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London endured a 3.8% decline in property prices for the year to February, according to the latest data from HM Land Registry and the Office for National Statistics, the largest drop for almost a decade. The capital still remains the most expensive place to buy in the UK, with an average price of £460,000. The average house price in Britain was £226,000, £1,000 higher than the same period a year earlier.
The Daily Telegraph (17/04/2019)
Research has found that half of buyers would consider a 40-year mortgage to help them get on the property ladder. Analysis from Santander finds that buyers could save £178,500 over 40 years if they bought rather than rented for the duration. The lender reckons a 40-year mortgage could help 3.25m more first-time buyers by lowering their repayments. The cost of an average monthly repayment for a 25-year mortgage falls by £263 when spread over a 40-year period, it said. And Moneyfacts found more than half of all mortgages available can have a 40-year term, up from a third five years ago.
The Sun (16/04/2019) The I (16/04/2019) Daily Mirror (16/04/2019)
Home buyers can now expect to spend almost £4,000 on top of the cost of their new property - for legal fees, surveying costs and other removal bills. A study carried out among 2,000 adults who have moved in the last 10 years found the average bill for unexpected costs is £3,823.88. And more than 40% of those who took part in the survey by online lender MYJAR said the cost exceeded their expectations. The research also revealed one-third had to borrow money to cover the costs.
Daily Star (12/04/2019)
Balfour Beattyhas won a £102m contract to build the first phase of a redevelopment project at the Queen Elizabeth Olympic Park in Stratford. The East Wick and Sweetwater development is expected to bring around 1,500 homes; the initial phase, the first of seven, will see the delivery of four mixed-use buildings, including 302 apartments, townhouses and several associated commercial facilities including retail and leisure amenities. Ground preparation works has started with completion expected in spring 2021.
City AM (09/04/2019) Construction Enquirer (08/04/2019)
London’s Brexit-battered housing market is starting to show tentative signs of life, according to UBS group AG, even if the overall picture remains uninspiring. The bank’s London Residential Monitor showed the proportion of reduced-price home listings has fallen to 36% from 39% since its last report in January. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said. “While signs point to stabilization, the market remains weak overall,” the analysts said. “Stretched affordability, high levels of supply at prime price points, and numerous changes to stamp duty have taken their toll.”
Bloomberg (09/04/2019)
New data from Halifax has shown that house prices across the UK continued to struggle last month, falling by 1.6% as the market continued to be “subdued” amid Brexit uncertainty. The lender said both buyers and sellers were being cautious, meaning that prices are unlikely to fall sharply in the coming months. The number of mortgages approved remains 40% below where it was prior to the financial crisis and first-time-buyers are finding it difficult to raise a deposit. “These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being”, said Russell Galley, managing director of the Halifax.
BBC News (05/04/2019) The Daily Telegraph (05/04/2019)