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Analysts are predicting that Britain's property buying bonanza will top a record-breaking £100bn this summer, with buyers expected to snap up 420,000 homes during this month, July and August - spending a record £107bn. That would make it the highest grossing quarter in UK residential market history. The rush to beat the end of the stamp duty holiday, higher wages, the COVID vaccine success and a stronger post-pandemic economy are fuelling the spending surge, according to JLL. Nick Whitten, head of living research at JLL, said: "Our data suggests this post-lockdown summer will set a new record... We can expect to see demand swallowing up available stock, pushing up prices." The spike in activity will be particularly evident in the north of England, which is predicted to see around 100,000 sales - around 25% of the total UK. |
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Sunday Express (27/06/2021) |
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The cost of buying a first-time property outright has increased from £154,000 in 1974 to £254,000 now, according to the Resolution Foundation. Millennials born in the 1980s have got the “rawest deal”, enduring rapid house price rises and tighter credit conditions, despite lower interest rates helping to ease mortgage borrowing costs, the think tank said. A typical UK first-time buyer in 1974 would have paid £90,000 in net interest by the end of their mortgage, compared to £63,000 for a first-time buyer now, the research found. In London, a typical first-time buyer now faces spending £500,000-plus over the course of the lifetime of a mortgage to purchase their first home – two-and-a-half times as much as in 1974. An equivalent buyer in the North East of England will incur a cost of £150,000 – around 9% more than the typical first-time buyer in that region in 1974. These variations make it potentially harder for young people today to move from one area to another, the report said. |
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Daily Express (25/06/2021) The Independent (25/06/2021) The Times (25/06/2021) |
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Old Kent Road was the cheapest space available on the Monopoly board at a cost of £60 when the game launched in Britain in the 1930s. But today, the average asking price for the postcode sits at £1,181,577, according to new research. Real-life renters pay an average of £2,574 per month; a far cry from the £10 coughed up by Monopoly players to rent a house on the road. Meanwhile property prices on Whitechapel Road, which shares the cheapest spot with Old Kent Road on the Monopoly board, are almost 50% more expensive than the capital's average. Average asking prices for this postcode in east London currently sit at £730,284 and tenants pay an average of £1,955 per month. |
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The Daily Telegraph (28/06/2021) |
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Over the weekend of June 26th-27th, NU Living is launching the second phase of Parkside West, its large-scale regeneration scheme in Blackwall Reach. A five-minute walk from Blackwall DLR, the 268 one-, two- and three-bedroom apartments and duplexes are spread across four blocks, arranged around a landscaped park. Each home has a balcony or winter garden. |
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Cain International has agreed a £170m development loan with Ballymore and Oxley for the delivery of Deanston Wharf, a 768-unit residential project in the Royal Docks. The scheme is situated adjacent to the Royal Wharf development, and will be delivered by Ballymore. It includes 104 homes for affordable and social rent and 103 for shared ownership. These homes will be spread over four buildings, with completion set for the second quarter of 2023. |
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Inside Housing (22/06/2021) Property Funds World (22/06/2021) Property Week (16/06/2021) |
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New figures from the Office for National Statistics reveal that house sales fell by 3.9% between April and May to 114,940. The number of houses sold was up from 95,960 in May 2019, while property prices rose at a record pace as buyers reassessed their living needs during lockdown. The stamp duty cut for the first £500,000 of a property’s value has helped to fuel the market, as have record low interest rates. The pace of growth is expected to slow over the coming months as the stamp duty relief is withdrawn but analysts said that housing market momentum would remain strong. In London, properties in Barnet and Richmond saw prices increase by over 9% last year, while the City of London and Westminster reported that prices were down, with demand for city centre homes weakening. |