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Homeowners released more than £1.07bn in equity in the year to April, according to Key Equity Release. The retirement lender's market study revealed that older homeowners are releasing an average of more than £100,000 from their properties, in what is being termed a “middle-class stampede” towards equity release. Research found that homeowners were able to access triple-figure cash pots when taking out equity release deals. Key Equity Release's data suggests that, in the first three months of this year, the average homeowner who took out an equity release plan received £103,710 - 25% more than the £83,000 released in the first quarter of 2020. |
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Homes England and British Land have agreed a deal that will see the former provide a £100m loan for infrastructure works to support the development of up to 3,000 homes on a 53-acre, mixed-use scheme in Canada Water. Following public consultation involving over 5,000 people, the Canada Water masterplan sets out a list of commitments to the local area, including affordable homes for local people in a new town centre, investment in transport infrastructure, and a sustainability strategy that minimises carbon emissions both now and in the future. “Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together”, said Roger Madelin, joint head of Canada Water at British Land. “Housing is central to our plan to deliver a new and vibrant town centre for London, where people can live and work and local communities can come together”. |
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Britain's property market boom is set to continue as government support for the market continues and those who have managed to save money during lockdowns look for more living space, according to a Reuters poll. Prices will rise 5.0% this year, the May 11-21 poll of 21 property market experts found, a sharp increase from a February poll which predicted they would flatline. Next year and in 2023 they will rise 3.0%. Prices in London were expected to lag the national market and increase 2.5% next year. |
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Over 1,700 new flats and townhouses are arising on London City Island, a new neighbourhood development opposite the O2 and just next to the offices of Canary Wharf. The Island, created by EcoWorld Ballymore, has been referred to as a “Mini Manhattan”; the development includes a footbridge to make Crossrail and DLR transport links more accessible, according to the developer. Residential property prices on the 12-acre site range from £335,000 to over £1m. |
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The "mad rush" to buy properties to take advantage of stamp duty holidays waned in April, official figures suggest. Transactions fell by 36% compared with the record level of UK home sales in March, according to HM Revenue and Customs (HMRC). According to property market experts, this was because the Government's stamp duty holiday was initially set to end on March 31st. A total of 111,260 properties were sold in the UK in April, down from 173,410 the previous month, the HMRC figures show. This remains nearly 200% higher than the same month a year ago, when the housing market was effectively closed in the first national COVID lockdown. However, analysts expect interest and prices to remain high. Andrew Southern, Chairman of property developer Southern Grove, said: “A spike in activity ahead of the original stamp duty deadline disguises what is still a strong performance as the housing market continues to benefit from a moving frenzy". |
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BBC News (21/05/2022) Daily Express (21/05/2022) Daily Mail (21/05/2022) |
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Nationwide offered 256,000 mortgage payment holidays and 105,000 payment breaks for loans and credit cards to those who financially struggled during the pandemic. Mortgages remained strong, as the bank confirmed a 95% mortgages return for first-time buyers and home movers. The stamp duty holiday saw many customers taking advantage of the pandemic-induced rule, which saw overall mortgage lending dip slightly to £29.6bn from £30.9bn in 2019. |
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Daily Mail (21/05/2022) The Sun (21/05/2022) The Times (21/05/2022) |