Average house prices remained flat month on month in August, the latest Nationwide’s House Price Index shows, though the annual rate of property price growth nudged up to 0.6%, compared with 0.3% in July. It is the ninth month in a row that annual house price inflation has remained below 1%. The average UK house now costs £216,096, according to Nationwide, £1,567 less than a month ago. The building society warned that Brexit uncertainty is weighing the market down. “In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity,” Robert Gardner, Nationwide’s chief economist, said.
City AM (30/08/2019) The Daily Telegraph (30/08/2019)
London home buyers are prepared to pay a 9.4% premium on a house located no more than 500 metres away from a station, according to Nationwide. That amounts to approximately £42,900 based on average London house prices. In comparison, a premium for a property half a kilometre from a station in Manchester stands at 7.8%, and falls to 3.8% in Glasgow. Nationwide suggests that “this probably reflects the greater reliance on public transport in the capital.” Average house prices in London are most expensive near the Circle line (£801,000), while TfL rail serves the least costly homes (£359,000).
City AM (32/08/3029)
Mortgage approvals for July hit a two-year high, according to the latest Bank of England data. Lenders approved 67,306 mortgages last month, up from 66,506 in June, while net mortgage lending rose by £4.6bn, or 1.2%, the largest increase since March 2016. So far this year more than 461,000 mortgages have been approved for movers. However Hansen Lu at Capital Economics warned that transactions this year would fall by 1% if the UK struck a deal to leave the EU – and by as much as 10% in a no-deal Brexit scenario. “We think the mid-year recovery in lending will be cut short,” he said.
City AM (30/08/2019) The Daily Telegraph (30/08/2019) Daily Mail (30/08/2019)
The average house deposit jumped by 22% to £105,260 over the past five years, according to research by Lloyds Bank. The average price paid by those moving home also went up, by 32%, to £329,648. The largest deposit was paid by people in London (£213,907); the smallest in Northern Ireland (£56,763). Lloyds said a total of 160,540 people used a mortgage to move house in the first half of 2019, an annual rise of 1%.
The Sunday Times (01/09/2019)
The kitchens in the Loft apartments of One Park Drive, in Canary Wharf, have the wow-factor to pass muster with any would-be Great British Bake Off contestant. The signature development at Wood Wharf, and designed by Swiss practice Herzog & de Meuron, the building is divided into three distinct typologies: Loft, Cluster and Bay. The Loft apartments feature generous wraparound terraces framed by fluted terracotta panels, naturally sheltered within the building’s form. The interiors, by Bowler James Brindley, feature sliding walls, cool resin floors and bathrooms clad in mother of pearl – with the kitchens taking centre stage, with masses of space for all a top baker’s tools. Prices start from £875,000
The number of mortgage approvals in Britain has reached its highest level since December 2016, according to financial services body UK Finance, with 43,342 mortgages for house purchases approved by the main high street lenders last month in seasonally-adjusted terms. This represented a rise from 42,775 in June and over 10% higher than a year earlier.
City AM (27/08/2019)