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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. |
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Bellway London has brought a series of new apartments in East London to market earlier than scheduled, amid increased demand for homes in the area. A total of 391 apartments are being built at Beckton Parkside, located off Viking Gardens, 281 of which have been earmarked for private sale. Comprising one, two and three-bedroom apartments, the former brownfield site is situated next to Beckton District Park. “London homes, especially apartments, remain as popular as ever despite the pandemic and we’ve seen exceptional levels of demand at Beckton Parkside. With the challenges of lockdowns, many are continuing to work from home and the apartments here have been designed to include designated home working spaces and hyperoptic broadband”, commented Bellway London sales director Emma Hamlett. “People have also sought to increase the leisure time they spend outdoors and having the luxury of Beckton District Park on their doorstep has been another key factor in their decision to buy here”. |
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Londoners say they simply don’t earn enough money to buy their dream home, according to a survey, as the average budget for a capital property has swelled to £384,130. Earnings stopped 33% of those surveyed by Money, while deposit building and mortgage availability were the next two big worries for city dwellers looking to settle. Bedrooms and outside space were most alluring to Londoners wanting to buy, while just 13% cared about a picturesque view. Size and quality of bedrooms or balconies were the biggest considerations while having local shops was also crucial to 31% of those surveyed. Transport links were of the second-highest importance, according to Money, with 30% scoping out nearby connections before sealing the deal. |
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The latest Halifax house price index reveals that prices increased 9.5% in May to reach a new record high of £261,743 on average - their fastest pace since June 2014. Russell Galley, managing director at the firm, commented: “Heading into the traditionally busy summer period, market activity continues to be boosted by the Government’s stamp duty holiday, with prospective buyers racing to complete purchases in time to benefit from the maximum tax break ahead of June’s deadline." He continued: “The current strength in house prices also points to a deeper and long-lasting change as buyer preferences shift in anticipation of new, post-pandemic lifestyles.” All UK nations and regions except the north east of England witnessed an acceleration in annual house price inflation in May. Growth was strongest in Wales, with house prices soaring by 11.9%, Halifax said. |
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BBC News (07/06/2021) City AM (07/06/2021) Evening Standard (07/06/2021) The Guardian (07/06/2021) |
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The UK construction sector surged at its fastest rate in since 2014 in May as the lifting of lockdown restrictions caused a influx in new orders. The IHS Markit/CIPS construction purchasing managers’ index rose from 61.6 to 64.2 - above economists’ forecasts of 62.3. Any reading above 50 signals growth. Growth was driven by the housebuilders as orders continued to rise on the back of a boom in the housing market. The latest official data suggests that house prices rose by a record 10% last month. This was followed by an increase in commercial work, which expanded at its steepest pace since August 2007, “UK construction companies reported another month of rapid output growth amid a surge in residential work and the fastest rise in commercial building since August 2007", said Tim Moore, economics director at IHS Markit. |
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Daily Mail (04/06/2021) Financial Times(04/06/2021) Sky News (04/06/2021) The Times (04/06/2021) |
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Mortgage completions for home movers jumped 82% in the Q1 of 2021, compared with the same period last year, while completions for first-time buyers increased 31%, according to UK Finance. |