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High-end country property prices have bounced back from the COVID-19 outbreak stronger than any type of housing in the UK, property firms have reported. Sales of £1m-plus homes rose by 66% from March 8 to June 21, according to Zoopla, while sales of homes priced between £500,000 and £1m only saw an increase of 17%. For £5m to £10m country houses, Knight Frank's figures show that, between May 13 and June 24, the number of offers accepted was 182% higher than the five-year average, compared to 64% for all the other price brackets. Reigate, Midhurst and Exeter are a hive of high-end activity, according to agents at Jackson-Stops. A £2.15m, seven-bedroom Victorian house sold by the agency in Redhill went under offer in two weeks after nine viewings, and a £1.5m five-bedroom home in Dunchideock, Exeter, had 13 interested buyers and sold in one week.
The Sunday Times
Buy-to-let landlords have swooped into the property market to take advantage of the stamp duty tax giveaway, as the tax break means that their bills could fall by as much as half. Rentround, a letting agent comparison website, said the number of landlords contacting its agents across the country had risen by 22%. In north and east London, inquiries have risen by 31%, higher than anywhere else in the country. Meanwhile, in the cheaper parts of the country, such as the North East, the holiday has a minimal impact. Here, it will save investors £280 on the average purchase, compared to £7,240 in London, Hamptons International found. Kay & Co said: “We have seen buy-to-let investors return to the market but only on properties valued sub £1m and in most cases £500,000.”
A record number of offers were accepted on the housing market in June, according to research. After months of slow activity during the coronavirus lockdown, Knight Frank said it had recorded the best month for successful offers. The figure for last month was 46% higher than the previous record, in March this year before the lockdown. Knight Frank said this underscored “how the property market has picked up where it left off before the pandemic struck”. Meanwhile, a study of 2,000 adults by online estate agent Purplebricks has found that one in six house-hunters would make an offer after just a virtual property viewing – and one third are happy to make a judgement about a property after only a single digital tour.
Daily Mail Daily Star
Northern & Shell (N&S), the lottery and property company owned by former tabloid publisher Richard Desmond, has asked architect PLP to draw up detailed designs for the 1,500-home Westferry Printworks development, despite planning consent being quashed after housing secretary Robert Jenrick admitted his decision could have appeared biased. The 30-storey development on the Isle of Dogs was approved by Mr Jenrick in January against the advice of a planning inspector, and just a day before a new planning charge would have cost the developer as much as £50m. Nevertheless, N&S has emphasised its commitment to the project, and expressed its confidence that what it called a “vibrant new waterfront neighbourhood” would be approved by the end of 2020.
Building (06/07/2020) Building Design (06/07/2020)
Bouygues UK to work on Canning Town regeneration scheme
Bouygues UK is to deliver a major mixed-use project in Canning Town, with a gross development value of £240m. Linkcity UK, the firm’s property arm, is to build 620 new homes, a health centre, business and leisure spaces, and public realm at the Hallsville Quarter. Bouygues UK has started on site and it is expected to complete work in 2024. The Hallsville Quarter scheme will ultimately consist of more than 1,100 homes.
Construction News (07/07/2020)
UK house prices have fallen for the fourth month in a row for the first time since 2010, according to the Halifax. Average prices fell 0.1% in June, the first full month that England’s estate agents were open for business again after the housing market reopened on May 13th. Overall, the average British home has lost £2,222 in value since the coronavirus pandemic began, bringing the average price down to £237,616, Halifax found. However, house prices in June were still 2.5% higher than in the same month last year, due to a rally in the aftermath of the Conservative election victory at the end of 2019. Looking forward, Halifax expects prices to fall further, though not drastically. “The near-term outlook points to a continuation of the recent modest downward trend in prices through the third quarter of the year,” Halifax managing director Russell Galley said.
The Daily Telegraph (07/07/2020) The Guardian (07/07/2020) Daily Mail (07/07/2020)