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12th May 2017
In the three months to April house prices fell 0.2%, according to Halifax, with prices down 0.1% over the past month. The dip in Q1 marks the first quarterly fall since November 2012. However, for the year to April, prices rose by 3.8% - the same increase as that seen in March. The figures show that the average cost of a home now stands at £219,649 - £2,541 lower than the peak recorded in December 2016. Martin Ellis, Halifax’s housing economist, said prices have “stagnated” in the last quarter while demand “appears to have been curbed” by a “deterioration” in housing affordability caused by “a sustained period of rapid house price growth” through 2014 to 2016. The Halifax report includes a poll on market confidence which saw 58% of respondents say they expect the average property price to rise in the next year, while 14% expect prices to fall.
The Times (08/05/2017)
5th May 2017
Mount Anvil, the developer behind the 31-storey Dollar Bay tower at South Quay on the Isle of Dogs, has unveiled its Royal Docks West development in Newham, just three minutes from Custom House DLR station. The 19-storey tower contains 105 studio, one-, two- and three-bedroom homes. Each apartment has its own balcony looking out either to the river, or towards Canary Wharf and the City; fully-integrated kitchens feature satin chrome ironmongery and timber effect luxury Amtico flooring, bedrooms offer full-height windows and fitted wardrobes, while bathrooms have small format wall tiles with feature terra cotta grouting and concealed shelving. Completions on the development, which will also be served by the Elizabeth Line, is scheduled for autumn or winter 2018; prices start at £385,000 for a studio apartment.
The Wharf (30/04/2017)
5th May 2017
UK house prices dipped 0.4% in April, the second consecutive monthly fall recorded in the Nationwide house price index – however the building society is still predicting prices will rise by 2% over the year. Meanwhile, the annual rate of growth slowed to 2.6%, the weakest since June 2013. The average cost of a home is now £207,699, with the typical house price at present 6.1 times higher than average earnings. Nationwide's chief economist Robert Gardner added that although house price growth has softened, “activity has remained broadly stable, with mortgage approvals for house purchase fairly steady at a respectable 68,000 per month”.
The Times (28/04/2017)
5th May 2017
Bank of England figures show mortgage approvals fell for the second month in a row - despite lenders stepping up their offers to borrowers. A total of 66,837 mortgages were approved for home purchases in March, down 1.6% on the previous month. The figure marks the lowest level since September 2016. Some £20.9bn of loans were sanctioned in March, down from £21.1bn in February. Former Rics chairman Jeremy Leaf said: "The market is behaving quite cautiously, partly to do with Brexit and the general election, with people very nervous about taking on extra debt unless they are sure about the outcome."
The Daily Telegraph (04/05/2017)
5th May 2017
UK parents are set to contribute towards 26% of property transactions in the UK this year – or 298,000 deals. In total, parents will pay over £6.5bn to help their children buy a home in 2017, up from £5bn last year, according to a report by Legal and General and the Centre for Economics and Business Research, with the average contribution rising from £17,500 to £21,600. This makes the “Bank of Mum and Dad” equivalent to the ninth largest mortgage lender in the UK, Yorkshire Building Society.
The Daily Telegraph (01/05/2017)
28th April 2017
Galliard Homes has launched its Orchard Wharf development, a 338-home project located between Canary Wharf and Royal Docks, set around a centrepiece 23-storey tower. The one-, two- and three-bedroom homes, duplexes and penthouses range from 470sq ft to 1,679sq ft in size, and all have either private balconies, terraces or gardens, most of which feature a view of the Thames. Designed by BUJ Architects, the properties feature floor-to-ceiling windows with dark metal frames, along with fully-fitted kitchens with integrated Smeg appliances, underfloor heating, and white bathroom suites. Prices start at £399,000.
The Wharf (20/04/2017)