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UK housebuilders face steep drop in home sales The UK housing industry is expected to see a significant decline in home sales, with the country's largest housebuilders projected to sell 18,485 fewer homes this year, equivalent to a 27% fall. The figures from RBC Capital Markets, on its estimates for completion numbers from FTSE 100 and FTSE 250 companies, found Persimmon is forecast to have the biggest output fall in its financial year, 39.5%. Anthony Codling, head of housing research at RBC Capital Markets said: "The impact of the mini-budget and the cost of living crisis sent shockwaves through the housebuilding sector and the housing market waters remain choppy". Mr Codling also pointed to recent house price weakness leading some firms to take a wait and see approach on some building. |
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Evening Standard (23/10/2023) |
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Greenwich Council is expected to give the green light to plans for a pair of tower blocks, one of 36 storeys and the other of 20, next to the O2. The first phase of the Meridian Quays neighbourhood will see the creation of 866 flats, along with commercial units and a three-storey cycle storage unit, on a site between the Millennium Way roundabout the Thames. Knight Dragon plans to build 116 studio flats – 29 of which would not have a balcony – with 253 one-bedroom flats, 201 two-bedroom flats and 30 with three bedrooms. |
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The Greenwich Wire (15/10/2023) |
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The average UK house price in August 2023 remained stable at £291,000, according to the Office for National Statistics (ONS). Rental prices continue to surge, reaching record highs for the 18th consecutive month. The average house price in England remained unchanged at £310,000, while Scotland saw a 1.1% increase in property value. Wales experienced its first annual fall in house prices since April 2020, with Northern Ireland seeing a 2.7% increase. In London, house prices fell 1.4% annually. |
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City AM (18/10/2023) Daily Mail (18/10/2023) The Independent (18/10/2023) The Mirror (18/10/2023) |
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Mortgage customers are better served by building societies than banks, according to consumer group Which? Nationwide and Skipton building societies topped the table of best mortgage lenders in terms of service, transparency, and value for money. Yorkshire Building Society came second, followed by Coventry Building Society and Leeds Building Society. Banks, on the other hand, have dropped down the ratings, with Platform, Metro Bank, and Kensington ranking the lowest. Santander and TSB were the top-placed banks in a ranking based on a survey of over 3,400 people. |
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Evening Standard (16/10/2023) The Independent UK (15/10/2023) The Sunday Times (15/10/2023) |
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Baby boomers are set to share their housing wealth with millennials, according to a new academic report. The report states that around 80% of the significant increases in housing value enjoyed by those over 65 will be shared with younger generations. The study also reveals that bequests worth £110bn are made each year in private transfers, with older generations passing down wealth to address inequalities. Increases in property prices were analysed as a key driver behind this wealth transfer. Between 2005 and 2015, aggregate gross housing wealth increased in 2015 productivity-adjusted prices from £5,248trn to £5,934 rn. The findings come at a time when millennials are facing a housing crisis, with only one in five adults under 40 believing they will be able to buy their own home in the next decade. |
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The Daily Telegraph (14/10/2023) |
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PLP Architecture has produced a new set of plans for the Westferry Printworks site, featuring more than 1,300 new homes and a new secondary school. The latest proposal, the third since the original 722-home scheme was granted planning permission seven years ago, would deliver a five-storey secondary school and 1,358 homes on the 5ha site south of Canary Wharf. The tallest element of PLP’s latest plans for the site is 31 storeys, with the height of several other residential blocks has been increased to deliver additional density. A planning application for the latest incarnation of the proposals has yet to be submitted. |
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Building (12/10/2023) |