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Figures from the Nationwide show that the price of the average home increased by £800 in the last 12 months. Robert Gardner, Nationwide’s chief economist, said that average house prices had risen by £800 over the past 12 months to £215,368, a sharp slowdown compared with the year to October 2016, when prices jumped by £9,100. “The underlying pace of growth appears to have slowed as a result of weaker global growth and an intensifying of Brexit uncertainty,” he said.
BBC News (29/10/2019) The Times (30/10/2019)
10 Park Drive, the first phase of the 3,600-home Wood Wharf neighbourhood within Canary Wharf’s boundaries on the Isle of Dogs, offers 345 apartments across two towers linked to the water by landscaped gardens and small parks, one of which incorporates a sky terrace with club lounge and amenity space for residents. As well as the sky garden, 10 Park Drive residents can make use of a Third Space gym, swimming pool and spa. Homes in the new development begin at £880,000.
Evening Standard (22/10/2019)
Mount Anvil and Peabody have joined forces to develop Three Waters, a scheme of 47 homes in east London at the meeting point Bow Creek, the River Lea, and Limehouse Cut. The warehouse-style scheme, located in a former industrial area midway between Canary Wharf and Limehouse Cut, offers apartments with projecting balconies, capped off by a raised roof garden, and also include studios for artisans and craftworkers. Residents in the red-brick block benefit from a 24-hour concierge, and a screening room. Prices start at £340,000.
Evening Standard (22/10/2019)
In prime central London the number of home sales over the summer jumped 14% compared with last year, while new instructions rose for the first time in more than a year and are now up 9% on last year. Homes priced at less than £2m saw a 26% surge in sales in the three months to September; in the £2m to £5m bracket the rise was 12%; however in the top end of the market transactions were down 29%. Prices also fell almost 6% in the third quarter compared with last year, according to LonRes, which compiled the figures.
Evening Standard (18/10/2019)
New research from developer Project Etopia charts the average price paid by London first-time buyers in July 2019 compared to the same month the previous year, and finds that buyers in some boroughs have been getting significantly deeper discounts than others. Newham comes out on top, with new homeowners enjoying a discount of nearly 10%, followed by Brent and the City of London which both recorded a drop of 7.7%.
City AM (21/10/2019)
A trial in early 2020 could see the end of gazumping and gazundering. The government will introduce the reservation agreement, a legally binding deal aimed at deterring buyers and sellers from reneging on agreements or pulling out at the last minute. According to the Ministry of Housing, Communities and Local Government, it's likely to be a document drawn up in agreement with estate agents and conveyancing solicitors. Buyers and sellers will pay a deposit, which will be lost if they pull out, while vendors may also have to provide more details about the property upfront. The scheme will be tested in England, starting in Q1 of next year.
The Sunday Times (20/10/2019)