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25th August 2017
The Evening Standard takes a look at homes, schools and transport links in Plumstead, which it says stands to profit from Crossrail and 900 new homes. The arrival of Crossrail in December next year at nearby Woolwich will mean residents who either walk or catch a bus to the new station in the Royal Arsenal development will be able to cut the journey time to Canary Wharf to eight minutes, to Liverpool Street to 14 minutes and Bond Street to 22 minutes. The town centre in the area between the station and Belmarsh prison is to see 900 new homes, part of housing association Peabody’s long-term plans for its Thamesmead estate.
Evening Standard (21/08/2017)
25th August 2017
East London boroughs are the best performers in a London market which is facing headwinds, reflected in an annual rate increase of just 1.6%. Hackney leads the way with an 8.9% annual uplift while Redbridge (7.7%), Bexley (5.7%) and Greenwich (5.7%) are other notable hotspots.
25th August 2017
Ten out of 14 economists surveyed by Bloomberg News believe that house prices in London will probably be stuck in neutral for some years. Philip Rush, chief economist at Heteronomics, says the “difficult” political environment since Brexit and increased stamp duty may put further pressure on home values. Pantheon Macroeconomics economist Samuel Tombs adds that Brexit’s impact on the economy as well as uncertainty over how many jobs will leave the financial district will weigh on the market until exit negotiations are complete.
The Independent (23/08/2017) The Times (23/08/2017)
25th August 2017
The number of homeowners moving to a new property dropped 2% to 171,300 in the first six months of 2017. This could harm the property sector by reducing the number of suitable houses entering the market, the latest Lloyds Bank Homemover Review warns. Its analysis shows homemovers now make up just 51% of all house purchases financed by a mortgage, compared to 64% a decade ago. The report also found that over the past five years, the average price paid by homemovers has grown by 41% from £206,122 in 2012 to £290,991 in June 2017. Deposits have also gone up 40%, from £68,663 in 2012 to £96,109 in June.
City AM (20/08/2017)
25th August 2017
First-time buyers took out 20% more mortgages in June than in May, according to HMRC figures. The increase has been put down to stamp duty changes which have deterred buy-to-let investors. At the same time, half of all property purchase valuations in July were for first-time buyers, according to new research from Connells Survey & Valuation. Figures have also revealed that the average first-time buyer is now taking out a mortgage equal to 3.59 times their salary – the highest on record, up from 3.28 five years ago. Experts say the reason is that house prices are rising faster than wages, meaning buyers need to take on bigger debts.
Daily Mail (22/08/2017)
25th August 2017
James Pickford in the Financial Times looks at how the property market has performed in the decade since the financial crisis. Prices in London have risen the most – by almost 80%, with prices in Hackney up over 120%.
Financial Times (18/08/2017)