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Property

Average first-time buyer deposit increases to over £57,000

Deposits are up £20,000 in London.

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Andy Beecroft / Geograph

First-time buyer’s deposit increase by £10,000 reaching a record high across the country.

Getting on the property ladder for first-time buyers is notoriously difficult and now, they’re going to have to find an additional £10,000 compared to last year.  

According to Halifax bank house price index, the average needed to put down as a deposit for a house in 2020 across the country has now risen 23% from last year to a whopping £57,278.

Fuelled by high demand in the second half of 2020 pushed by the break in the market from the pandemic and the stamp duty holiday, average house prices in the UK are now £253,374.

Peter Hall / Unsplash

For those in London, properties are now £20,000 more expensive than in 2019 with deposits up by around £20,000 too. 

Despite these staggering figures, the findings from Halifax show that first-time buyers accounted for half of all home purchase loans in the year, down from 51% in 2019. 

Last year there were 304,657 first time buyers the lowest this figure has been since 2015. 

Russell Galley, managing director, Halifax, said: “Whilst these figures confirm the almost inevitable fall in the overall number of first-time buyers in 2020 – with the entire housing market effectively shuttered during the first national lockdown – they also underline just how strong the bounce back was in the second half of the year.

“Despite the obvious challenges presented by soaring house prices, not least the need to raise an even bigger deposit, first-time buyers still accounted for half of all home purchases, a reassuring statistic given their overall importance to the market.

“However, with the economic impact of the pandemic likely to be felt most keenly by the young and those in lower-paid jobs, the need to prioritise improved housing availability and affordability for all those looking to make that first step on to the property ladder becomes ever greater.”

Property

FIRST LOOK: Take a peek inside Manchester’s rescued and transformed Victorian warehouses

The buildings are now part of KAMPUS, an upcoming neighbourhood just minutes from Piccadilly Station

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KAMPUS

New images have revealed the incredible transformation inside two of Manchester’s Grade-II listed Victorian shipping warehouses that were once destined for demolition.

Despite once being two of the most recognised buildings in the city, Minshull Warehouse and Minto & Turner were almost destroyed after being abandoned and left to stand derelict for decades.

But now, after being listed for their historical significance, they’ve been given an eclectic new lease of life courtesy of property developers HBD & CAPITAL&CENTRIC, who have transformed the buildings into swanky new apartments located in the upcoming neighbourhood KAMPUS.

KAMPUS

KAMPUS

The loft-style apartments – which are now available to rent, by the way – have retained many of the buildings’ rustic and historic features, including original cast iron columns and indoor exposed brickwork.

The ground floors also feature commercial spaces adorned with items from the buildings’ vast history, including a cast iron hydraulic packing press, an ornate cast iron weighing machine and cast iron maker’s plate, all dating as far back as the 1860s.

Adam Brady at HBD said of the new apartments: “Out of all our plans at KAMPUS, we’re asked the most about the restoration of these Victorian warehouses. There’s something so powerful about them, their former life and the history their bricks hold.

These buildings were once derelict and at real risk of being lost forever. It was so important we took time to sensitively restore them and preserve as many original features for the next generation of Mancunians. These amazing buildings were a key part of Manchester’s industrial history and people now have the chance to call them home.”

KAMPUS

KAMPUS

Residents in the new flats will have access to a private gym with free weights, cardio and core equipment and a yoga studio, as well as a twenty-four hour concierge service. Amenities like dog walking, dry cleaning, a private cinema, lounge, dining room will also be on offer.

KAMPUS, which is located right next to Canal Street in Manchester’s Gay Village and just minutes from Piccadilly Station, has become well known for using a mix of old and new buildings to comprise its community.

The neighbourhood itself has an endless choice of bars, restaurants and events, such as local gems like the General Store, Cornerstone, Nell’s and Bread Flower. And not to mention the newly reborn Little David Street, which runs down the middle of the renovated buildings.

The flats are available to rent now and require no deposit – click here to book a viewing.

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Property

A rum bottle-shaped skyscraper could be joining Manchester’s skyline

Plans for the tower include a high-end revolving restaurant and a 24/7 cocktail bar

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Decorrum Rum

Are you ready for this? A skyscraper built in the shape of a rum bottle could be the latest addition to Manchester’s skyline.

The vision comes from ‘maverick’ rum makers Decorrum. The company, which adopts a Printworks honey bee for each bottle of their spiced rum sold, has apparently submitted a bid to build Manchester’s ‘tallest building’ which will just so happen to be in the shape of their own rum bottle.

The leaked planning documents, obtained by Business Up North, contain the first drawings and proposal issued to Manchester City Council this week. According to the documents, the building will house a high-end revolving restaurant situated in the ‘bottle neck’ and will also be home to Manchester’s first ‘sky high’ 24/7 cocktail bar.

@urban_mcr / Instagram

The skyscraper would be situated besides the recognisable Beetham Tower down Deansgate, but will stand thirty stories taller and will even boast a roof-top platform for guests to enjoy panoramic views of the city… Well, according to the ambitious plans it will.

Speaking about the leaked designs, co-founder of Decorrum Rum, Lucy Wolfenden said: “We wanted to capture the spirit of Decorrum while creating a dramatic build for Manchester. We were inspired by the roaring 1920s, the bling of Gatsby and the decadence of the Art Deco era.

“We felt Manchester’s skyline was lacking a little adventure. Ultimately Manchester is a city that thinks a table is for dancing on. We feel Decorrum Tower really reflects that vibe and will offer Mancunians the opportunity to party in pure luxury.”

@decorrum_ / Instagram

Decorrum is a brand new, independent, spiced rum based out of Didsbury – according to the website, the spirit is best served with coke, and is flavoured with the honey of Manchester’s very own bees. 

Suspiciously, the documents for the skyscraper plans have been linked to coincide with the brands’ official launch this month…

To stay posted on further updates, make sure to follow Decorrum on Instagram.

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Property

Deansgate’s Renaissance Hotel to be transformed into huge treehouse hotel

The historic building is finally getting a new lease of life

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SH Hotels & Resorts

After decades of architectural neglect, the infamous Renaissance Hotel is finally set for a much-needed transformation.

Known to Mancs today as ‘that ugly building down Deansgate,’ the Renaissance Hotel was initially built as an office block in 1972 before being transformed into the hotel it is known as today.  However, instead of becoming a staple part of Manchester city centre’s history, the fifteen-storey tall building has instead been labeled as an ‘eye sore’ and has faced the threat of full demolition since 2018.

Last year, it was announced that the hotel would close for good and, ever since, it has stood derelict and seemingly forgotten with the possibility of demolition constantly looming. 

Gene Hunt / Flickr

SH Hotels & Resorts

But now, that’s all set to change – a £200m redevelopment of the building proposed by Property Alliance Group and Starwood Capital’s has now been approved by the council.

The building will be taken over by the SH Hotel & Resorts’ ‘Treehouse’, a London-based treehouse-themed hotel concept.

SH Hotels & Resorts’ primary aim is to recreate ‘the wondrous childhood feeling of climbing into a treehouse and making up your own rules.’ They have promised to bring this outlook to their Manchester venture, saying the hotel will be ‘fun, fresh and fabulous – inspired by life’s joys.’

The existing Treehouse Hotel, located in London’s elusive Marylebone neighbourhood, has achieved critical acclaim for it’s unique and eccentric interior design, which includes real tree trunks entwined in the bathrooms, nature-inspired bedrooms and quirky decorations such as cuckoo clocks and an abundance of shrubbery. 

SH Hotels & Resorts

SH Hotels & Resorts

Starwood Capital Group Chairman and CEO Barry Sternlicht said on the Manchester project: “I’m really excited to launch our second Treehouse Hotel in the UK. Manchester is as much a destination for travellers as a gathering place for its energetic local community.

“Our Treehouse will introduce a new execution of fun and witty, and provide an imaginative hospitality experience. As a sustainable brand, we will reuse and repurpose the existing building. We are thrilled to set roots in the city of Manchester.”

Further details surrounding the venture have remained tightly under wraps, though SH Hotels & Resorts has indicated that the hotel will introduce a number of unique new dining experiences to the area, including a top-floor restaurant and bar with city views and a rooftop venue.

Treehouse Hotel Manchester has also vowed to make extensive use of ‘reclaimed and recycled materials across both the building itself and the furniture within.’

Treehouse Hotel Manchester is due to open in 2023.

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