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UK facing worst shortage of property listings since 2015, Zoopla warns

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The property market is facing the worst shortage in fresh listings since 2015, property portal Zoopla has warned. 

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. 

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. 

Low stock levels: The property market is facing the worst shortage in fresh listings since 2015, new findings from Zoopla have revealed

Low stock levels: The property market is facing the worst shortage in fresh listings since 2015, new findings from Zoopla have revealed

Supply problems are worst for homes priced up to £350,000, which Zoopla said was ‘reflective of where average affordability lies’ for buyers. 

‘It’s the supply of three and four bed family homes that is most stretched,’ the report added. 

‘The narrowing in choice of homes to buy, especially for family houses, means the market will start to slow naturally during the rest of the year and into next, as buyers wait for more stock to become available. 

‘While we anticipate a strong start to 2022 in line with seasonal trends, there will be a slow reparation of stock throughout the first half of the year.’

The average time taken between listing and an agreed sale is now 26 days, down from 49 days in 2019.

Problematic: Demand is outstripping supply in the property market

Problematic: Demand is outstripping supply in the property market

While the average flat in the UK has increased in value by 1.2 per cent in the past year, the average house has increased by 7.6 per cent over the same period, according to the data.

Increased activity among first-time buyers and investors is also absorbing stock, while failing to replenish it.

This huge ‘mismatch between supply and demand’ is triggering property price hikes in many parts of the country, according to Zoopla. 

Year-on-year, property prices grew by 6 per cent in July, which was slightly lower than the 6.3 per cent growth rate seen in the year to June. The average value of a home across the UK is now £234,000.

The headline rate of growth is expected to ‘moderate’ slightly down to around 4 or 5 per cent by the end of the year, Zoopla said. 

Price spikes: The sharpest jumps in house prices are emerging in areas with lower-than- average values

Price spikes: The sharpest jumps in house prices are emerging in areas with lower-than- average values

The surge in prices was expected to wane in certain areas, as the impact of the stamp duty holiday fizzles out and the Government withdraws stimulus packages like the furlough scheme. 

At a regional level, property price growth has been highest in Wales and Northern Ireland, which have both seen annual property price growth rates of over 9 per cent. 

Prices in the North West of England have also risen sharply. At city level, Liverpool continues to lead the way with price growth of 9.4 per cent over the past year, resulting in an average uplift of £11,731 per property. 

Manchester and Belfast have seen property prices jump more than 7 per cent in the past year, while in London prices have climbed by just 2.5 per cent.

Gráinne Gilmore, head of research, at Zoopla, said: ‘The post-pandemic “reassessment of home” – households deciding to change how and where they live – has further to run, especially as office-based workers receive confirmation about flexible working, allowing more leeway to live further from the office. 

‘This means higher levels of demand will still be evident, and potential vendors with family houses to sell could be in pole position.

‘However, the lack of supply, especially for family houses, means the market will start to naturally slow during the rest of this year and into next year, as buyers hold on for more stock to become available before making a move.

‘As we move into 2022, there will be a strong start to the year in line with seasonal trends, but after that, a return to more usual levels of activity among first-time buyers, the effect of the ending of the stamp duty holiday, and some buyers waiting for more stock to become available will result in a slow repairing of stock levels through the first half of the year.’

Zoopla pointed out that the supply of newly-built homes, which slowed temporarily  due to the hiatus in the construction industry during the first lockdown, is also still down 11 per cent in England.     

Rapid: The average time taken to sell a home has fallen, Zoopla's latest findings show

Rapid: The average time taken to sell a home has fallen, Zoopla’s latest findings show

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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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