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UK mortgage lending fell in October, according to the latest data from UK Finance, as buyers sat tight over the continuing economic and political uncertainty. Though mortgage approvals for home purchases by the main high street banks last month increased 3% and remortgage approvals soared 12.7%, gross mortgage lending across the residential market last month came in at £25.5bn, down 0.9% compared to October 2018. John Goodall, chief executive at buy-to-let firm Landbay, said: “The reality is that lenders are and have been ready and willing to lend, instead it’s would-be buyers who need that final nudge to make their move. ”
City AM (26/11/2019) The Daily Telegraph (26/11/2019) The Times (26/11/2019)
A study byTrussle has revealed that young buyers are increasingly relying on their grandparents to fund a deposit for their first property, as funds from the Bank of Mum and Dad start to run dry. More than a third of under-35s now need additional funding from their grandparents to buy a property. This compares to just 3% of today's over-55s who relied on their own grandparents when they bought their first home. The average first-time buyer given a cash boost by their grandparents receives £7,437, the firm said. But despite this generosity, youngsters still face a battle to save the rest of the deposit on their own.
The Sunday Telegraph (24/11/2019)
Ten-year fixed mortgage rate deals are lower than ever, with the average now 2.76%, according to Moneyfacts. A fierce mortgage price war has seen the number of 10-year fixed-rate mortgages on offer grow substantially over the past year, pushing rates down. The lowest rate currently on the market is set at just 2.2% by Coventry Building Society, following the news earlier this month that five-year fixed-rate home loans are also now at rock bottom levels. Furthermore, the average 10-year fixed-rate mortgage is just 0.36 percentage points higher than the average two-year fix, despite offering an additional eight years of security on monthly payments.
Daily Mail (25/11/2019)
Foster + Partners’ £3bn masterplan for 5,000 new homes on a 16ha strip of land at the Royal Docks has been rejected by Newham Council. A hybrid application was submitted for the Silvertown site, including outline plans for 18,600m² of industrial and workspace along with 7,000m² of shops, restaurants and bars, along with detailed proposals for a John McAslan + Partners-designed first phase with 460 homes and 3,417m² of flexible office space on the site of the former Carlsberg brewery. Concerns raised by planning officers included a lack of integrated designs for the scheme’s cluster of ‘overbearing, bulky and incongrous’ towers and the scheme’s ’excessive density’ given the site’s poor access to public transport. A spokesperson for the Mayor of London, said: “Newham Council has now referred this application to the Greater London Authority and the Deputy Mayor for Planning, Regeneration and Skills will consider it on its merits during the next two weeks”.
Architects’ Journal (15/11/2019)
Fresh figures from the Greater London Authority show construction began on 2,202 homes between July and September, a slowdown on the 2,672 started between April and June. The target figure for 2019-20 is to start an average of 4,874 a quarter. A spokesperson for Mayor Sadiq Khan said he was still on track to hit his target for the year, as he did last year, as house building is generally backloaded heavily to the final two quarters, adding: “This year the mayor has delivered more than double the number of starts compared to the same period last year”.
City AM (17/11/2019) Evening Standard (17/11/2019)
UK house prices will not match low inflation until 2021, according to new research by Reuters. The continuing Brexit malaise will cause prices to fall 1.5% in London this year, Reuters said. Elsewhere in the UK, house prices are predicted to rise 1% this year, 1.5 % next year and 2.3% in 2021, according to the poll of 27 property market analysts. Meanwhile, inflation is forecast to be 1.9%, 1.9% and 2% respectively. “Even if a Brexit deal is implemented soon, we expect to see only a small improvement in housing market transactions and house price growth over the next two years,” said Hansen Lu at Capital Economics.
City AM (20/11/2019) Daily Mail (20/11/2019)