Property

On the day the Office for National Statistics announced a sharp rise in consumer price inflation, albeit to a still modest 1.5 per cent, we discovered that house prices have jumped by a staggering 10.2 per cent in the last year. The average house in England now costs £275,000, close to ten times the average annual income. In 1992, the average house cost three times the average income. A housing boom during a pandemic in the wake of the deepest recession in 300 years doesn’t make a lot of sense, but a few recent events can partially explain it. After three lockdowns, there is pent-up demand, including for houses. The

Pre-pandemic, all you needed for a good London location was a roof terrace, proximity to a vibrant social scene and a tube station. Or a river view. Then everything changed. Whilst central areas have pretty much fallen into the doldrums, a combination of more room, better value and access to green spaces has become essential. If you had all the money in the world, you’d still locate around London’s greatest open green spaces. Hampstead Heath, Kenwood and Regent’s Park to the north, Hyde Park or St James’s Park in central London or Battersea, Richmond, Dulwich or Richmond to the south. For the rest of us, living in a shoe box with

Would you swap living in London for York? According to the latest survey on family-friendly city living, York tops the list. On a range of measures from childcare costs to average house prices and leisure activities, York is it. Unless your work or family ties take you there, I’m not convinced though. The three-hour train journey into London means a move there would more or less sever your links to the capital.   There’s no denying that the capital’s house hunters are being tempted increasingly further afield in their property searches. More space and lower prices makes it seem like a no brainer. But the jury is out on whether the pandemic will cause us

It began with a sourdough starter. Then we dabbled with home delivery cocktails. This time round, I watched The Dig and bought a Fair Isle tank top and a blouse with a big collar to wear for Zoom calls. Then, when my husband’s company announced they’d be hiring remotely, we embraced the biggest lockdown cliché of them all: moving to the country. Mentally, we checked out of London and started rubbing our hands in expectation of what we could get in exchange for our terraced house in Zone 2. Outdoor space, a couple more bedrooms – the trade-off many Londoners have come to expect in exchange for enduring the years

With Rishi Sunak announcing plans for a Stamp Duty holiday extension and floating the policy of 95 per cent mortgages, the boom in house sales looks set to continue apace. So, in an increasingly competitive market, what’s the secret to securing the best possible price on a house? Firstly, your relationship with the agent is key, even as the buyer. Despite the fact that most agents are paid by the seller estate agents form their primary relationships with buyers. If you want to live in a certain area find the best negotiator – the person you think can persuade a seller to accept your price. And don’t be afraid to badger them. They may

It’s hard to believe we’re heading towards the pandemic’s first anniversary. The economy has had a torrid time. But if there’s one area that has surprised us all with its buoyancy it is the property market. Ever since the first lockdown, there has been a flurry of activity at a time when a market crash was predicted. So, what is going on and should you hop on the bandwagon? The Office for National Statistics reported that UK house prices rose by 8.5 per cent over the year to December 2020. That growth wasn’t in city centres which have, at best, been largely stagnant. Instead it was driven by properties out of town and particularly in rural areas

As Mark Twain didn’t quite say, there are only three certain things in life: death, taxes and yet another government-backed bung for the housing market. The latest instalment is the 2021 to 2023 Help to Buy scheme, which carries on the theme of offering subsidised loans to first-time buyers – and only first-time buyers. Here’s what is on offer—from April. Buyers can take out a loan of between five and 20 per cent of the purchase price of a new home (or up to 40 per cent in London). There is a cap on the property price on which the loans are available varies from region to region, ranging from £186,100 in

A pattern seems to have emerged in the latter stages of the Covid crisis: Keir Starmer gets wind of discussions within government of possible new lockdown restrictions and calls for them to be implemented immediately – just to make it look as if he is ahead of the curve and the government behind it. We should take seriously, then, Sir Keir’s call for the housing market to be closed down for the duration of the lockdown. At present, in contrast to the first lockdown, it is still permissible for property viewings to take place, and thus for homes to be bought and sold. Yet as increasing numbers of buyers are

Did anyone get their predictions for the 2020 property market right? I suspect not. We’d barely heard of Covid back in January last year and, if we had, we would have probably written off the housing market for half a decade. But look at property now. Prices are up 5 per cent on average and so too is the volume of sales: £62 billion of extra transactions according to Zoopla compared to 2019. And that’s despite the economic hit we’ve experienced over the last year. I’d suggest the upward trajectory will continue, albeit with a few wobbles. This market movement is being driven by macro factors, not local ones. Low

Fancy buying half a flat, paying 100 per cent of the maintenance and the cost of putting right a developer’s shoddy work? Therein lies the great scandal at the heart of shared ownership, the government scheme which BBC Panorama exposed last week but which I others were writing about over a decade ago. Shared ownership has allowed developers to put fancy price tags on properties which they might otherwise struggle to sell The concept sits at the heart of government efforts to increase the rate of home-ownership. Look around at the prices of London flats, compare them with average London salaries and you wonder how anyone can get on the

I’ve never worked out why anyone would want to buy an outfit over the internet without first seeing it in the flesh and trying it on. I know my wife does it all the time — although the constant piles of parcels by the door, full of stuff waiting to be sent back whence it came, pays testament to drawbacks of buying things sight unseen. Then again, a suit or a dress is only a suit or a dress. I would rather buy clothes online than I would a five-storey townhouse. But maybe I’m a bit of an old stick-in-the-mud. There are some buyers, it seems, who are only too

Why, Sir, you find no man, at all intellectual, who is willing to leave London. No, Sir, when a man is tired of London, he is tired of life; for there is in London all that life can afford.— Samuel Johnson Samuel Johnson made this remark in 1777 to one of his friends who lived in the wilds of Scotland. Covid, the internet and cars hadn’t happened at the time. But he did have a point. Many office workers have been told they are unlikely to return to their places of work this side of Christmas. And when you do return, it is likely that home working could be on