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Lenders are extending their offer periods for homeowners, who are now enjoying increasing flexibility in the mortgage market. Aaron Strutt of mortgage broker Trinity Financial said several lenders had increased their "offer validity" periods, with those from Nationwide, NatWest, Santander and Virgin Money all now lasting six months, while Barclays has also extended its offer period - from 90 to 150 days for certain existing customers. Mark Harris of broker SPF Private Clients says he has even seen examples of lenders allowing existing customers to move to a cheaper deal immediately.
The Daily Telegraph (20/06/2019)
In the wake of the 2012 Olympics, the old industrial sites of Bromley-by-Bow were earmarked for regeneration, with plans made for thousands of new homes and amenities. The first major development in the area is Bow River Village, which will eventually provide more than 700 new homes to rent and buy. A shared-ownership home in the village can be had from as little as £131,250 for a 35% share of a one-bedroom flat; outright ownership of a two-bedroom apartment can be had from £512,000, with three-beds starting at £600,000. Bromley-by-Bow tube station and Bow Road DLR are less than five and 10 minutes’ walk respectively, offering easy commutes to the City and Central London, as well as Canary Wharf. A new bridge is planned over the River Lea, giving a more direct walking route to the shops, bars, restaurants and sports facilities at Stratford. Work is underway on the village’s waterfront site, with completion expected by 2021.
Evening Standard (18/06/2019)
London continues to drag on UK house prices, according to data by the Office for National Statistics (ONS), with the capital enduring the lowest annual growth out of any region with prices falling 1.2% over the year to April 2019. Prices across the UK rose an unadjusted 0.7% month-on-month in April, the first rise in eight months, taking the average property price to £229,000. In England, the East Midlands saw the strongest annual house price growth in April, with a 2.9% increase. Regionally, Wales saw the strongest growth in the UK of 6.7% in the year to April, followed by Northern Ireland at 3.5%, Scotland by 1.6% and England by 1.1%. Northern Ireland remains the cheapest country in the UK to purchase a property, with an average house price of £135,000.
City AM (19/06/2019) The Daily Telegraph (19/06/2019)
The ‘Bank of Mum and Dad’ is predicted to hand out £6.3bn worth of loans this year as parents help their children get on the property ladder, according to new research. Parents are also becoming more generous lenders, handing out £24,100 on average which will give younger generations a leg up onto the housing ladder, according to Legal & General and the Centre for Economics and Business Research (CEBR). The study found that parents are expected to be involved in more than a quarter of a million (259,400) property purchases this year, making the bank of mum and dad equivalent to the UK's 11th biggest mortgage lender.
The Independent (16/06/2019) The Daily Telegraph (16/06/2019)
First-time buyers are bypassing flats and moving straight into houses - leading to a fall in the cost of apartments, official figures suggest. The cost of a typical apartment or maisonette in England has fallen by 2.1% in a year, while other types of property have become more expensive. The cost of detached homes has been rising fastest, with semi-detached and terraced homes also going up, figures from the Land Registry show. Experts suggest people are buying their first home later and are happy to rent a flat, but not necessarily buy one.
BBC News (19/06/2019) The Daily Telegraph (19/06/2019)
The amount of loan-to-value mortgage lending with ratios above 90% is approaching pre-crisis highs, but the Bank of England’s executive director for financial stability has said the regulator isn’t concerned. Speaking at the University of Warwick, Alex Brazier continued to say that, although banks have a real appetite to lend, households don’t have the appetite to borrow. He said credit conditions in the mortgage market are “easy” and mortgage pricing is competitive.
Mortgage Introducer (14/06/2019)