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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)
Buying a home instead of renting could save the average property owner £352,500 over 30 years. The Intermediary Mortgage Lenders Association calculated that monthly mortgage repayments on the average £230,000 home could be £133,700 cheaper than paying rent over the period, thanks to historically low mortgage interest rates. Buying would also net the homeowner £218,800 in equity from paying off their initial 95% LTV mortgage.
Daily Mail (22/10/2019)
FEC is starting work on Consort Place, a £470m development located between Canary Wharf and the Isle of Dogs. Formerly known as Alpha Square, the project will provide 495 new apartments, as well as a 231-room four-star hotel and health centre. Consort Place project director for FEC, Bruno Almeida Santos, said: “The area is known as one of London’s major financial districts and, as a developer, FEC saw scope to add to the local lifestyle by incorporating a range of on-site amenities for residents, visitors and local people. We believe that a responsible development such as this should put community at its heart to help it grow and thrive”. Work on the development, which will be spread across two tower buildings of 65 and 35 storeys, begins this month, with completion scheduled for late 2023.
Property Week (11/10/2019)
Beckton, once seen as so bleak that Stanley Kubrick used it to create scenes for Full Metal Jacket, while its gasworks were used to represent a dystopian London in the film adaptation of George Orwell’s 1984, has seen its reputation rise in the years since, benefitting from the Docklands Light Railway offering a connection to the City and beyond. Alongside the existing affordable flats, and traditional houses with gardens, are a series of new developments, including Beckton Parkside. Located on a former industrial estate, the project includes 391 apartments that integrate with an upgraded park boasting sports facilities, children’s play areas and a new woodland walk. Many of the homes, which can be had from £272,500, have sweeping views across Gallions Point Marina. Not far away, in Canning Town, Brunel Street Works offers apartments with access to podium and roof gardens. In addition to the 975 homes being built by Galliford Try Partnerships, Brunel Street Works is also set to provide 80,000 sq ft of shops, workspace and community space, as well as a 152-bedroom hotel. Four new areas of public realm will open up the site for new and existing residents to enjoy, including play areas for children. Prices there start at £375,000.
Evening Standard (11/10/2019) Property Investor Today (16/10/2019)