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UK house prices were 2.1% higher last month than a year ago at an average price of £234,625, according to the Halifax House Price Index. Prices also grew on a monthly basis, rising 1.0% from October. House prices also posted quarterly gains, with the latest quarter 0.2% up on the preceding three months. Halifax managing director Russell Galley said: “Prices are now up by £3,904 since the start of the year. While a degree of uncertainty remains evident, it’s also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties.” He added: “Over the medium term we expect the emerging trend of modest gains to continue into next year”.
The Guardian (06/12/2019)
Research by Birmingham City University has analysed past UK elections and how the way we vote has affected house prices since 1960. The academics found that prices rose by 5.36% on average in the year before an election, compared with 1.8% in the 12 months after it, irrespective of who was voted in or out. This could be because politicians introduce positive housing and economic policies in the lead-up to an election, or it might be because they call elections when the economy, and therefore house-price growth, is strong, they suggested.
The Sunday Times (08/12/2019)
Britain’s biggest banks, including RBS, HSBC, TSB and Nationwide, are preparing to sell risky mortgages and loans to freelancers and gig economy workers. The lending push includes launching the first ever mortgages specifically designed for workers in the gig economy and those on zero-hour contracts. According to the Mail on Sunday, the banks are working on new ways to assess the creditworthiness of these customers in order to offer loans safely. Digital bank Tandem also hopes to launch a mortgage designed for the gig economy next year.
The Mail on Sunday (08/12/2019)
Bounded by Canary Wharf and London City airport, Silvertown is at the heart of a £3.5 billion regeneration programme that’s set to transform the district, dominated on the riverside by the vast Tate & Lyle sugar refinery, into a glittering hub for businesses, along with thousands of new homes. A new bridge across Royal Docks will link with Custom House station and Crossrail, while a tunnel under the Thames will connect with Greenwich. Shared-ownership apartments are available now at The Refinery, Southern Housing Group’s new development close to the Thames Barrier Park, starting at £120,750 for a one-bed, and from £157,500 for a two-bed home.
Evening Standard (03/12/2019)
Rockwell has announced Gateway Housing Association as its partner to deliver affordable homes at its landmark development at 82 West India Dock Road in Westferry - a 30-storey hotel and residential building adjacent to Westferry DLR station that will deliver 259 jobs and 66 new homes of which 35% will be affordable. Kate Dodsworth, chief executive at Gateway Housing Association, added: “There’s a real need for more homes within Tower Hamlets as the demand continues to greatly outstrip the supply.” Work on the 82 West India Dock Road development is due to start shortly and will be completed in the first quarter of 2022.
PBC Today (05/12/2019)
Grainger has agreed to forward fund a 132-home development at the Hallsville Quarter in Canning Town for around £55.5m. Construction is due to begin in late 2021, with completion anticipated in 2024. Grainger chief executive Helen Gordon said: “The Canning Town area is undergoing significant regeneration, and we know from our experience with Argo Apartments that this is a very popular location to live, with such great access to the wider city. Upon completion of this project, Grainger’s east London cluster will comprise 748 purpose-built homes, providing scale and operational efficiencies.”
Development Finance Today (29/11/2019)