Mr Urbex said: 'I visited the property just over four weeks ago and getting to the actual location wasn't too bad, just a walk up a small hill and the door was wide open'

Mr Urbex said: ‘I visited the property just over four weeks ago and getting to the actual location wasn’t too bad, just a walk up a small hill and the door was wide open’

The discovery was made by Instagrammer Kyle Urbex while he was exploring the countryside in Flintshire, North Wales.

Kyle also spotted a newspaper dating back to 1956 in what he believes was once someone’s ‘dream family home.’

He said: ‘I visited the property just over four weeks ago and getting to the actual location wasn’t too bad, just a walk up a small hill and the door was wide open.

‘Once inside I instantly saw the whole location was eerie because it was a house full to the brim of memories, ranging from clothes in the bedroom to old decaying pianos which once may have entertained many.

‘The porch area had been trashed, however the seating still remained intact and of course the champagne bottle for his 90th birthday still left on the fireplace.

He added: 'Once inside I instantly saw the whole location was eerie because it was a house full to the brim of memories, ranging from clothes in the bedroom to old decaying pianos which once may have entertained many'

Dishes are left undone in the sink in the kitchen

He added: ‘Once inside I instantly saw the whole location was eerie because it was a house full to the brim of memories, ranging from clothes in the bedroom to old decaying pianos which once may have entertained many’

Kyle says he has now been left wondering about the story behind the house. He added: ‘While the place appears to have been ransacked by vandals, clothes still hang in wardrobes; one of the few signs of the home it once was’

Kyle also spotted a newspaper dating back to 1956 in what he believes was once someone's 'dream family home'

Kyle also spotted a newspaper dating back to 1956 in what he believes was once someone’s ‘dream family home’

Mr Urbex added: 'Overall the whole exploration just left me wondering the whole backstory and how somebody could just leave so much memories and cherished possessions behind'

Mr Urbex added: ‘Overall the whole exploration just left me wondering the whole backstory and how somebody could just leave so much memories and cherished possessions behind’

‘I found it quite sad really given all the memories just left to be forgotten about. As well as the house there was a caravan hidden at the back in all the overgrowth which had more memories inside, old books and so on.

‘I managed to uncover an old bike in the shed which looked like it had been there quite a while.

‘Alongside all of these findings I came across a newspaper dated from November 3 1956.’

Kyle says he has now been left wondering about the story behind the house.

He added: ‘While the place appears to have been ransacked by vandals, clothes still hang in wardrobes; one of the few signs of the home it once was.

‘Overall the whole exploration just left me wondering the whole backstory and how somebody could just leave so much memories and cherished possessions behind.’

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Foley to bring school reopening plan to Cabinet on Tuesday

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Minister for Education Norma Foley says she has every confidence schools will reopen fully from late August and early September.

Ms Foley said there was ongoing engagement between her department and public health officials on the matter but all schools were set to reopen.

Strong mitigation measures would be in place in schools to ensure that they would continue to be controlled environments, she told RTÉ radio’s Today with Claire Byrne show on Monday.

Covid-19 infection rates among children were at their highest when children were not at school and public health experts had pointed out “on a consistent basis to schools being a very significantly controlled environment”.

The safe operation of the Leaving Certificate exams and enhanced summer camps indicated that the safe operation of education could be maintained, she said.

A plan would be put in place to allow schools to “draw down” CO2 monitors and the Minister said she was confident there would be enough monitors for all schools by the start of the new school year.

In relation to Covid-19 vaccines for children, Ms Foley said the “expertise” lay with the National Immunisation Advisory Committee (NIAC) from which her department would take guidance.

“I have received confirmation that the 16 to 18-year-old cohort should be in a position for online registration in the coming days, and I have been advised that the 15-year-olds cohort are still being considered by NIAC and there has been no definitive timeline given,” she added.

Ms Foley will bring a plan to Cabinet on Tuesday outlining enhanced public information campaigns, the outcome of antigen testing pilots, and the purchase of C02 monitors to assist in ventilating classrooms.

Capacity limits on school transport services will also remain in place.

Government sources were adamant on Sunday that second-level education would resume in the autumn, despite concerns among public-health officials that the wave could grow following the reopening of indoor dining today, before peaking in September.

“Schools will reopen,” a senior Coalition source said.

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