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New data from Halifax has shown that house prices across the UK continued to struggle last month, falling by 1.6% as the market continued to be “subdued” amid Brexit uncertainty. The lender said both buyers and sellers were being cautious, meaning that prices are unlikely to fall sharply in the coming months. The number of mortgages approved remains 40% below where it was prior to the financial crisis and first-time-buyers are finding it difficult to raise a deposit. “These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being”, said Russell Galley, managing director of the Halifax.
BBC News (05/04/2019) The Daily Telegraph (05/04/2019)
The gender pay gap, combined with high property prices in London, have left many women struggling to take the first step on to the capital’s property ladder. As a result of lower average earnings, it takes the average woman living in rental accommodation in London over two years longer than the average man to save a deposit to buy their first home, according to data from the website Compare My Move. “In areas where house prices greatly outstrip the wages of millennials, all first-time buyers find it particularly difficult to get on the property ladder,” the report says. “But the pay gap means a dire situation is compounded for female first-time buyers”.
Evening Standard (05/04/2019)
The Silvertown peninsula, with the Thames on one side and the Royal Docks on the other, currently offers some of the more affordable residential properties in the areas adjacent to Canary Wharf, with two-bedroom flats available for a little over £200,000. New neighbourhoods are planned for the area as it undergoes a £6.5bn transformation, including Thameside West, which will bring 5,000 new homes, along with shops, restaurants, bars, parks and schools. Shared ownership homes at The Refinery, close to West Silvertown DLR station, start at £120,750 for a 35% share of a one-bedroom flat, rising to £183,750 for a three-bed apartment.
Evening Standard (01/04/2019)
Tower Hamlets Council has approved developer Strong Drive’s plans to build almost 600 new homes on the Isle of Dogs. The Skylines Village project in Blackwall and Cubitt Town consists of five buildings ranging from three to 48 storeys in height, with 579 homes, a two-form entry primary school with nursery facilities, commercial space, car park and landscaped open space. Thirty-five per cent of the housing has been earmarked as affordable.
East London Advertiser (01/04/2019)
Grainger has been selected as Transport for London’s preferred partner to build and manage more than 3,000 homes for rent across the city. The partnership is expected to provide homes over eight sites next to stations, including at the Limmo Peninsula in Canning Town, where there is said to be potential for up to 1,500 homes. A minimum of 40% of the homes will be affordable, with the remainder mostly for the private rental market. The FTSE 250 landlord fought off competition from Argent Related, a regeneration specialist, and Greystar, an American rental housing developer.
Construction Enquirer (01/04/2019)
House prices are lower in England compared with a year ago - the first annual fall in property values since 2012, according to the Nationwide. In the first three months of the year, prices in England were down 0.7% from the same period in 2018. The average house price rose to £213,102 in March from £211,304 in February. London remained the weakest performing region, with prices 3.8% lower than the same period in the previous year. It represents the seventh consecutive quarter in which prices have declined in the capital.
The Times (29/03/2019)