Latest news with #Savills
Times
3 hours ago
- Business
- Times
Should you help your children buy a home?
Homeownership is a distant dream for many young people, despite recent efforts by the Treasury and regulators to loosen lending rules. The Bank of Mum and Dad now helps more than half of first-time buyers on to the property ladder, according to the estate agency Savills. But is this a necessary act of generosity or is it helping to fuel the housing crisis? We hear both sides of the argument. The Bank of Mum and Dad is not a benevolent institution. It is an inequality engine. Helping your kids get on the property ladder may feel like good parenting, but it fuels a system that rewards birthright over merit and privilege over effort. And this is not just about fair play — although that matters. It is about distortion. Housing should be about what you earn, not who you are born to, and yet we're hurtling towards a feudal set-up where access to shelter hinges on parental wealth. In 2023 more than half of first-time buyers had financial help from family — so much for social mobility. • Read more money advice and tips on investing from our experts Meanwhile, the parents are often the ones doing the sacrificing. Draining pensions, dipping into savings, compromising their retirement or their future care needs to prop up a politically induced broken housing system. Others face tricky family politics. What if one child gets help and another doesn't? Suddenly the family WhatsApp group turns into a minefield. And don't forget the long-term cost, because if that gifted deposit pushes mum or dad below the threshold for local authority-funded care, the state picks up the tab. So we all end up paying for this bad idea. It also warps the market. When we inflate demand from cash-boosted buyers, it keeps prices high and shuts out the truly independent. It's no coincidence that areas with the most intergenerational support are often the least affordable — and the most resistant to change. Many of those lobbying against new homes do so under the guise of 'heritage' or 'environmental protection'. All the while ignoring the paradox: if you really want to help your children, stop blocking homes for them to live in. This is the real betrayal of Britain's working class. We have normalised parental bailouts instead of fixing the system. Homeownership should be a reward for work and not a birthright. Parental gifts may be well intentioned. But they entrench inequality, destabilise retirement and price out millions. Let's call it what it is: a personal favour that perpetuates a national failure. • Rachel Reeves is right, but she is walking a tightrope — with our money Helping your children get on the property ladder is a deeply personal decision — but if you're in a position to offer support, I'd argue it is a good idea. Intergenerational fairness is one of the strongest reasons why helping your child buy a home is the right thing to do. Many parents benefited from a housing market that has since become vastly less accessible. In the 1980s the average age of a first-time buyer was about 27. Today it's closer to 34 — and that's often with help. Property prices have risen much faster than wages, making it almost impossible for many twentysomethings to buy without a financial leg-up. If you plan to pass on wealth to the next generation, why not do it when it could make the biggest difference? An inheritance often arrives when adult children are already financially stable or even nearing retirement themselves. But helping them in their earlier years will allow them to stop wasting money on rent and start investing in a secure, long-term home. A study by the HomeOwners Alliance found that 54 per cent of homeowners with adult children had either already helped them buy a home or expected to in the future. Among homeowners whose children do not yet own property, 59 per cent worried about their chances of ever buying a home. But help doesn't have to mean writing a big cheque. There are several ways in which parents can support their children without handing over large sums. You might consider acting as a guarantor on a mortgage or getting a joint mortgage with your child. There are also distinct financial advantages to the so-called Bank of Mum and Dad. A gift used for a house deposit is inheritance tax-free, provided you live for seven years after giving it. This can also reduce the size of your estate and potentially lower inheritance tax on other assets. Helping with a deposit means your child may qualify for better mortgage rates, so that they have lower monthly repayments. A larger deposit can also help them to buy a better home — whether that means a larger space or a more suitable location — and reduce the need (and cost) of them moving again soon. Of course, this all depends on your own financial situation. And one final piece of advice: be fair. Helping one child and not others can lead to family tensions. If you're lending, be clear and be consistent.
Glasgow Times
18 hours ago
- Health
- Glasgow Times
Glaswegian cycles Lands End to John OGroats for loved ones
David Cobban is part of a seven-man team who have taken on the charity ride to raise £50,000 for Maggie's and Young Lives vs Cancer. Known as the Ride Against Cancer, the challenge is deeply personal for all involved. (Image: Supplied) David, 53, head of office at Savills Glasgow, lost his mum to cancer 30 years ago, and in 2018, his wife Claire was diagnosed with breast cancer at the age of 38. The couple's sons were just two and four years old at the time. Read more: Campaigners to challenge Eaglesham battery plant ruling Additionally, one of David's colleagues was diagnosed with cancer. Tragically, his colleague did not survive. David said: "Two people so close to me. One made it, one didn't." Claire has since retrained as a personal trainer supporting people with cancer. She also works with Young Lives vs Cancer. (Image: Supplied) David now commutes by bike and became more serious about road cycling after completing the 225km Mallorca 312. The team reached Cadworks in Glasgow on July 21, roughly 600 miles into their journey. They were welcomed by Savills colleagues. The team aims to complete the ride by July 24. The team has raised more than half of its £50,000 goal and is encouraging the public to help them reach the finish line. To donate, visit Jim Webster, organiser of the Ride Against Cancer and co-founder of Glasgow-based architecture studio HAUS Collective, said: "This ride is more than a physical challenge – it is a tribute. "A journey in memory of loved ones lost, in solidarity with those still fighting, and in support of those living with the fear of cancer's return."
Hi Dubai
a day ago
- Business
- Hi Dubai
Dubai Office Market Shows Early Signs of Rate Stabilisation and Larger Space Demand Compared to Last Year: Savills
New findings from Savills latest Dubai Office Market in Minutes report for Q2 2025 indicate a shift from last year's pattern of across-the-board rental growth, with signs that rents are beginning to level out in several submarkets. At the same time, the market continues to see strong appetite for larger office spaces and an evolving mix of future supply, marking a noticeable change from the trends observed in 2024. While average prime office rents remain 36% higher year-on-year, the report highlights that 11 of the 23 submarkets tracked by Savills saw no quarterly change in rents, a contrast to last year's steady and constant growth. This points to a more cautious approach by some occupiers as they wait for new developments to be delivered before committing to commercial space. Savills Middle East data also shows a clear shift in demand towards bigger spaces. In Q2 2025, 44% of leasing enquiries were for offices between 10,000 and 20,000 sq ft, reflecting a move by new entrants and existing firms looking to expand their operations. By comparison, spaces below 10,000 sq ft accounted for 38% of total demand. Toby Hall, Head of Commercial Agency at Savills Middle East said, We're seeing clear evidence that businesses continue to commit to Dubai, with larger footprint requirements becoming more common. Despite global economic headwinds, the city remains an attractive hub, supported by a strong pipeline of international companies establishing or growing their regional operations here. Rachael Kennerley, Director of Research at Savills Middle East added, The stabilisation of rents in several submarkets suggests the market is entering a more balanced phase. While core areas remain in high demand, we're now seeing occupiers adopt more considered strategies, including securing future space in advance or exploring emerging locations with better affordability. In another shift from previous years, Savills has observed traditionally residential developers now exploring strata office developments, which could bring more diversified ownership models and broaden the office landscape beyond the usual central business districts. This aligns with Dubai's 2040 Urban Master Plan, which seeks to build a 20-minute city with commercial activity spread across more areas. With recent rental rises still fresh in mind, more occupiers are now securing rights of first refusal on additional space within their existing buildings. This gives them the ability to grow as needed while maintaining the benefits of their current lease agreements. Looking ahead, Savills expects demand to increasingly spill over into locations such as Dubai South and Expo City, supported by the availability of larger spaces, more competitive rents, and improved transport links. For further insights and detailed analysis, download the full Dubai Office Market in Minutes Q2 2025 report from here. Source: Savills
BBC News
a day ago
- Business
- BBC News
Empty listed Maidenhead pub conversion plan rejected
A plan to use a Grade II listed pub that has been empty for more than two-and-a-half years as a house has been Bridge House, in Paley Street, near Maidenhead, shut in January 2023 but the Royal Borough of Windsor and Maidenhead (RBWM) said the applicants failed to show there was no demand for the of the building dates back to the 16th Century but it was substantially extended in the 20th Century. It was first listed in proposal to use the pub and an adjoining barn for a four-bedroom house was rejected by RBWM last week, which also rejected giving its owners listed building consent. Planning agents said five offers were submitted for the site between January 2023 and summer 2024 but no one wanted to use it as a pub.A report by real estate company Savills found the pub could not be run as a viable business "in the short, medium or longer term".RBWM said there were other issues with the application, including that it failed to show the effects the house would have ecologically and on biodiversity. You can follow BBC Berkshire on Facebook, X, or Instagram.
Daily Mail
2 days ago
- Entertainment
- Daily Mail
Uri Geller's Thames-side mansion where he hosted Michael Jackson as his best man has price slashed by £10.5MILLION after a decade on the market
The Thames-side mansion belonging to illusionist Uri Geller is up for auction with a guide price of less than a third of its original valuation. Sonning Court, near plush Henley-on-Thames, has had its asking price slashed by £10.5million since it first went on the market in 2015. The home, where Geller renewed his vows in 2001 with pop icon Michael Jackson as his best man, is now expected to fetch £4.5million. The TV mystic first put the mansion on the market for £15m in 2015 when he decided to move back to his native Israel - but failed to attract any buyers. Instead the 77-year-old spoon-bender rented out the property until the end of 2022. In March 2023 another attempt was made to try and secure a permanent sale with the house listed at £7.95million, dropped to £7.5million a year later. Sonning Court is now set to be auctioned by Savills on July 22, with the self-proclaimed psychic hoping to finally wash his hands of the home. Inspired by the White House, the stunning riverside home has an entertainment hall and bar, state-of-the-art cinema and a professional gym. The stunning Thames-side 10,500 sq ft mansion has nine-bedrooms, eight bathrooms and generous guest and staff accommodation. At Sonning Court Geller has hosted royalty, world-famous musicians and sport stars, as well as presidents. The Queen's cousin, Prince Michael of Kent, was a regular visitor. When Geller and his wife Hanna renewed their wedding vows in 2001, they held a big party at the house with Michael Jackson as Uri's best man. Guests included illusionist David Blaine, TV presenter Sir David Frost and musician Dave Stewart from the Eurythmics. The house was built in 1970, but has been renovated and expanded since Geller and his family bought it in 1986. The property is in the village of Sonning, Berks, which is popular with celebrities - the Clooneys, former prime minister Theresa May and Led Zeppelin's Jimmy Page all owning homes there. There is a wide variety of schools in the area including Reading Blue Coat School in Sonning and Shiplake College in Henley. Extensive sporting facilities include boating on the Thames and golf at a number of local courses. Standout features include a panorama room with unmatched views of the Thames and a glass meditation pyramid in the garden, but it also has the usual trappings of a luxury mansion included a heated pool, jacuzzi and a helicopter pad. Sonning Court also has 111-metre moorings on the Thames, which is practically unheard of in this prime location. The main house has over 10,000 sq ft of accommodation with a reception hall, two drawing rooms, a grand glass atrium, panorama room, dining room, study, conservatory, kitchen and separate maid's quarter on the ground floor. In the basement there is an entertainment hall, cinema and gym and on the first floor are eight bedrooms and bathrooms. There is also a separate cellar with wine vault, panic room and safe. Outside there are Japanese water gardens with koi pond and a traditional Japanese bridge and three interlinked ponds and a 6ft natural waterfall. There is a four-car garage with a flat above, a professional floodlit tennis court and a large heated, covered swimming pool. Sonning Court owns about 250m of the towpath of the River Thames, with the mooring accommodating up to 18 boats. Outside there are Japanese water gardens with koi pond and a traditional Japanese bridge and three interlinked ponds and a 6ft natural waterfall Uri Geller said: 'One of the things I have loved most about living at Sonning Court for over three decades has to be its location on the river. 'Throughout history, this stretch of the Thames has always been considered as one of the most magical. In fact, Jerome K. Jerome in his book 'Three Men in a Boat' described Sonning as 'the most fairy-like little nook on the whole river' and who can blame him. 'With the home's elevated position on the river-bend, which is safe from the risk of flooding, you are constantly treated to far-reaching views down the water from all parts of the house - it really is a piece of living art that changes throughout the year. 'While the house itself is beautifully Palladian in style and visitors frequently tell me how much it looks like the White House in Washington, whether that's stars of entertainment, royalty or presidents. 'Externally when I bought the house I extended it to make it more balanced and symmetrical, while internally my passion for design continues as I am a great believer in the ancient art of Feng Shui. 'Subsequently Sonning Court has been designed so positive energy can flow throughout the house at ease and impact those who are living there. 'Another of the really special things about Sonning Court is its seclusion and privacy, most people who drive through the village would have no idea that this house was here. 'The fact that you have to drive through two gates to enter and being really set back, makes you feel like you are entering into your own world when you arrive home.'
