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A Sunday Times investigation reveals that the average time to complete a property sale in the UK is five months, due to a conveyancing crisis and a logjam in the system. Delays in the legal process, understaffed conveyancing companies, and a postcode lottery for local searches are among the factors causing delays. These delays, the report warns, increase the risk of deals collapsing, costing buyers an average of £2,899 in lost legal fees, according to consumer group Which?. The Conveyancing Association's director of delivery, Beth Rudolf, warns that the system "isn't fit for purpose," with transaction times now taking about 22 weeks and 30% of transactions falling through. |
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The Sunday Times (16/06/2024) |
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Consumer group Which? has conducted an investigation into energy performance certificates (EPCs) - and found numerous examples of inaccuracies and unhelpful advice. The investigation revealed that assessors failed to mention important features such as solar panels and wood burning stoves, and recommended upgrades that would not be cost-effective for decades. EPCs were introduced in 2007 to assess a home's energy efficiency, with ratings ranging from A to G. The investigation also found that 60% of homes in England and 55% in Wales have an EPC certificate. Which? has called for an improved training for EPC assessors. |
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The Guardian (17/06/2024) |
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The mastermind behind Canary Wharf is to step down as non-executive chairman of Canary Wharf Investment Group after 36 years with the company. Sir George Iacobescu will be replaced by City grandee Sir Nigel Wilson, the former chief executive of Legal & General, from July 1. Sir George led the British property company as chief executive from 1997 and as chairman from 2011. |
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Evening Standard (19/06/2024) The Daily Telegraph (19/06/2024) |
A planning application has been submitted for the regeneration of the Teviot Estate in Poplar, East London. The £800 million redevelopment by The Hill Group and Poplar HARCA will provide around 1,900 new homes with 35% affordable, over four phases. This will be complemented by new open green and play spaces, shops, community and faith facilities, alongside improved infrastructure.
As one of the largest estate regenerations in London, the redevelopment of Teviot will transform the area with upgraded designs and enhanced community amenities, creating a safer and better place to live. Hill and Poplar HARCA have worked closely with Teviot residents at every stage to ensure the plans meet the community's needs and aspirations.
The partnership has submitted an outline planning application for all phases of the masterplan, including detailed proposals for the first phase of development. Phase 1 is set to deliver 475 homes, 45% of which will be affordable. Subject to approvals, the project is scheduled to start on site at the end of 2025, with the first homes expected to be completed by 2028. The entire project is forecast to be completed by 2042.
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The average UK house price edged down by 0.1% in May from April, according to Halifax's House Price Index. The typical property value now stands at £288,688, marking a 1.5% increase compared to last year. The average cost of a house in London rose 0.2% to £536,821. Amanda Bryden, head of mortgages at Halifax, commented: "Market activity remained resilient throughout the spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook." |
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Daily Mail (07/06/2024) Daily Mirror (07/06/2024) Evening Standard (07/06/2024) The Times (07/06/2024) |
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The number of new homes being built in England is at its lowest point since records were kept 17 years ago, and there is increased pressure on the election winner to address the country's "deepening housing crisis." According to the Home Builders Federation's most recent pipeline assessment, just 2,472 sites received planning clearance in the first half of this year, which is the lowest quarterly total since records began in 2006. The housing pipeline is lower now than it was in 2009, when the county was in the "depts of a recession," according to Stewart Baseley, executive chairman of the Home Builders Federation. In order to build 1.5m more homes, Labour, which is presently leading in the polls, has pledged to change the planning regulations. |
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City AM (11/06/2024) |