Category Archives: Property

Thousands eager to escape Trump keen to snap up €1 Sardinian home, says mayor

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American applications would be fast-tracked although scheme is open to other nationalities, says mayor of Ollolai

The mayor of a small town in Sardinia has said thousands of Americans keen to escape Donald Trump have expressed an interest in moving there after he offered homes to them for as little as €1.

Francesco Columbu, the mayor of Ollolai, has staged similarly enticing initiatives in the past as a way to combat depopulation. He released more homes for sale after sensing he was on to a winner when Trump clinched a second term as US president in elections earlier this month.

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Average asking price for UK home drops by £5,000 in November

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Analysts say market is still relatively busy despite decline of 1.4%, which is unusually high for this time of year

The average asking price for a UK home has dropped by more than £5,000 this month as the autumn budget caused housing market jitters before the usual Christmas slowdown.

Average asking prices from new sellers fell by £5,366, or 1.4%, in November to £366,592, compared with the 0.8% decline usually recorded at this time of year, according to the website Rightmove.

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Houses in national parks in England and Wales sell for 25% more, study finds

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Nationwide says New Forest is most expensive national park with an average property price of £576,000

Buying a home in a national park comes at a 25% price premium, with the New Forest the most expensive of the 13 parks in England and Wales, according to Britain’s biggest building society.

Nationwide said properties in a national park enjoy a valuation almost £67,000 more than a similar property elsewhere, based on the average UK house price of £266,640.

New Forest – £576,000

South Downs – £400,000

Peak District – £375,000

Yorkshire Dales – £353,000

Lake District – £333,000

Dartmoor – £310,000

Bannau Brycheiniog (Brecon Beacons) – £274,000

Eryri (Snowdonia) – £173,000

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Leading UK estate agent cuts its longer-term house price growth forecast

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Hamptons says ‘modest’ rises can be expected amid ‘dampening effect’ of higher interest rates overall

Expectations that UK interest rates may stay higher for longer, as well as revenue-raising measures in the budget, have prompted a leading estate agent to cut its forecast for house price growth over the longer term.

The revised forecast from Hamptons came days after Halifax and Nationwide banks said the annual rate of property price growth had slowed, with the former saying it was likely to be “modest … for the rest of this year and into next”.

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Housing, social care and universities: who lost out in the UK budget?

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Rachel Reeves made funding the NHS a priority but people working in other areas said they were disappointed

Rachel Reeves’s first budget emphasised raising taxes to help the NHS, as the health service tries to cope with huge waiting lists and an ageing population. Funding the NHS was a top priority but people in other sectors – from universities to social care – feel the budget was a missed opportunity to tackle impending crises or introduce desperately needed reforms in their areas.

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Number of homes sold in UK up by a third, says Rightmove

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Autumn price bump failed to emerge as buyers spoiled for choice, with properties on market at a 10-year high

The number of homes being sold is up almost a third, year on year, so far this month, although the traditional autumn price bump has failed to emerge due to buyers being spoilt for choice, with the number of properties for sale at a 10-year high, according to Rightmove.

The number of sales agreed is up 29%, with the number of house hunters contacting estate agents up 17%, despite some market uncertainty caused by the looming budget at the end of October.

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UK house prices hit highest annual growth since 2022

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Nationwide says yearly rise in house prices increased by 3.2% in September putting the average home at £266,094

UK house prices are growing at their fastest annual rate for nearly two years as borrowing costs continue to fall on expectations that the Bank of England will keep cutting interest rates, Nationwide has said.

The building society said prices grew by 3.2% in September compared with the same month last year, well above the 2.4% annual growth recorded in August, and the fastest pace since the 4.4% recorded in November 2022.

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Billionaire Guy Hands’ property firm takes housing reforms to European court

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Annington Property fears recent legislation will force it to offload some of the 38,000 freeholds it owns on UK military homes

A property company founded by the billionaire Guy Hands has taken a legal fight with the UK government to the European court of human rights over fears it could lose significant sums as a result of planned housing reforms.

Annington Property, which owns the freehold of about 38,000 military homes, has filed the claim against the housing minister, Angela Rayner, over concerns that the new Leasehold and Freehold Reform Act could force it to off-load the homes well below market value. Last month it launched a challenge in the high court on the same grounds.

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Surge in larger homes for sale amid capital gains tax fears, Rightmove says

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Speculation Rachel Reeves to raise tax in budget thought one reason for some homeowners cashing out

Growing speculation about a capital gains tax (CGT) raid in October’s budget appears to have prompted a surge in the number of larger homes being put up for sale, the UK’s biggest property website says.

Rightmove said in the week ending 9 September there had been “a flurry of activity at the top end” of the market. The number of larger homes – defined as four-bedroom detached houses and all five-bedroom and larger properties – being listed for sale in Great Britain was 15% more than in the same period last year. And in the east and south-west of England, which include some of the UK’s most popular coastal and countryside hotspots, the percentage was over 20%.

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Rupert Murdoch-owned firm REA makes £5.6bn offer for Rightmove

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Board rejects non-binding indicative proposal of 705p a share for UK’s biggest online real-estate portal

REA, the Australian property company majority-owned by Rupert Murdoch’s News Corp, has made a £5.6bn offer for Rightmove, the UK’s biggest online real-estate portal.

The Rightmove board rejected the 705p a share offer, worth 18.6% of the enlarged company post-deal, which comes a week after REA confirmed it was considering a cash and share offer for Rightmove.

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Starmer criticises Labour MP over tenants’ complaints of mould and ants

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PM says ‘it’s unacceptable’ when asked about Jas Athwal allegations but adds MP is ‘taking action to put it right’

Keir Starmer has criticised a Labour MP who has been accused of renting out flats with black mould and ant infestations, calling the conditions “unacceptable”.

The prime minister addressed the accusations against Jas Athwal, the MP for Ilford South, on Monday after a report by the BBC quoted several of his tenants complaining about the conditions in the properties they rented from him. One said there were ants “everywhere”, adding: “They are on my kid’s body and on their clothes.”

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Labour MP accused of renting out ant-infested flats with black mould

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Jas Athwal, the Ilford South MP, ‘shocked’ by allegations and ‘profoundly sorry’ for condition of his properties

A newly elected Labour MP has been accused of renting out flats with black mould and ant infestations.

Jas Athwal, the MP for Ilford South, owns 15 rental flats, according to a report by the BBC.

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Housing market at its strongest since Truss mini-budget aftermath

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House prices grew at annual rate of 2.4% in August, the fastest since December 2022, Nationwide figures show

The UK housing market is at its strongest since the aftermath of Liz Truss’s infamous mini-budget that sent borrowing costs soaring, according to the latest figures.

Nationwide said house prices grew at an annual rate of 2.4% in August, up from 2.1% in July and the fastest rate since December 2022.

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Social housing rents to rise as part of UK push to build affordable homes

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Rachel Reeves works on plan for 10-year formula to give councils and housing associations certainty

Social housing rents will rise by more than inflation over the next decade as part of UK government plans to boost affordable housebuilding and shore up the finances of struggling landlords.

The chancellor, Rachel Reeves, is working on plans to introduce a 10-year formula to calculate social rent on homes that will result in rents increasing every year by the rate of the consumer prices index – which is now 2.2% – plus 1%, removing an existing cap on rises.

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Interest rate cut fuels immediate upturn in UK property market

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Figures from Rightmove show inquiries to estate agents since 1 August up 19% compared with a year ago

The first Bank of England rate cut in four years has triggered an immediate upturn in the UK property market, as cheaper mortgages prompt interest among buyers and drive up house prices.

Figures from the property website Rightmove show the number of potential buyers contacting estate agents about homes for sale since 1 August jumped by 19% compared with the same time a year ago. Contacts in July were up 11% on the previous year.

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Former Sunak adviser urges Labour to introduce wealth tax on housing

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The economist behind the Covid furlough scheme has called for ‘unfair’ council tax and stamp duty to be axed

Council tax and stamp duty are “unfair and unpopular” taxes that should be abolished, says the economist who devised the Covid furlough scheme.

Tim Leunig, who has advised a series of cabinet ministers, including Rishi Sunak during his prime ministership, said it was time for a new and radical approach that would axe the two taxes and replace them with proportional levies.

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Heatmaps show UK homebuyers look most at artwork and furniture before making decision

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Zoopla puts average viewing time at 49 minutes, as eye tracking study shows focus on mirrors and plants, not floors and walls

A fifth of homebuyers spend less than 20 minutes looking at a home before deciding to make an offer, with viewers more likely to focus on artwork and furniture than structural features, research suggests.

The average time for looking around a property before settling on buying it was about 49 minutes, according to a survey of people who have attended viewings in the past five years.

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Keir Starmer promises no capital gains tax on sales of homes

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Labour leader rejects ‘desperate’ claim from Tory party that he has secret property tax plans

Keir Starmer has ruled out imposing capital gains tax on the sale of people’s homes and said it was “desperate” tactics from the Tories to suggest that he would.

The Labour leader said he could “absolutely” guarantee that would not happen.

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Labour will aim to reveal new town sites within first year in power

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Angela Rayner to promise party will build homes on sites by end of its first term and support private developers

A Labour government would aim to announce the sites for a series of new towns within a year of taking office, with the promise that homes would be built in them by the end of a first term, Angela Rayner is to say in a speech.

Giving more detail to a plan first outlined in Keir Starmer’s party conference speech in October, Rayner will tell a housing conference that Labour will strongly support private developers who create high-quality and affordable housing.

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Average British house price hits record high of £375,000

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Pent-up demand from would-be buyers pausing their plans last year has led to price rise despite mortgage rates remaining elevated

The average British house price reached a record high of £375,131 in May, according to Rightmove. The average prices of properties coming to market rose 0.8%, or £2,807, month on month.

Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, the property website’s report said.

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