Docklands News

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)  

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)  

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)  

Affordable housing developer Pocket Living has ranked every London borough according to the availability of affordable housing, price growth, number of parks and transport facilities, to identify the best areas in the capital for first-time buyers. Hillingdon, with its parks and open spaces, came in top thanks to the five Crossrail stations it will have when the line opens next year. The average property in this west London borough costs just over £430,000. Number two was Havering, in east London. Its average price is just over £385,000, up 5% in the past year, and as well as a string of country parks it has three Crossrail stations. Croydon and Hounslow take third and fourth, with Greenwich and Lewisham tying for fifth position. 

Evening Standard (08/09/2021)  

House prices hit a record high in August, but the annual pace of growth in property values slowed, according to the Halifax. The lender said the cost of a typical home rose 0.7% last month to £262,954. In the year to August, house prices rose 7.1%, it said, down from a rate of 7.6% in July. But that figure masked big differences between the UK's nations and regions, reflecting buyers' interests in seeking more space and rural locations. "Given the rapid gains seen over the past 12 months, August's rise was relatively modest and the annual rate of house price inflation continued to slow," said Russell Galley, managing director, Halifax, which is part of Lloyds Banking Group. 

BBC News (07/09/2021)  

UK house prices are predicted to increase 30% by 2031, according to research from comparethemarket.com. The site analysed ONS data from 1992 to 2020 combined with a forecasting model to come up with the figures. It also found that prices in central London could grow by 33% in the next ten years. This would make the average house price in the capital £619,568 in 2031, compared to £465,549 today. The average house price in the UK currently sits at £248,496 but this could increase to £323,718 in 2031. The research found that house prices are likely to continue increasing until 2040. The site also looked at the average age of first-time buyers across the UK, dating back to 2006. The average age of a first-time buyer is currently 35 in London but by 2031, this is likely to increase to 37. The rest of the UK could see the average age increase by 1.6 to almost 35. 

Daily Express (06/09/2021)