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London has climbed from fourth to second in a league table of European cities with the most attractive property investment and development prospects. The survey, by PwC and the Urban Land Institute, saw London rank behind Berlin as the top city in which to invest. Investors polled said London was boosted by good liquidity and Brexit-related pricing discounts relative to continental markets. Gareth Lewis, real estate director at PwC, said: "It's clear that, at this time of significant uncertainty, investors continue to see Europe's core cities as safer bets and there remains cautious optimism."
The Times (04/11/2020)
Figures from Nationwide show house prices have risen at their fastest pace in almost six years, jumping 5.8% year-on-year in October. This marks the highest rate of growth since January 2015. Month-on-month prices were up 0.8%, with the average house price hitting a new record high of £227,826. Nationwide's chief economist, Robert Gardner, says the outlook remains “highly uncertain”, saying much depends on how the coronavirus pandemic and measures to contain it play out. He also suggested the “efficacy of policy measures implemented to limit the damage to the wider economy” will have an impact. Mr Gardener says activity is “likely to slow” in the coming quarters, “perhaps sharply”, adding that the end of the stamp duty holiday in March 2021 will be a factor.
BBC News (30/10/2020) The Daily Telegraph (30/10/2020) The Times (30/10/2020) The Guardian (30/10/2020)
The number of prospective buyers registered per estate agent branch rose by 33% from 396 in August to 525 in September, NAEA Propertymark’s September Housing Report has found. This is the highest number of house hunters recorded since June 2004, when 581 were recorded per branch. The average number of sales agreed per estate agent branch stood at 14 in September, the highest figure recorded since August 2006, and an increase from 12 sales agreed per branch in August. However the proportion of sales made to first-time buyers stood at just 19% in September, the lowest amount recorded since March 2013. Mark Hayward, chief executive, NAEA Propertymark, said: “The pressure of completing sales ahead of the stamp duty holiday deadline means we’ve seen a large spike in buyers and sellers coming to the market.”
Property Wire (30/10/2020)
Property hunters on a budget are currently spoiled for choice in the Canary Wharf environs, with a wide range of properties coming on the market, with deposits typically coming at £10,000-£15,000. Hampton Tower, on Canary Wharf’s South Dock, is designed by Foster + Partners, and offers a concierge, landscaped gardens and plenty of nearby restaurants, cafés and shops. Prices start from £108,750 for a 25% share of a studio with a full price of £435,000 and a minimum deposit of £5,437. Prices rise to £133,750 for a 25% share of a one-bedroom flat, with a minimum deposit of £6,687, and £180,000 (deposit £9,000) for a quarter-share of a two-bed apartment. Not far away, at Able Quay Millharbour, a two-bedroom apartment can be had from £156,875 for a 25% share. Further up the river, in Limehouse, stands the Kiln Works. Prices for a river-view one-bedroom flat, some with a terrace or balcony, start from £101,875 for a 25 per cent share and the minimum deposit is £10,188. Monthly costs are just over £900. Two-bedroom flats start at £125,000 for a 25 per cent share and the minimum deposit is £12,500. Monthly costs will be about £1,630.
Evening Standard (27/10/2020) Londonist (27/10/2020)
Getting rid of stamp duty and axing the 45p income tax rate would put the UK among the top 10 most competitive economies in a league of developed nations, according to a new analysis. A report by the Centre for Policy Studies think tank advocates a package of measures including an overhaul of property levies and the abolition of the additional rate of income tax. The body says the changes would see the UK rise from 22nd to ninth in the International Tax Competitiveness Index compiled by the Tax Foundation think tank in the US. The report, written jointly with the Tax Foundation, describes tax reform as one of the "main levers" the Government can use to boost the economy in the long term. Stamp duty, the report says, creates an "extra burden" when homes are sold and can result in vendors deciding not to sell their properties. Removing the levy could "increase the dynamism of the UK housing market."
The Sunday Telegraph (25/10/2020) The Sun (25/10/2020)
The Telegraph looks at how advances in 3D printing technology could revolutionise the housing sector. “3D printing is being touted by some as a potential solution to Britain's nationwide housing crisis, providing quick and cheap properties for the millions of people who live in unaffordable or unsuitable homes across the country,” writes Hannah Boland. “Projects are already using 3D printing across the world, with progress much quicker outside of the UK. In Dubai, officials are planning for a quarter of all buildings to be built with 3D printing by 2030,” she continues.
The Daily Telegraph (26/10/2020)