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The Far East Consortium has unveiled plans for a £250m residential-led scheme in Canary Wharf. The Hong Kong-based developer acquired Ensign House and an adjoining surface car park for £28.25m, a 49,000 sq ft site on the north side of Marsh Wall, a five-minute walk from Canary Wharf station. The new scheme will sit directly opposite FEC’s planned Consort Place, due for completion in 2023, which comprises 634 residential units and a 231-room hotel. John Connolly, FEC’s head of UK development, said the company would work with Tower Hamlets Council to “provide affordable homes to locals, transforming the surrounding area into a much-needed quality public realm and a highly desirable place to live”.
Property Week (11/02/20)
London Green has secured a £34m finance facility from specialist lenders Aldermore, Lendhub and Proseed Capital, to fund the conversion of a large Canary Wharf commercial unit into 99 micro-apartments and nine new-build units. The project has a gross development value of £55m.
Property Reporter (11/02/20)
UK house prices are rising at their fastest annual rate for nearly two years, jumping 4.1% year-on-year in January, taking the price of an average home to £240,054, according to Halifax. From December, prices rose 0.4%, and climbed 2.3% on a quarterly basis, Halifax’s house price index revealed. Russell Galley, a managing director at Halifax, said there were several signs of a pick-up in the housing market, including more buyer and seller activity, consistent with a reduction in uncertainty in the UK economy. Halifax said it expected a “moderate” rate of house price growth over the course of the year as demand was likely to continue to exceed the supply of properties for sale across the UK because of the “subdued” pace of new building.
The Times (07/02/20)
The credit reference agency Experian says that mortgage searches on its website rose 88% in January, a bigger-than-usual increase for that time of year. Nicholas Morrey from the mortgage broker John Charcol explained: "It's no surprise that people are starting to look for deals now that the election is out of the way; the moment Boris Johnson called it, people started to think, 'It's time to move.'" However, separate data shows that mortgage approval rates for self-employed people stand at 76% - while those with bad credit history had an approval rate of 89% and 86% of retired people were given a loan.
The Times (07/02/20)
A quarter of parents have assisted their children financially to help them get on the property ladder, while the same number plan to do so in the future, according to a survey by Consumer Intelligence. Of those who contributed a deposit, 20% said they cashed in savings and investments to raise it.
The Sunday Times (09/02/20)
As Britain commences its transition period from the EU, the Metro considers how the move might affect house prices. Caroline Westbrook writes that, given that the UK will still abide by EU regulations until the end of the transition period on December 31st 2020, little is likely to change immediately. However, if the UK fails to strike a deal with the EU by the current end date and the transition period is not extended then the country would revert to WTO rules on trade and security. A scenario like that could potentially impact the likes of house prices and exchange rates, adds Ms Westbrook. Elsewhere, The I spoke to property expert Henry Prior, who believes that Brexit could bring the market back to life: "Some of that uncertainty will have lifted to a degree now that the outcome is clearer”, he said. However, he added that the confidence boost people feel when reading reports of a "bounce" can actually have a detrimental effect. “Sellers are increasing their expectations, to their estate agents' frustration and annoyance, turning down a perfectly good offer which four weeks earlier they would have accepted".
Metro (01/02/20) I (01/02/20