Connect with us

Current

Newmarket and Berkhamsted named as supply shortage hotspots as prices rise 9%

Published

on

Newmarket, Suffolk has been named as the town with the biggest property supply shortage hotspot, seeing the biggest gap between the number of homes selling and new sellers coming to market.

The number of sales being agreed in the town – synonymous with horse racing – has galloped by 79 per cent on last July, while new sellers putting their properties on the market is down 49 per cent.

Berkhamsted, Hertfordshire is in second place, seeing an increase of 58 per cent in sales being agreed, and a drop of 57 per cent in new sellers according to the research by property website Rightmove, which covers the last year.  

Rightmove has revealed the new supply shortage hotspots, which have the biggest gap between the number of homes selling and new sellers coming to market

Rightmove has revealed the new supply shortage hotspots, which have the biggest gap between the number of homes selling and new sellers coming to market

This three-bedroom semi-detached house in Newmarket is for sale via estate agents Morris Armitage for £297,500

This three-bedroom semi-detached house in Newmarket is for sale via estate agents Morris Armitage for £297,500

Witney in Oxfordshire takes the third spot with sales up 51 per cent and new sellers down 59 per cent.

Rightmove said all of the top 10 supply shortage hotspots are in the South East and East of England and likely reflect a fresh desire to escape London for towns that are still commutable to the capital. 

High demand is translating into higher average house prices. Newmarket, Berkhamsted and Bushey have seen prices up 9 per cent since 2019.

The stock shortage is being felt across the country, with the average available number of homes per estate agent on Rightmove dropping from 29 in July last year to currently only 16 properties.

Around two third of properties have already found a buyer, and some of the hotter areas, such as Newmarket, are seeing a higher rate of three quarters of homes already sold subject to contract.

This three-bedroom terrace property in Berkhamsted is for sale for £725,000 via Oakleys estate agents

This three-bedroom terrace property in Berkhamsted is for sale for £725,000 via Oakleys estate agents

SUPPLY SHORTAGE HOTSPOTS AROUND THE COUNTRY
% drop in number of new sellers versus July 2020 % rise in number of sales agreed versus July 2020 Average Asking Price July 2021 Average Asking Price July 2019 Average Asking Price change versus July 2019
Newmarket, Suffolk -49% 79% £320,043 £294,656 9%
Berkhamsted, Hertfordshire -57% 58% £694,085 £636,055 9%
Witney, Oxfordshire -59% 51% £347,798 £330,011 5%
High Wycombe, Buckinghamshire -53% 55% £363,245 £349,043 4%
St. Ives, Cambridgeshire -56% 49% £308,187 £294,018 5%
Weybridge, Surrey -53% 49% £932,526 £961,008 -3%
Bushey, Hertfordshire -49% 53% £583,514 £536,083 9%
Egham, Surrey -60% 41% £495,844 £472,470 5%
Marlow, Buckinghamshire -58% 43% £726,383 £688,195 6%
Farnborough, Hampshire -54% 45% £364,757 £354,849 3%
Source: Rightmove         

Tim Bannister, of Rightmove, said: ‘If we think back to July last year the market in England had been open again for around six weeks, the stamp duty holiday was announced, and a summer frenzy was just beginning.

‘Twelve months on, the combination of fewer sellers coming to market and sustained demand has resulted in a summer seller shortfall, and so the challenge for agents now is to try and replenish the stock to meet the demand from buyers.

‘For those considering coming to market this year, now could be the time to find out what your home could be worth from a local agent.’

This two-bedroom terrace house in Witney is being sold via Thomas Merrifield estate agents for £495,000

This two-bedroom terrace house in Witney is being sold via Thomas Merrifield estate agents for £495,000

Estate agents in the supply shortage hotspots confirmed the findings, saying completion is high for homes for sale.

Neil Harris, of estate agents Cheffins in Newmarket, said: ‘There’s a real shortage of houses for sale which means that for every property that does come available, we see huge levels of interest.

‘We’ve consistently benefitted from Cambridge’s house price growth, and as Cambridge becomes increasingly expensive, coupled with its fast-growing population and booming economy, buyers have continually looked to move to Newmarket in search of more space for their money. 

‘Similarly, as the days of the five-day a week commute appear to be coming to an end, we’ve seen a growth in buyers from London coming to the area, seeking out countryside and village homes at lower price tags.

 As the international home for horseracing, Newmarket’s strict planning policies have kept new developments to a minimum, which has exacerbated the shortage of available stock.

Neil Harris – estate agent 

‘Now would be a good time for would-be sellers to test the market. With the summer holidays coming to an end we are entering a busy period throughout the autumn as people look to move ahead of Christmas. 

‘As the international home for horseracing, Newmarket’s strict planning policies have kept new developments to a minimum, which has exacerbated the shortage of available stock. 

‘While there is a handful of new developments around Newmarket, we don’t anticipate a huge amount of development in the pipeline, which will result in prices continuing to grow.’

It follows Zoopla reporting last week that the property market is facing the worst shortage in fresh listings since 2015.

While buyer demand remains strong, stock levels are down more than 26 per cent compared to last year’s average – leaving prospective buyers battling it out for the most in-demand properties, it said.

It added that total listings are also 33 per cent lower than they were this time in 2018 and 2019. One in 20 UK homes changed hands over the past year, compared to one in 25 two years ago.

Source link

Current

Government ‘committed’ to better redress scheme

Published

on

A “significantly enhanced” scheme will be needed to help the owners of severely damaged and crumbling homes with mica problems, Tánaiste Leo Varadkar has said.

He told Sinn Féin finance spokesman Pearse Doherty that he could not make any definitive commitments on it at the moment but “it will be a matter for Government to decide before the end of the month”.

Speaking in the Dáil, Mr Varadkar said Minister for Housing Darragh O’Brien was committed to working with the homeowners to find a resolution to the problem and he acknowledged that a “resolution is long overdue”.

He also accepted that “we need a significantly enhanced scheme” which was being developed.

Mica is a mineral that can absorb and store water, resulting in excessive amounts in building blocks which over time causes cracks and crumbling in blocks. The number of affected homeowners in Donegal and Mayo is estimated at between 7,000 and 8,000 “and possibly more”, according to the Government source. Claims have also been made in Mayo, Limerick and other counties.

A 2018 redress scheme opened for applications in 2020 but required owners to pay 10 per cent of costs, unlike the pyrite scheme for Dublin homes which was 100 per cent Government-funded.

Mr Varadkar acknowledged that with the mica scheme the 90 per cent in Government funding did not turn out to be 90 per cent “because of other costs including rent when people move out of their house, engineering reports and such matters”.

Mr Doherty called on the Tánaiste to “lift the burden off so many families” and commit to establishing a 100 per cent redress scheme for homeowners and families “in Donegal, Mayo and other counties who are seeing their homes crumble before their eyes”.

He said that several family homes had been demolished including that of Donna and Mike Price and their three children. Their home “was reduced to rubble by a digger”.

He said “others continue to live in the conditions that put them and their children at risk with walls and ceiling crumbling around them”, and the problem had placed a heavy toll on their mental health and relationships.

“They cannot be allowed to wait any longer. They are victims of self-regulation, no-regulation and light-touch regulation regimes.”

Mr Varadkar, who previously visited Donegal to witness the impact of mica, said “not only have I seen it with my own eyes, but I have felt it in my fingers when I touched those walls.

“One can see how easily they can break and crumble. I know the devastation it has caused people.”

He said: “I agree that we need to bring forward an enhanced scheme, a better scheme, than the one we put together under the last Government to deal with this issue. We are committed to doing that.”

Speaking in Limerick on Thursday, the Minister for Housing appeared to open the door for a 100 per cent redress scheme for homeowners. When asked about the possibility, he said: “I’ve taken nothing off the table.”

Mr O’Brien said the Cabinet would “assess” documents to be handed into Government by Donegal and Mayo campaigners on Friday, adding: “I want to be able to bring improvements to the scheme, and try to bring a resolution to this in the next few weeks.”

“I’ll have to go to Cabinet with some of the changes, if they require additional expenditure, which I expect it will do so.”

On Thursday, Fine Gael TD Joe McHugh said the problem had become a “national emergency” and it was time for Government “to bite the bullet”over the mica scandal.

Mr McHugh said the original redress scheme – ostensibly offering homeowners 90 per cent of the cost of repairs – was reluctantly accepted at the time by those affected but was scuppered by changes made by Department of Public Expenditure officials.

“I believe to this day if that scheme was honoured in the way it should have been done, in terms of the conditions applied therein, we may not even be here today because that 90/10 [90 per cent redress, 10 per cent paid by homeowner] scheme effectively became a 70/30 and in some cases a 60/40,” he said.

Different caveats and different cost measures were brought into it, the Donegal TD told RTÉ’s Today with Claire Byrne.

“The scheme was politically signed off on, and like anything in politics, you have a policy as a government, and once the officials start digging down and delving into it, we came out with a scheme that is not workable.”

Separately, a survey published on Thursday by the Mica Action Group, found that mica householders are “suffering a major negative impact to their mental health” and that some are medicating for the first time ever in order to cope with the stress.

Representatives of the mica action group are to hand in their survey as well as a document calling for 100 per cent redress which will “detail exactly what is needed to end the homeowners’ turmoil and allow them to move forward”.

“It can only be hoped that it is treated with respect and gravity, and is acted upon with urgency,” said Lisa Hone, a spokeswoman for the group.

Ms Hone said 483 registered members of the Mica Action Group responded to the survey, and they admitted to “dealing with unrelenting anxiety about safety and finances, the distress of having homes demolished and worries about future homelessness”.

“A common theme running through comments from defective block homeowners was the constant nature of the anxiety seeping into all corners of their lives, with 50 per cent feeling unsafe in their home.”

Source link

Continue Reading

Current

Homes you can let in the top 10 UK rental hotspots revealed

Published

on

The rental shortage hotspots have been revealed, with the Isle of Wright, West Devon and Cornwall leading the way.

Rental shortages are so acute that in some towns and villages in these areas, there is only one property available to rent.

In the West Devon market town of Tavistock, for example, the only property listed on Rightmove to rent is a basement studio flat costing £460 a month. 

The rental shortage hotspots have been revealed, with the Isle of Wright, West Devon and Cornwall leading the way

The rental shortage hotspots have been revealed, with the Isle of Wright, West Devon and Cornwall leading the way

In other areas, the listings are reading that ‘viewings are fully booked’ within a day of the property being advertised online.

Rightmove’s findings were based on more than 400,000 rental listings in June and July this year and comparing them to the same period two years ago.

It revealed the true extent of a lack of homes to rent compared to pre-pandemic levels, with the Isle of Wight topping the list with a fall of 82 per cent in available rental stock.

We have picked a property in each of the top 10 rental shortage hotspots to provide a snapshot of what is on offer to rent in each of these locations. (Scroll down for the selection of property listings.)

The Rightmove research did not analyse what type of homes were hardest hit – such as a flat or family homes – and instead focused on locations only.

The areas with the biggest reduction in stock compared to the summer of 2019 are in seaside locations and holiday resorts.

The only property to rent in the West Devon market town of Tavistock is a basement studio flat costing £460 a month

The only property to rent in the West Devon market town of Tavistock is a basement studio flat costing £460 a month

Tim Bannister, of Rightmove, said: ‘Landlords in the typical tourist destinations around Britain have been chasing the huge surge in demand for holiday lets this summer, which has led to a temporary drop in the stock available for permanent tenants.

‘However, as the summer holidays are coming to an end, agents are now reporting more landlords turning their attention to longer-term tenants as a more secure and stable option for the rest of the year and into 2022.

 Landlords in the typical tourist destinations around Britain have been chasing the huge surge in demand for holiday lets this summer

Tim Bannister – Rightmove 

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: ‘As the commitment to commute has declined, so has demand to live in coastal or country areas increased. 

‘Others have enjoyed being by the seaside so much they have turned temporary stays into more permanent ones.

‘The result has been an increase in demand, which supply has struggled to match, particularly recently in the staycation season. Other owners have taken refuge in the short let and Airbnb market, which also kept longer-term rental stock levels down.

‘Although traditionally September and October are the busiest months for rentals, the demand and supply imbalance is likely to continue at least until the end of the year when poorer weather should dampen demand to the extent that rents will inevitably soften.’

Properties to rent in ‘shortage hotspots’… 

1. Three-bed semi-detached house, Isle of Wight, £895 per calendar month

This three-bedroom semi-detached house in Brading on the Isle of Wight is available for rent for £895

This three-bedroom semi-detached house in Brading on the Isle of Wight is available for rent for £895

This property on the Isle of Wight is available to rent for £895 a month via letting agents Hose Rodes Dickson.

It is in the town of Brading, on the east of the island, and within reach of the railway station and main bus routes.

It is semi-detached, unfurnished and has three bedrooms. It is available to rent from October 18.

2. Three-bed semi-detached, North Devon, £975 pcm

This three-bedroom semi-detached house in Fremington, North Devon, is for rent for £975 a month

This three-bedroom semi-detached house in Fremington, North Devon, is for rent for £975 a month

This North Devon home is in the village of Fremington, three miles west of Barnstaple.

It has three bedrooms, a driveway and a single garage. It is available to rent to non-smokers without pets. 

It is being let for £975 a month by letting agents Phillips, Smith & Dunn. It is available to rent from September 20.

3. Studio flat, West Devon, £460 pcm

This basement studio in is the only property in Tavistock available to rent on Rightmove

This basement studio in is the only property in Tavistock available to rent on Rightmove

This basement studio flat costing £460 a month is currently the only property available to rent on Rightmove for tenants looking in West Devon’s Tavistock.

It is two minutes from Tavistock town centre and includes a garden and off-street parking. It is available via letting agents Mashroom.

4. Four-bed house, Northumberland, £1,500 pcm

This detached house in Northumberland has four bedrooms and is available to rent for £1,500 a month

This detached house in Northumberland has four bedrooms and is available to rent for £1,500 a month

This four-bedroom unfurnished farmhouse is in the countryside near Gunnerton in Northumberland.

The detached property includes a large front garden, outbuildings and a half acre paddock. It is available to rent for £1,500 a month via letting agents Galbraith.

5. Three-beds, Blackpool, £650 pcm

Viewings on this property to rent in Blackpool are 'now fully booked', according to the listing on Rightmove

Viewings on this property to rent in Blackpool are ‘now fully booked’, according to the listing on Rightmove

Within a day of this three-bedroom property in Blackpool being advertised online, the listed read that viewings ‘now fully booked’.

The rental is being handled by Tiger letting agents and the semi-detached property is being let for £650 a month.

6. Three-bed detached house, Torridge, £925 pcm

This detached home in Torridge has three bedrooms and is for rent for £925 a month

 This detached home in Torridge has three bedrooms and is for rent for £925 a month

This three-bedroom home is in Milton Damerel, in the local government district of Torridge in North Devon.

It is available to rent via letting agents Kivells, from September 20 and is unfurnished. It has been recently decorated and costs £925 a month.

7. Three-bed semi-detached house, South Tyneside, £620 pcm

This family home in Hebburn has three bedrooms and is available to rent for £620 a month

This family home in Hebburn has three bedrooms and is available to rent for £620 a month

This semi-detached home is in the town of Hebburn, on the south bank of the River Tyne.

It is available immediately and is being rented unfurnished via letting agents Reeds Rain. It has three bedrooms and a enclosed garden.

8. Three-bed detached house, Neath, £950 pcm

This award-winning rental home has three bedrooms and costs £950 a month

This award-winning rental home has three bedrooms and costs £950 a month 

This detached chalet bungalow is in the village of Crynant, in Wales’ Neath.

The property won the LABC Cymru award for Best Individual New House and the NPRCB Building Excellence Award for 2020.

It has three bedrooms and costs £950 a month to rent via letting agents Payton Jewell Caines. However, the listing online had set a deadline of September 15 at 5pm for tenants to apply.

9. Three-bed cottage, Cornwall, £950 pcm

This Cornish cottage is costs £950 a month to rent and is available either furnished or unfurnished

This Cornish cottage is costs £950 a month to rent and is available either furnished or unfurnished

This cottage in Cornwall’s St Just includes a feature fireplace, three bedrooms and an enclosed garden.

It is available to rent for £950 pcm via letting agents Marshall’s, and is available either furnished or unfurnished.

10. Three-bed semi-detached house, North Tyneside, £800

This family home is in the village of Shiremoor in Newcastle Upon Tyne and costs £800 a month to rent

This family home is in the village of Shiremoor in Newcastle Upon Tyne and costs £800 a month to rent

This semi-detached family home is in the large village of Shiremoor in Newcastle Upon Tyne.

It has three bedrooms and is available to rent via letting agents Your Move for £800 a month. It is available immediately and is unfurnished.

Source link

Continue Reading

Current

Bitter and personal exchanges as Coveney survives Dáil confidence vote

Published

on

The Government survived a bruising opening to the new Dáil term on Wednesday night when TDs voted confidence in the Minister for Foreign Affairs, Simon Coveney, after a debate that was often bitter, fractious and personal.

The Government won the vote by 92 votes to 59, its majority bolstered significantly by the support of several Independent TDs.

But Fianna Fáil suffered the loss of the Sligo-Leitrim TD Marc MacSharry, who announced his resignation from the parliamentary party hours before the debate and voted against the Government.

In his resignation letter Mr MacSharry, a longtime and vocal critic of party leader Micheál Martin, said that Fianna Fáil was behaving “in a fashion consistent with an undemocratic totalitarian regime rather than that of a democratic socialist republican party of and for the people”.

Abandoned appointment

The debate on the Sinn Féin no-confidence motion, prompted by the Government’s handling of the abandoned appointment of former minister Katherine Zappone as a UN special envoy, quickly became bitter and personal in tone, with Fine Gael and Sinn Féin TDs trading barbs and insults across the floor of the Dáil.

Sinn Féin TDs accused the Government of “cronyism” and “abuse of office”. During the debate, the Cavan-Monaghan TD Matt Carthy claimed it was Minister for Higher Education Simon Harris who leaked the proposed appointment of Ms Zappone during the Cabinet meeting in July.

A spokeswoman for Mr Harris said later “this was a clear misuse of Dáil privilege and it is untrue”.

Strong defence

Ministers and Government TDs conducted a strong defence of Mr Coveney, and a fierce counter-attack on Sinn Féin. The Taoiseach told the Dáil that Sinn Féin said it had brought the motion because the party was “not prepared to look the other way”. But he said “looking the other way” has been the “defining response for Sinn Féin in many more sinister issues” and he highlighted cases where the party appointed its own members to roles in office.

In comments echoed by many Fine Gael TDs, former minister Richard Bruton said Sinn Féin “seeks to destroy Simon Coveney’s career to create a political platform to attack every party that is part of this Government”.

Source link

Continue Reading

Trending

Subscribe To Our Newsletter

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

You have Successfully Subscribed!