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First-time buyers are having to resort to increasingly complex mortgages as banks have become reluctant to offer loans to customers with smaller deposits. In the case of a joint borrower, sole proprietor loan, a parent contributes to monthly repayments but they are not named on the property deeds. In other cases parents can act as a guarantor to allow their children to take out a loan. Another option is a family offset mortgage, where the parent places cash into a linked savings account, reducing the interest charged to their children. It comes as Barclays is now the only big lender still offering Bank of Mum and Dad-style mortgages. Andrew Montlake, managing director of mortgage broker Coreco, said that banks are nervous of people relying on parental support to pay the mortgage.
The Sunday Telegraph (16/08/2020) The Sunday Times (16/08/2020)
A new neighbourhood in Silvertown, has been given the go-ahead by the Greater London Authority. Jules Pipe, London’s deputy mayor for planning, has given permission for Thameside West, a 5m sq ft residential-led, mixed-use development brought forward by Keystone London and GLA Land & Property, comprising 5,000 new homes, 205,000 sq ft of office space, and 75,400 sq ft of retail and leisure space. A master plan by Foster + Partners also includes 5.7 acres of public open space, including a new 4-acre riverside park, a new DLR station, a primary school, nursery, and other community facilities. The decision means that Keystone and GLAP can start on the development’s first phase, designed by John McAslan & Partners, comprising 401 mixed-tenure homes and 35,000 sq ft of workspace.
Property Week (06/08/2020) Building Design (10/08/2020) PBC Today (10/08/2020)
The first of 136 affordable homes at Wardian London, one of eight new landmark developments at Canary Wharf, have just gone on sale. The two-tower development on Marsh Wall, one standing 600 ft high, the other 558 ft, forms a vertical village of 624 homes; and, while the penthouse apartments have price tags as tall as their heights, a shared-ownership scheme means a quarter-share of an apartment can be had for as little as £150,250. Each has an open-plan layout, floor-to-ceiling windows to make the most of the views, and a private wraparound corner terrace or a balcony. The entire scheme has a botanical theme with a double-height lobby filled with exotic plants, flowers and trees. There are also glamorous greenhouse-style pocket gardens throughout the buildings, which developer EcoWorld Ballymore says were inspired by the glasshouses of Kew Gardens
B Daily (11/08/2020)
The newly-completed 10 Park Drive neighbourhood at Wood Wharf has welcomed its first 50 residents. Brian De’ath, director of residential sales at Canary Wharf Group, commented: “East London has seen a rise in popularity for a number of years and the gradual completion of Wood Wharf will only enhance its desirability”. Only 70 apartments remain for sale at the Stanton Williams-designed building.
Evening Standard (11/08/2020)
House prices rallied to the highest levels on record in July as months of pent-up buyer demand was released. Prices saw an uptick for the first time since the lockdown began, according to the latest Halifaxhouse price index, growing on average 1.6% after months of downturn. This brings the price of the average UK home to £241,604 - up 3.8% on last year despite the decline in the first half of 2020. But experts warn the recovery may be short-lived as the furlough scheme nears its end and fears of the health of the economy loom. Some 63,250 homes were bought and sold in June, a rise of 31.7% from May following the Government's lifting of lockdown measures and the introduction of the stamp duty cut.
Daily Mail (07/08/2020) The Guardian (07/08/2020) The Independent (07/08/2020) The Daily Telegraph (07/08/2020)
Mortgage rates are starting to creep up and the choice of fixed-rate and variable deals is shrinking, according to Moneyfacts.co.uk. The website said that following historic lows reached last month, average rates are starting to increase. Average two- and five-year fixed rates across all deposit sizes have increased by 0.09 percentage points since the start of July, to stand at 2.0% and 2.34%, while low deposit loans have seen more significant rate increases.
The Independent (10/08/2020) Yorkshire Post (10/08/2020)