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Price of a detached house rises £46k in a year… but flats increase by just £2k

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The cost of a detached house has surged by around £46,000 since the pandemic began as buyers searched for more space, according to Rightmove. 

The price tag for such a home has soared by 10 per cent, hitting over £500,000 on average nationally. Back in February last year, the average cost of a detached house was £471,406.

In contrast, the average asking price of a flat has risen by just 1 per cent, or around £2,000, in the same period and is now worth £277,302. 

How much? The cost of a detached house has surged by around £46,000 in the past year

How much? The cost of a detached house has surged by around £46,000 in the past year

There are signs that flats are starting to make a comeback, however, with the number of sales agreed up by 14 per cent in June and July compared to the same point last year.  

This has the potential to push the price of flats up in the coming months, driven by lockdown restrictions easing, medium to long term working patterns becoming clearer and better availability of low-deposit mortgages, Rightmove said. 

The cheapest location to get on the property ladder is the North East of England, with average asking prices for flats at £103,098, while the most expensive area outside London is the South East, where average asking prices for flats are £235,073.

The average asking price for a flat in London is £534,054, marking a drop of 2 per cent since February 2020.

Tim Bannister, Rightmove’s director of property data, said: ‘Navigating a busy market can be daunting for buyers, especially if they’re looking to get onto the property ladder for the first time.  

‘However the latest data might suggest an opportunity for some first-time buyers, with average asking prices for flats currently up by 1 per cent, which is significantly less than the price increases we’ve seen for other property types. 

He added: ‘The sharp rise in average asking prices for detached homes probably comes as no surprise to those who have been following the rush for room that emerged when the market reopened, and with available stock still limited and strong demand continuing, we’re unlikely to see prices fall for this property type anytime soon.’       

Property listings continue to fall

The number of properties being listed for sale continued to drop last month, pushing house price inflation up further, according to a separate closely-watched survey published today.

The Royal Institute of Chartered Surveyors said new instructions from sellers ‘moved deeper into negative territory’ last month, and are at their worst level since April 2020.

With the primary phase of the stamp duty holiday gone, newly agreed property sales and queries from prospective buyers also fell last month, the Rics said. 

But house prices continued to rise everywhere in the country, with the North of England, Wales and East Anglia seeing particularly strong growth. On the flip side, house price growth in London was markedly weaker.

Experts at the Rics said some buyers were struggling to move up the property ladder amid high demand for houses with more space over smaller flats.  

Dwindling: The number of properties being listed for sale has continued to drop

Dwindling: The number of properties being listed for sale has continued to drop

Waning: Queries from prospective buyers fell last month, according to the Rics

Waning: Queries from prospective buyers fell last month, according to the Rics

The Rics said tight supply was a ‘crucial factor’ in sustaining higher house prices across the country ‘for the time being.’

A total of 66 per cent of estate agents surveyed said they thought property prices would continue to rise over the next year, up from 56 per cent in June. 

But new buyer enquiries shrank in July, ending a positive four-month streak for the housing market. 

The Rics added: ‘As a result, the number agreed sales also reportedly took a dip, posting a net balance of -21 per cent in July across the UK, with sales volumes slowing most notably in Yorkshire & the Humber, the East Midlands and East Anglia.’   

Ian Macklin of estate agency group Ian Macklin & Company in Hale, Greater Manchester, said: ‘The ending of the stamp duty holiday has resulted in fewer new instructions and sales which are broadly back to the levels previously experienced.’

Summing up the survey’s findings, Simon Rubinsohn, chief economist at the Rics, said: ”Although the tapering in stamp duty is beginning to have some impact on RICS activity indicators, the overall tone to the market remains firm with the metrics capturing price expectations showing few signs of wavering.

‘Significantly, a strong message from survey respondents is that buyers are continuing to place a premium on space with the prospect of a hybrid model of work being adopted by many organisations providing the opportunity for greater flexibility around location.

‘This is being reflected both in the challenge some current homeowners are having in moving up the property ladder, as well in stronger price expectations from the Rics survey for larger than smaller properties.’

On the up: Stock shortages are pushing property prices up

On the up: Stock shortages are pushing property prices up 

Predictions: Many estate agents think property prices will continue to rise

Predictions: Many estate agents think property prices will continue to rise 

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Oscar-winning La La Land star Emma Stone places three-bedroom Malibu home up for sale for $4.2M

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Oscar-winning La La Land star Emma Stone places three-bedroom Malibu home up for sale for $4.2 million

  • Stone, 33, purchased the oceanfront property for $3.25 in 2018
  • The home spans more than 1,700 sq. feet over 3.2 acres of property in the luxe Southern California area 
  • The home includes exquisite views of the Los Angeles cityscape, Pacific Ocean and Catalina Island 
  • Stone also owns houses in Los Angeles and Austin, Texas; and an apartment in Manhattan 

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Emma Stone is looking to sell her three-bedroom, two-bathroom home in Malibu, California for $4.2 million.

The 33-year-old actress has listed the mid-century bungalow home on the real estate market, about four years after she purchased the oceanfront property for $3.25 in 2018, The Wall Street Journal reported.

The one-story home belonging to the Oscar-winning La La Land star spans more than 1,700 sq. feet over 3.2 acres of property in the luxe Southern California area.

The latest: Emma Stone, 33, is looking to sell her three-bedroom, two-bathroom home in Malibu, California for $4.2 million. The Academy Award-winning actress was snapped in Athens, Greece earlier this month

The latest: Emma Stone, 33, is looking to sell her three-bedroom, two-bathroom home in Malibu, California for $4.2 million. The Academy Award-winning actress was snapped in Athens, Greece earlier this month 

Sotheby’s International Realty listing agent Eric Lavey, who is the listing agent on the property, described the home to the paper as ‘a classic 1958 California Midcentury hanging over the Pacific’ and ‘the Malibu beach house they would choose for a Nancy Meyers movie.’

The Scottsdale, Arizona-born beauty’s home includes exquisite views of the Los Angeles cityscape, Pacific Ocean and Catalina Island, and is within walking distance of nearby hiking trails and the beach.

The Cruella star’s house, which has been renovated in recent years, has a state-of-the-art kitchen with gold accents.

The living room of the abode is centered around a fireplace encased in a white brick column, as floor-to-ceiling windows in the home allow for sunlight to pour in.

The living room of the abode is centered around a fireplace encased in a white brick column

The living room of the abode is centered around a fireplace encased in a white brick column

The home boasts amazing views of the Pacific Ocean via multiple angles and vantage points

The home boasts amazing views of the Pacific Ocean via multiple angles and vantage points 

The home features a dining area outdoors which is sequestered by eucalyptus and yucca trees

The home features a dining area outdoors which is sequestered by eucalyptus and yucca trees

A dining room in the home sits adjacent to an outdoor patio

A dining room in the home sits adjacent to an outdoor patio 

A bathroom in the home has a standalone bathtub along with a rain shower.

The home features a dining area outdoors which is sequestered by eucalyptus and yucca trees, and a patio with a panoramic view of the coast.

Other amenities the home features includes a recreation room and art studio.

The Cruella star's house, which has been renovated in recent years, has a state-of-the-art kitchen

The Cruella star’s house, which has been renovated in recent years, has a state-of-the-art kitchen 

The home is made of white brick and wood with gold accents and state-of-the-art appliances

The home is made of white brick and wood with gold accents and state-of-the-art appliances 

A dine-in area sits adjacent to the kitchen in the stunning beach home

A dine-in area sits adjacent to the kitchen in the stunning beach home 

In the years since she acquired the home, Stone in 2020 wed writer Dave McCary, 36, and the couple welcomed a baby daughter in March of 2021.

According to the paper, Stone also owns houses in Los Angeles and Austin, Texas; and an apartment in Manhattan.

Lavey told the paper that he expected the house to sell quickly, as there is a scarcity of homes in that price range in Malibu, and residents of other well-heeled Los Angeles locales such as Beverly Hills or Holmby Hills are partial to purchasing smaller beach homes.

A master bedroom in the home outlooks a panoramic view of the Pacific Ocean

A master bedroom in the home outlooks a panoramic view of the Pacific Ocean 

Floor-to-ceiling windows in the home allow for sunlight to pour into the home

Floor-to-ceiling windows in the home allow for sunlight to pour into the home 

A bathroom in the home includes a rain shower and standalone tub

A bathroom in the home includes a rain shower and standalone tub

A shower in the bathroom has a glass door with gold fixtures

A shower in the bathroom has a glass door with gold fixtures 

A brick-lined patio area boasts a stunning view of the Pacific Ocean

A brick-lined patio area boasts a stunning view of the Pacific Ocean 

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More than 9,000 artists apply for universal basic income scheme

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More than 9,000 artists have applied for a new dedicated basic income scheme which will see successful applicants receive €325 a week.

Minister for the Arts Catherine Martin said there had been a “huge level of enthusiasm” for the scheme and described the plans as a “watershed moment” for the sector.

Assessment of the applications has started and the process will take a number of weeks given the high volume received.

The basic income scheme was launched in April when the Government announced the payment would be made available to 2,000 applicants in total.

The Coalition has said the objective of the scheme is to address the earnings instability that can be associated with the intermittent and sometimes project-based nature of work in the arts.

The process for selecting successful applicants will be non-competitive, so once a person satisfies the eligibility criteria they will be included in a randomised selection process to pick the successful 2,000. It is understood unsuccessful but eligible applicants will be invited to participate in a control group to help with an appraisal of the pilot scheme.

A basic income for artists was the main recommendation of the Arts and Culture Recovery Taskforce set up in 2020 to examine how the sector could adapt and recover from the crisis caused by the Covid-19 pandemic.

The scheme opened for applications on April 12th and closed on Thursday, May 12th.

The Department of Arts said the highest number of applications came from those in the visual arts sector, followed by those involved in music, then film and then literature.

‘Watershed moment’

Speaking to The Irish Times, Ms Martin said it represented “a watershed moment in the funding of artistic practice in Ireland”.

“The new measure makes a statement about our values as a nation – that the voices of artists have been heard and that the arts matter. This is a unique opportunity to research the impact a basic income could have on the arts and to provide the evidence base for a permanent support.

“I am very pleased with the huge level of enthusiasm for the basic income for the arts pilot scheme and am delighted that over 9,000 artists and creative arts workers were willing to participate in this innovate research project.”

Mr Martin said the scheme “heralds a new approach to the way the State funds and recognises her artists and I look forward to seeing the data and findings of the research during the pilot”.

There had been significant interest in the new scheme for artists from other countries, media and practitioners, which indicated the enthusiasm in the arts globally for the move, the Minister added.

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Neinver begins construction of Alpes The Style Outlets (FR)

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NEINVER has resumed construction works at Alpes The Style Outlets, which once completed will mark the company’s 17th outlet centre across 6 European countries. The company broke ground last March and works are advancing on schedule, with the development of three platforms that will house the main building and car park all well underway. Alpes The Style Outlets, which will be NEINVER’s second outlet centre in France, boasts an exceptional location near the Swiss border, close to Geneva and next to key tourist destinations. It will feature 20,400m² of GLA, over 90 boutiques and restaurants providing both local and international cuisine.

 

“France is a strategic market for NEINVER. Our aim is to develop and operate this centre with the local community firmly involved, providing it with an exciting leisure option, while also contributing to improving the region’s economic and social development,” commented Daniel Losantos, NEINVER Chief Executive Officer. “Outlet centres have shown continued resilience, and this development is a clear vote of confidence in the sector and in the opportunity the site offers to brands to further grow their business.”

 

Located 25 minutes from Geneva, the scheme will offer 1,350 parking spaces and will have direct access to the A-40 motorway, a key transport link between France and Switzerland and to popular winter destinations. It will also be easily accessible by high-speed train thanks to the Paris to Geneva connection, with a TGV station located just 5 minutes from the future centre.

 

“We are seeing keen interest from our brand partners in this one-of-a-kind project due to its exciting retail proposition and its unique location, with great brands such as Adidas, Guess and Levi’s already joining the scheme”, said Joan Rouras, NEINVER Leasing and Retail Director. The centre is exceptionally well located in the Grand Genève area, which enjoys a strong purchasing power and high levels of tourism. The region has also seen a spike in population growth in recent years and is expected to continue increasing significantly in the coming years. To attract these customers, we are designing a destination that will feature an exclusive retail mix of sought-after international brands and the best of what the local area has to offer – a compelling offer for any fashion lover or avid sports fan.”

 

Finely tuned to the local landscape, Alpes The Style Outlets will offer an avant-garde atmosphere, combining natural materials such as wood and stone for a contemporary look. In this open mall concept designed in an “Alpine village” style with chalet-style shops and terraces, NEINVER plans to create a promenade destination and a relaxing day-out providing much more than just shopping. Lyon-based SEV Architectures will project monitor the construction under the coordination and supervision of Arcadis, leading global design and consultancy.

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