Docklands News

Cost of a square foot of property in different areas of the UK revealed

New data from Zoopla has revealed the disparity in how much space home-movers' money will buy them. The average cost for one square foot of property in the UK is currently £282, but in London, the figure rises to £562. In Wales, one square foot of space costs £199, while in Scotland the figure is £160, and in the North East just £157. Burnley is the cheapest town in the UK at just £123, while in Kensington and Chelsea, one square foot of space costs £1,491 – more than twelve times the figure for Burnley. One-bedroom flats are most expensive per square foot at £389. For a two-bed house this falls to £270, then to £262 for a three-bed, rising to £292 for a four-bed house and £312 for a five bedroom house.


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London housing market slowest in country as house prices stagnate

It is taking longer to sell a home in London than anywhere else in the UK , as the capital's housing market stays “sluggish”. The average amount of time it took from marketing a home to accepting an offer rose from 55 days in August to 58 in September, and up from a 12-month low of 48 days this time last year. This was more than three weeks longer than the average for the rest of the country. The quickest time to secure a buyer was in Scotland , where it took 24 days, and the South West , where it took 33 days. The average asking price rose 0.8% in the capital in the 12 months to September, to £638,285. The greatest annual asking price rise was in Barking and Dagenham at 5.7% to £346,594 followed by Bromley (4.8% to £585,876).

London Evening Standard  

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First-time buyers make a comeback

Nearly 30% of home sales went to first-time buyers last month, the highest proportion in over a year, according to new data from various large estate agents. It marks the highest percentage since June 2020, when 29% sales went to people getting on the property ladder, according to Propertymark. It was the strongest August for sales to first-time buyers since 2016, when the figure was also 28%. There have been signs of the housing market becoming less frenzied after a stamp duty holiday in England and Northern Ireland was tapered from July. Many mortgage lenders have also reintroduced low-deposit mortgages in recent months, after many such deals disappeared last year in the uncertain economy. The figures also suggest that competition for homes remains strong amid a lack of supply. Across the UK housing market, more than a third (37%) of properties sold for more than the original asking price in August, up from 31% in July. In August 2020, just 13% of homes sold over the asking price.

City AM (20/09/2021)  

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Millionaire homeowners turning to equity release to protect cash

An increasing number of wealthy homeowners are taking equity out of their property as they seek to protect their money from the taxman and help their loved ones. There was a 66% increase in the number of people using equity release on homes valued at £1m or more in the first half of this year than in the first six months of 2020, according to Legal & General Home Finance. There is increasing evidence that older property owners whose homes have gone up in value dramatically over decades are deciding to tap in to that wealth to pass on to younger generations. Inheritance rules say that you can make financial gifts tax-free so long as you live for seven years after making them. Giving away money can also reduce the value of your estate, making it less likely your loved ones will have to pay inheritance tax. Any money owed on equity release is also taken into consideration when assessing potential care costs, so it could reduce the overall bill a family may face. Stevie Heafford from the accountancy firm HW Fisher said the housing boom and the pandemic were leading more people to consider inheritance planning. 

The Sunday Times (19/09/2021)  

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Wi-Fi now a deal breaker for many house hunters

Potential buyers will walk away from properties that don’t have adequate Wi-Fi, according to a recent survey. Sub-par internet is a dealbreaker for 33% of potential buyers. Roughly half say they would be put off by noisy neighbours and many cited thin walls as a major turn-off. Mortgage brokers First Mortgage found 80% of house hunters are put off by minor issues, such as dogs barking in the area, trees over-hanging the garden and missed bin days. First Mortgage's David McGrail said: "A property is likely to be the biggest purchase anyone ever makes so it's important to be picky." 

The Sun (22/09/2021)  

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Planning consent granted for Morden Wharf master plan in Greenwich

OMA’s mixed-use development on the Greenwich Peninsula has been granted planning consent from the Royal Borough of Greenwich’s Planning Committee. Morden Wharf, will sit on a 2.4-hectare site adjacent to the O2 Arena; it includes 1,500 new homes, in 12 residential buildings, of which 35% will be affordable, along with 20.000 sq ft of community space, along with play spaces, communal allotments, and landscaped public spaces. 

Archinect (09/09/2021)  

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