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‘Full house’ as property asking prices increase in all regions of UK in October

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Every region of Britain saw house asking price records broken in October, as the national average jumped nearly £5,000. 

It was the first time that every region broke asking price records since March 2007, according to Rightmove’s monthly house price index.

The property portal said this ‘full house’ of price increases was an ‘extremely rare event’.

The typical asking price for a home has jumped in all regions of Britain, and now sits at a national average of £344,445. This is according to Rightmove's house price index

The typical asking price for a home has jumped in all regions of Britain, and now sits at a national average of £344,445. This is according to Rightmove’s house price index 

The typical price of a property coming to market jumped by 1.8 per cent or £5,983 compared to the previous month, the biggest rise at this time of year since October 2015.

Asking prices are now at an average of £344,445, an increase of 6.5 per cent compared to October 2020. 

The North West and Wales both saw especially strong increases in asking prices amounting to 2.3 per cent. They reached £232,639 and £237,830 respectively. 

The South West and London both saw a 1.9 per cent monthly change, with prices reaching £359,906 and £650,683.  

The number of sales being agreed was up more than 15 per cent, compared to the same time in 2019.

Prices also increased in all property market sectors. First-time buyers saw asking prices up 0.8 oer cent to £210,672, while second steppers saw an increase of 1.4 per cent to £315,486 and those at the top of the ladder saw a 1.7 per cent rise to £630,819. Those figures exclude Central London, however. 

Rightmove put the increase down to buyers wanting to secure their new homes ahead of a potential base rate rise, which is being predicted by some for the end of the year. 

If interest rates increase, mortgage rates will go up from their current record lows.

This is already happening in some cases as lenders move to pre-empt the rise. 

The North West and Wales saw the biggest asking price rises. They increased 2.3% in a month

The North West and Wales saw the biggest asking price rises. They increased 2.3% in a month

Ups and downs: Asking price increases for the whole of the UK in the past five years

Ups and downs: Asking price increases for the whole of the UK in the past five years

The stamp duty holiday had previously been driving activity and house prices, but this expired at the end of September.

The continued price rises offer an opportunity for those who are downsizing, or do not need to buy another property, to sell up to cash out.

Tim Bannister, Rightmove’s director of property data, said: ‘Competition for property for sale remains hot this autumn, with average prices jumping by almost £6,000 in the month. 

‘Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up. 

‘Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second-stepper and top of the ladder hitting all-time highs.’

Asking prices reached new highs for buyers at both ends of the market ¿ and in the middle

Asking prices reached new highs for buyers at both ends of the market – and in the middle

Also driving up house prices is the lack of new housing stock coming to the market, though Rightmove said the situation was slowly improving.

Its latest weekly snapshot showed that the number of new sellers coming to market was down on the same period in 2019, but only by 3.2 per cent.

Bannister added: ‘This ‘full house’ is an extremely rare event, happening for the first time since March 2007. 

‘The stock shortages started after the first lockdown, and they look set to continue with the underlying housing market fundamentals remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.’

In these ‘full house’ market conditions, with many homes being snapped up quickly and sellers having a choice of competing buyers, those buyers who have already sold their own property subject to contract or have nothing to sell are being favoured.

This has led some to put their own home on the market before they have identified a new property.  

Bannister said: ‘2021 has been the year of the power buyer, with those in the most powerful position to proceed quickly and with most certainty ruling the roost over other buyers who have to sell but have yet to come to market. 

‘One agent’s analysis that 87 per cent of their sales agreed were snapped up by buyers who were already in a position to proceed is fairly typical of reports from many agents.’ 

Despite the hot market, most homes still sell below the asking price. 

According to the latest Halifax house price index, the typical sale price is £267,587

Director of estate agent Benham and Reeves, Marc von Grundherr, added:  ‘With the market remaining particularly buoyant, those entering with a property to sell are pricing high and this has caused yet further growth where asking prices are concerned.

‘While initial asking price expectations are perhaps a little over-optimistic, to say the least, a lack of stock to satisfy demand means that homes are selling fast and for a very good price.’ 

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Former US presidential candidate Bob Dole dies aged 98

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Bob Dole, the long-time Kansas senator who was the Republican nominee for president in 1996, has died from lung cancer. In a statement, the Elizabeth Dole Foundation, founded by Dole’s wife, said: “It is with heavy hearts we announced that Senator Robert Joseph Dole died earlier this morning in his sleep. At his death at age 98 he had served the United States of America faithfully for 79 years.”

In late February, Dole announced that he had advanced lung cancer and would begin treatment. Visiting him, President Joe Biden called Dole his “close friend”.

On Sunday the House speaker, Nancy Pelosi, like Biden a Democrat, ordered flags at the Capitol to be flown at half-staff.

Born in Russell, Kansas in 1923, Dole served in the US infantry in the second world war, suffering serious wounds in Italy and winning a medal for bravery.

His wounds cost him use of his right arm but he entered state politics and soon became a longtime Republican power-broker, representing Kansas in the US House of Representatives from 1961 to 1969 and in the Senate until 1996. He had spells as chairman of the Republican National Committee and as Senate minority and majority leader.

In 1976 he was the Republican nominee for vice-president to Gerald Ford, in an election the sitting president lost to Jimmy Carter. Two decades later, aged 73, Dole won the nod to take on Bill Clinton.

Against the backdrop of a booming economy, the Democrat won a second term with ease, by 379 – 159 in the electoral college and by nine points in the popular vote, the third-party candidate Ross Perot costing Dole support on the right.

Dole received both the Presidential Medal of Freedom and the Congressional Gold Medal, the highest US civilian honours.

In the Trump years and after, Dole came widely to be seen as a figure from another time in Republican politics.

On Sunday, the political consultant Tara Setmeyer, a member of the anti-Trump Lincoln Project, tweeted: “I cast my first ever vote for president for Bob Dole in 1996. A war hero with a sharp sense of humor ? another piece of a once respectable GOP gone.”

However, Dole remained a loyal Republican soldier, telling USA Today this summer that though Donald Trump “lost the election, and I regret that he did, but they did”, and though he himself was “sort of Trumped out”, he still considered himself “a Trumper”.

Dole called Biden “a great, kind, upstanding, decent person”, though he said he leaned too far left.

He also said: “I do believe [America has]lost something. I can’t get my hand on it, but we’re just not quite where we should be, as the greatest democracy in the world. And I don’t know how you correct it, but I keep hoping that there will be a change in my lifetime.”

On Sunday, Jaime Harrison, the chair of the Democratic National Committee, said: “Sending heartfelt condolences and prayers to the family of Senator Bob Dole. We honor his service and dedication to the nation. May he Rest In Peace.”

– Guardian

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Bournemouth is the most popular coastal town for buyers, says Rightmove

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The most popular seaside location for house hunters this year has been Bournemouth, new research has revealed.   

Rightmove identified the top ten most in-demand coastal areas in Britain, based on the highest number of buyer enquiries via its website.

The Dorset resort is the most popular, followed by Southampton, Hampshire and Brighton, East Sussex, with the South coast dominating the list. 

Rightmove has identified the top ten most in-demand coastal areas in Britain

Rightmove has identified the top ten most in-demand coastal areas in Britain

The top ten list also includes Blackpool, Lancashire – a coastal resort known for its amusement arcades and donkey rides – where prices have increased 8 per cent in the past year to £137,301.

It compares to the average house price in the top 10 locations, which rose 6 per cent this year. 

It is just ahead of the national average rise of 5 per cent, from £318,188, to £333,037. These figures are based on an average between January and November 2020 compared to January-November 2021. 

At the same time, Rightmove provided a list of coastal locations that have seen the biggest increases in house prices this year.

Padstow in Cornwall topped that list of coastal hotspots, with prices rising 20 per cent this year, from from £548,382, to £658,588.

The most popular seaside location for house hunters is Bournemouth (pictured), according to Rightmove

The most popular seaside location for house hunters is Bournemouth (pictured), according to Rightmove

AVERAGE ASKING PRICES IN COASTAL HOTSPOTS 2021
Rank Location Average asking price 2021 Average asking price 2020 Average asking price increase 2021 vs 2020
1 Padstow, Cornwall £658,588 £548,382 20%
2 Whitby, North Yorkshire £254,218 £217,620 17%
3 St. Ives, Cornwall £473,161 £411,484 15%
4 Porthcawl, South Glamorgan, Bridgend (County of) £307,051 £270,505 14%
5 Mablethorpe, Lincolnshire £173,612 £153,140 13%
6 Newquay, Cornwall £317,846 £281,204 13%
7 Filey, North Yorkshire £214,617 £189,914 13%
8 Pwllheli, Gwynedd £222,607 £197,213 13%
9 Brixham, Devon £299,127 £266,604 12%
10 Preston, Paignton, Devon £303,684 £272,029 12%
Source: Rightmove       

It was followed by Whitby, in North Yorkshire, which came second, with prices rising 17 per cent from £217,620, to £254,218. 

Cornwall’s St. Ives is in third place, with average values rising 15 per cent from £411,484 to £473,161.

A house with a good sea view and location will cost you, as it will probably be worth at least 40 per cent more than the equivalent inland, if not more.

Robin Gould – Prime Purchase 

Robin Gould, director of buying agency Prime Purchase, says: ‘Many people love the idea of living beside the sea, even more so since the pandemic struck and we have all been spending more time outside. 

‘However, a house with a good sea view and location will cost you, as it will probably be worth at least 40 per cent more than the equivalent inland, if not more. 

‘A frontline house is arguably worth 30 per cent more than one immediately behind it.

‘I recently bought a “frontline” house near Polzeath in north Cornwall for a client, which was right on the cliff top with stunning coastal and sea views.  

‘Although the house itself was very “vanilla”, most people would have forgiven it anything to have that ever-changing, interesting view.’

Also among the most popular coastal locations for homebuyers is Brighton (pictured)

Also among the most popular coastal locations for homebuyers is Brighton (pictured)

QUICKEST COASTAL MARKETS TO FIND A BUYER
Rank Location Average asking price 2021 Average time to find a buyer 2021 (days) Change in time to find a buyer 2021 vs 2020 (days)
1 Saltcoats, Ayrshire £111,419 19 -35
2 Troon, Ayrshire £178,666 22 -8
3 Westward Ho, Bideford, Devon £297,138 24 -46
4 Ayr, Ayrshire £161,301 25 -15
5 Kessingland, Lowestoft, Suffolk £219,538 25 -22
6 Littlehampton, West Sussex £364,180 26 -28
7 Goring-By-Sea, Worthing, West Sussex £396,078 26 -23
8 Marske-By-The-Sea, Redcar, Cleveland £181,882 28 -15
9 Canvey Island, Essex £308,261 28 -23
10 Weymouth, Dorset £283,585 29 -25
Source: Rightmove       

The red hot property market this year has translated into the time it takes to find a buyer hitting a record low number of days.

The average time find a buyer across the whole of 2021 is 44 days, 15 days quicker than the average in 2020.

Saltcoats in Ayrshire is this year’s quickest coastal location to find a buyer, at 19 days on average.

Troon in Ayrshire came second at 22 days, and Westward Ho, in Bideford, Devon was third at 24 days.

Calshot beach was included as Southampton, which features in the top ten most in-demand coastal areas in Britain

Calshot beach was included as Southampton, which features in the top ten most in-demand coastal areas in Britain

THE INCREASE IN COASTAL SEARCHES IN 2021
Rank Location Average asking price Increase in searches 2021 vs 2020
1 Morecambe, Lancashire £164,424 32%
2 Blackpool, Lancashire £137,301 21%
3 Great Yarmouth, Norfolk £194,066 15%
4 Swansea, Wales £180,603 15%
5 Saltburn-By-The-Sea, Cleveland £227,611 15%
6 Southampton, Hampshire £249,053 14%
7 Llandudno, Conwy (County of) £235,316 13%
8 Saundersfoot, Pembrokeshire, South West Wales £319,587 12%
9 Southport, Merseyside £215,838 12%
10 Scarborough, North Yorkshire £191,879 12%
Source: Rightmove     

Meanwhile, Morecambe, Lancashire saw the biggest jump in coastal buyer searches compared to last year, up 32 per cent, followed by Blackpool, up 21 per cent, and Great Yarmouth, up 15 per cent.

Tim Bannister, of Rightmove, said: ‘After a year where coastal locations really captured the imagination of British buyers, it’s interesting to reflect on how the overall picture looks at the end of the year.

‘In terms of average asking price growth, homeowners in Cornwall and Devon are the real winners this year, with properties in some areas outpacing the national average, though this does mean that it is increasingly difficult for some locals to get onto the ladder.

‘The speed of this year’s market really is astounding, seen in the time to find a buyer in some areas, particularly in Scotland.

‘Overall, this has been the year that either through changed lifestyle priorities, or the ability to work remotely, living in coastal areas has become possible for more buyers, which is reflected in the data we’re seeing in this study.’

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UK to require all incoming international travellers to take Covid-19 test

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All international travellers arriving into the UK will be required to take a pre-departure Covid-19 test – while Nigeria is being added to the British government’s travel red list, British health secretary Sajid Javid has said.

Mr Javid said the government had decided to move after receiving new data about the spread of the Omicron Covid-19 variant, which emerged in southern Africa.

“Since we have learned of this new variant our strategy has been to buy time. We have always said we will act swiftly should new data require it,” he told broadcasters on Saturday.

“Over recent days we have learned of a significant number of growing cases linked to travel with Nigeria.

“There are 27 cases already in England and that’s growing. Nigeria now is second only to South Africa in terms of linked cases to Omicron.”

Mr Javid said that the number of cases of Omicron in Britain had now risen to about 160.

Under the new rules, from 4am on Monday only British and Irish nationals travelling from Nigeria will be allowed into the UK and they must isolate in a government-managed quarantine hotel on arrival.

And from 4am on Tuesday, anyone travelling to the UK from countries not on the red list will be required to take a pre-departure Covid-19 test a maximum of 48 hours before leaving, regardless of their vaccination status. – PA/Reuters

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