Archive for March, 2010
Two issues seem to have dominated this week’s budget: the scrapping of stamp duty for properties under £250k, and the ten per cent tax hike on cider.
Well, we’d be here forever if we were to pick just five of the former, so we thought we’d plump for cider houses instead.
Several regions in England are famed for the production of this fine tipple, most notably the West Country and Herefordshire, which are home to two of the world’s cider-making giants, The Gaymer Company and Bulmers, respectively.
Many of the homes around these areas have had connections with the long-standing tradition of cider making, whether it be growing the apples, fermenting the liquid, or simply serving up the finished product.
Here are five properties with current or prior cider house credentials:
(Click on pics for more images & full property details)
1. CIDER HOUSE RULES
2. WHITE LIGHTNING
3. CIDER WITH ROSIE
4. THATCHERS CIDER
5. RED ROCK
We were recently asked by property magazine Property Week to respond to:
Why property auctions are shifting online and away from the ballroom model
This is what we said:
Our recent launch of weekly online property auctions is, we think, one of the most exciting developments in the UK property investment market for years. And following the success of our first two events in February, we very much see live online bidding as the future of property auctions in the UK.
With over 150,000 visitors to our auction site in February, it would appear that the UK is set to follow the trend in the US, where our partner REDC, the world’s largest property auctioneer, has rapidly transitioned over half their sales online over the past two years with their online auction events now accounting for sales of over £50 million monthly.
Online auctions offer a number of benefits over the traditional ballroom model for both buyers and sellers. For buyers, it offers the ease and convenience of viewing properties online up to 30 days prior to the start of an event and bidding from one’s own home or office over a 4-day period. For sellers, the online model provides significantly greater and faster exposure for their properties and opens up the process to a new and growing audience not constrained by space, geography, availability and who typically might not attend physical auctions.
Property is somewhat different to other asset auctions where physical attendance often involves inspecting the asset on the day. With the ability to generate exposure online the same day as opposed to producing and distributing a catalogue and being able to hold weekly events without limitation versus the typical model of quarterly events, it appears to call into question the physical ballroom auction model other than for the ‘theatrical’ value.
Zoopla.co.uk online auction events are held weekly with bidding starting Thursdays at noon and closing on Sundays at 6pm.
For more information on our new and innovative auction platform visit:
£12,000,000 – 6 bedroom terraced house for sale Chester Square, London
In today’s budget, Chancellor Alistair Darling raised the stamp duty threshold to £250,000 for first time buyers for this year and the next, which was widely predicted / leaked, but what was less predictable was that this ‘election giveaway’ will be funded by an increase from 4% to 5% on properties worth more that £1m.
Taxing the rich makes a good headline, but it won’t raise much money for the government’s fiscal black hole. Only around 4100 homes sold above the £1m mark in the last year. With the total stamp duty tax take reaching almost £3bn last year, this measure will contribute only roughly 2% extra tax, a pretty tiny amount. Raising stamp duty on £1 million homes has been billed as a cynical move by the government to tax home buyers who tend not to be their core voters.
According to our research the burden will fall overwhelmingly on London and the South East with approximately 57% of all UK homes worth over £1 million located in London and 81% of all million pound homes can be found in London and the South East.
Areas with highest proportion of property millionaires
|Area||Average Property Value||Properties Valued at over £1m|
|South Kensington (SW7)||£1,258,986||39.1%|
|West Brompton (SW10)||£974,445||27.9%|
|Virginia Water, Surrey (GU25)||£909,340||27.5%|
|Notting Hill (W11)||£1,062,531||27.0%|
|Belgravia & Pimlico (SW1)||£889,794||21.8%|
|St. John’s Wood (NW8||£850,472||20.7%|
As widely predicted, Chancellor Alistair Darling has raised the stamp duty threshold to £250,000 for first time buyers for this year and the next (although how will this be defined?) which will be funded by an increase from 4% to 5% on properties worth more that £1m.
At a regional level only average property values for London and the South East fall above the stamp duty threshold – see full table below.
The changes to the stamp duty threshold will finally lift the average UK home right out of the stamp duty net altogether, making most of the UK the first-time buyer’s oyster. Even in London, first-time buyers now have a fairer crack at the market.
Targeting this at first-time buyers is where it can do most good without costing the earth.
But the big question is how you define a first-time buyer and how would HMRC check whether a buyer qualified for the tax break. For example, someone who has been out of the market, even for a few days after selling their home, could complete a new house purchase and legitimately appear to be a first timer…we await the small print…
Average value of UK homes by region: March 2010
|Yorkshire & The Humber||£141,888|
|North West England||£154,222|
|North East England||£156,567|
|South West England||£216,671|
|East of England||£225,133|
|South East England||£269,131|
We’ve been chomping at the bit to do a horsey-house-themed Five to View, and with the Cheltenham Festival off and running this week, now seems like a good bet.
The world famous festival isn’t only about horse racing, of course: it’s also a four-day extravaganza of dining and drinking, dressing to impress, and frolicking al fresco.
But there’s no escaping its equestrian core, and it’s with that in mind that we invite you to come for a canter around our fine equine properties.
Here are five homes for humans and for horses:
(Click on pics for more images & full property details)
1. STABLE PROPERTY
2. OATS HOUSE
3. HOOF CULTURE
4. A BETTING POOL?
5. LONG ODDS