Property

The London property hotspots most likely to gain value

The preponderance of publicity over the last 24 months exhorting Londoners to abandon ship has left some areas of the capital looking like relative bargains or at least lagging behind widely hyped price rises elsewhere in the UK. Indeed, the average property price in Cambridge is now higher than that of the capital. Anecdotally, the stress of moving under duress has meant a significant number of those recently ‘lost’ have now returned to areas like Wandsworth, Hammersmith and Fulham. Many buyers have rented for a time in order to attempt a rural purchase before deciding to return. According to data from propertymark, there were an average of 29 buyers for every available

A house hunter’s guide to Sussex

Bracing sea air, walks along windswept dunes and early-morning dips in the surf …living by the seaside can be just the tonic for mind, body and soul. What’s more, with greater opportunities for remote working, it’s in vogue. According to the agent Knight Frank, the sale of coastal homes increased 19 per cent over the five-year average, in 2021 with the biggest increase in south-east England: 217 per cent. With Sussex spanning the lion’s share of the south coast, it’s often the go-to spot for movers and second-home owners from London, with train journeys between 60 and 90 minutes. But whether you seek sailing, peaceful beaches or the buzz of

Why work from homers are buying in Barbados

Life in the world’s newest republic is sweet. It’s peak season in Barbados, and another wave of Covid hasn’t stopped the rum sundowners flowing on the Caribbean island’s sugar-sand beaches. Given half the chance, many of us might well prefer to spend January wafting between beachfront restaurants and sun loungers, as the packed front-end of planes heading there during December have proved. Many of the island’s predominantly British holiday home owners have been heading to their properties on the West Coast of the island – and there will be no doubt a few villas changing hands too. ‘In the early stages of the pandemic there were a few nervous owners worrying whether

The rise of the London pied à terre

There’s nothing new about having a London pied à terre. For many based in the country yet working in the city having a ‘flat in town’ is a matter of convenience, whilst for those seeking to enjoy theatre trips or other metropolitan pleasures, it’s rather a luxury. Yet it’s been an increasingly expensive to acquire one since April 2016 when a stamp duty surcharge on second homes added an extra three per cent to each tax band, and when last year’s coronavirus lockdown made everyone flee to the country, flats in the capital were cast off rather than coveted. But what a difference a year can make. With the daily commute

How to prevent house theft

The heart breaking story of the Luton vicar who had his house recently ‘stolen’ from him by fraudsters has rightly touched a nerve with property owners everywhere. The horror of arriving at your own home to find your keys no longer work in the lock and the house now legally belongs to someone else might seem like a rare experience.  But unfortunately it’s more common than anyone might imagine. Indeed the first time I can remember it happening was in the early 80s and involved a house in one of the most expensive streets in London and a foreign Princess. The major problem with investigating, let alone reporting, this sort of fraud is that victims

The problem with online property searches

In 1966, the legendary adman David Ogilvy set out to buy a home in France. He boarded a transatlantic liner to meet a French estate agent who had a perfect house waiting for him in Paris, but while still in mid-ocean he heard he had been gazumped. There were presumably other houses on sale in Paris at the time, but it seems the agent did not show David any of them. Instead he suggested they board a train to Poitiers, 200 miles away, to an area David later described as ‘the South Dakota of France’. On the banks of the Vienne stood a decaying 13th-century château with around 30 bedrooms

Why building more houses won’t bring prices down

Does the law of supply and demand apply to housing? In other words, will building more houses and flats bring down prices? There is a growing economic consensus that the surprising, and rather counterintuitive, answer is: not to any significant extent. It is a conclusion that has revolutionary implications for housing policy, and what we need to do to help people realise their dream of owning their own home. Ian Mulheirn, chief economist at the Tony Blair Institute, concluded in a recent paper for the UK Collaborative Centre for Housing Evidence:  ‘The large body of literature on the responsiveness of house prices to supply indicates that even building 300,000 houses

Fit for a Queen: why Windsor should be on your property radar

It’s rumoured that Prince William is considering a move from Kensington Palace to be closer to his grandmother in Windsor. Since her return from Balmoral, she has based herself full time at Windsor Castle and it’s certainly a great town but should you consider moving there too? Years ago I worked with American investors looking to buy commercial real estate in the UK. One thing they could never quite appreciate is how old everything was. They’d often ask why anyone would build Windsor Castle under a flight path. I’ll merely leave that there with a raised eyebrow and let you know that an original castle was first built on the site

Letters: Let the housing market collapse

Treading the boards Sir: As a teacher, I was sorry Lloyd Evans did not include school productions in his excellent assessment of the cultural devastation inflicted by Covid-19 (‘Staged’, 3 July). While cancellation of West End shows is a tragedy, far more damage will be done to the thousands of children whose one chance to watch or perform in a play or musical has been taken away. These humble, often cheerfully disastrous, amateur productions bring pupils together in a way nothing else can. W. Sydney Robinson Oundle, Northamptonshire Big bad builders Sir: I enjoyed Liam Halligan’s comprehensive assessment of the appalling state of the UK building industry and the dire

The Nicola Sturgeon effect on house prices

Nicola Sturgeon depresses me and seems to be having the same effect on Scottish house prices. In a housing market described by departing Bank of England economist Andy Haldane as ‘on fire’, the flames have been rising higher the further away from London — but more or less extinguishing themselves at Hadrian’s Wall. Why buyers are scarcer in Nicola’s domain is a question I’ll leave to our political writers, but the broader picture of soaring home prices across the rest of the UK is an unforeseen pandemic effect that may have painful consequences. Nationwide’s June data shows an annual price-rise bar chart increasing steadily from 7.3 per cent in London

Letters: We can’t build our way out of the housing crisis

Excess demand Sir: Liam Halligan (‘The house mafia’, 26 June) treats us to an exposé of the shoddy products of the mass housebuilders. In the course of his article, however, he accepts as given that the solution to the housing crisis is to build more houses. The problem, however, is not one of deficient supply; it is a problem of excess demand, driven by ultra-low interest rates, kept so low for so long that the result has been an out-of-control housing boom. The young are being prevented from buying a house, not because housebuilders hoard land and refuse to build, but because buyers with access to eye-watering amounts of borrowed

Rod Liddle

The political baggage of moving house

We are currently house-hunting — please let me know if you have one going spare. We are looking for a home in the north-east of England in any constituency which was once solidly Labour and is now in the talons of a brutally right-wing Conservative MP — this is my wife’s stipulation and I find it fair enough. However, we do not want to live too near the poor people. In truth we had been casually looking across a vast swath of Northumberland, Durham and North Yorkshire for a good half-dozen or more years, but until now there had been little urgency to the business. We marvelled at the property

Don’t pity me for living in London

Londoners have had to learn, more than ever before, to master the art of fielding pity. We’ve been on the receiving end of lots of it this year from people living in the country who care about us, which makes it worse because we’re supposed to be grateful. I’m still smarting from a few recent zingers: ‘I do feel sorry for you, being cooped up in that small house.’ ‘It must be stifling there. We’ve got a nice breeze down here.’ ‘It’s all so lovely and green. Even London must be looking quite green.’ I bat away this pity that comes across as one-upmanship, bleating: ‘It’s been fine, actually’, ‘I

How to end the housing cartel

It’s no surprise that house prices have risen faster over the last year than they have in almost the last twenty. After all, everyone has realised what a difference a home can make: the extra space for a home office, a garden for fresh air or even just a quiet corner to escape the reality of lockdown. Not to mention a stamp duty holiday encouraging people to buy quickly. But the luxury of homeownership is slipping away for many young people.  While these increased house prices are a boon for those lucky enough to be on the housing ladder, it spells further disaster for those of us waiting impatiently on

How much longer can the Treasury rig the housing market?

The past 15 months have produced a bizarre economic paradox. In 2020, the economy shrank at the fastest rate recorded in modern times: 9.9 per cent. Yet house prices have not merely weathered the storm, they have risen at the fastest rate since the height of the property boom in the 2000s. According to Nationwide, the average value of a UK home has risen by 13.9 percent in the past 12 months. Halifax puts it a little more modestly at a 9.5 percent annual rise. Yet there is a pretty clear picture of a rising market driven by a lack of stock and a desperation from many people to move home

Why is modern architecture so ugly?

In Chesham and Amersham last week, Tory voters punished the government, not only for building on greenfield sites, but for allowing the construction of too many ugly, badly designed buildings. The British public are fed up with modern architecture. Despite polls that prove this time and time again, architects simply ignore people’s views. Indeed, if the public has the temerity to criticise their latest works, there is uproar — as I have discovered to my cost. At a dinner in late 2019, I asked Norman Foster, the ‘starchitect’ of such things as London’s widely derided City Hall and the Berlin Reichstag, if he was pleased by the government’s new Building

A second home in Cornwall is nothing to be proud of

Last week there was a public toilet for sale on the coast of Cornwall. The Kent-based auctioneer called it ‘an exciting and rare opportunity’, although its video tour of the property did not even undo the padlock on the security door. It was on the market for £20,000, which was a bargain — the last exciting and rare toilet block to be auctioned in Cornwall went for five times its asking price, even though it didn’t have as nice a view. It did, however, have windows. It’s undeniable that the property market in Cornwall is overheating. The backlash to the toilet auction was such that it was withdrawn from sale,

The dos and don’ts of building an extension

House prices are increasing at their fastest rate for seven years, jumping by as much as 10.9 per cent according to the Nationwide in their most recent survey. Is now the time to stay put and extend rather than go through the hassle of moving into a supply constrained rising market? And if you do extend, is it guaranteed that you’ll add value? Adding an annex or a loft extension, according to Shawbrook Bank, a home improvement loan provider, indicates that you’ll add 5 per cent to the value of a home and separate research by Nationwide suggests that 20 per cent of the value can be added if you build in

How to build more houses

Since the 1930s, bad planning has destroyed swathes of our most precious heritage while causing economic damage that, by some estimates, exceeds that of the second world war. We will end the disaster only if we learn from past mistakes. The current war about housing targets and ‘concreting over the South East’ is the latest in a long line of — generally successful — revolts against government housebuilding plans. In the 1940s, jeering protestors coined the name ‘Silkingrad’ for housing minister Lewis Silkin’s new town of Stevenage. In the 1980s, Nicholas Ridley’s controversial boost in housebuilding was reversed when he was replaced by Chris Patten. And in 2010 the backlash

From Suffolk to Essex: why moving east makes sense

You might remember, back before Covid, when life was ‘normal’, at three o’clock on a Friday afternoon, the Volkswagens, Audis and Jaguars clogging up the pavements of Kensington, Parsons Green and Hammersmith would one by one nudge out, and make for the Great West Road, duly clotting the A4 like a fast-food addict’s aorta. To all points west they would go – to the dewy hamlets of Hampshire, to the honeyed villages of the Cotswolds, to the pebbled beaches of Dorset’s Jurassic Coast, to the curvaceous nooks of Devon’s South Hams. But there is another way you can go, my friends, one which isn’t west. You can go east. And, boy,