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Barclays has cut how much it will lend via mortgages to new customers and those already part way through the application process. Experts said lenders have become increasingly nervous about unemployment – fearing a sharp rise in redundancies and a fall in wages when the Government's furlough scheme comes to an end in October. As a result, Barclays has slashed how much money it will lend to a mortgage applicant as a multiple of their income. Buyers can now only get a mortgage 4.49 times their annual salary, down from 5.5 times. Meanwhile, HSBC has pulled its mortgages for first-time buyers with small deposits because it could not cope with demand. It was the only big lender to offer 10% deposit mortgages throughout the COVID-19 pandemic.
The Daily Telegraph (04/09/2020) The Times (04/09/2020)
The Prime Minister has proposed that London could be given a partial exemption from new planning laws as he seeks to gain support for the changes. Boris Johnson is understood to have said that the capital could be offered a “carve-out” from some measures after warnings that the reforms risked “destroying suburbia”. Mr Johnson had suggested London could be exempted from the new measures that will allow people to build two-storey extensions without full planning permission. Downing Street sources denied that any explicit offer of a “carve-out” had been made but acknowledged there had been a discussion around the issue.
The Times (05/09/2020)
The number of £1m-plus homes sold subject to contract in August was more than double that of the same month last year, suggesting a strong post-lockdown recovery in higher-value housing.
Financial Times (04/09/2020)
Aspen at Consort Place, a so-called vertical village of 496 homes, has been designed to be inviting to families who may otherwise be deterred by Canary Wharf’s image as a business district bereft of child-friendly amenities. The main 65-storey tower – an elegant three-petal design that creates six corners and gives the apartments stunning double-aspect views – includes a games room and play areas on the first floor, while below at ground-level is a health centre, education space, and community hall, along with shops, restaurants and cafés. Further up the tower is a spa, gym, pool and sky bar, along with business suite, screening room and private dining room. Prices start from £554,500.
Evening Standard (28/08/2020)
Figures from Nationwide show that house prices have hit an all-time high, with the average home now worth £224,123. Prices rose by an average of 2% in August, the biggest month-on-month increase since February 2004 as values saw a post-lockdown surge. Year-on-year, prices have risen 3.7% compared to August 2019. The analysis also reveals that demand is 34% up on August last year. With property prices reversing losses recorded in May and June, Nationwide chief economist Robert Gardner said: “The bounce-back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.” Separate data from Zoopla show that housing market activity is running at its strongest pace in over half a decade, with agreed sales in August up 76% against the five -year average.
Daily Mail (02/09/2020) BBC News (02/09/2020) City AM (02/09/2020) Financial Times (02/09/2020)