Property News All The Latest Updates
Hi guys and welcome to another fortnightly property news round-up, today we once again take a look at the latest goings-on in UK property from the north-south house price divide to looking at Ringo Starr’s childhood home in Liverpool – one for you Beatles fans out there!
North-South House Price Divide Continues
House prices in northern England are now less than half those in the south of the country, according to the Nationwide – a new record. (BBC, April 2016)
In the north, on average a property is worth nearly £163,000 less than one in the South.
Stats from Nationwide show that in the first quarter of 2016 prices in Southern England rose by 9.9% year-on-year, compared to just 1.8% in the North.
In addition Nationwide mentioned from their research that property prices were picking up, from the start of the year to March, house price inflation across the country hit 5.7% – up from 4.8% in February and the fastest rate for more than a year.
The building society mentioned that main reason centred around the increase was predominately linked to landlords rushing to buy property ahead of Stamp Duty increases.
Their stats show that property prices are rising the fastest in the London suburbs (an annual change of 12.2%), in contrast, Scotland and the north had an annual change of 0.2% and 1.1% respectively. Click here to view the full list of regional house prices here.
Are you looking for an alternative when it comes to property investing? Why not check out latest regional investments here.
Property prices Soar By 47,000 % In The 90 Years Since The Queen Was Born
National Statistics (ONS) and data from Jackson-Stops & Staff found out that between 1926 and the outbreak of the Second World War in 1939, average UK house prices rose by only £40, to £659, a rise of 6.5 per cent. (City A.M., April 2016)
However, by the early 50’s property prices in the country had jumped more than threefold to £2,006. By 1966 (what a glorious year that was! ?) house prices were over £3,000. In the 70’s, prices rose by 331 per cent to £12,704, rising to £36,276 in 1986, by the mid 90’s prices had doubled to £69,889.
According to Jackson-Stops & Staff’s calculations, if prices continue to rise at the same rate as they have in the last two decades, the average property will cost £1.3m when Prince Charles celebrates his 90th birthday in 2038, and £11.3m when Prince William reaches the same age in 2072.
For further reading you can view City A.M.’s article here.
Two In Five Of Us Look Up The Prices Of Homes Owned By Friends & Family
It seems that snooping up on our neighbours is nothing new and has evolved with the digital age.
More than 38 per cent of Britons have checked the price of someone else’s home online in the past year – including the properties of neighbours, family and friends – according to the findings by insurer Direct Line. (This Is Money, April 2016)
The research showed that out of the 19 million Brits who have looked up someone’s home, 52 per cent looked at their neighbours’ homes online, 38 per cent look at their family’s homes and 31 per cent at friends’ houses, now that’s a lot of snooping if you ask me!
In addition, Direct Line’s research showed that 10 per cent of people look online at the homes of their colleagues.
Head of Direct Line Home Insurance, Katie Lomas told This Is Money : “We are a nation of property obsessives with very good reason. Our homes are our castles and becoming a homeowner or even climbing the ladder in the UK is a huge challenge and aspiration for many.”
To Millennials Caught In The Rent Trap, The Panama Papers Matter
As The Guardian’s Kate Lyons mentioned in her article yesterday, the Panama papers is the largest leak in journalistic history and the papers have led to the ramifications of the Icelandic PM Sigmundur Davíð Gunnlaugsson to resign after being accused of hiding millions in an offshore account.
So how does this link to millennials? For Generation Y, they are particularly frustrated with the political and economic status quo as well as the unjust activities of the rich that have been revealed from the Panama papers.
In a country where a lot of the millennial generation cannot afford to get onto the property ladder, the fact that thousands of properties are bought through tax haven-based companies, by people who are already wealthy enough to restructure their finances to take advantage of tax havens in tropical islands really matters to young people.
Home ownership is sadly out of reach for most young people in the UK, something that has been known and reported for a long time, we even conducted research on the matter back in October (which you can view here) – a sobering stat that we uncovered was that a quarter of under 30’s say they need someone to die before they can afford to buy a property.
This is where there is a link with the Panama papers. We know from recent reports just how much property is owned by companies linked with Mossack Fonseca and we can see the direct affect it is having with young people.
When turning on Sky News yesterday evening and heard about the news, being a millennial myself, I wasn’t surprised about what had happened. Hearing about the rich putting offshore money in tropical paradises such as the Cayman Islands and the British Virgin Islands to keep themselves even more wealthy and powerful isn’t new to us at all – however, this way of them finding tax loopholes comes at the expense of others.
Image Source : The Wall Street Journal
Childhood Home Of Ringo Starr Sells For £70K
One for all you Beatles fans out there! The childhood home of The Beatles drummer Ringo Starr has been auctioned at the Cavern Club in Liverpool.
The terrace house with two bedrooms at 10 Admiral Grove in Toxteth and was where the former Beatle lived as a small child and until he was 21.
The Liverpool property had a guide price of just £55,000 ($78,000) and reveals the humble beginnings of the Beatles drummer.
Ringo’s childhood home was bought at auction for £70,000 by Jackie Holmes from London. She has previously bought the house of John Lennon’s mother in Allerton last April and George Harrison’s home in Speke the year before.
Unfortunately at The House Crowd we can’t help you invest in your favourite band’s former home BUT we can offer you some handy guides! If interested, we have guides on Manchester (North and Central) and also our South Yorkshire guide.
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