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UK house prices were 1.4% higher in July than June, the Halifax has said, rising at the fastest annual pace since November. Prices in the three months to July rose by 3.3% from a year earlier, with the average cost of a house hitting a record £230,280. The rise pushed house price inflation back above wage growth, now at about 2.5% a year. However, the lender added it did not expect much pick-up in activity for the rest of 2018.
BBC News (07/08/2018) Financial Times (07/08/2018)
The increases to stamp duty on expensive homes and second properties introduced by former chancellor George Osborne have led to a slowdown in London’s prime market and a fall in tax revenues for the Treasury, the Times reports. HMRC figures show that £1.987bn was raised in the second quarter of this year from receipts in England and Wales, less than the £1.999bn recorded in the third quarter of 2015, before Mr Osborne introduced a 3% surcharge for second homebuyers and landlords. This followed a December 2014 increase in taxes for the most expensive properties, from 7% to 12%.
The Times (03/08/2018)
Secure Trust Bank has indicated a fall in demand for loans to housebuilders. With real estate finance accounting for 23% of its business, chief executive Paul Lynam said: "Housebuilders in particular are becoming a little bit more cautious".
Daily Mail (08/08/2018)
Developer LinkCity has been granted approval for the third phase of its Hallsville Quarter scheme in Canning Town. Phase One included 179 homes and retail space, with the second phase adding another 349 homes, as well as more shops, restaurants and a hotel. The latest phase comprises 620 homes. The project is expected to be completed in its entirety in 2023, covering a total of 118,400 sq ft.
Property Week (270/07/2018)
The number of property sales rose in June, although numbers were still lower than a year earlier, according to a survey by the National Association of Estate Agents. The average number of sales agreed per estate agency branch rose from eight in May to nine in June, while the proportion of sales made to first-time buyers increased to 29% – the highest proportion recorded since February. Mark Hayward, chief executive of NAEA Propertymark, said: “We have seen a rise in the number of sales which is typical of this time of year as buyers and sellers seek to complete their property transactions ahead of the quieter holiday period.”
Daily Express (30/07/2018) The I (30/07/2018)
British lenders approved 65,619 mortgages in June, up 1.5% from 64,684 in May, according to data from the Bank of England (BoE), a five-month high. Remortgage approvals fell from 51,669 to 47,895 however, while approvals for house purchases were down 0.2% year-on-year. Howard Archer, chief economic advisor to the EY ITEM Club, said: "There seems little evidence that the cutting of stamp duty for first-time buyers in last November’s Budget has provided a significant boost to housing market activity."
City AM (30/07/2018) The Daily Telegraph (30/07/2018)