Waterfront properties in the South West appear to offer the largest waterfront premiums in the UK, according to Knight Frank’s latest figures which suggests a waterfront setting in that area can result in an uplift of up to 66%. East Anglia (43%) and the South East (42%) were the next highest rated regions.
Overall, the report shows that prime waterfront properties in the UK are worth an average of 54% more than their inland counterparts, with properties situated on estuaries commanding the largest premium (average uplift of 82%). Estuary hotspots include Rock, Salcombe,Dartmouth, St Mawes and Newton Ferrers and on the south coast areas such as Sandbanks and the Beaulieu River Estuary.
Properties next to a river have an added value of 53%, while lakeside homes the uplift is 37%, up from 28% last year.
Christopher Bailey, Head of Waterfront department at Knight Frank, said: “Across the whole waterfront market buyers are still prepared to pay premiums for their lifestyle choices but the market is increasingly price sensitive. Due to the ease of accessing property data on the internet, buyers are now very well informed before they put bids forward. The key to successful selling is accurate and realistic pricing and this can still generate competitive bidding situations. Between £750,000 and £1,500,000 we have seen an increase in the number of sales agreed, again, where properties are realistically priced. We expect this trend to continue into 2014.”
Rural vs urban savers
With an average savings balance in rural areas of £9,435, urban savers across all regions of England and Wales have fewer savings than their country neighbours, according to Halifax.
Its latest Savings Barometer shows that the overall average savings balance in rural areas of England and Wales is 17% higher than in urban areas (£8,060). The highest rural savings balance is £10,046 in the South East, more than a third more than the lowest average urban savings balance, in Wales.
Richard Fearon, Head of Halifax Savings, said: “The fact that across the country people living in urban areas are putting away less than those living in the country would suggest a very different attitude towards saving amongst these groups. This difference is further highlighted by the fact that those living in rural areas have not only deposited a greater proportion in relation to local annual earnings, but they have managed to do so when some of the most significant costs, such as property, are also significantly higher in these areas.
HSBC launches new fee-free mortgage
HSBC has a new tracker mortgage rate for customers with more than 50% equity in their homes. The new fee-free lifetime tracker rate, available from today, is available to HSBC current account customers with a 50% deposit or equity. The rate tracks base rate plus 1.99%, currently 2.49%.
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