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UK banks approved 70,900 mortgages in January, according to the Bank of England, up 4.4% from December’s 67,930 figure to the highest number in four years. Remortgaging approvals were also up by 3.9%, to around 52,100. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said: “As a result, we now think that the Bank of England will cut bank rates to 0.5% this month, from 0.75%. The recovery in approvals likely has further to run.”
The Daily Telegraph (02/03/2020)
The number of house sales rose 5.2% in a year, with 102,810 transactions completed in January – a 4.1% jump between December and January, according to the latest figures from HMRC. The data also show an increase in transactions of non-residential properties, with some 11,170 commercial properties sold in January, 10.7% higher than in January last year – the highest volume of commercial property sales and the biggest monthly rise in almost 12 years.HMRC pointed out that January's figures reflect sales agreed in September and October, and Jeremy Leaf, a former RICS residential chairman said “if the [numbers] are like this now, they are set to be even stronger as we approach the peak spring-buying season.”
Daily Mail (21/02/2020)
Accelerate My Mortgage allows homeowners to speed up the repayment of their mortgage by shopping at selected retailers. When a customer makes a purchase from a retailer after first being directed through the Accelerate My Mortgage website, a percentage of their total spend is sent as an overpayment to their mortgage lender. The free service so far has 45 retail partners, including Marks & Spencer, Boots and John Lewis.
The Sunday Times (23/02/2020)
The UK housing gap - the difference between the current housing stock and the number needed for everyone to have a decent home to live in - is 1.2m homes, according to the BBC Housing Briefing. Its calculations suggest it will take at least 15 years at current building rates to close the gap, and that not enough of what is being built is affordable. The Affordable Housing Commission found that more than half of 18 to 24-year-olds live with family, and 18% are still doing so as 25 to 34-year-olds. The MHCLG said: "Since 2010 this government has delivered over 464,000 new affordable homes. In addition, the social housing waiting list has decreased by 40% since 2012.”
BBC News (23/02/2020)
Housing affordability is negatively impacting the health and wellbeing of millions of people across the UK, according to research conducted by YouGov on behalf of the Affordable Housing Commission (AHC). One in seven (13%) said that their mental health had been negatively impacted by their housing situation, a figure which increased to a quarter (25%) for those living in “unaffordable” housing. Lord Richard Best, chair of the AHC, which was set up by think tank the Smith Institute and is funded by the Nationwide Foundation, warned: " We need a fundamental rethink and structural change to rebalance it and ensure it works now and for future generations”.
The Independent (24/02/2020)
Property developer Galliard Homes has launched a 543 sq ft property inspired by The Crown, at Baltimore Tower, Canary Wharf. The joint venture with CJ O’Shea is situated on the 43rd floor of the 450 ft building, and has been designed by RIBA chartered architect Rabih Hage with the third season of the Netflix hit in mind. “We anticipate that this 1960s themed apartment will appeal to young Londoners due to its topical inspiration, Season 3 of The Crown”, Galliard sales director David Galma said. “The vibrant interiors, exquisite views and fantastic amenities that Baltimore Tower apartment has to offer are testament to the development’s huge sales success”.
B Daily (19/02/2019)