Young Londoners moved house more than anyone else during the pandemic June 9, 2021 Nearly two-in-five (39%) young Londoners moved house during the pandemic in the hope of securing a better quality of life. Employees in London were keener to move than employees elsewhere in the country, according to research by Close Brothers. More than a third (36%) of those aged 18 to 34 moved house during the pandemic, [...]
UK housing market is ‘on fire’ and will widen wealth gap, says BoE’s Haldane June 8, 2021 The UK housing market is “on fire”, and as a result is likely to hit those without property especially hard, Andy Haldane, chief economist at the Bank of England, has said. The housing market has been fuelled by a combination of government incentives for buyers, like the stamp duty holiday, more demand from households with [...]
Luxury development for super-rich under construction in Central London featuring £60m property June 8, 2021 A £500m luxury development that offers views of Hyde Park and Kensington Palace Gardens is under construction in central London, featuring 57 residencies prices from £2m to £60m. The development, called Park Modern, will offer the super-rich a chance to nab prime location luxury properties with views over London’s Royal Parks. Developer Fenton Whelan [...]
London won’t see exodus – but property growth rates may slow, says Onthemarket June 8, 2021 Property growth rates in the capital could slow in the medium-term, as pandemic-led lifestyle changes like wanting a garden or office space are likely to continue. House prices in the UK have on average grown by £22,000 in the last 12 months, according to the latest figures from Halifax, however prices in London have lagged [...]
First-time buyers: London’s most affordable and up and coming areas June 7, 2021 The property market has boomed over the past year, thanks to the stamp duty holiday which has given a lot of first-time buyers the opportunity to get their foot on the property ladder. Coupled with the introduction of the new government backed 5 per cent deposit scheme, designed to help home buyers, the market is [...]
London house prices: Asian homebuyers cash in on pandemic decline and weak pound June 7, 2021 Foreign buyers from primarily East Asian nations are cashing in across London’s new build market as a result of a pandemic decline in property prices, coupled with a weaker pound. According to new research by the defect management firm BuildScan, fluctuating exchange rates during the pandemic added to the appeal of the London property market [...]
Housebuilder stocks soar as property prices climb another £3,000 to new record high June 7, 2021 House prices in the UK rose again last month by around £3,000, bringing the average property price up to a record high of £261,743. May’s 1.3 per cent price increase means the average home in the UK has increased by more than £22,000 – or 9.5 per cent – in the last 12 months, according [...]
First-time buyers offered new homes at up to half price under government scheme June 5, 2021 First-time buyers in England will be able to apply for a discount of up to 50 per cent on a new build home under a government project launched today. The First Homes scheme will help people onto the property ladder, which experts believe could spark a scramble for properties and further bolster the house price [...]
Lenders hand out most mortgages to first-time buyers in nearly 20 years June 3, 2021 Banks and building societies handed out more mortgages to first-time buyers in March than any time since 2002. Across the UK, 42,330 mortgages were issued to first-time buyers in March, marking the highest monthly total since December 2002 when 44,000 were advanced, according to trade association UK Finance. Many people who would have taken their [...]
Brits borrowed billions in April as housing market boomed June 2, 2021 Mortgage borrowing hit £3.3bn in April as house prices rose at their fastest rate in five years, a trend driven largely by the extension of the stamp duty holiday. April’s mortgage borrowing was significantly lower than March’s £11.5bn figure, however, according to the latest figures from the Bank of England, despite mortgage approvals hitting 86,900, [...]