Banks are currently offering the lowest mortgage rates since records began, thanks to competition among lenders, making it easier for first-time buyers to get on the property ladder. According to the latest Bank of England figures, two-year mortgages now come with an average interest rate of 3.33%, down from 4.02% a year ago, while for five-year mortgages, the average rate was 3.89% at the end of October, compared with 4.71% in the same month the previous year.
The Daily Telegraph (04/12/2018)
Developer Telford Homes is offering membership of a lifestyle management service to purchasers of homes in its penthouse collection at Manhattan Plaza in Poplar, just a 10-minute walk from Canary Wharf. The two-bedroom properties deliver views across London and Canary Wharf from their private balconies on the 21st floor of the building, and now include a year’s access to Quintessentially Group’s expert lifestyle managers, including sommeliers, wedding planners, and luxury travel advisors. Other facilities at the 120-apartment scheme, designed by Barton Willmore, include an on-site gym, a landscaped piazza and a large communal roof terrace. Prices for the penthouses start at £897,500.
In Your Area (26/11/2018)
A new report has revealed that only 2,400 affordable homes were built in London in the first six months of this year, below Mayor Sadiq Khan’s 14,000 target. The London Assembly’s annual affordable housing monitor also claims that in 2016-17, some 41,300 homes were added to housing stock – short of the 66,000 target. A spokesperson for the Mayor branded the report "nonsense", adding: “In reality, Sadiq Khan has exceeded all his housing targets and is building a record number of social and affordable homes.”
City AM (28/11/2018)
Homebuyers with smaller deposits are being offered mortgage rates at record lows after a spate of cuts by lenders. Interest rates on mortgages for borrowers with a 5% deposit have dropped as lenders compete for new business. Post Office has launched a two-year fixed-rate deal at 3.06% with no fees and a free valuation - the lowest fee-free deal on the market, whilst Virgin Money cut its two-year rate to 3.09%. TSB also announced reductions, cutting the rate on its two-year deal to 3.29%.
The Sunday Times (25/11/2018)
Senior government ministers warn house prices will fall and mortgages become more expensive in the event of a no-deal Brexit. "It will become much harder for people to get a mortgage, so it’s bad for those who are on the property ladder and for those who want to get on it," said one of the ministers who support close trading ties with the EU.
Evening Standard (26/11/2018)
Five "urban explorers" have been spared jail for climbing a Canary Wharf skyscraper, despite defying a court order banning them from trespassing on the site. Judge Jeremy Freedman said he would not jail them for contempt of court "as an act of leniency to safeguard [their] futures". The teenagers had climbed to the top of Canary Wharf Group’s Newfoundland building, which when finished will host 636 apartments.
ITV News (26/11/2018)