First-time buyers in London are still paying more despite falling house prices, according to a new report. A Gatehouse Banks analysis shows house prices in popular areas with first buyers has risen 4.3% despite house prices dropping by 1.9% across the capital on average. Average London property values have been falling on an annual basis since March last year, but affordable areas such as Barking, and Dagenham have seen a rise in the average price paid by first-time buyers by 2.91% - up from £276,701 to £284,751 in the same period. Other parts of the capital to see a rise were Richmond Upon Thames at 2.12% and the City of London up to 16.24%.
East London Guardian (13/07/2019)
Low deposit mortgages could put thousands of house buyers in danger of falling into negative equity, according to figures from the Bank of England. Almost 20% of mortgages lent in Q1 of 2019 were given to a borrower who paid a deposit of under 10% - the highest level since the end of 2007, before the global financial crisis. If lending continues at its current rate, it means that more than 100,000 of these risky home loans will be issued this year. It also means that growing numbers of borrowers are exposed to a sharp fall in property prices which could wipe out all their equity. “Soaring demand for high loan-to-value mortgages is alarming, especially as house price growth is slowing and interest rate rises over the next five to ten years look very likely,” commented Justin Modray, from Candid Financial Advice.
Daily Mail (12/07/2019)
HSBC research has revealed that first-time homebuyers can now expect to get on the property ladder at age 39, whilst those who already own a home were 28-years-old on average when they bought their first property. More than half of those looking to buy their first home already have a family to support. Two-thirds of people wanting to buy expect to make their purchase with a partner.
The Sun (12/07/2019)
Canary Wharf has been awarded Plastic-Free Communities Approved status by marine conservation charity Surfers Against Sewage. The Wharf’s eco-drive also includes collecting hundreds of tons of coffee grounds from its cafés, to be compacted into logs that can be burned as fuel. Martin Gettings, head of sustainability at Canary Wharf Group, estimates that 1.2m plastic objects have been taken out of circulation over the past year. Additionally, to keep the water litter free a special bin has been installed just below the waterline of Middle Dock that traps and stores floating debris. Further initiatives will be rolled out as the Canary Wharf Estate expands; over the next four years, 3,600 homes will be built at Wood Wharf, a 23-acre mixed development which will also include a school, shops, offices and restaurants.
Evening Standard (05/07/2019
Tristram Hunt, Director of the Victoria and Albert Museum, reflects on the launch of the East Bank cultural centre in Stratford, which he describes as the most significant creative development in the capital since the Southbank of the National Theatre and Hayward Gallery was commissioned in the post-war years. The project has brought the V&A, the Smithsonian Institution from the US, Sadler’s Wells, the London College of Fashion, the BBC, and University College London together to form a “new campus of unbridled innovation”.
Evening Standard (05/07/2019)
Residential landlord Grainger has agreed to fund and acquire a 146-home build-to-rent development in London's Canning Town for £62m. The block is part of a £3.7bn regeneration scheme and will be built and developed by French construction giant Bouygues. Work is expected to begin by the end of the year and is planned to be completed by the end of 2022. Helen Gordon, chief executive, said the deal would allow Grainger to strengthen its presence in London, "one of our top target cities".
The Daily Telegraph (09/07/2019) Insider Media (10/07/2019)