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House prices hit another record high as average home now worth £20k more than 2020

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House prices hit yet another record high in April to reach £258,000, as buyers continue to take advantage of the stamp duty holiday.

According to mortgage lender Halifax, prices were 8.2 per cent higher than they were a year ago, marking the highest annual growth rate in 5 years.

This means that the average home is now worth nearly £20,000 more than it was before the pandemic.

On the rise: The average house price has increased by nearly £20,000 in the last year

On the rise: The average house price has increased by nearly £20,000 in the last year 

On a monthly basis, prices increased by 1.4 per cent or nearly £3,600 between March and April.

The data, which is based on mortgage approvals, shows that the rate of house price growth has sped up since March, when Halifax reported that prices increased by 6.5 per cent year on year to £254,606.

UK house prices rose 1.1 per cent between February and March, or almost £3,000, marking the first monthly increase since November.

In the latest quarter (February to April) house prices were 0.9 per cent higher than in the preceding three months (November to January).

The amount of money home buyers can save by using the stamp duty holiday will be reduced at the end of June, and the holiday will end altogether at the end of September.

This, combined with the ending of Government wage support schemes such as furlough, could see house price growth ease off by the end of the year.

Russell Galley, managing director at Halifax, said: ‘In cash terms, almost £20,000 has been added to the value of the average home since the market had essentially come to a standstill in April 2020.

This converted chapel in Frome, near Bath, is listed on Zoopla for £300,000. Behind its historic exterior lies two bedrooms, bathroom, living and dining room and private courtyard garden

This converted chapel in Frome, near Bath, is listed on Zoopla for £300,000. Behind its historic exterior lies two bedrooms, bathroom, living and dining room and private courtyard garden

For £200,000 you can snap up this one-bed cottage in Fowey, Cornwall, listed on Zoopla

For £200,000 you can snap up this one-bed cottage in Fowey, Cornwall, listed on Zoopla

This four-bed detached home in Wigginton, York is listed on Rightmove for £420,000

This four-bed detached home in Wigginton, York is listed on Rightmove for £420,000

‘The influence of the stamp duty holiday will fade gradually over the coming months as it’s tapered out but low stock levels, low interest rates and continued demand is likely to continue to underpin prices in the market.

‘Savings built up over the months in lockdown have given some buyers even more cash to invest in their dream properties, while the new mortgage guarantee scheme may have eased deposit constraints for some prospective homebuyers who previously thought their first step on the housing ladder was a few years away.

‘As we said in March, the current levels of uncertainty and potential for higher unemployment as furlough support ends leads us to believe that house price growth will slow to the end of the year.’

The advice for those thinking about selling their home is to act now before prices start to fall.   

UK house price increases in the last year, according to mortgage lender Halifax

UK house price increases in the last year, according to mortgage lender Halifax 

Iain McKenzie, CEO of The Guild of Property Professionals, said: ‘If you’re wondering why the roads are so busy, it’s probably because half the country seems to have packed their house into a moving lorry and be driving to their new home.

‘The moving frenzy shows no signs of abating, and every month brings a new record house price. 

‘With an estimated £20,000 being added to the value of the average home compared to the time of the first lockdown last April, the potential savings on stamp duty might not outweigh the inflated price of your new home.

‘If you are looking to sell your property, now might be the best time to push forward, if you want to avoid the risk of the bubble bursting when the time comes to put the ‘For sale’ sign out.’

As well as the stamp duty holiday and people reassessing their housing needs, a lack of homes coming on to the market is also said to be pushing up prices. 

Tom Bill, head of UK residential research at estate agent Knight Frank said: ‘During the first two months of the year, rising uncertainty over new Covid-19 variants, the logistical constraints of home-schooling and an expectation that the original March stamp duty deadline would be missed all contributed to a slowdown in supply. 

‘This created an imbalance in the housing market that has increased upwards pressure on prices.

‘The shortage deterred some owners from listing their property because they were unable to find anywhere to buy themselves, exacerbating the problem. 

‘We expect more properties to come on to the market and a greater balance between supply and demand to return, reducing upwards pressure on prices. 

‘We forecast 5 per cent growth for UK property prices in 2021, with current activity levels normalising as the post-pandemic landscape materialises towards the end of the year.’

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Courts Service contradicts Garda declaration journalists were barred from court

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The Courts Service has openly contradicted An Garda Síochána’s declaration that journalists were barred from a court sitting in Waterford earlier this month on the orders of a district justice.

Former Fianna Fáil election candidate Kieran Hartley appeared before Judge Brian O’Shea at Dungarvan District Court on October 13th on a Section 6 public order charge for allegedly committing an offence against a family member of a local garda.

Journalists Eoghan Dalton and Christy Parker were barred for more than three hours from entering the court chamber by two gardaí, who said they had been told the judge had directed that no press be allowed in.

The decision to bar the press – the second time that this has happened to a court hearing where Judge O’Shea was sitting following an incident at a Dublin hearing in 2017 – has now been raised with Garda management.

During exchanges with the reporters, who questioned the decision, one garda said “no one is allowed in this morning”, and while they “honestly” did not “know any details of it” they had been “directed by the court to not allow anyone into it”.

The Garda Press Office later that day insisted “the presiding judge had directed that the court be cleared of persons not involved in the case” as a “voir dire” was in operation.

A voir dire normally occurs when a judge seeks to determine an issue in the course of a trial rather than in advance of one, and very rarely applies at District Court level. Journalists may witness proceedings but not report the details.

Direction

Questioned later, however, the press office said: “The court garda cleared the court as requested by the judge”, and that “it is understood that members of the media who so arrived after that point were inadvertently prevented from accessing the courtroom”.

The Courts Service on Friday said: “At no stage did Judge O’Shea or Courts Service officials issue a direction that the case should be held otherwise than in public”.

“The court sitting at Dungarvan District Court on Wednesday, October 13th, was a public hearing. It involved the hearing of certain arguments in a case, before the ‘substantive’ matter might be heard at another time,” the spokesman said.

“In the absence of an order the law requires that the proceedings take place in public: we are committed to that principle. The alleged actions of gardaí in not allowing access to some media is a matter for Garda management.

“These issues have been raised with Garda management,” said the Courts Service, which is understood to have checked its own records carefully ahead of making its public statement.

When the case came to court on September 22nd, solicitor Paddy Gordon, acting for defence solicitor Frank Buttimer, questioned the legitimacy of statements presented by An Garda Síochána. Mr Gordon claimed they were “not our statements and we want them examined forensically”.

Deferring the matter to the October 13th sitting of Dungarvan District Court, Judge O’Shea instructed that investigating Garda Tom Daly be present, along with his notebook and all original statements.

The judge also asked that Tramore District Superintendent Paul O’Driscoll attend the hearing, which would commence at 10am prior to the main court business.

Candidate

Mr Hartley unsuccessfully contested the 2014 European elections as Fianna Fáil’s Ireland South candidate. He resigned from the party acrimoniously in 2018 following his criticism of its handling of matters related to convicted paedophile Bill Kenneally, whose cousin Brendan was a former Fianna Fáil junior minister.

Judge O’Shea did not issue a written verdict on the present case against Mr Hartley, but it is understood the Garda testaments will stand as presented when it is heard.

Mr Buttimer said he was “not in a position to comment at present”.

Sinn Féin’s justice spokesman Martin Kenny said it was “highly unusual” and that he would be writing to Garda headquarters seeking an explanation. “Justice has to be seen to be done as well as being done, and I find it quite alarming that we’d be in this situation.”

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Darlington is cheapest for homes, London’s Kensington most expensive

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We all know about the North-South divide. We all know about the Prime Minister’s attempt at ‘levelling up’. We all know about the crumbling Red Wall.

But when it comes to property, the facts of the matter tell their own story. According to Churchill Home Insurance, Darlington in County Durham is the cheapest place to buy a property in the country, at just £58 per square foot.

Which is staggering when you compare it to the most expensive — Kensington in central London, where the average price per square foot stands at £1,721. 

Imposing: The Clock Tower in Darlington, County Durham - the cheapest place to buy a property in the country, at just £58 per square foot

Imposing: The Clock Tower in Darlington, County Durham – the cheapest place to buy a property in the country, at just £58 per square foot

Music giants Robbie Williams and Eric Clapton have homes in this exclusive royal borough home, as do entrepreneurs Sir Richard Branson and Sir James Dyson.

But here’s the twist: anyone looking to take advantage of Darlington’s prices might have to move fast because there are plans to turn this market town into the hottest property in the north.

Chancellor Rishi Sunak is opening up a smart new division of the Treasury there over the next five years, moving about a quarter of the department. 

That’s about 400 people, many of whom will be local recruits. ‘We’re giving talented people in the North-East the opportunity to work in the heart of Government, making decisions on important issues for our country,’ explains Sunak.

So what are the draws of these polar-opposite locations?

Kensington is one of the crown jewels of London neighbourhoods featuring not just top museums but also a host of chic cafes, boutique shops, and even Kensington Palace, where the Duke and Duchess of Cambridge live with their children.

There are three Zone 1 underground stations and several independent schools, and you’re a stroll away from the West End. 

Upmarket: A terrace in Kensington, London, where the average price per square foot stands at £1,721

Upmarket: A terrace in Kensington, London, where the average price per square foot stands at £1,721

Top restaurants include Daphne’s and Launceston Place — both favourites of the late Princess Diana — and the iconic Bibendum with two Michelin stars.

There’s no surprises when it comes to property values in this area; they’re stellar. The cheapest property in Kensington for sale on Rightmove in the middle of October was priced at £40,000 and that was just a space in a car park. 

The most expensive listing, by contrast, was a seven- bedroom semi, with an eye-watering asking price of £30 million.

Of just over 510 property sales in the past year, the average price was a slightly more modest £2,169,235, according to Zoopla, but that’s after prices took a 4 per cent knock as fewer people bought in London during the pandemic.

It’s a different story in Darlington, which has a modest average property price of £172,724, according to Zoopla. 

But things are changing; there have been more than 1,600 property sales in the past 12 months and prices have gently risen 4.5 per cent. The most expensive home on sale is a four-bedroom detached house with grounds, for £700,000.

However that’s still an exception, with many more at the other end of the scale, where there are several two-bedroom terrace houses for sale at £45,000.

If you’re moving in, bone up on railway history — the world’s first steam train service began here almost 200 years ago. 

Otherwise, look out for a twice-weekly street market, the revamped Hippodrome theatre and the odd tribute to comic Vic Reeves and businessman Duncan Bannatyne, both brought up in the town.

Darlington is brimming with well-preserved Victorian buildings while you can stroll in the beautiful South Park. If you’re after the best of local food, the two-Michelin starred Raby Hunt Restaurant is the place to go.

The town has the buzz of a place on the move — there are modernisations under way at both the railway station (2 ½ hours to London, 30 minutes to Newcastle) and the indoor market.

Meanwhile, Rishi Sunak’s Treasury initiative is already putting Darlington on the map. ‘I know of several people from London who have moved here thanks to working remotely,’ says estate agent Henry Carver of Carver Residential. 

On the market: North-South divide 

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Facebook admits high-profile users are treated differently

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Facebook’s oversight board said the social media company hadn’t been “fully forthcoming” about internal rules that allowed some high-profile users to be exempt from content restrictions and said it will make recommendations on how to change the system.

In the first of its quarterly transparency reports published Thursday, the board said that on some occasions, Facebook “failed to provide relevant information to the board,” and in other instances the information it did provide was incomplete.

For example, when Facebook referred the case involving former US president Donald Trump to the board, it didn’t mention its internal “cross-check system” that allowed for a different set of rules for high-profile users.

Facebook only mentioned cross-check, or XCheck, to the board when asked whether Trump’s page or account had been subject to ordinary content moderation processes.

The cross-check system was disclosed in recent reporting by the Wall Street Journal, based in part on documents from a whistle-blower.

The journal described how the cross-check system, originally intended to be a quality-control measure for a select few high-profile users and designed to avoid public relations backlash over famous people who mistakenly have their posts taken down, had ballooned to include millions of accounts.

The oversight board said it will undertake a review of the cross-check system and make suggestions on how to improve it.

As part of the process, Facebook has agreed to share with the board relevant documents about the cross-check system as reported in the Wall Street Journal. – Bloomberg

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