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Zoopla asks is your home ‘earning’ more than your salary?

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A fifth of homes in Britain have increased in value by more than the average salary in the past 12 months, a new report claims.

The average worker took home £30,500 in the past year, but 21 per cent of homes in Britain ‘earned’ more than this amount.

It is the latest evidence of a red-hot property market that has bounced back following a shutdown at the beginning of the pandemic, with the help of pent-up demand and a stamp duty holiday.

In Hastings, East Sussex, 62 per cent of homes increased in value more than the average local salary of £25,800 in the past year

In Hastings, East Sussex, 62 per cent of homes increased in value more than the average local salary of £25,800 in the past year

Homes in the South West are most likely to be earning more than the average salary in the region, according to property website Zoopla

Homes in the South West are most likely to be earning more than the average salary in the region, according to property website Zoopla 

The research by property website Zoopla revealed that the equivalent of 4.6million properties across the country have risen in value by more than the typical annual pay.

Zoopla compiled the research using its monthly house price estimates for every home in the country and ONS data. It found that homes in the South West are most likely to be earning more than the average salary in the region.

In the past 12 months, 29 per cent of homes in the region increased in value by more than the average regional salary, which currently stands at £29,000.

Homes in the South East are the second highest top earners compared to the average salary. In that region, 28 per cent of properties increased in value by more than the average regional salary of £32,900 in the past 12 months.

London may have sky-high property prices but comes third on the list due to its higher than average salaries.

Nearly a quarter of homes in the capital – at 2 per cent – went up by more than the average London salary of £37,300 in the past year.

‘The amount we earned on our flat is close to my salary’ says flatowner

Russell Maddison and his wife Hyun Kim - known as Helen - live in North London

Russell Maddison and his wife Hyun Kim – known as Helen – live in North London

Russell Maddison and his wife Hyun Kim – known as Helen – live in North London.

Their home in Hendon has increased in value by a similar amount to Russell’s salary.

Russell said: ‘When purchasing our first home, we wanted to be in an area with lots of greenery, and you simply don’t find that green open space in central London at an affordable price.

‘Hendon was the perfect compromise – right next to the green open space of the Welsh Harp reservoir, yet no more than half an hour on the train to work.

‘We were quite keen on moving into a regeneration area as it helped with our budget, and we did our research, looked at the plans and considered the potential of the whole area, not just what we could see at the time.

‘The decision paid off, because just three years later the one-bedroom flat we had bought for £202,000 was worth £320,000 – mainly due to the boost in prices caused by the regeneration of the area.

‘I’ve even worked out that the amount we earned on our apartment is close to my salary and this enabled us to purchase a larger two-bedroom apartment in the same development for £465,000.’

‘It’s a great feeling when you see the prices going up when you have bought at an early stage,’ he said. 

‘But you do have to have a careful eye. You need to be able to see ahead, look at the plans and what is there in the pipeline and try to visualise the end product. When you move in at the beginning of a development you have to be prepared for a bit of inconvenience along the way.’

Despite homes in the North and Midlands rising less in monetary terms than their Southern counterparts, the lower house prices in these regions and the pace of house price growth means a notable proportion of homes are still rising at a higher level than local salaries, according to Zoopla.

It said 18 per cent of homes in the North West, 17 per cent of homes in the East Midlands, 14 per cent of homes in the West Midlands, and 9 per cent in the North East have gone up in value by more than the average salaries in these areas in the past year.

In Scotland, the figure is 9 per cent, while in Wales it is 22 per cent.

Home values in some commuter hotspots have also outperformed local salaries during the past 12 months.

In Mole Valley, Surrey, 54 per cent of homes increased more than the average local salary and in St Albans, that figure stands at 46 per cent.

In Adur, Sussex, 60 per cent of homes increased in value more than the average local salary

In Adur, Sussex, 60 per cent of homes increased in value more than the average local salary

TOP 10 AREAS IN BRITAIN WHERE PROPERTIES HAVE INCREASED MORE IN THE PAST 12 MONTHS THAN THE AVERAGE SALARY FO THAT AREA
Area Average salary Average property value % of homes that have increased in value than average salary the area in past 12 months Number of homes that have increased in value more than average salary in the area in past 12 months
Hastings £25,800 £285,000 62% 18,000
Adur £26,700 £382,000 60% 14,000
Mole Valley £30,400 £649,000 54% 17,000
Rother £27,200 £358,000 51% 21,000
Dorset £28,000 £352,000 47% 71,000
St Albans £42,600 £663,000 46% 24,000
Cotswold £29,900 £442,000 46% 21,000
Sevenoaks £35,300 £501,000 45% 24,000
Bromley £41,900 £552,000 45% 51,000
South Lakeland £27,900 £295,000 45% 21,000
   Source: Zoopla       

Rural and coastal hotspots 

The shift among some homeowners from urban to more rural living during the pandemic has also resulted in house prices rising faster than local salaries in more rural and coastal areas.

In Hastings, East Sussex, an impressive 62 per cent of homes increased in value more than the average local salary of £25,800 in the past year.

The figure is also high in Adur, in Sussex, at 60 per cent. Dorset saw 47 per cent of homes increase in value by more than the average salary. The figure is 46 per cent in the Cotswolds.

Gráinne Gilmore, of Zoopla, said: ‘There has been strong demand from home buyers since the housing market reopened after the first lockdown in May last year.

‘This demand has been underpinned by people searching for more space, making a lifestyle change or climbing onto the first rung of the property ladder.

‘At the same time, the savings of up to £15,000 on offer as a result of the stamp duty holiday in the 12 months to July also encouraged people to make a move.

‘Hundreds of thousands of households have made the move into their new home over the last year, but activity has been so high, it has eroded the stock of homes for sale, which has put upward pressure on house prices, with values rising by up to 9 per cent in some parts of the country.

‘When this price rise is translated into pounds and pence, it means one in five homes have risen in value by more than the equivalent of a years’ earnings over the space of 12 months.  

PROPORTION OF HOMES THAT HAVE INCREASED IN VALUE IN THE PAST 12 MONTHS MORE THAN THE AVERAGE SALARY FOR THE REGION
Region Average salary Average property value % of homes that have increase in value more than average regional salary in past 12 months Number of homes that have increased in value more than average regional salary in past 12 months
South East £32,900 £379,000 28% 927,000
London £37,300 £521,000 24% 625,000
South West £29,000 £300,000 29% 620,000
Eastern £31,500 £333,000 23% 514,000
North West £27,800 £189,000 18% 474,000
Yorkshire and The Humber £28,700 £183,000 17% 321,000
East Midlands £28,100 £224,000 17% 294,000
West Midlands £30,200 £218,000 14% 289,000
Wales £28,200 £188,000 22% 256,000
Scotland £34,100 £168,000 9% 165,000
North East £33,700 £144,000 9% 88,000
UK £30,500 £265,000 21% 4,635,000
  Source: Zoopla       

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Barings and HBD secure planning for London logistics scheme (GB)

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Barings and HBD have secured detailed planning for a strategic logistics scheme in Rainham, London, transforming a 20-acre brownfield site. The new development, Momentum London, is being delivered by Barings and HBD in a joint venture partnership. It will create 381,814ft² of new logistics and industrial space across four units ranging from 41,000 -171,000ft².

 

The scheme will target Net Zero Carbon, BREEAM “Excellent” and an EPC “A+” rating. This is being achieved by dynamic design, careful consideration of materials, zero use of fossil fuels, maximizing photovoltaic solar panels, battery storage and intelligent building systems. The units will be 100% EV ready, including passive fleet charging to the yards.

 

The logistics park will be set in landscaped environment with picnic and public areas, as well as direct access onto the Thames Cycle Path, so that it brings further social benefits to the area. Positioned on the River Thames, with potential for jetty access, Momentum will offer an easy stepping stone into Central London and out via the A13, just minutes away.

 

Darren Hutchinson, Head of UK Real Estate Transactions and Managing Director at Barings, said: Momentum London will be a strategically located logistics scheme with strong environmental and social credentials, beneficial both to future occupiers and the communities around it. Logistics is one of Barings’ preferred investment sectors and Momentum London exemplifies the kind of developments we’re seeking, with a keen interest in exploring joint ventures like this one with HBD.”

 

Simon Quine, Senior Development Surveyor at HBD, said: “Industrial and logistics space remains in very limited supply across London, particularly larger distribution units. Momentum will plug that gap within the M25 and provide modern, sustainable logistics and distribution space to serve London and the wider South East market. Landscaping and wellness have been thoroughly considered, with careful design considerations and enhancements to the Thames Foot and Cycle path, which we hope will help occupiers to attract and retain staff.”

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Mirrored furniture trend can create the illusion of space in your home

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Mirrored furniture provokes strong emotions. Some see it as the epitome of bad taste, flashy and bling. Others know that mirrors have magic powers.

A mirrored table or cabinet makes a room or a hallway appear more swish and spacious. It’s a trick that bars and restaurants employ to ensure their establishments appear roomier and more inviting — and they can add lustre to your home, too.

Choosing a piece of mirrored furniture also sends out a sign that you are aware of one of the year’s trends — the return of Art Deco, the influential style that emerged in the 1920s. 

Reflections: A mirrored bedside table. The power of the mirror to create an impression has been recognised for centuries

Reflections: A mirrored bedside table. The power of the mirror to create an impression has been recognised for centuries

It blended forms that celebrated modern machinery with decorative elements drawn from Greco-Roman culture and nature. 

The mirror was a favourite material, used on the surfaces of furniture and walls to supply a shimmering silver and gold effect.

Probably the most famous piece of Art Deco architecture is New York’s Chrysler Building. Completed in 1930, its sunburst-patterned stainless steel spire remains one of the key elements of the Manhattan skyline.

Art Deco console tables, drinks trolleys and other items from the era of the building’s construction sell for thousands on auction sites such as 1stdibs underlining the growing appeal of this aesthetic. 

Jamie Watkins, the co-founder of fabric and wallpaper company Divine Savages, explains Art Deco’s allure for a new audience.

‘Art Deco, with its bold geometrical patterns was such an iconic period for design: it’s synonymous with glamour and luxury.’

The resurgent popularity of Art Deco is also based on its practicality: a mirrored piece works with almost any interior, adding interest and depth.

The power of the mirror to create a wow impression has been recognised for centuries. 

Examples of this technique include the round mirror on the wall behind the bride and groom in Jan van Eyck’s 1434 Arnolfini Portrait in the National Gallery. It sends out the message that the couple are discerning — and wealthy.

Cheers: B&M's £25 oval drinks trolley with two mirrored shelves

Cheers: B&M’s £25 oval drinks trolley with two mirrored shelves

The hall of mirrors in the palace of Versailles was designed to be a place of beauty, but also to display the financial resources of Louis XIV, the Sun King. Mirrors were a luxury item until an inexpensive manufacturing process was invented in the 1830s.

In 2022, it is possible to pick up mirrored pieces for under £100. B&M has a £25 oval drinks trolley with two mirrored shelves that would lend an air of Thirties elegance to any gathering. The £94.99 Ellison serving cart (a U.S. term for drinks trolley) from Wayfair has a similar vibe.

If you believe that the right mirrored trolley would save you money on trips to bars, the larger £144.95 gold oval mirrored trolley from Melody Maison could be the thing.

A mirrored cocktail cabinet will dazzle guests. The £1,200 Primrose & Plum champagne and gold cabinet has a Jazz-Age feel.

The £299 Venetian sideboard from Furniture Market, meanwhile, is a more modestly priced way to conjure up the party spirit of the Roaring Twenties.

The show flats of apartment blocks are often equipped with mirrored cocktail cabinets containing bottles of spirits and crystal glasses. This makes buyers dream of dinner parties, with a prelude of aperitifs, but also serves to make the apartment appear even roomier.

A console table in the hall also creates an illusion of space which can be amplified by the addition of a lamp. HomesDirect365 has a range in the style of almost every era including Art Deco, Regency, the 1960s and the 1970s. Prices start at £233.

The bedroom is often the most cramped room in either a house or flat which is why this can be the best place to experiment with mirrored furniture. 

The desire to preserve family harmony is another reason. The other members of your household may prefer the kitchen and living room to be slick and understated, seeing anything mirrored as excessive.

In the bedroom, however, you can indulge your decor fantasies. Habitat has the one-drawer Hepburn bedside table for £76.

Next offers the antique effect Fleur bedside table which costs £225 for the one-drawer version and £275 for the two-drawer version. 

The Fleur is also available as a six-drawer chest for £599 or a £1,150 double wardrobe if you seek to waft around your bedroom channelling your inner 1930s Hollywood screen siren. 

Dunelm’s Venetian mirrored dressing table also offers a chance to live out your dream of silver screen stardom (£449).

If mirrored furniture has brought out your party animal, kindling a passion for Art Deco in every guise, Divine Savages offers Deco Martini wallpaper whose design is based on the geometric forms, with a hidden Martini glass within the print (£150 per roll).

Some of your guests may not be too busy checking out their reflections on the doors of the mirrored cabinet to notice this subtle and witty detail in the wallpaper.

Savings of the week! water jugs… Up to 52% off 

The Sandvig hammered-glass jug from made.com is half-price at £22

The Sandvig hammered-glass jug from made.com is half-price at £22

Sitting outside on a sunny afternoon is already delightful. But it is even more enjoyable if you are sipping on a cool drink or an iced coffee from a generously sized jug, or maybe even a Pimm’s. The arrival of the July sales means bargains abound.

If you prioritise practicality, Ocado’s textured lustre plastic picnic jug has 33 per cent off at £8.

The price of the pleasingly geometric plastic smoky-grey Prism jug from Wayfair is 16 per cent off at £10.10. 

If you would like to feel as if you are in the south of France, John Lewis has the plain glass Arles wicker-wrapped jug. It is reduced from £25 to £12, down 52 per cent.

Wanting something more elegant that you can also use for flowers? The Sandvig hammered-glass jug from made.com is also half-price at £22.

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VGP acquires French logistics development

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VGP NV and VALGO signed an agreement to purchase 32 hectares of land that housed the former Petroplus refining units in Petit-Couronne, near Rouen. This brownfield rehabilitation project is fully in line with VGP’s core expertise and strategy. Thanks to the six years ownership of the site by VALGO and its expertise in asbestos removal, soil and water table decontamination, in-situ waste treatment and development, this area has now become a suitable site for the development of new industries and business activities.

 

On the banks of the river Seine and close to the A13 highway, the 32-hectare area of land offers its future users a highly strategic location. Following the extensive depollution work carried out by VALGO, the site is now ready for redevelopment. VGP expanded into France only a few months ago and is delighted to start its French business activities in the dynamic Rouen Normandy metropolis area, via this major project. In total, around 150,000m² of land are set to be redeveloped to accommodate industrial and logistics projects, with work due to begin in 2023.

 

Jan Van Geet, CEO VGP, said: “VGP is delighted to begin its business activities in France on a site as exceptional as this one, with strong economic and environmental ambitions that are shared by both our partner, VALGO, and the local authorities. As the rehabilitation of brownfield sites is at the heart of our business, this project is a great opportunity for us to deploy our industrial and logistical know-how. The uncertain geopolitical situation and the rise in transport prices mean that companies are increasingly looking for local support to start their business. In this context, we strongly believe in the relevance of our integrated model with a long-term vision. We are now eager to get to work and bring all the expertise of the Group to the project.”

 

Francois Bouche, CEO VALGO, commented: “We are delighted that this huge piece of land has been sold to a major investor with experience in redeveloping brownfields in Europe. However, I would first like to celebrate the work of the men and women who worked so hard to make this colossal project a success. It took more than 1 million hours and over €60m in investment by VALGO to turn the page on over 80 years of refining on this site, which already employs 600 people.”

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