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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. |
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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) |