Britain witnesses renewed demand for apartments in city-centre, Rightmove says
May 20, 2021, 2:01 pm

Britain witnesses renewed demand for apartments in city-centre, Rightmove says

By Reteurs Staff

Demand is returning fast in Britain for apartments and other city-centre property, which buyers had avoided during the coronavirus pandemic in favour of big houses in rural locations, a survey showed on Thursday.

Online property portal Rightmove said buyer interest for apartments had risen by 39% since January, based on the number of times people contacted estate agents about properties.

Demand for city-centre housing in general has risen by 35%, compared with a 32% rise in demand for housing in villages.

The survey adds to signs that the British property market’s pandemic boom has persisted with help from finance minister Rishi Sunak. In March’s budget he extended a cut to property purchase taxes and announced a new mortgage guarantee scheme for first-time buyers who cannot afford large deposits.

“These are early signs but they certainly point to some good news for city centres across Great Britain, with a number of agents now telling me they’ve seen a marked uptick in demand from first-time buyers,” Rightmove’s director of property data, Tim Bannister, said.

Official data published on Tuesday showed house prices rose in March by more than 10% in annual terms - the biggest increase since August 2007. The Office for National Statistics also said prices of detached houses rose by 11.7% in the year to March, compared with an increase of 5.0% for flats and maisonettes.

Since then, Prime Minister Boris Johnson allowed non-essential shops, pubs and restaurants to reopen. Almost all restrictions are due to end in late June.

“People starting to venture into their local high streets and once again experiencing the buzz of their city centres, along with greater mortgage availability for first-time buyers, means city centres are staging a much-needed comeback,” Bannister said.

Source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.