Property

Clever websites only make the market dumber

A month ago I wanted to travel to Bath for a 60th birthday party. From Kent, this either involves a Tube journey to Paddington or traversing the south-western stretch of the M25, where — in the rare moments you are not in stationary traffic — you have the even worse experience of driving over 10,000 misaligned slabs of ribbed concrete. But deep in my hippocampus, I remembered seeing a train to Bath on the departures board at Waterloo. This would let me travel from Seven-oaks to Waterloo East, avoiding the Tube. I looked online, but the website denied all knowledge of such trains. It told me to take the Underground

How space for rural enterprise became the latest property must-have

Top of the wish list in the country estate and farm property market is space for rural enterprise. Whether the property in question is a main home or a country retreat, space to host festivals, rear specialist breeds or offer boutique accommodation has become the latest must-have in the estates market. Commercial space was always sought after in the country estates market, but over the last few years, buyers are no longer wanting just farmland to rent out, but space for their own enterprises. Since the economic crash in 2008, buyers are more conscious of where and what they are buying. A ‘trophy asset’ is still wanted by some, but having a

Problems of her own

If you don’t yet watch Gogglebox on Channel 4, start doing so now. Far from making you despise our couch-potato nation, it will make you feel great affection for it. Sprawled on L-shaped sofas with comfort cushions or slobbering dogs on their tummies, or sitting side by side on armchairs with a vase of carnations on a doily between them, the programme’s chosen telly-watchers make what must be the most unselfconscious, and therefore genuine, remarks spoken by anyone on air. There’s no doubt in my mind that Giles and Mary are the most watchable of all the watchers. ‘Meanwhile, in Wiltshire…’ says the narrator, and you glimpse a thatched cottage,

When is the best time to exit the London property market?

Owning a property in Central London is a dream for some, but a burden for others – if you are an accidental landlord, that is. An accidental landlord? But that I mean you were lucky enough to buy a property 20 years ago, then decided to move out of London – and were left wondering what to do with it. Rent it out? Sell it? Only a mad man would want to sell a property in London? Right. Wrong. Recent figures from property website Rightmove showed that this year, asking prices for homes in London have recorded their biggest annual fall so far this decade – having dropped on average by £18,000

Barometer | 27 July 2017

But me no butts Boris Johnson, being taught a Maori head-to-head greeting, joked that it might be ‘misinterpreted in a pub in Glasgow’. But did he offend the wrong city? In 2007 the OED appealed for details on the origin of ‘Glasgow kiss’, meaning a headbutt. Then, its earliest known first use was in the Financial Times in 1987, whereas ‘Liverpool kiss’ (meaning the same thing) was traced back to 1944. The appeal pushed back the Glasgow first use, but only by five years to 1982, when the Daily Mirror said: ‘Glasgow has its own way of welcoming people… there is a broken bottle gripped in the first of greeting.

To buy cheap art, buy architecture

Of the 375,000 listed buildings in England only 2.5 per cent are Grade I. Half are churches; many are otherwise uninhabitable, such as Nelson’s Column or the Royal Opera House. There are perhaps only 2,500 Grade I listed buildings in England in which you can feasibly live: these include Buckingham Palace and the Sutherland gaff. Eighteen years ago, when we had twins and decided to move out of London, my wife discovered a four-bedroom apartment in the roof of a Robert Adam house a mile outside the M25. To our astonishment, it was barely more expensive than ordinary housing of similar size nearby. I recently asked my neighbour, an economist,

Don’t look for any merit in meritocracy

A few years ago, someone asked me how to fix social care costs for the elderly. One eventual idea of ours was that, at age 65, people could pledge to pay a higher level of inheritance tax as a form of insurance against social care costs. If, say, you pledged £20,000 of the value of your estate, you would receive an annuity worth perhaps £150,000 should you develop dementia or need long-term care. This, we thought, would be appealing enough to be made voluntary. The idea was designed to align with a known property of human psychology called Prospect Theory, which  shows that people much prefer a small, certain loss

Real life | 4 May 2017

A gentleman on Twitter ‘writes’ to say I’m boring him with my house move. ‘Snooze-fest’, says this chap, and he posts a little yellow unhappy face or ‘emoticon’, which passes for articulate on Twitter. I’ve never heard of this fellow, although it is likely he is some kind of pundit with followers in the blogosphere who rely on him to tell them what is boring and what is not. I suspect I’m not alone in not knowing who he is, and that no one, including his own mother, has heard of him and that this being Twitter it is entirely likely he has not even heard of himself. However, I

Is it time to take a close look at the prime London property market? Spectator Money investigates

‘It feels like 2010,’ was the verdict last week of one seasoned operator in the prime London property market. What they meant is that after a period of uncertainty and restraint, the smart money is beginning to take a longer, harder look at the top-end of the London market. In 2010, the market was coming to terms with impact from the global financial crisis. In recent years, pricing has been adjusting to higher taxation, a political by-product of the downturn designed to address wider affordability concerns. However the stamp duty increase of December 2014 for £1 million-plus properties, which had the single biggest dampening effect on demand, is nearly two

Perilous times

Helen Dunmore’s new novel concerns lives, consequential in their day, that pass away into utter oblivion. Appropriately, the ‘solitary and no doubt rather grim middle-aged man’ of the opening pages is unnamed and never appears again, once he discovers a forgotten grave near the pathway of the title. Bearing the image of a quill, the headstone commemorates a radical 18th-century writer, Julia Fawkes, who died in Bristol in 1793. The stone was ‘Raised… in the Presence of her Many Admirers’. But who was this Julia, wife of an equally obscure pamphleteer, and what is left of the works that, the stone optimistically proclaims, ‘Remain Our Inheritance’? The historically minded 21st-century

Real life | 9 March 2017

If it takes any longer to find a buyer for my London flat I am going to start coming to the conclusion that it is perfect for me in my old age. Forget moving to a cottage with a vertiginous staircase in the inhospitable countryside, this two-bedroom apartment minutes from the hustle and bustle is just the thing for an aging couple like the builder boyfriend and me. ‘Think about it,’ said the BB the other evening, as we sat in my cosy living room, he nursing the usual aches and pains he brings home after a hard day on a roof. ‘This is just what we need. It’s handy

Real life | 23 February 2017

Unexpectedly re-available is a very good phrase. I have often seen it applied to house advertisements and thought how fabulously impertinent it sounds, so I am asking the agents to attach it to the description of my flat now that it is back on the market after a right old hoo-ha with the buyer from hell. Unexpectedly re-available is a grammatical tongue-twister, and a euphemism that manages to be both enigmatic and facetious at the same time. I also like it because it speaks to me on a personal level. I have been unexpectedly re-available countless times and I wish I had thought of saying so whenever I went on

Rory Sutherland

Thank God for overpriced lawyers!

When you buy a house in Britain, there is an extensive and well-established series of checks you must perform to ensure the property is suitable for habitation. When undertaking a survey, you should ensure that the boundaries of the property conform to those recorded at the Land Registry, and that the property does not lie on a flood plain or risk structural damage from coastal erosion or subsidence. Unfortunately, there seems to be no mechanism to protect householders from the worst possible eventuality — which is to find out that you have a lawyer living next door. Wherever you have a shared wall or fence, there exist countless opportunities to

Real life | 16 February 2017

Fine, so I got it completely wrong. It turns out the sale of my flat was not held up by a wiggle in the garden, but by a kink in the kitchen. This kink in the kitchen is far more serious than a wiggle in the garden. I should have realised that, the buyer’s solicitor has complained. I don’t know why I got the idea that exchange of contracts had been delayed by a mistake in the plan for the garden, but I’m struggling to keep up. I’ve been deluged with complaints about absolutely everything I had thought was fine. From the crisp new electrical safety certificates to the diligently

Barometer | 9 February 2017

Match of the knights Emails emerged suggesting David Beckham would rather appreciate a knighthood. How many goals do you have to score for England (or what else do you have to do in football) to gain the honour? — Alf Ramsey (knighted 1967): 3 goals for England, won World Cup as manager — Bobby Robson (2002) 4 goals, took England to World Cup semi-finals — Trevor Brooking (2004) 5 goals, was chairman of Sport England — Stanley Matthews (1965) 11 goals — Tom Finney (1998) 30 goals — Bobby Charlton (1994) 49 goals (David Beckham scored 17 goals for England. Other prominent England players who were not, or have not

Martin Vander Weyer

In this digital age, should we worry about bank branch closures? Yes we should

Almost a decade after the financial crisis loomed, our high streets and town centres are full of life again: who ever thought consumers could sustain so many cafés, bakeries and nail bars? But the revival is being undermined by yet another wave of bank branch closures, leaving small businesses adrift and personal customers at the mercy of call centres and insecure, ill-designed online platforms. More than a thousand branches have closed over the past two years, and another 400 or so are scheduled to go soon. HSBC is showing the way with a savage cull of its network. Oh well, you might say, banking really ought to be a digital

Real life | 26 January 2017

The problem holding up my house move turns out to be a wiggle. Have you ever had a wiggle? It sounds jolly enough but, believe me, you don’t want to go there. If you have a wiggle in your garden, you had better be prepared for the worst. I had no idea about this wiggle, because when I bought the flat I only had my lawyer scrutinise the Land Registry documents to a normal degree, which is to say I asked him if everything was broadly all right, and when he confirmed that it was I told him to proceed. I have lived in the flat quite happily since 2002

Dear Mary | 12 January 2017

Q. My son decided to go straight into work and has got a job. The problem is that it is in central London and none of his friends are available to share accommodation since they are all either on gap years or, if in London, in university halls. He’s been lucky enough to find a berth with a friend’s parents. He pays rent but, though they’ve given him his own small fridge, he doesn’t cook there — he doesn’t know how to and also he senses they would prefer he didn’t. Consequently he eats at Pizza Express every night using vouchers. He is a sociable boy and is used to

High life | 5 January 2017

Gstaad  New Year’s Eve was a Rhapsody in Blue, with a clarinet glissando that promised joys to come, and the Gershwin downbeat not registering until 6 a.m. The hangover was, of course, Karamazovian, but who the hell cares. I am finally solid again, and even the flu I caught on the trip over is on its last legs, lingering and as annoying as EU regulations, but no longer to be taken seriously. I had lots of close friends for dinner, but the new chalet was packed by the time I began slurring. Mind you, it’s during dreamlike moments such as those between midnight and dawn that wisdom strikes: there is

Buying a second property: what you need to know for 2017

If you’re planning on buying a second property this year, then help is at hand thanks to Spectator Money. Stamp duty costs, mortgage tax relief changes and the possible impact of Brexit are just a few things to consider when buying a second home, a holiday home or a buy-to-let in 2017. Price versus Value ‘Location, location, location’. This age-old saying still speaks volumes. When searching for a property, you’ll benefit in the long run if you do your homework at the outset. Infrastructural changes have a direct knock-on effect with property prices, as does the weather and local amenities, such as roads, schools and shops. If you can search out areas that