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The Sunday Times’ Oliver Shah argues that the London property market may be on the verge of bouncing back after a long period of stagnation. He quotes Berkeley Group founder Tony Pidgley, who believes the market is set for recovery, arguing that London was now cheap compared with other global cities, and that super-low interest rates, plus intense competition from lenders, would keep mortgages flowing. Additionally, Alastair Stewart at Shore Capital has turned bullish, citing a sharp rise in estate agents expecting price growth over the next 12 months (from -4.8% in September to 29.1% in October); and an improvement in the London price index.
The Sunday Times (01/12/2019)
New Bank of England figures reveal that banks and building societies made 64,602 approvals for mortgages in October ahead of the postponed Oct 31 departure date for leaving the European Union. That was 2% lower than the previous month and the weakest since March. Samuel Tombs at Pantheon Macroeconomics said: “October’s drop in mortgage approvals looks like the type of stutter usually seen before general elections. We expect approvals to rebound in the first quarter, when political uncertainty should have declined.” The average rate on new mortgages is 1.96%, compared to the 2.39% average on existing home loans.
The Daily Telegraph (29/11/2019)
Notting Hill Genesis has launched 77 new apartments at Dockside at Millharbour, on the Isle of Dogs. Each of the one- and two- bedroom homes, located on the 17th to 24th floors of the Salvor Tower building, has a balcony, offering panoramic views of South Dock, the Thames, and the City skyline. Just a 10-minute walk from Canary Wharf, the building is also close to South Quay and Canary Wharf DLR stations, offering a 13-minute ride to the City.
City AM (29/11/2019)
A £1bn PFI contract to build a controversial new road tunnel under the Thames, to ease some of London’s worst-congested roads, was signed this week. Transport for London said work will begin next year on the Silvertown tunnel, which will link Greenwich and Newham. The tunnel will be built and maintained by the Riverlinx consortium.The design includes a 1.4km twin-bore road tunnel under the River Thames as well as 600m of access ramps. Construction is due for completion in 2025.
Evening Standard (25/11/2019)
Nationwide has issued figures revealing that annual growth in UK house prices has been under 1% every month for the last year, with the market remaining relatively stagnant. However, prices were up 0.8% in the year to late November, representing a slight increase on October’s figures, while the housing market as a whole is being affected by Brexit-related economic uncertainty and weak global growth. Nationwide said the average home in Britain now costs £215,734 and its chief economist Robert Gardner added that election periods tended not to directly affect the housing market, with wider economic conditions influencing buying and selling decisions more.
BBC News (28/11/2019) The Daily Telegraph (28/11/2019)
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)