Latest news with #Rightmove
Daily Mail
4 hours ago
- Business
- Daily Mail
Two-bed family home on the market for just £5,000- but there's a catch
A family home could be yours for a steal of a price- but potential owners may need to get their hands dirty. The two-bed property, on Eleventh Street in Peterlee, Durham, is up for a guide price of just £5,000- less than the price of a used car. While the price tag may seem like a dream come true for first-time buyers or bargain-hunters, the inside of the home paints a very different picture. Snaps show every room in the house piled high with mounds of rubbish, discarded clothes and broken furniture, closely resembling the scene of a hoarder's home rather than a cosy family abode. Prospective buyers will have their work cut out as the rooms are piled high with rubbish, meaning buyers may want to bring gloves and a very strong stomach. The house is stacked with unwanted items including chairs, mattresses, drawers and discarded doors, picture frames and clothes. Snaps of the kitchen show missing cupboards under the sink with debris scattered across the worktops and on the ground. The floor is barely visible beneath the layer of rubbish. Each room in the home is piled high with discarded clothes and household items, resembling that of a hoarders property. There is also a bath pictured which appears full with unwanted items alongside damage to the tiled walls. Despite the state of disrepair, estate agents are calling it a 'fantastic investment opportunity'. In contrast, the average house price for a terraced property in Peterlee stands at just over £74,000 according to Rightmove. An online advert by auctioneers Under The Hammer reads: 'A vacant freehold property located in a residential area within Peterlee. 'The property has a reception, kitchen, two bedrooms and a bathroom. 'Externally the property benefits form on- street parking and a paved rear garden.' A spokesperson added: 'It is due to go to auction soon so people will bid above that price. 'With it being listed at that price it will attract a lot of people to the property.' While it may take a few skips and a serious clean-up operation to make the house habitable again, some buyers may see the potential for a renovation project – or even a profitable flip. With the right vision (and a lot of elbow grease), this house could be turned into a tidy little earner. But for now, it's a fixer-upper in the truest sense of the word. It comes after another two-bed home was put up for sale for the bargain price of £145,000, but there was also a catch. The semi-detached house in Alvaston, Derby, is swamped by hoarded toys, blankets and cards that say the word 'Mum'. A generous estate agent description says the home is 'spacious' and 'an excellent find', lauding its 'inviting landing area' - although they do admit that it is 'a small renovation project'. They add that they anticipate a 'high amount of interest'. The wallpaper on the walls is dark with damp, while the dilapidated kitchen is piled high with cans, packets of food and teabags. Black mould covers the grimy walls and ceiling of the old-fashioned bathroom, where the shower rail has fallen from the wall and the sink cabinet has collapsed. And in the neglected garden, wheelie bins lie abandoned amid overgrown bushes and piles of cardboard. In stark contrast, from the front of the building, the meadow-like lawn is divided sharply from the manicured green grass of their next-door neighbour. Viewers reacted in horror to the property after seeing the home on social media. One, Gavin Barrie, said: 'Oh god I need to go and shower after seeing that.' Another took a jibe at the suggestion that it would only need a 'small' renovation - joking: 'with a flamethrower?' A third said: 'You can smell those pictures,' while a further commenter added: 'Hazmat suit required before entering.' But others were more sympathetic over the tragic sight. Melindi Scott, said: 'That is just the saddest thing,' while another, Peter, added that it would be 'brimming with memories'. The property has two large bedrooms, one family bathroom and a lounge spread across two floors. In one room a trio of musty suits still hang from the handle of the wardrobe, while an umbrella can be seen safely stored on top. In the master bedroom clothes remain folded at the foot of the bed and the sheets show signs of wear. In the corner, huge piles of clothes and other indistinguishable items cover the floor. The seller Springbok Properties - who recommend that viewing is 'highly advised' - recommended the house as an 'ideal investors opportunity'. They said: 'Nestled within the charming village of Alvaston, this property offers an ideal setting for those looking to expand their portfolio or embark on a small renovation project. 'The home is conveniently located with easy access to a wide range of local amenities, transport options, and major road links, making it a desirable choice for buyers seeking both tranquillity and convenience. 'The accommodation briefly comprises a welcoming entrance way, a spacious living room and a fitted kitchen. 'To the first floor is an inviting landing area through to two well-proportioned bedrooms and a three-piece bathroom with a tub-shower combination, a hand wash basin and a WC. 'This home is an excellent find. We anticipate a high amount of interest and as such we would recommend that any interested buyers inquire to arrange a viewing at the earliest convenience to ensure the opportunity is not missed.'
Scottish Sun
a day ago
- Business
- Scottish Sun
World's tallest Victorian Gothic tower transformed into 4-bed home with stunning panoramic views hits the market in UK
The property has been given a £4.2 million revamp, and even has its own lift LIVE THE HIGH LIFE World's tallest Victorian Gothic tower transformed into 4-bed home with stunning panoramic views hits the market in UK Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE world's tallest Victorian Gothic tower, with five floors and a roof terrace, has been transformed into a breathtaking four bed home. Ever wanted to live out your Disney princess fantasy? Well now you can, as the former castle has hit the UK market. Sign up for Scottish Sun newsletter Sign up 7 One lucky homeowner can call this stunning tower their home Credit: Rightmove/Fine & Country, Tunbridge Wells 7 The gorgeous abode has four bedrooms and four bathrooms Credit: Rightmove/Fine & Country, Tunbridge Wells 7 The tower has been transformed in to a modern family home Credit: Rightmove/Fine & Country, Tunbridge Wells Hadlow Tower, a Grade I listed 175ft property sits six feet taller than Nelson's Column, and was once part of a Romantic Gothic style 18th century castle. It was built by wealthy merchant Walter Barton May in 1838 so he could spy on his estranged wife who left him for a local farmer. The tower was then used as a look out during World War Two, but was saved by Royal painter Bernard Hailstone. During a ferocious storm in 1987, the tower was severely damaged, and fell in to disrepair before it was restored in 2013 with the help of a £4.2 million grant provided by English Heritage and the Heritage Lottery Fund. Read more property stories HOME HACKS Struggling to sell your house? Boost your property price by £80k with 5 features buyers want, from as little as 55p Situated in the quaint village of Hadlow, in Tonbridge, Kent, the unique abode can be accessed via a triple-arched Gothic Entrance on the village high street. The castle can be found at the end of a long, winding, private countryside road, next to six additional buildings which have also now be converted into private properties. 7 The gorgeous property has undergone a £4.2 million restoration Credit: Rightmove/Fine & Country, Tunbridge Wells The owners of these properties, as well as the owner of the tower have access to the communal former castle grounds, including sweeping lawns and a magnificent lake. Hadlow Tower, which is listed on Rightmove for an eye-watering £2,780,000 includes many original Gothic features, including orante mouldings and arched windows. However, the interior has been transformed in to a modern family home, that even has a lift. There's a cinema room, four bathrooms, a private garden and a castellated parapet, with astounding 360 degree views. This European castle was the inspiration for Disney The master bedroom, known as the Rapunzel Room, has its own roof terrace. The 3.45acre grounds boast a croquet lawn and an ornamental boating lake. Although the tower is tucked away, at the end of the lane is the bustling Hadlow high street, featuring a variety of shops, pubs, a library and a hairdressers. In nearby Tonbridge, there are also a number of great schools, and you can catch a train that will arrive in London in just 30-40 minutes. 5 Tips to Get on The Property Ladder Saving for your first property is tough, but it is possible. Here are a few steps for first-time buyers. 1. Cut back on luxuries and start saving Consistent monthly saving is the best way to accumulate enough money to get on the ladder, for a deposit and purchase fees. To do this, you need to take a look at your monthly outgoings and think about what can be cut out - holidays, new clothes, weekly takeaway. Using a savings calculator can help you to establish how long you will need to save for a deposit. Based on your income, you can figure out a realistic amount to save each month. 2. Have a realistic property search Set a budget for the property price you would like to buy, and think realistically about the location and size of your property. While we all may want that house with a view or extra bedroom, can you afford it? 3. Research Help To Buy and Shared Ownership schemes The government has introduced a few ways to help first-time-buyers get on the property ladder and they're great for those on lower incomes or to buy a property in more expensive areas like London. 4. Consider buying with another person Investing with somebody else you know is a sure way to get onto the property ladder. You only need to save half the amount you would otherwise, so you can work towards getting your property sooner. You can invest with a friend, family or partner. Naturally, it is a big step and a huge commitment so be open and honest about what you expect from living together — if you haven't already. 5. Talk to a mortgage broker and get your documents in order A mortgage broker can tell you exactly how much you can borrow for a mortgage, what you will need to pay monthly and in upfront costs. The owner of the property said: "This has been a very exciting and unique home that I have been privileged and proud to own for the past few years. "I and my family have thoroughly enjoyed our time here, including the peaceful and tranquil environment, but my business is taking my abroad so I feel it is time to hand the baton over to new custodians who will appreciate the uniqueness of this amazing place in such an incredible setting." James Mackenzie, head of Strutt & Parker's National Country House Department described the tower as "historically fascinating". He said: "Hadlow Tower had £4.5million invested into it so it is both historically fascinating and brand new. "It has the best of everything with incredible craftsmanship and every modern benefit. "This tower is a masterpiece and we've already had dozens of enquiries about it including foreign buyers." 7 It is the tallest Gothic tower in the UK Credit: Rightmove/Fine & Country, Tunbridge Wells 7 It is situated in the borough of Tonbridge Credit: Rightmove/Fine & Country, Tunbridge Wells
Time of India
2 days ago
- Business
- Time of India
Asking prices of properties in UK fall in July: Rightmove
LONDON : Asking prices for newly advertised British houses and apartments recorded their biggest July fall in more than 20 years this month, property site Rightmove said on Monday. Prices for property put on sale during Rightmove's July period - which runs from June 8 to July 12 - were 1.2% lower than for property marketed a month earlier, the biggest June to July drop since the series began in late 2001. Compared with a year ago, asking prices were 0.1% higher. "With the number of available homes still at a decade-high level, summer sellers are pricing even more competitively to attract buyer interest," Rightmove said. British property sales surged earlier this year but then fell sharply after the end of a temporary tax break on many purchases in April. "Discerning buyers can quickly spot when a home looks over-priced compared to the many others that may be available in their area," Rightmove property expert Colleen Babcock said. While sales volumes are still running at around 5% above 2024 levels, Rightmove said it was cutting its forecast for price rises over 2025 as a whole to 2% from 4% due to the high level of competition between sellers. Overall, Rightmove expects 1.15 million property sales in 2025. Prices fell most in inner London, which saw a 2.1% monthly drop, while the biggest rise was in northeast England where there was a 1.2% rise. Earlier this month Nationwide Building Society, Britain's second-biggest mortgage lender, said its house price index dropped by 0.8% in June, the biggest seasonally adjusted monthly fall since November 2022. Official data, which is based on completed purchases, showed that house prices in May were 3.9% higher than a year earlier, down sharply from annual growth of 7.0% in March. Rightmove said smaller price rises, combined with strong pay growth and lower mortgage rates, were making property purchases more affordable. Typical mortgage rates for a two-year fixed period have dropped to 4.53% from 5.34% over the past year, while average wages rose 5.0% in the year to May.
Daily Mail
2 days ago
- Business
- Daily Mail
End of Britain's housing boom? Warning issued for sellers
Advertisement British homeowners trying to sell their properties are facing a 'reality check', experts warned today after the biggest July drop in asking prices for at least two decades. The average price tag on a home coming to market fell to £373,709 this month - marking a £4,531 or 1.2 per cent decrease on June, according to Rightmove. While there is often a seasonal dip in prices in July, this is the largest monthly price drop at this time of year recorded by the firm over more than 20 years of data. Rightmove has also cut its house price forecast for 2025 from 4 per cent growth to 2 per cent amid concerns over a high level of seller competition limiting price growth, although the company is retaining its prediction of 1.15million transactions this year. London, and particularly inner London, has been a driver of asking price falls among new sellers, according to the firm. Price tags across London have fallen by 1.5 per cent month-on-month, rising to 2.1 per cent average price falls in inner London. April's increase in stamp duty has had a particular impact in London where property prices are higher. But property experts believe the market is undergoing a reset rather than collapsing, with over-optimistic sellers now correcting ambitious sale prices. Ranald Mitchell, director at Charwin Mortgages, said: 'This is not a crash, it's a reality check. Sellers can no longer name their price and expect the market to play along.' He added: 'With stock levels surging and buyers laser-focused on value, overpriced homes are being left to gather dust. The drop in asking prices is proof that wishful thinking is being replaced by market sense. 'Savvy sellers who price sharply are seeing results. Rightmove's trimmed forecast makes sense in a market that is adjusting, not collapsing.' By contrast, the North East of England has seen a 1.2 per cent rise in prices month-on-month, continuing a trend of less expensive areas seeing faster price growth. Summer sellers typically need to work harder to capture distracted buyers' attention. Justin Moy, managing director of EHF Mortgages, said: 'This has all the hallmarks of seasonal demand combined with the fall-out from April's increased stamp duty costs. 'With mortgage rates holding and lenders digging deeper into their pockets this could just be a summer blip, but the Government needs to keep a close eye on this trend.' Babek Ismayil, founder at property transaction platform OneDome, added: 'Sellers are waking up to the fact that, if you put your property on the market at an unrealistic price, it's simply not going to sell in the current market. 'And if it doesn't sell and languishes on portals, that can become a problem and see the achievable price dwindle further. This has been the case for a few years now but there now appears to be a shift, which may get the market moving in earnest finally.' Among the homes reduced in London is a freehold split-level two-bedroom flat for sale in Richmond which was put on the market in 2024 for the first time in 60 years. The property was first listed last September for £1.4million, before being reduced to £1.35million in November, £1.285million in January and £1.2million in May. In Kent, a three-bedroom semi-detached house in Kemsing was put on the market for £740,000 last October, but cut to £725,000 in February and £695,000 in June. And buyers in Hampshire could look at a two-bedroom thatched country house in Martin. The New Forest property was listed for £549,000 in March, but has now been cut to £495,000. Katy Eatenton, mortgage and protection specialist at Lifetime Wealth Management, said: 'Increased stock levels are giving sellers a reality check and they're pricing more realistically. 'People have come to understand that over-pricing can see you under-achieve when it comes to the sale price agreed. This is not a sign of a property market imploding, just one that is becoming more rooted in reality.' Tempting pricing from new sellers is said to be helping to improve buyer affordability, enticing new buyers into making inquiries. With mortgage rates falling and two more Bank of England base rate cuts still expected in 2025, Rightmove believes the overall outlook for the second half of the year remains positive. Patricia McGirr, founder of the Repossession Rescue Network, said: 'Yes, asking prices are sliding, but where I am, it's a tale of two markets. 'Family homes with decent space are holding strong. But in the investment world? Buyers are driving hard bargains and sellers are blinking first. 'Tempting price tags might boost affordability, but they're also a litmus test: if your property's not shifting, it's probably overpriced, overlooked or overhyped. 'The second half of 2025 may look rosier, but right now, the smart money's negotiating hard and getting what it wants.' Many lenders have recently made changes to their criteria, allowing some borrowers to potentially take out bigger loans. Rightmove's mortgage tracker indicates that the average two-year fixed mortgage rate is now 4.53 per cent, compared with 5.34 per cent a year earlier. Colleen Babcock, a property expert at Rightmove, said: 'We're seeing an interesting dynamic between pricing and activity levels right now. 'The healthy and improving level of property sales being agreed shows us that there are motivated buyers out there who are willing to finalise a deal for the right property. 'What's most important to remember in this market is that the price is key to selling. 'The decade-high level of buyer choice means that discerning buyers can quickly spot when a home looks overpriced compared to the many others that may be available in their area. 'It appears that more new sellers are conscious of this and are responding to this high-supply market with stand-out pricing to entice buyers and get their home sold.' Ms Babcock added: 'Crucially, buyer affordability is heading in the right direction, and another two (Bank of England base rate) cuts before 2026 would be a big boost to this.' Phillip Bishop, managing director at Perry Bishop in Cirencester, Gloucestershire, said: 'We're seeing significantly higher stock levels than a year ago but mitigated in part by a good increase in buyer registrations and viewing levels compared with last year. 'Buyers are taking their time and viewing more before deciding, and the serious and motivated sellers are pricing sensibly and getting success.' He added: 'Rarely available properties are still receiving mass interest and multiple offers. 'The Cotswolds summer market can slow over the holidays, but we expect a second wave of serious buyer activity in the autumn, with serious motivated buyers wanting to agree their purchase.' Rightmove's report was released as property firm Hamptons downgraded its 2025 rental growth forecast from 4.5 per cent to 1.0 per cent across Britain. It said this reflected a faster-than-expected market slowdown. It said the primary driver behind this cooling rental market has been the transfer of demand from the rental sector to the sales market. As mortgage rates have fallen, homeownership has become more accessible, leading to strong first-time buyer activity, Hamptons said. Hamptons said that rents on newly let properties rose by 0.4 per cent year-on-year across Britain in June, reaching £1,369 per month - the weakest growth since August 2020. Aneisha Beveridge, head of research at Hamptons, said: 'The rental market has softened more quickly than we anticipated towards the end of last year. 'What initially appeared to be a London-centric slowdown has now spread across the country, with rents declining in multiple regions and growth easing elsewhere. 'A combination of falling mortgage rates and a weaker labour market has shifted the dynamics - more affluent renters are becoming first-time buyers , while the economic slowdown is limiting what others can afford.
Yahoo
2 days ago
- Business
- Yahoo
Average UK house asking price sees steepest monthly drop in 20 years
UK house prices have experienced their sharpest July decline in over two decades, new figures reveal, with the average asking price falling by more than £4,500 this month. Property portal Rightmove reported that the average asking price now stands at £373,709, marking a 1.2 per cent or £4,531 decrease month-on-month. While a seasonal dip in prices is typical for July, this years' drop is the most significant recorded by Rightmove for this time of year across its more than 20 years of data. Rightmove has also cut its house price forecast for 2025 from 4 per cent growth to 2 per cent due to high level of seller competition limiting price growth, it said. UK house prices have experienced their sharpest July decline in over two decades (Getty/iStock) Despite this, the property website maintains its prediction of 1.15 million property transactions for the current year. The data indicates that London, particularly inner London, has been a key driver of lower asking prices. Price tags across the capital have seen a 1.5 per cent month-on-month fall, escalating to an average 2.1 per cent decline in inner London. April's increase in stamp duty has had a particular impact in London where property prices are higher, the website added. By contrast, the north east of England has seen a 1.2 per cent increase in prices month-on-month, continuing a trend of less expensive areas seeing faster price growth. With mortgage rates falling and two more Bank of England base rate cuts still expected in 2025, the overall outlook for the second half of the year remains positive, the Rightmove report adds. Many lenders have recently made changes to their criteria, allowing some borrowers to potentially take out bigger loans.r Rightmove's map shows average asking price changes across Britain (Rightmove) Rightmove's mortgage tracker indicates that the average two-year fixed mortgage rate is 4.53 per cent, compared with 5.34 per cent a year earlier. Colleen Babcock, a property expert at Rightmove, said: 'We're seeing an interesting dynamic between pricing and activity levels right now. 'The healthy and improving level of property sales being agreed shows us that there are motivated buyers out there who are willing to finalise a deal for the right property. 'The decade-high level of buyer choice means that discerning buyers can quickly spot when a home looks overpriced compared to the many others that may be available in their area. Ms Babcock added: 'Crucially, buyer affordability is heading in the right direction, and another two (Bank of England base rate) cuts before 2026 would be a big boost to this.'
