housing
An increasing number of low-income Europeans are expecting to be late paying key bills over the coming months because of a rise in interest rates, rents and utilities costs, according to research by the European Central Bank (ECB). "The ability of households to meet their housing-related costs and mortgage payments is a source of concern, especially for lower-income households," the researchers wrote in an ECB economic bulletin article providing a snapshot of the "household housing burden" in the largest 11 eurozone economies. Since the ECB started to raise interest rate in July 2022, overall ...
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Residents in the Canary Islands are planning protests and strikes in a backlash against overtourism. Campaigners say the unsustainable influx of visitors is ruining life in the holiday hotspot. One activist group on the island of Tenerife has planned a hunger strike over the construction of two new hotels. Others report locals sleeping in cars and caves due to soaring house prices. Graffiti has appeared on buildings and a rental car telling tourists to 'go home'. In 2023, the archipelago attracted 14.1 million foreign visitors, a record for the island group. Canary Island residents plan hunger...
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Housing will be one of the main axes of Prime Minister Pedro Sanchez's campaign ahead of the European elections, as housing and rental prices have risen by up to 70% in the last decade. In response to the soaring costs, architect Iñaki Alonso and 17 other families took the initiative in 2018 to build the first cooperative in Madrid. A building with common spaces for neighbours, its residents enjoy two-bedroom apartments for about €650 euros per month. Watch the full report in the player above to find out more.
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In 2022, the flower-bedecked, lakeside town of Gérardmer in the Vosges mountains was rattled by a spate of vandalism attacks. An environmental saboteur targeted outdoor jacuzzis at holiday rentals and second homes amid rising tensions between tourists and local residents during a water shortage emergency. Since then, there has been growing discontent in holiday destinations in France as locals contend with the soaring number of second homes. Across Europe, other tourist hotspots are also feeling the strain; in Cornwall, Wales, Barcelona and Lisbon, residents are being priced out. Over 90% of p...
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UK house prices fell by 0.2% between February and March, according to a survey released on Tuesday by Nationwide Building Society. The drop comes after a 0.7% rise recorded in both February and January, although this month's reading shows a 1.6% annual jump. The average cost of a home is now £261,142 (€305,648), still 4.6% below the peak recorded in late 2022. During the final months of last year, after the Bank of England decided to hold the base interest rate at 5.25% in September, house prices began to climb in the UK. This promoted banks to cut mortgage rates in January, amid hopes of an e...
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The data combined the cost of actual rents paid with an estimate of the cost of housing owners would pay if they rented their home on the open market - known as “imputed rent”. Housing in Poland, by contrast, has the lowest share of spending of any OECD country, with only 6%. The largest expenditure item across all countries but one was imputed rentals for housing. Poland is the exception, where electricity, gas and other fuels was measured as the largest expenditure. Poland’s heavy dependency on fossil fuels led to some of the highest wholesale electricity prices in Europe following Russia’s ...
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Mortgages that require longer-loan repayments are becoming increasingly popular in the UK, according to the banking association UK Finance. Up until recently, the average length of a mortgage in the UK has been 25 years. In December, 23% of first-time buyers took out mortgages longer than 35 years, compared with 11% of non-first time buyers, data released by the group revealed. Just a year ago, the proportion of people buying their first home who took out loans over 35 years was 17%, up from 9% in December 2021. UK Finance is warning that this trend is driven by affordability issues, as the lo...
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The UK's largest building society, Nationwide, announced on Friday that UK house prices were 1.2% higher in February than during the same period in 2023. Over the month, the lender said that costs are up 0.7%, meaning that the average house price has risen to £260,420 from £257,656 in January. Friday’s data, which surpasses analysts’ expectations, points to an upturn in the UK housing market following limited demand last year. "The Index shows the market casting off a lull from the winter and has the prospect of higher activity than previously expected," said Mark Dyason, Founder of Edinburgh ...
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Madrid is currently one of the areas of Spain with the greatest housing needs. It is estimated that the capital and its surrounding area will need some 175,000 flats over the next decade to meet demand, which is high. To fix the issue and expand the region's residential stock, the local government has presented a plan to convert underused office buildings into housing. The measure aims to bring up to 20,000 flats onto the market in two years by making the process of changing the use of land and obsolete buildings much easier - provided that the homes are available for rent at affordable prices...
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