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Mortgage lenders are being forced to take greater risks as property transactions slump because buyers cannot afford sky-high prices. Nick Morrey from mortgage broker Charcol, said lenders cannot cut lending margins further so are allowing higher income multiples, lending at higher loan-to-values or easing affordability checks. Mortgage broker Trussle's CEO Ishaan Malhi added that lenders are targeting more non-traditional borrowers such as the self-employed, while some are accepting alternative forms of income, such as rent payments, lodgers and state benefits.
Sunday Express (30/06/2018)
New figures show that the UK’s construction sector reported its sharpest rise in output since November of last year. IHS Markit’s monthly purchasing managers’ index (PMI) came in at 53.1 in June, up from 52.5 in May and above the 50.0 no-change value for the third month in a row. Readings above 50 indicate growth. The solid performance, which saw the strongest rise in new orders since May 2017, was fuelled by a rise in commercial building, which has expanded at its fastest pace in four months, as well as the continued success of residential work which remains the best performing area of activity in the sector.
The Guardian (03//07/2018) Financial Times (03/07/2018)
New figures show that the UK’s construction sector reported its sharpest rise in output since November of last year. IHS Markit’s monthly purchasing managers’ index (PMI) came in at 53.1 in June, up from 52.5 in May and above the 50.0 no-change value for the third month in a row. Readings above 50 indicate growth. The solid performance, which saw the strongest rise in new orders since May 2017, was fuelled by a rise in commercial building, which has expanded at its fastest pace in four months, as well as the continued success of residential work which remains the best performing area of activity in the sector.
The Guardian (03//07/2018) Financial Times (03/07/2018)
The London Economic Action Partnership has signed off on a £314m plan to regenerate the Royal Docks, a project which is expected to see over 4,000 homes built and generate more than £5bn of inward investment by 20138. The 112-hectare Royal Docks Enterprise Zone is part of the wider Royal Docks and Beckton Riverside Opportunity Area, which is set to create a total of 25,000 homes. Mayor of London Sadiq Khan said: "Today marks a major step forward in the development of this site, which has the potential to become not only an important new business destination but also a key part of the capital’s cultural life".
Construction News (28/06/2018) City AM (27/06/2018)
Telford Homes has launched a final tranche of properties at The Liberty Building, just north of Crossharbour DLR station on the Isle of Dogs. Thirty-five homes are included in this last batch, including a 24th and 25th floor duplex penthouse featuring a 2,658 sq ft private terrace. Apartments in the 26-storey building start at £785,000 and feature stone kitchen worktops, bespoke shelving, high-gloss cabinets by Urban Myth, integrated Siemens appliances, open-plan living areas and private balconies.
The Wharf (26/06/2018)
The latest stage of the London Dock project in Wapping has been unveiled by developer St George – Cashmere Wharf, a 26-storey bevel-edged tower with 141 one-, two- and three-bed apartments. Designed by architects Patel Taylor, the building forms the eastern side of Gauging Square, and the colours of its materials have been chosen to relate to those used in the Tower of London and Tower Bridge. Prices in the tower begin at £835,000 for a one-bedroom home, rising to £2.35m for a three-bedroom apartment.
Evening Standard (27/06/2018)
Annual growth in UK house prices has fallen to its slowest pace in five years, according to Nationwide, which says demand has been subdued amid properties coming to the market as “more of a trickle than a torrent”. Prices rose by 2% in the past year, while the month-on-month rise was 0.5%, taking the average price of a home to £215,444. Nationwide predicted that house prices will rise by 1% over the course of 2018. Robert Gardner, Nationwide's chief economist, said that annual house price growth had been “confined to a fairly narrow range” of about 2% to 3% over the past 12 months, suggesting "little change in the balance between demand and supply in the market over that period".
BBC News (27/06/2018)