A monthly survey of estate agents by the Royal Institution of Chartered Surveyors reveals the number of newly agreed residential sales has increased for the first time since February 2017. The survey polled more than 300 estate agents in more than 600 branches last month. For the first time since November 2016, the survey indicated a rise in new buyer inquiries at a national level, while the volume of new instructions was higher for the first time in a year. The majority of the estate agents surveyed also expect the number of agreed sales to rise over the next year. All parts of the country were showing house price growth, except for London, the South East and the East of England.
The Times (11/07/2019) City AM (11/07/2019)
Halifax’s latest house price index has revealed that UK house prices rose by 5.7% on an annual basis month in June, taking the average UK house price to £237,110. That compares to May’s £237,837, when Halifax recorded an annual growth rate of 5.2% – the best in two years until Friday’s figures. Russell Galley, managing director of Halifax, said: “Recent industry figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average.” However, he warned that a “major restraining factor” for the UK housing market was the lack of houses up for sale.
The Times (05/07/2019)
Unibail-Rodamco-Westfield has commenced work on the £670m Cherry Park residential development next to its shopping centre in Stratford. When complete, the joint venture with the Public Sector Pension Investment Board and QuadReal Property Group will bring more than 1,200 new homes to the area. It will include a residents’ gym, swimming pool, workspace and new public spaces.
Property Week (28/06/2019)
UK house price growth slowed to 0.5% year-on-year in June, according to Nationwide’s latest house price index, lower than May’s 0.6% growth and the worst since February’s 0.4% increase. The average price of a UK home rose from £214,946 to £216,515 between May and June, while prices in the capital fell 0.7% to an average of £465,722 and prices in the south east dropped 1.6% to £277,227.
City AM (02/07/2019) The Daily Telegraph (02/07/2019)
Today’s young people are half as likely to get on the housing ladder compared with those of 20 years ago, according to a new LGA report. An analysis by the association revealed that 11% of people born in 1996 own their home, compared with 21% of those born in 1976 who owned a home by the time they were 22. The Understanding the Local Housing Market report continued to warn that many young people face renting into retirement, as the high cost of the private rental sector is preventing households from being able to save for a deposit. The report also reveals that, once on the housing ladder, many homeowners struggle to climb it, with the number of mortgaged movers currently 50% below 2006/07 levels. Association housing spokesman Martin Tett commented: "Home ownership remains a distant dream for most young people. The high cost of the private rental sector means many are unable to save for a deposit and face the prospect of being stuck renting into retirement."
24 Housing (28/06/2019)
Figures from the Financial Conduct Authority show the number of borrowers taking out "marathon" mortgages lasting 35 years or more has reached its highest level since the 2011 recession. Some 28,310 mortgages running for 35 years or more were approved in 2017 - a 27% annual rise. Barclays last week extended the maximum term on its Family Springboard mortgage from 25 to 35 years, a further sign that first-time buyers are being encouraged to take out marathon deals. The FCA said 2.5% of mortgage approvals in 2017 were for marathon deals, compared with 1.6% in 2011.
The Sunday Times (30/06/2019)