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Affordable home building in the capital has slumped to its lowest level since 2017. Work began on only 272 new affordable homes funded by City Hall in the first three months of the new financial year, according to latest figures - the lowest for the quarter in four years. Critics say Mr Khan has been slow to spend the £4.82bn he received from the Government’s Affordable Homes Programme in 2016. That was supposed to deliver 116,000 new affordable homes by 2022, though the deadline was extended to 2023 due to complications including the pandemic. |
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Evening Standard (18/10/2021) |
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The London Councils umbrella group has calculated that the capital faces a £98bn bill to upgrade homes if it is to hit green targets by 2030. All 33 boroughs have agreed a joint plan to cut emissions produced by the almost 4m domestic buildings across the capital by the end of the decade. London Councils is calling on the Government to announce the delivery of the £3.8bn social housing decarbonisation fund and £2.5bn home upgrade grant in the upcoming spending review. Boroughs also want new financial incentives to encourage private retrofitting, such as green mortgages offering lower rates and a variable stamp duty land tax for more energy-efficient homes. |
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Evening Standard (15/10/2021) |
Property values in the UK increased by 10.6% over the year to August 2021, up from 8.5% in July, according to the Office for National Statistics. The average house price was £264,000 in August 2021, £25,000 higher than the same time last year. In England, average house prices increased 9.8% over the year to £281,000, in Scotland 16.9% to £181,00, in Wales to £195,000 (a 12.5% rise) and in Northern Ireland to £153,000 (9.0%).
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Borrowers are on course to overpay their mortgages by a record amount this year. An average of £1.81bn of mortgage debt was overpaid each month from January to August - nearly a quarter more than the £1.46bn monthly average for 2020. If borrowers continue to make such repayments for the rest of the year they will overpay £22.2bn; nearly 20% higher than the record £18.6bn overpaid in 2007. According to research by Halifax, Britons should capitalise on overpaying their mortgages, as the £200bn boost in the UK's savings during lockdown could cut down thousands in interest and months off a term of a mortgage. Halifax has urged individuals to take a “once in a lifetime opportunity” to redirect their cash towards mortgage overpayments. |
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The Express (16/10/2021) The Sun (16/10/2021) The Times (16/10/2021) |
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House prices and rents set to rise, say surveyors |
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Daily Mail (13/10/2021) The Daily Telegraph (13/10/2021) The Independent (13/10/2021) The Times (13/10/2021) |
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A new scheme has been launched designed to make it easier for first-time buyers to buy a new-build home. Deposit Unlock, a joint initiative from the Home Builders Federation and the insurer Gallacher Re, aims to encourage lenders to offer more flexibility. A pilot involving Newcastle Building Society and a handful of homebuilders has been running in the northeast, and the scheme is set to go live next month. With Deposit Unlock the housebuilder will pay to insure the mortgage, making it a less risky deal for the lender. According to the Home Builders Federation, 17 housebuilders, which together account for about 60% of all new homes, will be involved, and more lenders are expected to join. |
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The Sunday Times (10/10/2021) |