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The Times’ Kate Palmer reports on fresh hurdles for first-time buyers as lenders attempt to limit the number of risky borrowers on their books. Banks and building societies are declining mortgages to those with deposits gifted by family members, buyers with small deposits and those who have been furloughed or work in sectors at high risk of job cuts, for example. UK Finance, the trade group for the banking sector, says lenders fear the ability of borrowers to keep up repayments in the future and are factoring in a sharp fall in house prices next year. Palmer says landlords are also facing restrictions, with banks favouring properties with high efficiency ratings and limiting lending to portfolio landlords.
The Times (21/08/2020) Daily Mail (21/08/2020
A survey has revealed that millions of people who arrange property viewings just want to get a look at the home of someone they know. Friends, family, co-workers and even ex-partners have been granted access by an estate agent to wander through a property in person. The survey by Direct Line Insurance calculates that 4.5m people have viewed the home of a relative when it's up for sale, 3.9m have taken a tour of a friend's property, and a similar number have checked out a neighbour's. Meanwhile, 22m people have used a property website to snoop on the home of someone they know. The top three motivations for having a peep at other people's homes online are to find out the value of other properties in the area, nosiness, and people wanting to see what they can afford.
Daily Mirror (25/08/2020)
Notting Hill Genesis has launched The Mare Building at Royal Albert Wharf, with one-and two-bedroom apartments available from £78,750 for 25% of a £315,000 home. The building is part of the £3.7bn ongoing regeneration of the Royal Docks. Elsewhere, Legal & General has 78 shared-ownership homes for sale at the South Quay Plaza near Canary Wharf. Flats there are available for 25% of a £315,000 home.
Evening Standard (19/08/2020)
Notting Hill Genesis has launched The Mare Building at Royal Albert Wharf, with one-and two-bedroom apartments available from £78,750 for 25% of a £315,000 home. The building is part of the £3.7bn ongoing regeneration of the Royal Docks. Elsewhere, Legal & General has 78 shared-ownership homes for sale at the South Quay Plaza near Canary Wharf. Flats there are available for 25% of a £315,000 home.
Evening Standard (19/08/2020)
Relaunched in May with virtual tours and full PPE viewing, a mini-boom is now predicted for the UK property industry thanks to a range of government initiatives, the Express reports. The main driving force behind record interest from buyers is a stamp duty holiday on the first £500,000 for homes in England and Northern Ireland, with similar initiatives in Scotland and Wales, with no tax on homes up to £250,000. Alan Cleary from OneSavings Bank says: "With the continued uncertainty around how the UK economy will recover from the pandemic, and the possibility of a second wave, [factors including further extensions to Help to Buy] will play a part in how the market shapes up in the coming months." The FT speculates regions catering to workers in more insecure jobs or to those who rely on high loan-to-value mortgages may see a fall in property prices.
Financial Times (20/08/2020) Daily Express (20/08/2020)
Property sales are up by 20% and average asking prices have risen by £10,000 in the four weeks since a cut in stamp duty, according to Bank of England data. Average asking prices are £30,000 higher and thousands more sales are being agreed each week than before the lockdown from March 27 to May 13. The number of sales per week is 65% higher than last year with average asking prices 14% higher. However, analysts believe the rise is a bubble, and the true effects of the economic crash are yet to arrive. Pablo Shah, a senior economist at the CEBR, says: "The stamp duty cut is propping up the market this summer but it won't be sufficient to negate the effect of the end of the furlough scheme and mortgage payment deferrals later this year."
The Times (14/08/2020)