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Property values in Britain increased 1.3% in the year to August 2019, the Office for National Statistics reported Wednesday, despite the continued uncertainty surround the UK’s departure from the European Union. The average UK house price was £235,000, up £3,000 on a year earlier. London saw prices slide 1.4% annually, closely followed by the South East where they fell 0.6%, although the areas remain the most expensive in the country to purchase a property, at an average of £473,000 and £326,000 respectively. Growth was strongest in Wales, increasing 4.5% to an average of £168,000; in Scotland they grew 1.6% to £155,000, in Northern Ireland by 3.5% to £137,000, and 1.1% in England, to £168,000.
Daily Mail (16/10/2019) City AM (16/10/2019)
The number of first-time buyers in August reached the highest level since just before the financial crisis, according to the latest mortgage trends data by UK Finance, with 35,010 mortgage completions for new buyers – an increase of 0.7% on August last year. During the month there were 18,640 new remortgages with additional borrowing, down 2.9% on 2018, while the number of remortgages without additional lending slumped 2.3% to 18,100. There were also 5,900 new buy-to-let mortgages completed, down 2.2%, while the number of mortgages handed out to second-steppers declined 5.5% to 35,380.
City AM (15/10/2019) Daily Mail (15/10/2019) The Times (15/10/2019)
London’s longest pier is currently under construction in Silvertown, just to the east of Lyle Park – an elegant wooden construction that, when complete by the end of the year, will connect the 3,385-home Royal Wharf neighbourhood to the Thames Clipper river bus route. The new pier, which replaces a long-derelict jetty, also serves as a public space and viewing platform, extending into the Thames from a riverside promenade; it is the latest element in the regeneration of the wider Royal Docks area, alongside a market square, gardens, parkland, and retail amenities. Duplexes with up to four bedrooms have been launched there by developer Ballymore Oxley, each with its own front door facing onto a communal courtyard. Prices start from £725,000.
Evening Standard (07/10/2019)
Notting Hill Genesis is offering first-time buyers the opportunity to live just 10 minutes’ walk away from Canary Wharf, at the sprawling £1bn Millharbour development. A 25% share of a one-bedroom apartment can be purchased for £121,250, rising to £166,250 for a quarter-share of a two-bed home. The apartments are located on the 17th-25th floors of the Salvor Tower, with glorious views of the docks, the Thames, and the City skyline beyond. Millharbour will eventually host more than 1,500 homes, along with shops, restaurants, a theatre, park, square and two new schools.
Evening Standard (10/10/2019)
Writing in City AM, Mayor Sadiq Khan outlines his plan to build housing that “Londoners can actually afford”. “The housing industry must earn Londoners’ trust, and that will only come through talking to them about what they need from homebuilding – and actually listening,” writes Mr Khan, adding that “it’s vital that developers and home builders don’t lose sight of their social responsibilities, and redouble their efforts to make council, social rented and genuinely affordable housing their priority – with the needs of real Londoners at the forefront of their plans every step of the way.”
City AM (08/10/2019)
Brexit uncertainty has led to a steep drop in the demand for new homes, according to the Federation of Master Builders. Research from the FMB has revealed that consumer demand for new homes has fallen 8% over the last year to a six-year low. Small house building firms said current buyer demand is at 2.9 out of 5, down from 3.14 last year, and is expected to fall further to 2.75 next year. Almost half of small developers attributed the slump to a lack of consumer confidence. “Many prospective homeowners are clearly holding off buying until there is more political and economic certainty,” said FMB chief executive Brian Berry, continuing to say that he hoped the lull would be short-term and things would “pick up” after Brexit.
City AM (09/10/2019)