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Property market sees biggest sales logjam in a decade, says Rightmove

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Sales of homes are being agreed at a faster pace than they are completed, contributing to the biggest pipeline of transactions in a decade, property portal Rightmove has said. 

Some 704,000 homes on its website are currently marked as ‘sold subject to contract’, which means the sale has been agreed, but contracts are not yet exchanged. 

This is the highest number Rightmove has seen in a decade, and an extra 308,500, or a surge of 78 per cent, compared to this time in 2019.   

Home buying frenzy: Some 704,000 homes on Rightmove's website are currently marked as 'sold subject to contract' - the biggest pipeline in a decade

Home buying frenzy: Some 704,000 homes on Rightmove’s website are currently marked as ‘sold subject to contract’ – the biggest pipeline in a decade

‘The easing of restrictions, extended stamp duty holiday, better mortgage availability for first-time buyers, race for space and relocation plans have all combined to create the biggest conveyancing logjam we’ve ever recorded over the past ten years,’ Rightmove’s director of property data Tim Bannister said.

At the start of the year the sales pipeline across Britain stood at 613,000, and Rightmove had anticipated a ‘quieter’ second quarter, but that failed to materialise. 

‘Buyer demand and the pipeline has continued at pace, making it an incredibly busy time for agents and conveyancers in many areas right now,’ Bannister added.

The ‘frenzied’ market over the past few months has led to homes being marked as sale agreed at a quicker rate than they are completing, Rightmove said.

The pace of properties coming on and off the market is also the quickest the portal recorded.

‘Agents are telling me they have multiple viewings followed by a number of offers within days of a property first appearing on Rightmove,’ Bannister added. 

Of the 704,000 sales currently going through, some 220,000 were marked under offer between July last year and the end of February this year in England and are yet to complete. 

With the average time from sale agreed to completion currently at four months, thousands are at risk of missing out on the stamp duty holiday, Rightmove said

With the average time from sale agreed to completion currently at four months, thousands are at risk of missing out on the stamp duty holiday, Rightmove said

With the average time from sale agreed to completion currently at four months, thousands are at risk of missing out on the stamp duty holiday. 

Rightmove said that of the 220,000 agreed sales, there are 131,000 that are over £250,000, making this group ‘in most urgent need to get their sale over the line before the end of June’. 

Under the current rules, no stamp duty will be paid on the first £500,000 of a property purchase until 30 June – saving buyers up to £15,000 compared to normal tax rates.

After that, there will also be no stamp duty charged on the first £250,000 of a property purchase until the end of September – saving buyers a maximum of £5,000. 

However, many buyers seem to be undeterred by the stamp duty holiday deadline, according to the portal’s survey of nearly 8,000 home buyers looking to buy a home this September. 

More than half said they would go ahead as planned regardless of whether they can take advantage of the stamp duty holiday. 

However, one in four, or 25 per cent, said they would try to renegotiate with the seller, and 13 per cent said they would plan to buy a cheaper home. 

Only 4 per cent of people said they would abandon their plans to buy a home completely if they missed either the June or September deadline. 

And only 29 per cent of home buyers surveyed said they expected to complete the sale in time to make use of the stamp duty holiday. 

‘The most common reasons for moving are to move to a bigger home, if someone comes across the right property, relocating to the countryside or the coast, and moving to a home with a garden,’ Rightmove said.

It comes as house prices reached another record high in May, with the average home adding more than £3,000 of value in the last month alone, according to the Halifax price index. 

With the country tentatively unlocking and many families unable to go on foreign holidays, Nicky Stevenson, managing director of estate agent Fine & Country, is predicting the housing boom will continue throughout the summer. 

‘The market normally has a lull in the summer months but, now almost all foreign holidays appear to be off, there’s nothing stopping the freight train that is unbridled demand from crashing straight through June, July and August,’ she said.

‘Pandemic prompts a third of millennials to move house in quest for better quality of life’

The pandemic had a ‘transformative’ impact on young UK employees as many havedecided to move home to have a better quality of life, according to a new survey. 

More than a third of those aged 18-34 moved house for this reason, a survey of 2,000 employees by asset manager Close Brothers has found. 

In comparison, only 9 per cent of those aged 55 or over are thinking of doing the same.   

Employees in London were the most eager to make the change, with 38 per cent saying they had moved home to have a better quality of life. 

That is a significantly higher proportion than in the East Midlands and the East of England, where only 23 per cent moved, and than in the North East, where 9 per cent changed house.

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Tungsten and BC Partners launch €296m industrial JV (GB)

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Tungsten Properties have signed a transformative €296m (£250m) JV funding agreement with BC Partners. The newly formed joint venture company will target single and multi-let industrial opportunities across the UK, which will range from last-mile to big box logistics warehouses with a GDV of greater than €29.6m (£25m). Tungsten Properties will act as asset and development manager for the joint venture. With a strong conviction in the underlying occupational fundamentals of the industrial warehousing sector, the joint venture has already identified a strong pipeline to initially seed the partnership.

 

Jeff Penman, managing director, Tungsten Properties said:“This is a significant step in Tungsten’s expansion strategy to continue to deliver industrial and warehouse space to create growth, jobs and investor returns. This transformational JV agreement with BC Partners will provide reliable capital to continue delivering strategically located, environmentally friendly buildings across the UK. While there is volatility in the capital markets, both Tungsten and BC Partners believe that the industrial market’s long-term fundamentals remain strong. With a fighting fund behind us, we look forward to securing further opportunities.”

 

Laurian Douin, partner, BC Partners said: “The UK industrial and warehouse sector has strong secular fundamentals. Given Tungsten’s strong track record and like-minded approach to development, we are thrilled to partner with them to jointly invest in this asset class. The joint venture intends to deliver well-located, exceptional schemes to meet occupier demand, with a particular focus on schemes’ environmental credentials in-line with BC Partners Real Estate’s commitment to ESG.”

 

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Four homes for sale with swimming pools: With price tags from £1.1m to £190k

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Owning a property with a swimming pool might seem like one of life’s luxuries that is reserved for millionaires.

But, as our pick of homes for sale with swimming pools proves, you don’t have to have a multi-million pound property to have one.

That said, you may still need deep pockets for their upkeep, which can be costly, particularly if you want to keep your swimming pool heated to a comfortable temperature.

While water shortages and hosepipe bans are hitting the headlines, a pool that is already filled with water will not draw on resources but may be forbidden from being topped up by hosepipe in the case of a ban.

Our pick of four properties for sale with swimming pools are for various budgets, ranging from £1.1million to £190,000 (scroll down for more information about the house pictured)

Our pick of four properties for sale with swimming pools are for various budgets, ranging from £1.1million to £190,000 (scroll down for more information about the house pictured)

Here, we take a look at four swimming pools at properties for those with a range of different budgets.

At the top end is a six-bedroom house in Ramsgate, Kent. with an acre of land that includes an outdoor swimming pool. It has a price tag of £1.1million.

At the other end is three-bedroom property in Ashington, Northumberland, with an empty indoor swimming pool and an asking price of only £190,000.

Daniel Copley, of Zoopla, said: ‘With Britain currently experiencing a heatwave, it’s no surprise that homes with swimming pools are proving to be increasingly popular.

‘Whether your budget is more in the deep or shallow end, some homes with pools may be more affordable than you think.

‘While the rise in energy bills will have a very real impact on those wanting to heat a pool, at this time of year a refreshing dip may be just what’s needed.’

Four properties with swimming pools… 

1. Six-bed house, Ramsgate, £1.1m

The most expensive house in our list of properties with swimming pools is this £1.1million home in Ramsgate, Kent, which is being sold by Miles & Barr estate agents

The most expensive house in our list of properties with swimming pools is this £1.1million home in Ramsgate, Kent, which is being sold by Miles & Barr estate agents

The property is called Pond Cottage and it boasts a large outdoor swimming pool that has a curved slide at the side

The property is called Pond Cottage and it boasts a large outdoor swimming pool that has a curved slide at the side

Inside the property, the entertainment facilities continue - with a cinema room that has black chairs and a red carpet

Inside the property, the entertainment facilities continue – with a cinema room that has black chairs and a red carpet

The most expensive house in our list of properties with swimming pools is this £1.1million home in Ramsgate, Kent.

It boasts more than an acre of land that includes a large outdoor swimming pool, a patio and a pool area.

The property is called Pond Cottage and it is being sold by Miles & Barr estate agents.

2. Five-bed semi-detached house, Welling, £625k

This semi-detached property in Welling, Kent, may not look like it can house a swimming pool from the front aspect

This semi-detached property in Welling, Kent, may not look like it can house a swimming pool from the front aspect

A slimline swimming pool has been added to the rear of the house and it has been covered to protect it from the elements

A slimline swimming pool has been added to the rear of the house and it has been covered to protect it from the elements

The Kent property is on the market with a price tag of £625,000 and the sale is being handled by estate agents MS Estates

The Kent property is on the market with a price tag of £625,000 and the sale is being handled by estate agents MS Estates

This semi-detached property in Welling, Kent, may not look like it can house a swimming pool from the front.

But a slimline swimming pool has been added to the rear of the house. It is on the market for £625,000 via MS Estates.

3. Five-bed house, Ripon, £450k

This three-bedroom house in Ripon, North Yorkshire, was once a barn and has been converted into a family home with a swimming pool

This three-bedroom house in Ripon, North Yorkshire, was once a barn and has been converted into a family home with a swimming pool

The curved shaped indoor swimming pool sits below wooden beams and has a separate bar area for entertaining

The curved shaped indoor swimming pool sits below wooden beams and has a separate bar area for entertaining

The barn conversion has a colourful interior and is on the market for £450,000 via Solo Property Management estate agents

The barn conversion has a colourful interior and is on the market for £450,000 via Solo Property Management estate agents

This three-bedroom barn conversion in Ripon, North Yorkshire, boasts an indoor swimming pool and bar area.

It is on the market with a price tag of £450,000 and the sale is being handled by Solo Property Management.

4. Three-bed house, Ashington, £190k

This three-bedroom house in Ashington, Northumberland, is the cheapest in our list of properties for sale with swimming pools

This three-bedroom house in Ashington, Northumberland, is the cheapest in our list of properties for sale with swimming pools

The 1930s detached property has an indoor swimming pool that isn¿t currently being used because it has been left empty

The 1930s detached property has an indoor swimming pool that isn’t currently being used because it has been left empty

The three-bedroom property is currently for sale for £190,000 and is being sold via Rook Matthews Sayer estate agents

The three-bedroom property is currently for sale for £190,000 and is being sold via Rook Matthews Sayer estate agents

This three-bedroom house in Ashington, Northumberland, is the cheapest in our list of properties for sale with swimming pools.

It is a 1930s detached property with an indoor swimming pool that isn’t currently being used as it is empty.

The property is for sale for a relatively cheap £190,000 and is being sold via Rook Matthews Sayer estate agents.

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Barwood Homes invests in Woodville resi scheme (GB)

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Harworth Group plc has completed the sale of an eight-acre land parcel at Woodville, Derbyshire to Barwood Homes for the delivery of 73 new houses. This represents Harworth’s first transaction with the Northampton-based housebuilder. The land parcel forms part of a 53-acre regeneration site which is owned by Beepart Ltd, part of Dyson Group, the Sheffield-based former manufacturer of industrial materials. Harworth is promoting the site on its behalf through a Planning Promotion Agreement. In April 2022, South Derbyshire District Council granted outline consent for the creation of up to 300 homes on the site, in addition to a c.30,000ft² local center with convenience retail and leisure amenities and over 150,000ft² of employment space for a range of uses.

 

The wider site has been unlocked by the delivery of Derbyshire County Council’s Woodville to Swadlincote Regeneration Route, which opened to traffic in December 2021, providing better access to Swadlincote and traffic relief in Woodville, as well as improved connectivity across the site. Preparation works will commence shortly for the next phases of residential and employment land sales at the development.

 

Ed Catchpole, Regional Director for Yorkshire & Central at Harworth, commented: “This sale is a fantastic start to the development at Woodville and we are pleased to welcome Barwood Homes to the site, who will deliver high-quality new housing for the local community. Our focus is now on bringing forward the rest of the development, utilising our extensive experience in the remediation of complex sites, including earthworks and infrastructure, to ready the remaining residential and employment land.”

 

Luke Simmons, Managing Director of Barwood Homes, added: “We are delighted to be working alongside Harworth on this exciting development. The team is looking forward to engaging with the local community as we gear up to deliver a scheme of excellent quality in design, build and service.”

 

Gavin Rosson, Managing Director of Dyson Group, added: “This first sale of a residential portion of the site is an important step in unlocking the full development potential of the whole, something we have been trying to achieve for many years. Such development will help regenerate Woodville and the surrounding area, somewhere we have had a presence since 1967 and are delighted to participate in.”

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