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The build-to-rent sector accounts for about one in five newly completed properties with nearly 83,000 more homes in the capital's BTR pipeline, according to the British Property Federation. Developers in this emerging sector often promise a "new standard" for rental, with benefits including no deposits, long-term tenancies and predictable rents away from the stereotype of the dodgy private landlord. However, there is some scepticism as to whether the sector can be the answer to London’s housing woes. London Tenants Federation, a social housing tenants organisation, says: "Our main concern is whether Build to Rent helps to meet identified housing need in London. A huge problem highlighted by COVID-19 was the high levels of overcrowding in both the social and private rented sectors. BTR is principally for young, single professionals, so doesn't help in addressing this problem". |
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Nationwide Building Society has compared prices within 500 metres of the nearest metro or railway station with similar properties 1.5 kilometres away. The analysis reveals that home buyers in London pay a typical premium of £46,800 to be close to transport links, while those in Glasgow and Manchester face paying around £11,000 more on average. Andrew Harvey, Nationwide's senior economist, said: “The Circle line serves the capital's most expensive areas taking in much of central London. Average house prices are around £850,000 in areas where the nearest station is on the Circle line”. |
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Daily Mail (12/06/2021) Daily Record (12/06/2021) The Independent (12/06/2021) |
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Office for National Statistics (ONS) figures show that house prices rose by 8.9% in the year to April, with this down on the 9.9% year-on-year increase recorded in March. The ONS said March’s increase, which was the biggest since 2007, may have been driven by buyers looking to complete deals before the original stamp duty holiday deadline of March 31st. The average English home sold for £268,000, reflecting high prices in London and the south-east, though the capital, with an average price of £492,000, has had some of the lowest price inflation for five consecutive months. |
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BBC News (16/06/221) Daily Mail (16/06/2021) Daily Mirror (16/06/2021) The Times (16/06/2021) |
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A third of properties sold for more than their asking price in April, the highest number on record. Research from NAEA Propertymark also found the number of people looking for a house was at the highest level in April since 2004, with an average of 427 buyers registered with every estate agent branch. Mark Hayward, chief policy adviser at NAEA Propertymark, said: "The continued imbalance of supply and demand is a concern and has led to a strong sellers' market." |
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A number of property sales are at risk of falling through if they are not completed before the stamp duty holiday deadline of June 30. Analysis by property data firm TwentyCi suggests that four in ten sales agreed before April 1 will not complete by the cut-off, meaning more than 160,000 buyers could miss out on tax savings of up to £15,000. The report notes that more than 300,000 transactions were likely to have missed the original stamp duty deadline of March 31st. |
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Nearly two-in-five (39%) young Londoners moved house during the pandemic. 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, while younger people around the UK disproportionately moved more than their older counterparts. Meanwhile just 9% of those aged over 55 moved house. Across all ages, on average 21% of people moved in the last year. |