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Vastint UK has launched Botanical Mews, the first phase of residential units available to at Sugar House Island, south of the Queen Elizabeth Olympic Park in Stratford. An assortment of properties are available, ranging from studios to four-bedroom mews houses; set alongside the Three Mills Wall River, many of the homes include large balconies and terraces, with views of the surrounding waterways as well as communal parks and yards with semi-private gardens. Residents will have access to a concierge service, a parcel room, and a dedicated app which will allow them to easily book handyman repairs, local services and deliveries, and fitness classes.
Property Investor Today (14/09/2020)
Estate agent body NAEA Propertymark has advised those looking to take advantage of the stamp duty holiday that they may need to act quickly. It says sellers need to market their home by the end of September to maximise their chances of getting the transaction completed before the March 31 2021 cut-off, noting many conveyancing services are operating at reduced levels, while mortgage applications and surveys are also said to be suffering delays amid backlogs and staffing issues. Experts have also warned that the mini-boom on the market could unravel once the true economic toll of the pandemic starts to bite later this year and job losses mount. The Conveyancing Association warns transaction times could be up to 20 weeks and the fall-out rate could be as high as 34%.
The Mail on Sunday (13/09/2020) The Sunday Times (13/09/2020
With Nationwide data showing that average house prices rose 2% to a record £224,123 in August, the Centre for Economics and Business Research (CEBR) says the climb is likely to be an anomaly driven by a temporary stamp duty cut and pent up demand as the market stalled amid the lockdown. The tax cut had raised prices by 1.2% and increased transactions by 6%, it estimated. Using pre-pandemic average transaction data, the CEBR estimates that 150,000 sales were delayed, equivalent to two months of activity. The CEBR says its analysis points to prices falling “significantly” toward the end of 2020 and into the first half of 2021. It said that while prices might see a “short spike” as the stamp duty cut draws to an end next March, average house prices are forecast to be 13.8% lower in 2021 than in 2020.
The Times (14/09/2020)
Lloyds, Barclays, Santander, NatWest, HSBC and TSB have all scrapped loans for borrowers with a deposit of 10% or less, while some are even restricting applicants from using money from parents or grandparents. It is believed to be the first time since records began that this has happened. Lenders are being swamped with mortgage applications from other types of buyers, such as older and wealthier people who are upgrading to a larger home in the country. Surging demand has left borrowers facing a 30-day wait to have mortgage applications approved.
Daily Express (14/09/2020)
The number of mortgage agreements has plunged to the lowest level in ten years, according to investment platform Hargreaves Lansdown. Between April and June, the value of mortgages agreed for the coming months halved to £34.3bn. Some £44.1bn was lent out - the lowest level since 2013.
Daily Mail (15/09/2020)
A new study from New London Architecture (NLA) sets out a post-pandemic vision of London housing: a series of mini-towns where all services and amenities – from shops and schools to restaurants, recreation and entertainment – will be no more than 15 minutes from anyone’s front door. “London has always been a city of villages, and those centres which can accommodate a mix of housing, workplaces and leisure will be the most resilient in a post-COVID London”, says Catherine Staniland, author of the report. A sense of what may be to come can be found in East London, at developments such as Landmark Pinnacle on the South Dock in Canary Wharf, where a one-bedroom apartment at one of the capital’s tallest residential towers can be had from £559,000. Elsewhere, in Stratford, loft apartments at Stone Studios between Victoria Park and the Queen Elizabeth Olympic Park, are available with prices ranging from £442,500 to £1.1m.
Evening Standard (10/09/2020)