Connect with us


Is the property starting to cool? Asking prices slow, says Rightmove

Voice Of EU



Property asking prices rose 0.8 per cent in the month to mid-June, in an early sign that the housing market boom is slowing down.

The average asking price increased £2,509, according to Rightmove’s latest Index.

It reached £336,073, hitting a new record high for the third consecutive month, and was the largest rise at this time of year since 2015, according to the property website.

However, sellers may prove to be over-optimistic, as Rightmove’s Tim Bannister said there may be ‘early signs of a slowing in the frenetic pace’ in the property market, ahead of the stamp duty holiday deadling at the end of June.

This five-bed detached home in Wrexham, Wales is on Rightmove for £795,000. The country has seen the highest price rises in the UK since March 2020

This five-bed detached home in Wrexham, Wales is on Rightmove for £795,000. The country has seen the highest price rises in the UK since March 2020

However, the 0.8 per cent rise was much lower than the 1.8 per cent and 2.1 per cent increases recorded in its last two indexes in April and May. 

Since March 2020, the typical asking price has risen by 7.5 per cent or £23,448.

These high prices, combined with an all-time low in the number of properties on agents’ books, are starting to slow down the market’s frenetic pace.

The Government’s stamp duty holiday, which saves buyers up to £15,000 in taxes, is also tapering down at the end of this month to a maximum £2,500 saving and will end completely at the end of September.  

The number of home sales agreed in May was 17 per cent ahead of the same period in 2019, slackening from April’s 45 per cent.

The average number of properties available for sale per estate agency branch is at an all-time low of just 17, falling even further from the record low of 19 in the previous month.

While the number of sellers coming to market picked up in March and April, this uptick in new supply has failed to continue in recent weeks, with the number of properties coming to market now down by 17 per cent on the comparable period in 2019.

Rightmove's map shows how asking prices are changing across the country: The biggest monthly gain was seen in the South West

Rightmove’s map shows how asking prices are changing across the country: The biggest monthly gain was seen in the South West

In Saltcoats in North Ayrshire, Scotland, this four-bed home is listed at £183,000

In Saltcoats in North Ayrshire, Scotland, this four-bed home is listed at £183,000

This three-bed semi-detached property in Northallerton, North Yorkshire is being offered on Rightmove with an asking price of £225,000

This three-bed semi-detached property in Northallerton, North Yorkshire is being offered on Rightmove with an asking price of £225,000

In Leicester, this four-bed, three-bath property can be snapped up for £600,000

In Leicester, this four-bed, three-bath property can be snapped up for £600,000

Tim Bannister, Rightmove’s director of property data, said: ‘Buyer demand remains very strong, though with an all-time low in the number of properties available for sale on estate agents’ books and new stock at higher than ever average prices, there are early signs of a slowing in the frenetic pace.

‘Record low interest rates and stamp duty tax reliefs have helped many to afford higher prices, satisfying their pent-up desires for a new home fit for a new era.

‘However, higher prices combined with a lack of fresh choice coming to market are reducing some buyers’ ability or desire to move, and while we expect the market to remain robust, there are early signs of a slackening in the incredible pace of activity that we’ve seen over the last year.

‘This super-charged activity cannot go on forever, but we expect the market to remain vigorous for at least the remainder of the year.’

Since the beginning of the pandemic, Rightmove said the fastest-growing regions had been Wales and the South West – thanks to cash-rich relocators from more expensive areas.

Prices in Wales are up 14.6 per cent since March 2020, thanks to a huge 44 per cent spike in buyer demand. Meanwhile in the South West they are up 11.4 per cent.

There, homes are selling more quickly than ever and each estate agent has just ten properties available on average.

Asking prices: The national average was £336,073 in June 2021 according to Rightmove

Asking prices: The national average was £336,073 in June 2021 according to Rightmove

Trend over time: Asking prices have risen consistently since January this year

Trend over time: Asking prices have risen consistently since January this year 

Detached properties with four bedrooms or more saw higher price rises proportionally than the rest of the market.

Average prices were up by £67,394 since March 2020 for properties in this sector (+12.3 per cent compared to 7.5 per cent for all properties).

The number of sales agreed on properties over £500,000 in May was 49 per cent above the same period in 2019, despite buyers knowing they will miss the maximum stamp duty saving that comes to an end on 30 June.

Matt Barry, Director at estate agent Astleys in Swansea, said: ‘Over the past 12 months we’ve seen a dramatic change in demand in the local market. 

‘This has far surpassed anything I’ve seen previously and we’re now regularly receiving offers from multiple buyers per property.

‘We’ve also noticed a large uplift in the amount of people relocating from England, with many people now enjoying the benefit of working from home, wishing for larger gardens or to be nearer beauty spots and the coast.’

Nick Leeming, chairman of estate agent Jackson-Stops, added: ‘Despite the fact that the first stamp duty deadline is just weeks away, our branches are as busy now as at any point I can remember.

‘Lifestyle re-evaluations have taken firm root which will lead to sustained demand, especially for rural and suburban locations.

‘There were 18 buyers chasing every listing across our branches in the South West last month as towns and villages which were once out of reach to five-day-a-week commuters, now present realistic options for hybrid or remote workers.

‘Additionally, London’s prime commuter belt towns continue to perform extremely well price wise, including Sevenoaks, Reigate, Dorking and Cranbrook, as many buyers continue to seek opportunities for more spacious accommodation and a larger slice of outdoor space.

‘But, while buyers remain active, the availability of stock on the market has continued to contract. With demand strong and pricing high, now is the time for vendors to capitalise on these favourable market conditions.’

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Source link


Orange warning in place for five counties on west coast

Voice Of EU



Violent storm force 11 winds are expected off the west coast as Storm Barra approaches on Tuesday morning.

Met Éireann has upgraded its marine weather warning to red, the highest category, on Irish coastal waters from Galway Bay to Bantry Bay from 3am on Tuesday morning to 11pm tomorrow night.

A status orange warning is in place on land for the counties of Galway, Clare, Limerick, Kerry and Cork from 6am on Tuesday morning until the same time on Wednesday morning.

Counties included in orange warning could see damaging gusts of up to 130km/h which will head to high waves, high tides, heavy rain and storm surge.

The rest of the country will be under a status yellow warning for the same period with the possibility of localised flooding.

Met Éireann head of forecasting Evelyn Cusack told Newstalk Breakfast that the storm system is developing rapidly over the Atlantic at present and will hit Ireland’s western seaboard on Tuesday with strong gale force winds which will quickly extend across the country.

There will be heavy rain turning to sleet and snow on higher ground, she warned.

Met Éireann will meet with gardaí, local authorities and emergency services this morning to update the progress of the storm and provide advice on what precautionary measures should be taken.

“It will be a pretty horrid day,” added Ms Cusack who advised against cycling.

The high winds and heavy rain will continue throughout Wednesday but they will have moved on by Thursday.

On RTÉ radio’s Morning Ireland, senior meteorologist Liz Walsh warned that trees could be knocked down during the high winds. She also advised that outdoor street furniture should be taken in or tied down and cautioned that Christmas decorations could be damaged.

Source link

Continue Reading


Coronavirus rules for driving tests spark complaints

Voice Of EU



Claims of rude testers, of not being allowed to cough and having to drive with windows open due to Covid-19 were among the complaints received from people who failed driving tests recently.

The Road Safety Authority (RSA), which oversees driving tests nationally, released a sample of the 1,505 complaints received since the start of last year under the Freedom of Information Act.

New figures show the driving test centre in Cork had the highest pass rate with 75 per cent of people passing, while the lowest was Charlestown in Dublin with a 42 per cent pass rate.

One person complained he had told his tester he had asthma and might need to cough because he had recently changed inhalers, causing irritation to his throat.

“I was advised that if I coughed at any stage, the test would be over immediately. This was difficult to control while under exam pressure and added a huge amount of unnecessary stress and pressure,” the individual complained.

Another individual complained their tester said if their face mask slipped “a little bit from my nose” while driving, the test would be ended.

“I’m in shock how he treated me that day,” said the complainant.

Another learner driver who failed said their car was hot and “very uncomfortable” because the tester said the hot air de-misters had to be kept on to prevent the windows fogging up because the back windows had to be kept open due to Covid-19.

One complainant said the tester seemed to have prejudged the test when they spotted a small stain on the driver’s seat as the car was supposed to be “spotless”.


“The tester was clearly taking it too far. I was complying with all Covid precautions as I had just Hoovered and sanitised the car and it was simply a mark on the seat.”

There were general complaints beyond Covid-19 issues. One person complained about feeling “anxious” because the tester was “sitting there shaking his head”.

Another said their tester repeatedly shook his head and sighed several times, and then made notes on the score sheet, which was “extremely off-putting and really unfair”.

Another driver said the tester was “extremely condescending and patronising” and mocked their answer to a signpost theory question about an “unguarded cliff edge”.

“We don’t drive along cliff edges in this country,” the tester was quoted as saying.

The RSA has been dealing with a backlog of driving tests due to the pandemic.

The centres with the next highest pass rates were Clifden (71 per cent), Killester in Dublin (70 per cent), Birr, Co Offaly (70 per cent) and Cavan (69 per cent).

The test centres with the next lowest pass rates were Dublin’s Churchtown, since closed (44 per cent), Nenagh, Co Tipperary (44 per cent) and Mulhuddart (45 per cent) and Raheny (46 per cent), both in Dublin.

Source link

Continue Reading


Former US presidential candidate Bob Dole dies aged 98

Voice Of EU



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

Source link

Continue Reading


Subscribe To Our Newsletter

Join our mailing list to receive the latest news and updates 
directly on your inbox.

You have Successfully Subscribed!