020 7538 0102
December 2019 saw a rise in reported home sales for the first time since May 2019, according to a monthly survey of estate agents by the Royal Institution of Chartered Surveyors. Respondents also said that they were expecting higher house prices in the near term across all parts of the UK. However, there have been early indications that consumer sentiment has improved since the election last month. London and East Anglia were among the regions where sentiment improved the most, while sales in Northern Ireland and Scotland weakened, according to the institution’s survey. Buyer demand, measured by the volume of new enquiries, increased in most areas last month, with estate agents in Wales and the North East reporting particularly solid growth. Simon Rubinsohn, RICS's chief economist, said the survey “provides further evidence that the housing market is seeing some benefit from the greater clarity provided by the decisive election outcome”. However, he warned that the lack of houses on the market could be a “potential drag on a meaningful uplift” in sales.
The Daily Telegraph (15/01/20) The Times (15/01/20) Yorkshire Post (15/01/20) I (15/01/20)
A relatively unknown type of mortgage that allows families to move into a new home without selling their existing property is growing in popularity, as many struggle to shift their homes. Mortgage broker Trinity Financial has reported a 15% increase in the sale of "let-to-buy" mortgages in the past six months, while some 20 mortgage lenders now offer such loans. Let-to-buy allows borrowers to buy a new home while they keep their current property and rent it out.
The Daily Telegraph (10/01/20)
Senior politicians and campaigners are calling for hefty fines to be doled out to Britain’s biggest housebuilders if they are guilty of shoddy workmanship. Ministers are being urged to ensure a New Homes Ombudsman has adequate power to penalise developers guilty of poor building standards. The Queen’s Speech proposed a law requiring property developers to belong to a New Homes Ombudsman scheme, which could investigate complaints and award compensation. But campaigners say this body should also have the power to fine builders that put up unsafe and poor-quality housing. “This ombudsman needs to have teeth, such as the ability to impose substantial fines, which other ombudsmen generally don’t,” said Paula Higgins, chief executive of the Homeowners Alliance campaign group. “Money talks. Housebuilders will have more incentive to listen if it hurts their bottom line.”
The Daily Telegraph (13/01/20)
Plans for a new 28-storey tower on the banks of Greenwich’s Deptford Creek have been approved, due to their “architecturally superior” design. The Edition Group’s full planning application for Ravensbourne Wharf, which includes 129 residential units as well as office and café space, was passed on Tuesday by Greenwich’s planning board. The second floor of the tower, which consists of a “contemporary design” including balustrades, and a mixture of concrete, planters and mesh on the outside, will include a gym, fitness studio, and library, with a play space, residents’ lounge and roof garden also available to residents.
News Shopper (09/01/20)
Halifax shows 4% rise in house prices for 2019
UK house prices rose 4% in 2019, according to Halifax, as a December bounce saw the average property's value jump 1.2%, or £4,000 – the largest monthly rise since February 2007. The Halifax index, based on the lender’s own mortgage approvals, showed the average house price climbed £9,136 last year to £238,963, but the bank said that it only expected “modest” rises in the year ahead. Halifax managing director Russell Galley said: “Looking ahead, longer-term issues such as the shortage of homes for sale and low levels of house-building will continue to limit supply, while the ongoing challenges faced by prospective buyers in raising deposits will serve to constrain demand.” The bank has forecast gains of 1 to 3% for house prices in 2020.
City AM (08/01/20) Daily Mail (08/01/20) The Daily Telegraph (08/01/20) The Independent (08/01/20) The Times (08/01/20)
According to Nationwide, the number of first-time buyers rose to 354,400 in the year to October, which is more than double the low in 2009 and is the fastest pace of growth since before the financial crisis. This growth was boosted by weak 2019 house price growth and low mortgage rates, which are typically below 1.9%. Nationwide chief economist Robert Gardner said: “Low borrowing costs have also provided important support. Even though house prices remain high relative to average incomes, the cost of servicing the typical mortgage as a share of take-home pay has remained close to or below long run averages in most parts of the country.”
The Daily Telegraph (02/01/20)