A former Tory treasurer has suggested that scrapping stamp duty would be cost neutral, as homeowners would spend more on home improvements. Lord Stanley Fink said that high stamp duty bills are prohibiting even wealthy home movers from spending money on furniture, home decor and extensions. Scrapping or cutting stamp duty on home purchases would lead to a rise in such spending, he said, resulting in a loss-cancelling boost for the Treasury from a bigger tax take via the industry.
The Sunday Telegraph (23/09/2018)
First-time buyers need an income of at least £53,000 to purchase a home, rising to a whopping £84,250 in London, according to a survey of house prices in the UK’s 20 biggest cities by Hometrack. The average sum is up by £8,000, or 18%, in three years due to sharp house price growth.
The Times (26/09/2018)
First-time buyers are currently experiencing some of the lowest mortgage rates on record. Analysis of figures by Moneyfacts shows the average two-year fix on the market for someone with a 5% deposit now stands at 3.73%, down from 4.16% in September 2017.
The I (25/09/2018)
Twenty-seven shared-ownership properties at Telford Homes’ Liberty Building on the Isle of Dogs are currently available, with prices for a one-bedroom apartment starting at £184,000 for a 40% share, based on a full market value of £485,000. Adjacent to Crossharbour DLR, and a 20-minute stroll from Canary Wharf, the homes come with access to a 24-hour concierge service, a private gym, a landscaped square, and courtyard garden.
The Wharf (18/09/2017)
A collection of rental properties has gone on the market at L&Q’s Quebec Quarter development in Canada Water. Set between Surrey Quays and Canada Water stations, close to Russia Dock’s woodland, one-bedroom apartments can be had from £1,575 per month, two-beds at £1,945, and three-beds at £2,595.
The Wharf (19/09/2017)
Despite warnings over the impact of political uncertainty and Brexit on the property market, new analysis predicts that London house prices will climb by 13% over the next five years. According to a new report by CBRE, "the attraction of London as a place to live and work is unlikely to abate”. It forecasts the capital's population will continue growing, from 8.9m last year to 10.05m by 2022 - a 12% increase set to power property sales.
Evening Standard (19/09/2018)