Property

Thursday

Martin Vander Weyer

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

The Spectator

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

Ysenda Maxtone Graham

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

Wednesday

Morgan Schondelmeier

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

Tuesday

Ross Clark

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

Thursday

Jessica Douglas-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

Thursday

Andrew Watts

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,

Monday

James Max

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

Wednesday

John Myers

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

Monday

Alec Marsh

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,

Wednesday

Christopher Snowdon

The insanity of Britain's housing market

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

Thursday

Leo McKinstry

Selling the family home to pay for care is not an injustice

The sound of the well-off grumbling about their finances is always an unattractive one. But there is one gripe that has become particularly powerful, filling the airwaves and shaping public policy. This is the persistent, ever louder complaint from many households that they are required to sell the family home to pay the costs of care for a close relative. It is a practice widely seen as ‘a scandal’, where the state seizes private property because of its own failure to create a properly funded care system that meets the needs of the elderly. The flames of grievance are stoked by the press, pressure groups and politicians, who promote the

Thursday

Laura Freeman

Bricks and pieces: the blight of London’s fake facades

‘I found Rome a city of bricks and left it a city of marble.’ So Augustus is supposed to have said. What would an emperor of London say today? ‘I found the capital a city of bricks and left her a city of rubble’? London bricks are falling down. Across the capital, brick facades are coming off in chunks. Like the Cadbury chocolate Flake, this is the crumbliest, flakiest brickwork. I was all for the new brick city. I’m a brickwork bore. Away with glass, away with steel! Build back better, build back brick. When I saw brick buildings going up in new developments I cheered. I will bang on

Thursday

Hamish Scott

The fury and frustration of living in a listed building

You have to really love old houses to buy a listed building. My wife and I know this to our cost. We’re now on our third in a row. In each case we swore we’d never make the same mistake again and then, idiots that we are, we’d be seduced by some deceptively charming little gem and the same story would unfold. It’s not just that old houses are likely to be impractical by modern standards: cold, crumbly and liable to leak. You accept that there’s a price to pay for character and historic heft. Most of these problems can also be lessened with some hard — and usually extremely

Tuesday

James Max

Which London suburbs are worth moving to?

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

Monday

James Max

Leaving London? The top commuter cities that will give you more space

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

Sunday

Flora Watkins

Why there's never been a worse time to move to the country

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

Thursday

Ross Clark

Is this a once-in-a-generation chance to invest in central London?

Buy when there is gunfire on the streets, goes the old adage. But could this be a case of the right time to buy being when there is, well, hardly anything happening on the streets? Few investments have been as hard hit by Covid-19 as commercial property in central London. As shops and restaurants have been closed, and office staff made to work from home, landlords have struggled to collect their rent. In the six months to September, for example, Shaftesbury, which owns 600 buildings in the West End including 1.9 million square foot of retail and office space, managed to collect only 41 per cent of what was due,

Monday

Ed Mead

How to negotiate on a house

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