Docklands News

The latest data from HMRC show Londoners pay the highest inheritance tax bill in the UK. Residents in the capital paid an average of £271,820 in inheritance tax on their estates in 2018/19 upon death. Over the UK as a whole, residents paid an average of £209,502 in inheritance tax in the same year. Residents in the north west paid the lowest average IHT bill in the UK, at £152,898 on average. Sean McCann, chartered financial planner at NFU Mutual, said: “Inheritance tax is feared by many but paid by relatively few. But with the average bill in excess of £200,000, it can make a significant dent in a family’s wealth for those that do get caught in the net.” A total of £5.69bn in inheritance tax was paid in 2020/21. 

City AM (10/08/2021)   Daily Express (10/08/2021)  

Average house prices in East London have shot up since the capital hosted the 2012 Olympic Games, according to Nationwide Building Society, with all six Olympic host boroughs - Newham, Hackney, Waltham Forest, Tower Hamlets, Greenwich, and Barking and Dagenham - growing by more than both the London and UK average. Waltham Forest saw the biggest price increase, with a 106% uptick to £487,133 since 2012, followed by Barking and Dagenham, up 86% to £308,760, and 81% to £389,309 in Newham. "The London Games saw extensive redevelopment of brownfield sites in and around Stratford to create the Queen Elizabeth Olympic Park as well as significant improvements to the transport infrastructure serving the area", said Andrew Harvey, senior economist at Nationwide. "Newham was at the centre of the 2012 Games, with Stratford seeing major redevelopment and infrastructure investment". The average London house price in the nine years since the UK capital staged the games has risen 61% to £497,948, while across the country it rose 49% to £254,624.

Daily Mail (03/08/2021)  

UK property sales are heading for their best year since before the financial crisis, according to mortgage broker John Charcol. The number of homes bought and sold is set to reach 1.4m this year - the highest number since 2007. A monthly record was smashed in June as sellers took advantage of the stamp duty holiday. The reduction will be phased out by October. Ray Boulger, a senior manager at John Charcol, said the bounceback in the housing market this year has been so strong that there were more than double the number of transactions in the first half of last year.

The Mail on Sunday (01/08/2021)  

The number of new home registrations jumped to a 14-year high in the second quarter of 2021, according to the National House Building Council (NHBC). Across the UK, 46,452 new homes were registered in the second quarter of 2021, marking the highest quarterly total since the third quarter of 2007. Builders register homes with the NHBC before work starts, so the figures indicate the supply of homes in the pipeline. The NHBC said it has seen extraordinary growth since the second quarter of 2020 when lockdown restrictions saw work on many sites halted, with registrations now up by 130%. 

The Independent (02/08./2021)  

Swiss architectural firm Herzog & de Meuron has released new photos of One Park Drive, a 58-story cylindrical residential tower in the Canary Wharf neighbourhood. It contains 484 apartment units, with 22 floors of stepped one- and two-bedroom apartments atop a rounded base which houses 9 floors of curving balcony-lined apartments and an arrangement of amenities including a built-in library and cinema space. Another 25 floors of larger apartments top out the building with balconies included. Seven duplex apartments will be installed on the top two floors later this year. The tower will anchor a new waterfront park that bookends the Wood Wharf section of the Canary Wharf Estate development currently overseen by the newly-appointed Shobi Khan.

Archinect (27/07/2021)