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After a year’s delay, Euro ‘2020’ is set to kick off this weekend. Whilst it will almost certainly culminate in yet more heartbreak for England fans (and the Scottish and Welsh), you never know…maybe, just maybe, it could be our year. To bring the focus back to property though, let’s take a look at how our property prices compare to some of the European nations we’ll be facing on the football pitch.
By default, Portugal remained the reigning European champions for an extra year. They can also boast about their property market for a couple of reasons too; at 1,185 Euros per square metre, property prices in Portugal are amongst the cheapest in Western Europe. They are however going through something of a boom, with prices having risen by 6.8% in the past year. It seems Ronaldo and his chums have a couple over us in the property stakes too!
Portugal’s property prices weren’t the top riser in Europe last year though. That honour goes to the team who will be kicking off the tournament…Turkey. Property prices there increased by 32% last year, although that is largely down to the high inflation the country is facing (on account of the Turkish Lira depreciating heavily against other currencies).
Hungary is the only Euro 2020 competitor who has seen property prices decrease in the last 12 months (by 10.4%). Even Italy (+1%), Spain (+2.3%) and Ukraine (+5%) saw prices rise, which is a reversal from the fact their property prices are still lower now than they were ten years ago!
It doesn’t seem right finishing without mentioning perhaps our greatest footballing rivals, Germany. They have had a strong year of house price growth, with prices up 11.5% (enough for fourth place overall). Having been drawn in the ‘group of death’ against France and Portugal for the Euros, I’m sure they’ll be hoping against another fourth-place finish!
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3 bed house in Tangmere,
£270,000, 4.9% yield
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Summary:
3 bed house in Tangmere
Listed for sale on 03/06/21 @ £270,000
Rent = £1,100pcm
Yield = 4.9%
Last sold for £183,000 in 2006 (+48% in 15 years)
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3 bedroom house in Bersted Park
(Lakeland Avenue)
£1,200pcm
- Built in 2016 - great condition
- En-suite, bathroom & cloakroom
- Kitchen with appliances
- Two allocated parking spaces
- Available early July
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2 bedroom house in Chichester
(Mill Pond Crescent)
£1,100pcm
- Two double bedrooms
- Re-decorated throughout
- En-suite, bathroom & cloakroom
- Driveway, garage & garden
- Available NOW
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I read an interesting article last week about the 18-year property cycle, which I had been aware of and monitored over the years. The man behind the research into this (who predicted the past two booms and subsequent busts) believes we're just at the start of a property boom that will last until another crash in 2026.
It's interesting reading and not something I'd disagree with as I watch the market first hand. Liaising with builders and tradesmen quickly shows how much work (and money!) is out there, as they are booked months in advance. With interest rates so low, the vast amounts of money being pumped into the system and a government hell-bent on homeownership for the masses, another boom then bust seems more than likely to me.
Here's the article if you want to read it for yourself:
https://www.thisismoney.co.uk/money/mortgageshome/article-9601221
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| CLIVE JANES |
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Voted 'Best Letting Agent in Chichester 2020'
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