- EXCLUSIVE: Dave Gilmour and Polly Sampson bought Medine House in 2015
- The couple rebuilt the former Victorian Turkish bathhouse in Hove
Pink Floyd legend David Gilmour has been forced to drop the asking price on his home by an astonishing £5m.
The rock star and and his wife, writer Polly Samson, put their luxury seafront home on sale more than a year ago for an eye-watering £15m.
But with house prices tumbling the couple were this week forced to drastically lower the asking price to £10m.
Neighbours living close to the seafront home in Hove, East Sussex said the couple had struggled to attract attention for the property and had been forced to take action.
Nicknamed ‘Polly’s Folly’, the couple only bought the property in 2015 and launched a lavish rebuild of the former Victorian Turkish bathhouse.
The reconstruction of Medina House sparked fury among residents and historical conservationists when they announced plans to bulldoze the baths.
Gilmour, 77, who is worth an estimated £140million, and Samson, 61, were slammed and their plans branded ‘appalling and disrespectful.’
One group, ‘Save Hove from Property Tycoons’ pinned a message to the building wall reading: ‘We don’t need no demolition, we don’t need no thoughtless plans, no tall dark shadows across our windows. Leave Medina House Alone.
‘Hey Gilmour, leave our hood alone. All in all it’s just another betrayal of us all, to you it’s just another brick in the wall.’
The only surviving building from the famous King’s Esplanade in Hove, the bathhouse first opened in 1894 offering women slipper baths and steam rooms.
The slipper baths were opened for people with no baths at home and were designed to improve hygiene and sanitation.
During the Second World War it saw service as a makeshift hospital, before being turned housing a diamond cutting business.
Interrupted by the Covid pandemic, the building work took years to completeby which time the couple decided it no longer met their needs.
The home boasts five bedrooms, three bathrooms, an open plan sitting room, kitchen and dining room, a library, music room, gym and sauna as well
Gilmour joined Pink Floyd in 1967, performing on albums such as ‘The Dark Side of the Moon’ ‘Wish You Were Here’ and ‘The Wall’.
He also performs as a solo artist, and is a champion of several environmental causes.
Ms Samson has collaborated with Pink Floyd on a number of songs, and her most recent novel, ‘A Theatre for Dreamers’ (2020) was a bestseller.
The property was reportedly given to the couple in 2015 by the developer Sirus Taghan, who had been denied planning permits on a number of occasions.
The original bathhouse was demolished in 2018, and Keb Garavito Bruhn, a founding partner of the architecture firm Pilbrow & Partners, was brought in to design the residence.
The firm took inspiration from the bathhouse, mimicking its crow-stepped gable, as well as the half-moon shaped window at the top.
In addition, glazed ceramic tiles that were originally part of one of the pools were retained.
The open floor plan has doors to the courtyard, creating an indoor-outdoor space for the family in the summer.
According to Perry Press, the founder of Pereds, the London-based property consultancy, the couple said: ‘The main bedroom, with sea views in all directions, is a beautiful place from which to watch the sunrise and sunset across the sea.’
‘When you wake up in the morning, the view is always a surprise: the sea and sky are never the same. At night, it’s intoxicating to watch from bed the moon reflected in the water.’
Other amenities include hardwood flooring and underfloor heating throughout, polished plaster ceilings and walls, log-burning and gas-operated open fires and a host of sustainability and smart-home features, including a remote-controlled door entry system with biometric fingerprint access, the listing said.
(Yicai) Sept. 15 — Prices of previously owned homes rose in Beijing, Mudanjiang, and Dali alone in August from a month earlier, while those in 66 other Chinese cities fell.
Second-hand house prices climbed the most in Beijing last month, rising by 0.4 percent, while Xining and Jinhua had the biggest declines, falling by 1.1 percent, data from 70 Chinese cities released by the National Bureau of Statistics showed today. Six cities saw prices increase in July.
Prices in first- and second-tier cities fell 1.6 percent and 3 percent, versus 1.4 percent and 2.7 percent in July, respectively. In third-tier cities, they slid by 3.5 percent, the same as in the month before.
House prices were at a low level in August, and there were fewer cities where the cost of a pre-owned home rose, noted Zhang Bo, director of think tank 58 Anjuke Institute. Confidence in the property sector needs a further boost, with looser policy driving the market, he added.
New-build property prices rose in 17 cities last month compared with 20 in July, while those in 52 cities declined, according to the NBS data. In first- and second-tier cities, new home prices fell 0.2 percent, and they dropped 0.4 percent in third-tier cities, versus a 0.3 percent slide in the prior month.
Compared with prices a year ago, 25 cities logged gains for new properties, versus 24 in July. The price of previously owned homes rose in three cities, two less than a month earlier.
New home prices in first-tier cities rose 0.6 percent last month from a year ago, while in July, the figure jumped 1 percent. A gain of 0.3 percent was posted in second-tier cities, and a decline of 1.4 percent in third-tier cities.
Prices of second-hand homes in first-, second-, and third-tier cities fell 0.2 percent, 0.5 percent, and 0.4 percent, respectively.
A number of jurisdictions relaxed their mortgage policies last month, boosting market sentiment, said Yan Yuejin, head of the Shanghai E-House Real Estate Research Institute. Interest in buying property next month has increased, and the feedback on transaction data is also good, said Yan, who predicted a strong rebound.
Editor: Martin Kadiev
- Derelict red-brick village property is surrounded by an acre of overgrown land
- The house is being sold with a guide price of between £100,000 and £125,000
An abandoned Cambridgeshire mansion that dates back to 1905 is up for grabs with a guide price of £100,000 to £125,000.
The Edwardian building, in the village of Longstanton, which is six miles north-west of Cambridge, is being sold at auction, where properties often sell for more than the initial guide price.
While it may seem like a bargain, the buyer will need incredibly deep pockets and potentially years of patience to transform the house into a comfortable family home.
The brick building sits in more than an acre of land, with several outbuildings, and is completely derelict.
The house was built for a seed merchant, who then sold it in 1910 to a stockbroker who went on to lose his fortune during the 1929 stockmarket crash.
It is known as Redlands and it originally had 16 rooms, with eight bedrooms and servants’ quarters.
The imposing entrance has stone steps, and leads to large reception spaces with elaborate mosaic flooring, massive fireplaces and an expansive cellar.
The property is being sold by Cheffins Auctioneers in Cambridge on Wednesday, September 27.
The property was last occupied in the 1950s and then used for agricultural storage before falling derelict following several fires.
Only the walls of what was once one of the grandest properties in the area are still standing.
The brick property stands in an overgrown garden that needs clearing completely.
Cheffins explained that in its heyday, the house had a balcony running the length of the first floor and a full-sized tennis lawn, as well as an orchard and extensive gardens.
Following the financial demise of its stockbroker owner, the property was sold on again to a Russian lecturer and then after the Second World War a banker bought the property.
In 1956, a major fire, thought to have been started by an electric heater, ravaged the inside of the house, ruining the interior and much of the roof.
It is now in the ownership of Keith Tyler, who inherited it from his father, who bought it in 1959 for £900.
Mr Tyler explained: ‘My father was a carpenter and joiner by trade with a sideline of rush cutting, and he bought Redlands originally to store boats and to have an area for drying the rushes.
‘His dream was to renovate the property and to this end he accumulated a huge amount of building materials, and being an inveterate collector throughout his life, also acquired everything including cars, boats and agricultural machinery, much of which remains at Redlands.
‘Unfortunately, age overtook his ability to complete a renovation of the property, and he died in 2007 aged 100, leaving his dream unfulfilled.
‘Throughout the years my family maintained the grounds and harvested the fruit from the orchard which was stored in the cellar.
‘I have many fond memories of spending the weekends here as a child, playing in the gardens and throughout the enormous house.’
The house then suffered two more fires – the worst one in 1996 destroyed all the internal floors, most of the rooms, as well as what had remained of the original roof.
Mr Tyler added: ‘I really hope that someone falls in love with the romance of Redlands. It really is time for someone to take it on and bring it back to its former glory.
‘It is now completely overgrown, with what was once a beech hedge now standing at well over 20ft high, trees all through the inside of the property and brambles at head height.’
The property is accessed by a private bridge, which has been blocked.
Redlands was removed from the rating list in 1996 following extensive fire damage, and mains electricity, gas and water connections have been capped off.
There is an additional two acres of land, adjacent to Redlands, which will be offered at the same auction with a pre-sale estimate of £50,000 to £60,000.
Ian Kitson, of Cheffins, said: ‘This is an amazing opportunity for someone to either recreate the stunning property which once stood on the site, or alternatively to create something new in a much sought-after location.
‘Despite the site needing some significant clearing, Redlands is a magical property in a fairytale setting, and for the right buyer this will be a truly unique prospect.’
Longstanton has a number of services, including a supermarket, post office, doctor’s and dentist’s surgeries, a recreation ground and a number of pubs.
The auction will take place from 2pm on September 27 online at Cheffins.
- The 19th century Grimston Manor near York has gone up for first time in 40 years
- The £1.75m mansion is valued lower than a number of one-bedroom London flats
A magnificent historic mansion is on sale in Yorkshire for less than the price of a one-bedroom flat in west London.
The 19th century Grimston Manor near York has gone up for sale for the first time in 40 years valued at £1.75 million.
The six bedroom property comes with half an acre of grounds and stunning features throughout.
And at £1.75 million, it is valued lower than a number of one-bedroom flats currently being sold in Kensington, west London.
The property, which was rebuilt in the 19th century as an ‘Italianate palace’, comes with a grand staircase and library.
The 2nd Baron Howden commissioned Decimus Burton – who also created the enclosure of the forecourt of Buckingham Palace – to rebuild the property in 1839.
Stunning photos show the house comes with its own wine cellar.
Tim Waring, from estate agents GSC Grays, said: ‘This beautifully maintained home is now on the market for the first time in over four decades, presenting a truly unique and exceptional buying opportunity.
‘Nestled within picturesque parkland the property retains many original features including a grand staircase while the library is now a wonderful 55ft long open plan living space.
‘The property’s location offers the best of both worlds – a country retreat that’s also conveniently located to essential local amenities and transport options.’
Grimston Manor is entered by a ‘sweeping gravelled driveway’ and its own exclusive entrance.
The Manor extends overall to 5500 sq ft with formal reception rooms on the ground floor including the impressive open plan library space with the sitting area having the original shelving as the backdrop.
The ground floor has a central dining area and kitchen with a secret doorway leading to more storage space and a basement area where the wine cellar is.
The listing on Right Move says: ‘The grand staircase is a focal point and leads to a central landing which has a studio/private office plus laundry on the northern side and the master bedroom suite to the south.
‘There are up to five further bedrooms and two bathrooms with one ensuite some with interconnecting doors and so the potential to create further bedroom suites (subject to appropriate consents).
‘The grounds are a notable feature extending overall to around half an acre bordering open countryside with a mature south facing vista from the full width colonnade accessed from the main living space.’
In Kensington, the same money or a little more can buy a one bedroom flat.
Several are on sale at Right Move. They include a £1.975 million first floor one-bedroom and one-bathroom flat. And a £1.96 million one bed flat just a few streets away.
Grimston Park Manor once hosted James VI of Scotland, who visited on his way to becoming the King of England.
It was also used by the RAF during the Second World War.
- Buyer’s agent predicts prices to soar
- Stage three tax cuts to trigger more lending
An Australian property expert has warned house prices are set to skyrocket with several factors behind a potential new boom.
Niro Thambipillay, a Sydney-based investor and buyer’s agent, predicts the price surge will happen in 2024.
He believes the surge will be triggered by the upcoming stage three tax cuts coinciding with a predicted drop in interest rates.
Interest rates were placed on hold by the Reserve Bank of Australia for a second straight month in August, but remain at an 11-year high of 4.1 per cent.
Many commentators expect them to begin to fall in coming months after climbing 12 times since May 2022.
The stage three tax cuts, which come into effect from July 1, 2024, will mean anyone earning more than $50,000 will have extra money in their pockets.
Mr Thambipillay reasoned this would mean more people would have extra cash to invest in things like the property market.
He claimed the drop in interest rates and cut to taxes will convince banks to lend more money, including for home loans.
‘You’ve got increased borrowing capacity from tax cuts, you’ve got increased borrowing capacity from potential interest rate falls, you’ve got not enough supply at the moment to meet the existing and ever-growing demand and property prices have already risen,’ Mr Thambipillay said in a TikTok video.
‘What do you think will start to happen from the second half of next year?
‘I think in many areas, not all, but in many areas, property prices will start to rise really quickly and that’s why I believe that right now if you can afford to its the best time to get in to an investment property.’
Mr Thambipillay said recent property price rises have already proved the resilience of the housing market.
Nationally, property prices increased 2.3 per cent in the first six months of 2023 after declines in the second half of 2022.
According to forecasting from PropTrack, this trend will continue, with solid price rises likely in Sydney, Melbourne, Adelaide and Perth this year and more modest returns next year.
House prices have risen in Sydney for the sixth straight month despite an interest rate surge because of record-high immigration – making it hard for first homebuyers to enter the real estate market.
In Australia’s most expensive capital city market, the median value rose by another one per cent to an even more unaffordable $1,333,985 in July, CoreLogic data showed.
In other major capital cities, the house prices began rising again in March.
Melbourne house prices have been rising for five straight months, increasing in July by another 0.3 per cent to $923,881.
In Brisbane, house prices last month rose by another 1.4 per cent to $819,832.
Perth values rose by one per cent to $625,969.
Adelaide’s recovery began in April but monthly increases since then have been bigger with prices in July rising by another 1.4 per cent to $722,793.
Darwin prices rose for the third straight month in July, increasing by 0.5 per cent to $583,913.
Mr Thambipillay was a property investor before he became a buyer’s agent.
In 2002 he bought an investment property in Western Australia after deciding against buying in Sydney based on his own research.
He claimed to have doubled his money in just 18 months.
While Mr Thambipillay’s clip was viewed a massive 296,000 times, not everyone agreed with his conclusions.
One commenter said they wouldn’t invest in Australian property because of economic trends in China.
‘Local figures mean nothing,’ he claimed. ‘The supply chain of China is about to fall over,’ he said, predicting it could lead to a recession.
The creation of a new 30 per cent tax bracket in the stage three cuts, for Australians earning $45,000 to $200,000-a-year, means middle, average and higher income earners will benefit.
Those on $80,000 would get back $875 with their tax returns for the 2024-25 financial year were compared with 2023-24 and 2022-23.
Australians on $60,000 – a level slightly below the middle income of $65,000 – are getting back $375.
But higher income earners will do a lot better, with those on $120,000 getting back $1,875.
Those on $200,000 are getting back a very generous $9,075.
The key change in the stage three tax cuts is that the number of tax brackets will be slashed from five to four on July 1, 2024 for the first time since 1984.
Others who responded to Mr Thambipillay’s TikTok thought the money gained from the tax cutswould be better spent elsewhere than in the property market.
‘I’d rather forego a tax cut and get dental covered under Medicare,’ one said.
By Rachel Ward For Australian Associated Press and Stephen Johnson, Economics Reporter For Daily Mail Australia
Updated: 00:30 28 Aug 2023
- Fears Australia’s property market is flooded with dirty money
- A flow of dirty money could be driving up property prices
Australia’s real estate industry is the go-to sector for money laundering and more professionals should be compelled to report dodgy transactions, an anti-corruption group says.
Transparency International Australia says a flow of dirty money into the country could be pushing house prices up even higher but the real estate industry disputes the claim.
The federal government is consulting on a push to include accountants, lawyers and real estate agents in legislation that forces certain professions to report suspicious transactions to authorities.
The anti-corruption group backs the push as existing laws are focused on other areas including casinos and the financial sector.
Transparency International Australia chief executive Clancy Moore said Australia’s existing anti-money laundering rules were among the weakest in the world.
‘Australia’s real estate sector is now the go-to-destination for criminals to park their illicit money,’ Mr Moore said.
‘Several high-profile cases, media reports and AFP busts have demonstrated how kleptocrats, crooks and corrupt officials from countries including China, Cambodia and PNG use Australia’s property market to launder their dirty money and hide their crimes.’
The comments come ahead of a National Integrity Summit in Melbourne this week that will explore integrity, corruption and governance issues.
Real Estate Institute of Australia president Hayden Groves hit back, saying the main factor behind home and rental prices was a severe shortage of housing supply.
‘The Australian Federal Police and the Australian Government currently can’t demonstrate any evidenced-based link between money laundering and Australian property values, or the scale on which money launderers are operating, despite many requests from our industry to understand this better,’ Mr Groves said.
He said the industry group was committed to playing its role in the fight against capturing money launderers and was working with the government on the appropriate reporting of suspicious individuals.
House prices have risen in Sydney for the sixth straight month despite an interest rate surge because of record-high immigration – making it hard for first homebuyers to enter the real estate market.
In Australia’s most expensive capital city market, the median value rose by another one per cent to an even more unaffordable $1,333,985 in July, CoreLogic data showed.
Sydney house prices have risen in every month since February even though the Reserve Bank has, since May 2022, raised rates 12 times to an 11-year high of 4.1 per cent.
In other major capital cities, the house prices began rising again in March.
Melbourne house prices have been rising for five straight months, increasing in July by another 0.3 per cent to $923,881.
In Brisbane, house prices last month rose by another 1.4 per cent to $819,832.
Perth values rose by one per cent to $625,969.
Adelaide’s recovery began in April but monthly increases since then have been bigger with prices in July rising by another 1.4 per cent to $722,793.
Darwin prices rose for the third straight month in July, increasing by 0.5 per cent to $583,913.
But prices fell in the smaller capital cities that don’t receive a large intake of new migrants, with Hobart prices in July slipping by 0.1 per cent to $696,570 as Canberra prices dropped by 0.3 per cent to $958,950.
House prices are rising as higher interest rates cause a drop in building approvals, making property an even scarcer commodity in the big cities during a time of rapid population growth.
- An extension or loft conversion could increase a property’s value by 25%
- Nationwide research suggests an extra bedroom could add 14% to the price
If you’re looking to boost the value of your property, consider adding an extension or loft conversion, new research reveals.
The findings by Britain’s biggest building society suggested that an extension or loft conversion could add 25 per cent to the value of your property, while an extra bedroom could add 14 per cent.
An extra bathroom, meanwhile, could add 6 per cent to the value of the typical home in Britain while a 10 per cent increase in floor area could lead to a 5 per cent uplift in a property’s value, Nationwide said.
Nationwide used its own lending data to compare the price paid for a property against various characteristics of a home, including the type, age, number of bedrooms and bathrooms and floor area.
It also factored in Acorn data about the local neighbourhood that the property is in – based on its postcode.
This data was from an organisation called CACI, which divides Britain into 59 categories based on the type of people that live there.
This location data means, for example, that a property located in an area classified as housing ‘wealthy countryside commuters’ would attract a considerable premium relative to a similar property in say a ‘post-war estate’.
Nationwide used the combined data to reveal various price differences. For example, when estimating the value of an extra bedroom, it looked at the difference between a two-bedroom house with an average floor area and a three-bedroom house with an extra 13 square metres of floor space.
This is while keeping all other factors constant – such as the location of the property – allowing Nationwide to isolate the price impact.
Andrew Harvey, of Nationwide, explained: ‘The pandemic period was characterised by a ‘race for space’ as people re-examined their housing needs, although more recently there have been signs that some of these patterns may have unwound, at least partially.
‘Considering this, we’ve taken the opportunity to look at the factors that affect the value of homes, and the potential to add value.
‘Location remains key to house values, but other factors, such as the size of the property – including number of bedrooms -, are also important to homebuyers.
‘Home improvements that increase floor area, such as an extension or loft conversion, remain a compelling way to add value. Indeed, since we last looked at this back in 2016, the value added by such improvements appears to have increased.
‘Ultimately of course, the decision to invest in the home is an individual one, taking into account the costs and hassle involved, as well as potential benefits.
Amongst owner-occupiers considering moving, the most cited reason was for a larger house or flat
‘And, for some households, it’s a choice between move or improve. Amongst owner-occupiers considering moving, the most cited reason was for a larger house or flat.’
Nationwide suggested that having more useable space is generally thought to be consistent with better quality accommodation and people appear to be prepared to pay for it.
Homeowners that add a loft conversion or extension, incorporating a large double bedroom and bathroom, can add as much as 25% to the value of a three-bedroom, one-bathroom house[1]. This has increased from 22% in our 2016 research feature.
Mr Harvey added: ‘Our analysis suggests that, providing the room is useable, adding an extra bedroom can be a good way to increase the value of a property.
‘The table below shows the value added for different property types by increasing floor area to accommodate an extra bedroom.
‘The increase in home working means that some of these spare bedrooms are now more likely to be used as a home office or study.
‘Additionally, many householders buy properties they intend to grow into over time, as their families expand and, probably more significantly given demographic trends, people remain in properties after their children fly the nest.’
Energy efficiency also adds value
Mr Harvey went on to say that as well as extending a property, other ways of making it more attractive include making it more energy efficient.
The cost of living crisis means energy has become a key concern for households.
The Government aims to update as many homes as possible to energy efficiency rating ‘C’ by 2035 ‘where practical, cost effective and affordable’.
It also aims for all fuel poor households, and as many rented homes as possible, to reach the same standard by 2030.
Mr Harvey concluded: ‘During the past ten years energy efficiency has improved significantly due to the higher energy rating of newly-built properties and the improvements carried out on many existing homes, such as loft and cavity wall insulation.’
Nationwide’s analysis does not take into account gardens or features such as interior design, garden landscaping and fitted kitchens. It said such features may add value for some buyers, but not for others.
Catherine Merrett, of estate agency Antony Roberts, said: ‘Many people assume an extension or loft conversion will add value, outweighing the cost of the works but much depends on your location.
‘Check property portals for comparables of similar houses, those which are extended and unextended.
‘In high-value areas, adding lots of space will often also mean an uptick in value but it needs to be a high specification to achieve a premium price when considering resale.
‘The trick is to opt for a good quality specification but not go too high for your area; for example, avoid a Belgravia finish if you are going to get Twickenham prices.
‘With any extensive works, you need the help of a good architect, builder and possibly an interior designer.
‘Checking the planning portals to see what your neighbours have had planning permission for is also a good idea. Unfortunately, the cost of building work and materials’ have increased substantially in the past couple of years so this must be factored in.’
- Cost of a typical home in Britain costs 6.7x the average salary, says Halifax
- We pick some homes for sale and reveal how affordable they are for local people
The cost of a typical home in Britain today costs 6.7 times the average salary, new data shows.
This figure is the so-called house price to income ratio – and while it is currently high, it has eased since last summer, when the figure stood at 7.3.
London remains by far the most expensive place in the country to buy a home, with an average property price of £533,057.
Based on regional earnings, this puts the house price to income ratio at 9.3 – compared to ten a year ago – the highest of any region. Londoners typically earn £14,000 more per year than the UK average, but properties are nearly £250,000 pricier.
By contrast, the North East remains the most affordable region in which to buy a home, with an average house price of £168,240 and a house price to income ratio of 4.9.
We pick a property for sale in each region across Britain and reveal how affordable they are for local people, using local house price to income ratios.
1. Four-bed house in Eastern England, where the average house price is £333,343, and the house price to earnings ratio is 7.8
This four-bedroom detached house is in the village of Belton, near Great Yarmouth, and is for sale £330,000 via Bycroft estate agents.
That is just shy of the average £333,343 house price in the region, according to Halifax.
Based on the area’s average earnings of £42,897, it means house hunters would need 7.8 times their income to buy a typical house in this area.
2. Three-bed house in East Midlands, where the average price is £238,755, and the house price to earnings ratio is 5.9
This three-bedroom semi-detached house is in Derby’s ward of Spondon and is on the market with a price tag of £240,000 via Hall & Benson estate agents.
That is just above the average £238,755 house price in the region. And based on the area’s average earnings of £40,162, it means house hunters would need to pay 5.9 times their salary to buy in this area.
3. Three-bed house in Greater London, where the average price is £533,057, and the house price to earnings ratio of 9.3
This three-bedroom terrace house is in East Ham, a district in the London borough of Newham, eight miles east of Charing Cross.
It is on the market for £530,000 and the sale is being handled by Hunters estate agents.
The asking price is just below the average £533,057 house price in the area. Based on the capital’s average earnings of £57,203, it means house hunters would need to pay an eye-watering 9.3 times their salary to buy an average house in London.
4. Three-bed house in Northern Ireland, where average house prices are £186,856, and the house price to earnings ratio is 5.3
This three-bedroom semi-detached house is in the village of Saintfield in Northern Ireland’s County Down.
It is on the market for £190,000 and the sale is being handled by Hunters estate agents.
The asking price is just above the average £186,856 house price in the area. Based on the region’s average earnings of £35,368, it means house hunters would need to pay 5.3 times their salary to buy a typical home in this area.
5. Three-bed house in the North East, where the average house price is £168,856, and the house price to earnings ratio is 4.9
This three-bed terrace house in Dunston, on the south bank of the River Tyne is for sale for £170,000 via Sarah Mains estate agents.
The asking price is just above the average £168,856 house price in the area. Based on the region’s average earnings of £34,276, it means house hunters would need to pay 4.9 times their salary to typically buy in this area.
6. Three-bed house in the North West, where the average house price is £223,493, and house price to earnings ratio is 5.7
This three-bedroom semi-detached house in the Greater Manchester town of Farnworth is for sale for £230,000 via Bolton Properties estate agents.
The asking price is just below the average £223,493 house price in the area. Based on the region’s average earnings of £38,999, it means house hunters would need to pay 5.7 times their salary to typically buy in this area.
7. Three-bed house in Scotland, where the average house price is £201,774, and the house price to earnings ratio is five
This three-bedroom detached house in Cambuslang is just south of the River Clyde and about six miles south east of the centre of Glasgow.
It is on the market for £200,000 and the sale is being handled by Countrywide estate agents.
The asking price is just below the average £201,774 house price in the area. Based on the region’s average earnings of £40,703, it means house hunters would need to pay five times their salary to typically buy a property in this area.
8. Three-bed in the South East, where the average house price is £384,106, and the house price to earnings ratio is 8.9
This three-bedroom end of terrace home in Portsmouth is for sale for £375,000 via Fenwicks estate agents.
The asking price is just below the average £384,106 house price in the area. Based on the region’s average earnings of £43,335, it means house hunters would need to pay a substantial 8.9 times their salary to typically buy a property in this area.
9. Four-bed house in the South West, where the average house price is £301,248, house price to earnings ratio of eight
This four-bedroom semi-detached house in Yeovil is for sale for £300,000 via Connells estate agents.
The asking price is just below the average £301,248 house price in the area. Based on the region’s average earnings of £37,561, it means house hunters would need to pay eight times their salary to typically buy a property in this area.
10. Four-bed house in Wales, where the average house price is £215,183, and the house price to earnings ratio is 6.8
This four-bedroom terrace house in Newport is on the market with an asking price of £210,000 via Pinkmove estate agents.
The price tag is just below the average £215,183 house price in the area. Based on the region’s average earnings of £31,654, it means house hunters would need to pay 6.8 times their salary to typically buy a property in this area.
11. Three-bed house in the West Midlands, where the average house price is £251,139, and the house price to earnings ratio is 6.8
This three-bedroom terrace house in the Coventry suburb of Earlsdon is for sale for £250,000 via Shortland Home estate agents.
The price tag is just below the average £251,139 house price in the area. Based on the region’s average earnings of £37,002, it means house hunters would need to pay 6.8 times their salary to typically buy a property in this area.
12. Three-bed house in Yorkshire & the Humber, where the average house price is £203,674, and the house price to earnings ratio of 5.7
This three-bedroom semi-detached house in Sheffield is for sale for £200,000 via William H Brown estate agents.
The price tag is just below the average £203,674 house price in the area. Based on the region’s average earnings of £36,042, it means house hunters would need to pay 5.7 times their salary to typically buy a property in this area.
Auckland house price rebound: Auctions busy as buyers aim to purchase before values start increasing
Five bidders waged war at auction for the chance to live at this Sealy Rd home in Torbay, paying $1.857 million, or about 10 per cent above its CV, for its large block and sea views.
With new data showing almost twice as many newly listed homes are being sold at auction, Ben Leahy heads inside an auction room to find busy bidding wars and a returning fear of missing out.
First-home buyer Jeevan Nair could feel the auction’s tide turning against him.
He’d waged a 20-minute bidding war for an Auckland four-bedroom home on the North Shore, but was now on his limit as bids slowed to $1000 jumps.
The full house of buyers at Barfoot & Thompson’s Takapuna auction last Thursday chattered and waited for Nair’s next move.
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Their eagerness seemed to match with new data by property website OneRoof showing twice as many new homes now going on the market are being listed for sale at auction as compared to earlier in the year.
Nair summoned a last bluster of confidence and tried to break his opponent’s will with a $3000 bid instead of a $1000 bid – pushing the Chartwell Ave home in Glenfield’s sale price up to $1.286 million.
But his rival’s response had by now become robotic. Just five seconds later, they shot their arm up to raise the new build’s price a further $1000 to $1.287m.
Nair had lost at his first auction ever, yet he remained philosophical.
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“We learned so many things,” he said.
Having only begun to house-hunt with his partner three months earlier, he feels there isn’t time to lose and is keen to jump straight back into looking for the next house.
He believes Auckland house prices could start rising soon and wants to buy before that happens – a belief that seemed to be shared by other buyers the Herald spoke to when attending last Thursday’s auction at random.
“I don’t feel like house prices will keep falling. Now they are stable, and they might even start to go high again,” Nair said.
He believes home loan interest rates are the key, saying he feels like they won’t rise too much higher.
And should interest rates being to instead begin fall, Nair believes it would likely attract more buyers back to the market and drive house prices up again.
His strategy, therefore, is to buy now in the hope of getting the lowest house prices, while suffering the sting in the tail of paying high interest rates on his mortgage.
“Interest rates are always a problem. We will definitely struggle, but at least we can say, ‘We are staying in our own home’,” he said.
While Nair and last Thursday’s auction are just one tiny slice of market activity, new OneRoof data suggests other buyers might be feeling the same way.
The data shows about 30 per cent of homes newly listed for sale on OneRoof in July are set to go to auction, as compared to only 15 per cent or less of homes listed for sale earlier in the year.
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The renewed auction confidence also seems to tally with new data by analysts CoreLogic showing Auckland house prices appear to be close to the bottom of the market, as values fell just 0.6 per cent last month.
The battle of Torbay: Sold for $140,000 above CV
Five out of eight homes sold at Thursday’s Barfoot & Thompson auction.
And five bidders faced off in the day’s biggest battle for a two-storey North Shore house on Sealy Rd in Torbay.
A little older and rougher on the inside than some other homes, its big attraction is its harbour views and large 812-square metre section of land.
That led its sale price to soar to $1.857m – or $140,000 above its council valuation (CV).
Vineet Sodhani and his partner – a stylish couple who moved here from India’s Bombay a year ago, having done well in their careers – were among the losing bidders.
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It’s the fourth home they’ve missed out on in six months.
They also said they want to buy soon because prices may be about to rise. Yet they thought the Sealy Rd home sold above its value.
As they chatted to the Herald outside the auction room, a young couple they’d bid against stopped by to compare notes, greeting them with: “Hello rivals.”
Noting the home had sold about 10 per cent above its CV and was at risk of losing its harbour view to future housing developments, both couples were surprised by the bidding’s competitiveness.
A short time later, Sealy Rd’s successful buyers wandered out.
Clutching a gifted bottle of wine, they smiled in acknowledgement of the adulatory real estate agents lining their exit in a victory parade.
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The auction had been nerve-racking, they said.
Having been planning to move house, they said they felt pressure to buy because the market appeared to have “bottomed out”.
Last stand at Long Bay
The day’s final auction also proved hard-fought.
Located just 12 kilometres from the Sealy Rd house, the final home in Cavalli Rd in Long Bay eventually sold for a similar price at $1.866m.
While more modern and comfortable than Sealy Rd, it is also hemmed in on all sides by other new-build houses.
This time, two sleek professionals stepped up to battle it out.
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Appearing to be real estate agents acting on behalf of the actual bidders, they talked into phones pressed against their ears.
Sharply dressed with a glistening ring on her finger, the woman bidding on behalf of the buyers who would ultimately win the auction seemed to be at home in an auction’s pressure cooker.
Her commanding voice grabbed the auctioneer’s attention – and made it easy to overhear as she marshalled her buyer over the phone with World Cup-winning urgency.
“This is it … this home will sell … this is your dream home … no Christmas shopping this year,” she stressed.
With the price hovering around $1.8m, she asked her buyer for the freedom to offer as much as $1.82m if necessary so she could concentrate on making strategic bids.
But barely had she negotiated this permission before bidding surged past $1.82m and she was asking to go up again to $1.85m.
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Then bidding swept past even $1.85m. Now the strain showed.
Her rival bidder had been keeping his arm partly raised in a way that seemed to suggest he could bid all day and that lowering his arm was a waste of time.
Yet now his arm sagged.
Seeking to encourage him, the auctioneer remarked that his rival – the sharply-dressed woman – appeared relaxed.
Hearing this, the woman told her buyer to hang on: “I’m going to go stare at him.”
As it turned out, the intimidation factor wasn’t necessary – the rival bidder had cracked.
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“It’s yours,” she beamed down the phone line as the hammer rang out.
City asked to reconsider role in commercial developments
Recently, I responded to the City of Flagstaff (COF) appeal to residents regarding current budgeting priorities and objectives. Earlier this year I had the opportunity to attend the City of Flagstaff’s budgeting retreats. Over multiple days, I learnt a great deal regarding the anticipated spending on operations and capital projects for fiscal year 2023-2024. The days were filled with charts, tables and diagrams.
At the end of one day, a COF staff member presented the refurbishing and rebuilding of a commercial property owned by the COF. The property is located before the entrance to Buffalo Park and it is primarily leased to the USGS. He proceeded to tell the budget meeting attendees, City Council and City Staff primarily, that a new investment in the USGS buildings would cost over $50 million. This amount was higher than prior year estimate of over $35 million! But not to worry, USFS and the COF were close to agreeing to a five-year lease with a five-year renewal! Not one question from the audience! Not a peep! Not a graph, table or diagram! I was stunned! I do not believe any commercial developer would spend over $50 million with a potential five- or 10-year lease in the future.
Developing commercial property is NO WHERE to be found in the Flagstaff Key Community Priorities and Objectives used in the COF budgeting. The COF mission does not mention the COF developing commercial property.
If the COF remains in commercial building business, this presents numerous conflicts of interest for the COF. This situation today is like having the fox guarding the hen house given the COF enforces and creates the building codes!
The COF should divest all commercial property; the residents tax dollars can be better spent on actual COF’s Priorities and Objectives.
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