Research from the Yorkshire Building Society shows that half of all homes bought with a mortgage last year went to first-time buyers. The analysis shows that 367,038 first-time buyers used mortgages in 2018, compared to 193,300 in 2008 and a peak of 402,800 recorded in 2006. Yorkshire Building Society says first-time buyers represent 50% of all homes bought with a mortgage, marking the highest proportion since 1995. The researchers said the figures suggest government initiatives such as Help to Buy Isas and stamp duty relief have had a positive impact.
Daily Mail )01/01/2019)
Local Government Secretary James Brokenshire has announced that London boroughs are to join forces to provide thousands of extra properties for families on the edge of homelessness. The scheme is backed by almost £38m of funding from the Government's £1.2bn strategy to address rough sleeping. The Capital Letters initiative is designed to end competition between areas for the best accommodation, and is expected to help more than 35,000 households in Greater London out of homelessness over three years. So far 11 London boroughs have signed up - including Tower Hamlets, Croydon and Ealing - but it is hoped more will join in the future.
The Guardian (30/12/2018) The Times (30/12/2018)
UK house price growth has hit a five-year low, according to the Office for National Statistics, with London weathering the lowest annual growth in the country at -1.7%. Annual growth in October was 2.7% in England, slowing from 3% in September, while average prices fell by 0.2% between September and October, taking the average UK house price to £231,000. The strongest annual growth (4.9%) was recorded in the North West, while growth in the North East dropped to -0.1%. The average house price rose annually in Wales by 3.8% to reach £161,000; by 4.4% in Scotland to £152,000; and 4.8% in Northern Ireland to £135,000. Industry experts blamed the tough climate on continued Brexit uncertainty. Landbay chief executive John Goodall added: “Combine this with the traditional seasonal slowdown, alongside historically low levels of transactions, and stagnant house price growth really is no surprise.”
Source: The Daily Telegraph (20/12/2018)
London is on course to end the year with house prices lower for the first time in a decade, as analysis by Hometrackshows prices in the capital have dipped by 0.1% over the past 12 months. The last time London house prices fell was during the financial crisis of 2008, when they tumbled 13.2%. While prices have since risen annually, Hometrack expects that to change, with a 2% fall forecast for next year. Its UK cities house price index shows house price inflation across Britain’s cities has fallen to 2.6%, with Bournemouth recording the sharpest annual slowdown, rising just 2.3% after recording gains of more than 5% the previous year. Only four cities recorded higher rates of house price growth than a year ago — Manchester, Liverpool, Cardiff and Newcastle – while Edinburgh is the city with the fastest price growth, at 6.6%.
Source: The Times (19/12/2018)
Riverside homes in London attract a price premium of 30%, according to data from Knight Frank. "Even in a depressed market, due to their position and scarcity, a frontline waterfront property will face strong demand," said Liam Bailey, global head of research at Knight Frank. Globally, however, London is ninth on the list of waterfront premiums – the highest premium worldwide can be found in Sydney, where waterside properties sell at 89% more than those inland.
Source: City AM (21/12/2018)
New research from Savills reveals that a four-bedroom house in London now costs almost £1m — an average of £990,000. The figures are based on the assumption that a London owner selling a three-bed home will have made £440,000 in equity over 10 years. "Even with equity, a leap from one London property size to another is enormous," says Sara Ransom, managing director of Stacks London Property Search. She explains that most areas of the capital suffer from a dearth of supply between a standard terrace and a much bigger house.
Source: The Sunday Times (16/12/2018)