Third of homes on market have had price slashed

By City & Finance Reporter

Updated: 19:05 EDT, 17 September 2023

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

Housebuilders blame ‘capitulation to Nimby lobby’ for lack of homes – but are they just protecting their profits?

By City & Finance Reporter

Updated: 05:15 EDT, 9 September 2023

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

An historic Colorado ranch boasting seven impressive homes has hit the market for a whopping $68 million. 

Spanning 245 acres across the countryside of Woody Creek in the Roaring Fork Valley of Pitkin County, Two Mile Ranch is a true legacy compound just 8 miles from Aspen.

The property’s new owners are being offered a once-in-a-lifetime chance to scoop up one of the area’s oldest ranches, dating back to the 1800s. 

Seven custom-built homes are included in the sale, which are each carefully crafted to complement the land they sit on. 

Two Mile Ranch is one of the last great ranches left in the area and includes an array of unparalleled natural features. 

Stunning views of surrounding pastures, mountains and local wildlife create a picturesque landscape from the balconies and windows of the seven dwellings. 

Each of the custom-built homes showcase a distinctive artistic aesthetic – and even hold their own specialized features. 

These include the main Estate House, the Bunk House, Craftsman House, The Cottage House – also known as the ‘Hobbit House’, Ranch Manager’s house, Aspen Lodge and Shepard’s Cabin – all which can be rented out to generate income. 

The five-bedroom Estate House is complemented with a pool and hot tub, accessible from the primary bedroom on the main floor. 

With bright interiors and gorgeous features such as a hand-carved bath tub, the heart of the ranch is found within this remarkable space. 

Credited as the ideal perfect place to relax, the aspen lodge boasts four bedrooms, four-and-a-half baths, an outdoor firepit and hot tub. 

The residence is equipped with an open kitchen and living room with both full-time or part-time living compatibility. 

Encompassing each element of the ranch’s signature style, guests will be left in awe. 

The cottage house has its own enchanting features, including a secret entrance to the library from the mudroom accessed by pulling a book off a bookshelf. 

While inside there’s three bedrooms and two-and-a-half baths, the architecture displays signs of extraordinary craftsmanship with its unique rock look and shape. 

Harnessing the charm of a classic ranch style, the Bunk House has two bedrooms, a sleeping loft and one-and-a-half bathrooms.

A deck is built off the living room to encourage a connection with the sweeping views outside. 

The Shepard’s Cabin, credited as the ranch’s ‘prize jewel’, is currently being used as a saloon and a game room. 

Located on the historic upper valley, Two Mile Ranch was originally owned by the Natal family who settled in the Aspen area in the late 19th century.

Douglas Elliman Realtor Raifie Bass said the listing is a once-in-a-lifetime chance to be a part of the ranch’s history. 

‘Two Mile Ranch is not just a property—it’s an exquisite living experience that harmonizes with its surroundings,’ said listing agent Bass. 

‘The blend of artistry, nature and luxury sets this ranch apart, offering an unparalleled opportunity for those seeking an exceptional lifestyle.’ 

The home’s previous owner, local investor Pat Scanlan, said new owners will have a chance to be a part of Two Mile Ranch’s history. 

‘The property is a precious glimpse into Aspen’s past, epitomizing the essence of legacy while preserving a cherished remnant of the Roaring Fork Valley’s ranch heritage,’ said Scanlan. 

‘Preserving the property held great significance to me. The 10-year vesting rights create a unique opportunity to construct 10,000 square feet of new space, which is a rare privilege.

‘Additionally, the thoughtful inclusion of conservation easements on the ranch and neighboring ranches will ensure the preservation of this idyllic landscape.’ 

Barratt Developments sells 604-home portfolio to Lloyds Bank subsidiary Citra for £168m in private rental deal

• Citra Living was founded in 2021 and is a private rental landlord

By Mike Sheen For This Is Money

Updated: 07:11 EDT, 30 June 2023

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.

POPULAR MONEY SECTIONS
Take me to…

Up to one in ten properties in some regions of the country are holiday homes according to new census data released by the Office of National Statistics. 

Using data from last year’s census and cross referenced with other databases, including council tax receipts, researchers have determined there are 70,000 properties in England and Wales that are primarily used as holiday homes and visited by some 200,000 people. 

Although, the people of Slough have no need to worry as there is not one registered holiday home in the area. 

Across Cornwall, there are 6,800 holiday homes – with many of those registered to people in London. 

The fascinating figures show that most Welsh people with holiday homes remain within the country. 

Many of the most popular areas with second homes are within the Peak District and Lake District national parks, or in coastal regions.  

The villages and towns of north Norfolk have long been a hotspot for second home ownership, although locals say that demand for property in the area has surged since the pandemic.

Well-heeled buyers are attracted by the unspoiled countryside and the beautiful stretches of coastline, as well as the abundant wildlife ranging from the seals at Blakeney Point to the huge populations of migrating birds.

The large number of second homes has boosted the hospitality industry with scores of gastro pubs and restaurants competing to keep visitors and holidaymakers well fed.

But the demand for weekend retreats and holiday homes to let has forced up property prices, making it nearly impossible for key workers or first time buyers to get on the housing ladder in many areas.

Parish councillors in Burnham Market which is nicknamed Chelsea-on-Sea believe that more than half the homes in their village belong to second home owners.

aster and Docking have 130.4 holiday comes per 1,000 properties – only slightly behind Trebetherick and Whitecross in Cornwall, which have 139.5 per 1,000. 

One 65-year-old councillor in the village who asked not to be named, said: ‘There have been second home owners here since the 1930s, and they used to engage with the community with their children playing with the local kids.

‘But a lot are now running their properties as furnished holiday lets which are far more lucrative than long term tenancies so there is a constant churn of people coming in.

‘Tiny workers’ cottages which used to be available to rent are now registered as furnished holiday lets (FHL) as they make much more money.

‘If people register their properties as being an FHL, they don’t have to pay council tax which has knock on effect on the local community. It means that people who live here full time have to pay more.

‘The high number of FHL properties forces up house prices. It is a pernicious circle and means local people cannot afford anything, and there are virtually no rentals available for them.

‘We have a new doctor’s surgery here, but nursing and admin staff cannot afford to live in the village. There are plenty of shops here to cater for all the visitors, but they are not much use for local people because they are too expensive and not selling the right stuff.’

Estate agent Steve Mayes who works in Burnham Market estimated that more than one in four properties on the market in the area ended up being bought as second homes with the vast majority being purchased for cash.

He said: ‘Everyone is going in about interest rates this week, but around here only one in ten sales have a mortgage, so it does not affect the market.

‘I specialise in selling properties between £500,000 and £2 million. The level of wealth pouring into north Norfolk largely since Covid is just astounding.

‘Properties costing £2million are being sold as weekend bolt holes, largely to cash buyers. The number of houses being bought as holiday lets or holiday homes is possibly as high as 35 per cent.

‘Sadly it has forced up prices. It is an undeniable fact that first time buyers and local people are pushed out. First time buyer properties are in critically short supply. It is exasperated by the demand for holiday homes within a two hour drive of London.’

But Maxwell Graham-Wood who has owned Satchells independent wine merchants in Burnham Market for 33 years, said: ‘We love second home owners. They are the ones who spend the money.

‘The whole second home and rental cottage market has changed since Covid. A lot were being rented out when there were foreign travel restrictions and there was a boom in demand for staycations.

‘Now we have noticed more owners using their homes themselves. Wealth has got nothing to do with it. We have got wines priced from £7-£9 to £500, but our sweet spot is around £12 to £15 a bottle.

‘Second home owners are just people who like coming here to play tennis, golf, sail, or go bird watching or whatever. People also choose to stay here more if they can work from home, or if they want to avoid train strikes.

‘We used to have people with a big property in London and a small place up here, but in recent years it is more common for them to have a pierre de terre in London and a bigger property here.’

Oliver Nelson, the assistant manager at Satchells, said: ‘People make comparisons with the second home population in Cornwall, but it is very different here.

‘A lot of second home owners have lived here for years, even growing up here, and we know them on a first name basis. Their families have been here for generations.

‘When people rent holiday cottages, they love it so much that you see them returning again the same week every year.’

Retired call centre manager Alec Maycock, 68, of Huddersfield, West Yorkshire, who is currently renting a two bedroom cottage in Burnham Market for ten days with wife Beverley, 67, at a cost of £960, said: ‘We love it here. The coast is fantastic and there is lots to see.

‘This is our third time staying in Norfolk. The first time we were out in the sticks a bit, and there was nothing to do in the evening. Then we started renting in the village so we can just walk out to a pub or restaurant.’

Retired teacher Mrs Maycock said: ‘We come from Yorkshire, and we usually find we get better weather here. It is a lovely place to visit for a few days. The independent shops are all wonderful.’

Motor home owner Terry Laws-Randall, 68, of Broxbourne, Hertfordshire, who was visiting Burnham Market while staying in nearby Heacham with the East Anglia Branch of the Motor Caravanners Club, said he was upset by the high prices in the village.

He said: ‘Where we are staying in Heacham, it is about £3 for a pint of beer, but here it is around £6. The prices are outrageous. Even just a ploughman’s lunch was £19.

‘Luckily prices are more reasonable at the fish and chip shop. We paid £14 for cod and chips with ten scampi. Don’t get me wrong, it is a lovely place to visit. It is all very pretty and the architecture is very interesting – but there is a lack of affordable pubs’

Retired engineer Alan from Colchester, Essex, who was also staying in his motorhome in Heacham, said: ‘I can see why Burnham Market is so popular with second home place.

‘There are lots of individual shops, selling stuff you won’t get anywhere else. I have just bought a couple of glasses, a little cabinet for keys and a mat for our motor home. We have driven to France, Devon and Cornwall, but this area is brilliant.’

Retired Metropolitan police chief inspector Peter Doolan of Hertfordshire who is staying with wife Julie in her cousin’s holiday home in Weybourne, Norfolk, said: ‘We come here once or twice a year. There are certainly a lot of holiday lets.

‘Weybourne has got a lovely pebble beach, and we can just jump on one of the Coastal Hopper buses to get around.’

Mrs Doolan, a retired nurse, added: ‘We love the area. The villages and countryside are beautiful.

‘The fact that it is popular with holidaymakers has possibly improved some pubs and places. The pub in Weybourne was a bit of a dump when we first started coming here, but now it is vastly improved.

‘But it must be frustrating for the locals to see all the people here in the holiday season, and see numerous empty houses in the winter.’

Helen Millin, the owner of Norfolk Hideaways which lets out 650 properties across north Norfolk and down to the Broads, said: ‘Our business has grown since the pandemic.

‘When people were able to travel during Covid, they came up here and fell in love with Norfolk. People love the beaches, the wildlife and peacefulness and the nice communities here. There is a focus on family, and people wanting to spend time together.

‘Holiday letting supports local communities and creates employment, whether it is in hospitality or catering, housekeeping or maintenance.

At least half the homes in Brancaster and nearby Brancaster Staithe which overlooks coastal marshes in north Norfolk, are believed tp be second homes or holiday lets.;

Simon Bower, the clerk of Brancaster parish said: ‘It is very difficult to get an accurate figure, but there are certainly lots of very affluent people who buy property here.

‘A lot of them were living here all the time during lockdown, but a highish number of homes are rented out as holiday homes.

‘There is a strong sense of community and people do take part in things. It is a fairly cohesive community and there is no animosity, but it is fair to say that there is tension from time to time. Some people want to restrict the number of second homes.

‘I think the attraction of the area is that it is remote, but you can drive here from London in two and a half hours. Once you are here you can’t go anywhere else. Nobody goes to Norfolk on the way somewhere.

‘It is slightly wild with dark skies and well of the beaten track. It is a feeling of space and being able to breathe.

‘There has been a trend for cottages to be bought, and then knocked down for a new home to be built. Sometimes there are applications to build three new homes on a plot of land.’

 The figures collated by the ONS show 4.1 per cent of all second addresses can be found in areas of national beauty or national parks. 

The ONS said they only counted people living in living in England and Wales and who spent at least 30 days a year at their second address. Experts believe the true number of holiday homes could be even higher. 

Some 14,230 people stay at 6,080 holiday homes across Cornwall for at least 30 days each year. 

North Wales and Anglesey are very popular destinations, and when taking into account the small local population, they have the highest proportion of holiday homes of anywhere in England and Wales.  

The number of Britons using a domestic holiday home has increased from 42.3 per cent in 2011 to 48.5 per cent in the 2021 census. 

Surprisingly, four out of ten holiday home owners travel less than 60 miles to their second property.  One in fifty did not even leave their local authority area. 

In London, 93,650 residents said they had a holiday home in the UK, with one in four remaining within the south of England. One in ten have homes in the south west. 

The figures show that Londoners are least likely to travel to the North East or Northern Ireland. 

Whereas, almost a quarter of people from the West Midlands hop over the border to Wales – a similar percentage of those who live in the north West.  

In Gwynedd and Anglesey, the local populations have fallen since the 2011 census, while the number of holiday homes in both locations have increased. 

Rainbow road! Artist transforms a street (and boosts house prices) by painting row of 63 homes in vivid colours

• Artist Tash Frootko, 44, has been painting homes in Gloucester since 2018
• Local residents say artwork has seen house prices rise by up to 30 per cent
• In total, 134 houses have been painted using more than 1,300 litres of paint 

By Allan Glen

Published: 05:43 EDT, 1 June 2023 | Updated: 08:10 EDT, 1 June 2023

The most viewed homes for sale in Britain have been revealed, and buyers will need a substantial budget if they want to snap them up.

The most popular homes for sale on Rightmove in April have asking prices within a range of the cheapest at £895,000, to the most expensive at £5million.

The stamp duty on the cheapest property is £32,250, meaning the total the cost of buying the property will be more than £925,000 – and this doesn’t include other costs such as solicitor’s fees or the cost of a removal firm.

By contrast, the stamp duty on the most expensive £5million property is an eye-watering £511,250. 

This assumes the purchase is a main home as there is a 3 per cent surcharge on second homes and buy-to-let properties, in England and Wales.

Tim Bannister, of Rightmove, said: ‘Homes from Wales, Scotland and England feature in this month’s most viewed properties, highlighting the many magnificent homes for sale in lots of different areas across Britain.’

The five most views homes online…

1. Six-bed mansion, Kirby Muxloe, £4m

This six-bedroom mansion in the Leicestershire village of Kirby Muxloe was built in 1885 and has been continuously refurbished by its current owners.

It boasts a hand-crafted open-plan kitchen as well as its own garden house with a spa, hot tub, games room and cinema room.

The property is for sale for £4million via Blatch Fine Homes estate agents.

2. Four-bed house, Marford, £999k

This modern family home is in the north Welsh village of Marford and has four bedrooms.

Outside, there is a gate at the end of the garden that opens into a woodland area of residents’ exclusive use.

The property is on the market for £999,000 via Monopoly estate agents.

3. Four-bed house, Trebetherick, £5m

This four-bedroom property on the north Cornish coast is called Bishop’s Rock and was built in 1937.

It is in Trebetherick in Wadebridge and is surrounded by sand beaches that are ideal for swimming and surfing.

The house has an asking price of £5million and is being sold by Savills estate agents.

4. Five-bed house, Nunthorpe, £895k

This detached home is on a development in Nunthorpe, Middlebrough, that is accessed via electric gates and security system.

It has five bedrooms, a heat pump and under-floor heating. It is on the market for £895,000 via Michael Poole estate agents.

5. Six-bed house, Glasgow, £1,795,000

This property is in the suburb of Whitecraigs in Glasgow and has been redesigned by interior designer Keith Hobbs, of United Designers, which has worked for George Clooney and Bruce Willis.

Its unique design combines an original 1930s art deco style with more modern finishes. It is for sale for £1,795,000 via Corum estate agents.

Protesters in Ireland have blocked access to holiday homes being used to house migrants, claiming the asylum seekers were being moved there ‘underhandedly’ and citing fire safety and sewage management concerns.

A group of 34 asylum seekers was accommodated at three holiday homes on the site of Magowna House Hotel in Inch yesterday evening.

However, access roads to the site were then blocked by local protesters using tractors with another gate blocked by a silage bail.

Today some asylum seekers expressed fear over the ongoing situation, while one of the drivers of the tractors, who did not want to provide his name, said locals had concerns about fire safety and sewage management on the site.

He said they expected another bus to arrive and that the asylum seekers were being moved ‘underhandedly’.

‘So we stopped the roads, we blocked the roads so a second bus could not get in.’

He said this was because there would be ’70 people in this locality with nowhere to go’, and questioned how the asylum seekers would integrate into the community.

Four asylum seekers have decided to leave the accommodation amid the protests. 

Protesters said they would not prevent an asylum seeker from leaving, and those blocking access to the site have allowed some members of the media through and said they would allow food deliveries.

Minister of state for community development Joe O’Brien said the hotel did not have a fire safety certificate but there was no issue with fire safety or wastewater management at the holiday homes.

‘I just ask people to step down the blockade, I think it is done on the basis of a misunderstanding of what’s happened,’ he said.

Mr O’Brien said there is ongoing work at the hotel and people would not be accommodated there until it is safe.

He added that there are 500 asylum seekers without accommodation and the Government is ‘looking at every possible angle and every possible case’.

On concerns about the isolated location of the holiday homes, Mr O’Brien told RTE’s Today with Claire Byrne that a shuttle bus would be provided to Ennis for asylum seekers who wanted to access services there.

There were tense exchanges outside the centre with some asylum seekers wanting to leave over concerns for their safety and lack of satisfaction with the accommodation.

Some asylum seekers took their belongings and left them outside in preparation for leaving, while others said they were happy to stay.

Sultan Muhammad, from Afghanistan, said he came to Ireland five months ago and had been staying in Citywest in Dublin.

He described the situation Co Clare as ‘difficult’ but said the accommodation was ‘okay’.

‘We are feeling good here. I like this place. I like it, I will live here.’

A Fianna Fail TD for Clare said there has been a lack of information about the accommodation of asylum seekers at the site and ‘someone has put the cart before the horse’.

Last year, Clare county council decided Magowna House in Inch was unsuitable for accommodation for Ukrainian refugees, he said.

‘Magowna House could not be used.

‘It wasn’t fit for purpose last night so they’re crammed into ancillary buildings on the site and I just think someone has put the cart before the horse here,’ Mr Crowe told RTE’s Morning Ireland.

‘I would take the view that if you’re going to bring people to a facility, it should be safe, it should be a sanitary environment.

‘It’s questionable if Magowna House is at that level yet.’

Mr Crowe said he hopes to meet with the minister for equality and integration Roderic O’Gorman this afternoon.

He said the protesters are ‘entitled to their concerns’.

He said he visited the hotel earlier that day and saw it being fitted with beds.

‘I went out because there was a lack of information and my office was being bombarded with emails and phone calls,’ he said.

‘We did get a briefing note from the Department late on Thursday but there was still a lot of stuff I couldn’t answer.

‘It [the briefing note] related to the mechanics of the situation: that there would be a contract between the department and the owner, that it would initially be for a 12-month duration, that there would be a manager on site, that meals would be cooked on site and that it would be for men in the international protection system.’

Criminal gangs are invading Britons’ second homes in Spain and taking advantage of lax housing regulations that prevent squatters from being evicted to sell their possessions and charge ransom money.

A movement of squatters, known as Los Okupas, has long advocated for those who are struggling to find and pay for proper housing to move into unoccupied properties on a semi-permanent basis.

But opportunistic gangs have carved out a business model whereby they enter unoccupied holiday homes, change the locks and effectively ‘sell’ the property to squatters.

With the new occupants able to remain in place for months or years at a time, the gangs collect money from the squatters while selling off the real owner’s possessions. 

A Crown Prosecution Service lawyer, who recently travelled to Ibiza with his wife and two young children to find squatters inhabiting their holiday home, described the issue as a ‘legal vacuum’ which sees homeowners almost powerless to regain access to their properties. 

Article 47 of the Spanish Constitution states that ‘all Spaniards have the right to enjoy decent and adequate housing’ – a sentiment that has caused a legal loophole that makes it extremely difficult for homeowners to remove squatters who have entered their properties.

Under Spanish law, squatters who have occupied a home for more than 48 hours and are deemed to have no other adequate housing in which to live cannot be evicted without a court order. 

This process takes an average of 18 months, and can prove particularly costly with plaintiffs having to shell out for legal representation and bailiffs.

In the interim, the only way to remove squatters is to pay squatter removal firms, many of whom charge thousands of pounds to forcibly evict them. 

A recent investigation by iNews discovered that the gangs operating the scam have drawn up a 102-page manual, described as an ‘anarchist manifesto’, which offers Okupas advice on how to successfully invade someone’s home and legal tips for how to extend their stay for as long as possible. 

British lawyer and head of the CPS Extradition Unit Marc Robinson is one of several Brits embroiled in legal battles over squatters.

He is trying to recover the family’s holiday home after flying to Ibiza during the Easter holidays to find that the locks had been changed, Spanish outlet The Objective revealed.

The Robinsons flew to the Spanish island with their daughters on April 4 and found the lights were on and somebody was home at their property in the municipality of San Antonio.

The couple called police who spoke to a man inside said to have admitted he was squatting there with his wife and two children because he ‘didn’t have anywhere else to live’.

Mr Robinson’s wife Sohie told The Objective: ‘It appears they’ve been selling our belongings. We’re certain an expensive bicycle we had in the house is not there any more.

‘When we finally gain access we’ll have to see if we end up accusing them of theft or criminal damage.’ 

A month on from their upsetting discovery, Mrs Robinson’s said their legal filing to have the squatters evicted had not even been admitted for processing.

‘The police report hasn’t reached the court yet and preliminary proceedings to evict them from our house still haven’t been opened,’ Mrs Robinson said.

‘The Civil Guard told us they couldn’t do anything because when they arrived, there was only a man, a woman and two children they couldn’t evict without a court order because they say they’re a family and don’t have anywhere else to live.

‘But we know there are more people in the house and it should be easy for the police to prove it.

‘We don’t understand how it’s possible that there’s a legal vacuum when it comes to squatters in Spain.’

Meanwhile, Londoner Michael Reagan told The Daily Express he found his Barcelona home invaded by squatters in 2021.

He hired a squatter removal agency to evict them and was forced to shell out £1,750.

‘You’re stuck between a rock and a hard place,’ Mr Reagan said. ‘The law is very ineffectual.’ 

Others have taken matters into their own hands, resorting to violence.

Last summer, a group of men were caught on video storming their house in the Spanish region of Murcia, threatening to beat the squatters their with iron bars if they did not leave.