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10th April 2015
The number of young people saving toward deposits has fallen, with many in their 20s and 30s resigning themselves to not getting onto the property ladder. Halifax's Generation Rent report shows that only 43% of renters are currently saving toward a property purchase, while 57% are planning to rent long-term. London has the lowest rate of young homeowners, with only 39% of 25-45 year-olds in property they own, with 82% of the capital’s renters expressing a fear that they will never own a property. Halifax data shows that those planning to buy are willing to wait an average of 5.35 years to get on the property ladder, where recent homebuyers spent an average of 3.6 years saving.
The Independent (07/04/15
10th April 2015
Labour spokesman Gareth Thomas has said the next mayor of London should introduce a 50% minimum target for affordable homes in housing projects. He said the target should be incremental during the mayor’s term, climbing year on year from 15% to 25%, 35%, 40% and then 50% going into a second term.
Evening Standard (07/04/15)
2nd April 2015
The Homes and Communities Agency has announced that it will lend the Canary Wharf Group £200m in order to get the Wood Wharf development up and running. Planning permission for the 4.9m sq ft residential scheme has already been granted; the first phase of the project is scheduled to be finished by 2018. Over 3,600 new homes will be created, with a 57-storey residential tower designed by Herzog & de Meuron to be surrounded by offices, parkland and retail units. Sir George Iacobescu CBE, Canary Wharf Group’s chairman and chief executive, said the loan “is just the type of targeted and practical assistance that our sector needs to help deal with the housing shortage in London”.
The Wharf (30/03/15)
2nd April 2015
The National Housing Federationsays that rising house prices have forced younger generations to turn to grandparents, as well as parents, for help to take their first step on the property ladder. A YouGov survey by the industry body found one in seven homeowners over 55 were saving to help their children or grandchildren with their housing costs, but that one in five admitted they had not considered how they would pay for care costs later in life.
Daily Mail (01/04/15)
2nd April 2015
A new report has found that more than £100m was paid up front by tenants seeking to secure luxury rental accommodation in London in the first ten weeks of the year. High-end tenants are paying the entire cost of six or 12 month tenancies and deposits in advance to secure homes in London’s best addresses.
The Daily Telegraph (31/03/15)
2nd April 2015
Latest figures from the Greater London Authority reveal that nearly 25,000 homes in the capital have been converted from "social" to "affordable" housing since 2012. Housing associations have been quietly switching thousands of tenancies on to higher rates to make up for a shortfall in government funding. Social rents are typically half the market rate, while "affordable" tariffs are up to 80% of private rent, and changing the housing category when new tenants move into a property means neighbours in identical flats can pay hugely different rents.
The Guardian (30/03/15)