According to a new survey from Yorkshire Building Society, nearly half of all first-time buyers in London claimed that spiraling house prices are preventing them from buying a property. The data revealed that 43% said they would be willing to move to a more affordable part of the UK if it meant they were able to own their first property. Alarmingly, 26% of London residents said they would even consider moving to another country to buy their own home. Meanwhile, one in five aspiring first-time buyers in the capital claim they have moved to lower quality or shared accommodation in order to save money for their deposit. Andy Caton, Executive Director at Yorkshire Building Society, said: “The London housing market continues to be very challenging for young people looking to get on to the property ladder, due to prices which are amongst the highest of any city in the world. Even taking into account the typically higher salaries earned in this part of the UK, many young people are finding themselves priced out of the city. It means that many Londoners at the start of their working lives are finding they have little hope of putting down roots in the capital. Although the willingness to relocate demonstrates the importance with which young people regard homeownership – as well as the lengths they are willing to go to achieve it – there are clearly acute problems facing first time buyers in London.” London’s property market recovered strongly from the financial downturn of 2008 and in recent year’s property prices have risen sharply. House prices in the capital are more than 46% above their pre-crisis peak, at an average of £525,000, according to the Office for National Statistics. Private rents have also risen so sharply that the cost is now double the national average, at £1,400 a month, meaning that many Londoners are effectively priced out of living independently in the capital and have to resort to co-habiting with partners, friends or family. In the Yorkshire Building Society survey, conducted by NatCen Social Research, 46% of Londoners hoping to buy their first home said that high house prices in their area were preventing them from getting on the housing ladder, compared with 22%  of first time buyers in the rest of the UK. Londoners saving for their first home were also more likely to be living in lower quality or shared  housing in order to save money on rent, with 23% saying they had moved to cheaper accommodation, compared with 15% for the rest of the country. Another 11% said they had moved back in with family in order to get their deposit together, according to the report. Source link

Browser does not support script. Contact us RIBA South West today announced ten new and exciting buildings have won RIBA South West Awards 2016, with Building of the Year sponsored by Marley Eternit going to Outhouse in Gloucestershire by Loyn & Co architects. From a shortlist of 16, and forty nine initial entries, the projects spread from Cornwall to Gloucestershire, with Dorset having three winning projects RIBA South West Awards 2016 Plymouth School of Creative Arts, by Feilden Clegg Bradley Studios The Owers House, Cornwall, by John Pardey Architect Drawing Studio, Arts University Bournemouth, by CRAB Studio (Cook Robotham Architectural Bureau) Student Services Building, Arts University Bournemouth, by Design Engine Architects Bridport Household Recycling Centre, Dorset, by Mitchell Eley Gould Ansty Plum, Dorset, by Coppin Dockray Gloucester Services, by Glenn Howells Architects Outhouse, Gloucestershire by Loyn & Co Blackrock Quarry Training Centre, nr Bristol, by Haverstock Sand Dunes, Cornwall, by Arco2 Architecture Ltd Category Awards RIBA South West Building of the Year (sponsored by Marley Eternit) Outhouse, Gloucestershire by Loyn & Co RIBA South West Project Architect of the Year (sponsored by Tarmac) Andy Theobald, Feilden Clegg Bradley Studios (for Plymouth School of Creative Arts) RIBA South West Client of the Year Westmorland for Gloucester Services RIBA South West Sustainability Award (sponsored by Sika) Gloucester Services, by Glenn Howells Architects RIBA South West Small Project of the Year Ansty Plum, By Coppin Dockray Winners were announced at an evening event on the Grand Pier at Weston-super-Mare on 29 April hosted by Michael Holmes, Content Director for Centaur Media, TV presenter and chair of the National Custom and Self-build Association. RIBA South West regional director Jon Watkins said ‘RIBA Awards always bring out the best in local and national architects across our vast region, and this year’s award-winning projects offer quality, diversity of type and scale, excellence in design, and lots of delight’ ENDS Notes to editors: 1. Contact Jon Watkins jon.watkins@riba.org or 07501 466649 for high res press images, judegs citations and further information. 2. The RIBA Awards have been running continuously since 1966 and are judged and presented locally. No matter the shape, size, budget or location, RIBA award-winning schemes set the standard for great architecture all across the country. RIBA awards are for buildings in the UK by RIBA Chartered Architects and International Fellows. 3.The Royal Institute of British Architects (RIBA) champions better buildings, communities and the environment through architecture and our members. www.architecture.com   Posted on Tuesday 3rd May 2016 Source link