I hope you have had a fun-filled week. Here in London this week, our office has joined the rest of the UK in celebrating the Platinum Jubilee, marking Her Majesty the Queen’s 70 years of service to the people of the United Kingdom, the Realms, and the Commonwealth.
For those looking for real estate inspiration, look no further than our own Royal Family, whose portfolio of exquisite properties is enough to bring out the green-eyed monster in even the most accomplished landlord!
Now, let’s take a look at all the headlines that caught our attention this week. I always try to summarise the links to save you from having to click through.
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Property News This Week
- HS2 Construction Begins on UK’s Longest Railway Bridge – HS2 Ltd has made the long-awaited announcement that construction of the railway’s first and longest viaduct has now commenced. The build will begin with an event attended by the HS2 Minister, unveiling the 700-tonne bridge-building machine that will be used for the project. The Colne Valley Viaduct will stretch for over 2 miles across a collection of lakes and waterways between the M25 and Hillingdon. This is the latest major milestone in the HS2 project, a scheme designed to level up the country’s economy by improving transport links between London, Birmingham and North. Upon completion of the viaduct, surrounding factories and buildings nearby will become part of the HS2’s ‘green corridor’, transforming into areas of chalk grassland and woodland for wildlife to thrive.
- UK is Leading Europe in Mortgage Market Race – Property market data has been analysed by mortgage broker Henry Dannell across European foreign nations to compare home ownership statistics with those of Great Britain. While the UK sits among the bottom 10 for the percentage of each nation who own their own home outright, it has come out in the top 10 for the percentage of homebuyers who use mortgages to facilitate their ownership, which is currently at 37.5%. Iceland is number one in mortgage funding, as 63.9% of all homeowners have a mortgage. However, for the sheer number of homeowners who have been financed by the mortgage sector, the UK reaches the top spot at number 1. There is an estimated 25.2 million UK homeowners who are currently on the ladder with the support of the mortgage sector.
- Desperate Councils Are Offering Landlords Cash Incentives – Landlords in Camden have been called upon to help house the homeless and disabled in their area by offering up their studio flats, one and two-bedroom properties for the cause. Taking the decision to re-launch their appeal for private landlords, the Camden London council is now offering up cash incentives of between £2,000 and £4,500, along with a substantial support package for those interested in joining the scheme. In exchange for this, landlords will be providing a secure residence to those in society most at risk of homelessness and those who are ready for independent living after homelessness. It is hoped that landlords will see this as an opportunity to give back to the community and assist those most vulnerable while securing a good income and council support.
- How Much Have the Queen’s Palaces Increased By? – In celebration of the Queen’s Platinum Jubilee, estate agent comparison site GetAgent has analysed the three palaces and one previous residence owned by the royal family, comparing their current value to their original purchase prices. Each property is an architectural masterpiece, the true value of any of course, being priceless. The Queen’s primary residence is Buckingham Palace, purchased by the Duke of Buckingham for £7,000. Today it has increased by a staggering 207,693% – valued today at £3.7bn. Kensington Palace is officially the home of the Duke and Duchess of Cambridge, bought for £20,000 in 1689 by Queen Mary and William III. Today it is worth an estimated £465mn. Hampton Court Palace was the preferred residence of the infamous King Henry VIII. The build was commissioned for 200,000 crowns in 1514 and has a modern-day value of £1bn. Last but not least is the perpetually popular Windsor Castle, first developed as a military base in 1086 and transformed into a palace in 1350. Today’s estimated market value for Windsor Castle is £497.5mn, leaping in price by 719%.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.