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Myriam Toua in the Sunday Express analyses the property market and price activity since the sector reopened after the coronavirus lockdown. Provisional HMRC data shows that more than 70,000 properties were sold throughout July, marking a 14.5% increase on June – but data on prices has yet to show clearly whether there has been an increase. Nationwide’s July property index, which is based on mortgage lending, reported a 1.7% month-on-month increase, while Halifax reported a 1.6% increase. While the Chancellor has introduced temporary cuts to stamp duty, HMRC says the move is unlikely to impact on buying figures until late August or early September.
Sunday Express (30/08/2020)
Analysis by Legal & General and economics consultancy CEBR shows that 23% of home purchases this year will be backed by the bank of mum and dad - up from 19% in 2019. It is predicted that family and friends will lend about £3.5bn to loved ones this year - down substantially from the £6.3bn they lent in 2019. Those able to assist will lend an average of £20,000 towards a deposit on a home, said researchers. According to the study, 19% of all home purchases in 2019 were funded partly or wholly by friends and family. In 2020 that figure will rise to 23%, it said. The data also showed that 24% of homebuyers said they were now more reliant on financial support from the bank of mum and dad following the pandemic.
The Guardian (31/08/2020) Daily Mail (31/08/2020) The Independent (31/08/2020)
Proposals for a £3m “vertical village” in east London have been approved by Jules Pipe, London’s deputy mayor for planning, in a move that overrules Newham Council’s rejection last year. The 40-acre Thameside West site, co-owned by the GLA and Keystone London, will eventually host more than 5,000 homes and a new DLR station; the waterside project will also include offices, shops, bars, restaurants, a new primary school and around six acres of open space, including a riverside park directly below the path of the Emirates Air Line cable car. Keystone chief executive Max James said that work will begin shortly, with an anticipated finish date of February 2031 pencilled in. The DLR station should be open in 2023.
Evening Standard (25/08/2020)
July saw a jump in property sales, according to official data, but levels were still well below those seen last year. Figures from HM Revenue & Customs showed that there were 70,710 sales in July, up 14.5% on June. The market was boosted due to pent-up demand with no property transactions taking place during lockdown. However, sales were still 27.4% lower than last July. July's figures do not incorporate the expected "mini-boom" in transactions following the Government's cut to stamp duty announced on July 8. The HMRC numbers only show completed sales.
The Daily Telegraph (21/08/2020) The Times (21/08/2020)
The Times’ Kate Palmer reports on fresh hurdles for first-time buyers as lenders attempt to limit the number of risky borrowers on their books. Banks and building societies are declining mortgages to those with deposits gifted by family members, buyers with small deposits and those who have been furloughed or work in sectors at high risk of job cuts, for example. UK Finance, the trade group for the banking sector, says lenders fear the ability of borrowers to keep up repayments in the future and are factoring in a sharp fall in house prices next year. Palmer says landlords are also facing restrictions, with banks favouring properties with high efficiency ratings and limiting lending to portfolio landlords.
The Times (21/08/2020) Daily Mail (21/08/2020
A survey has revealed that millions of people who arrange property viewings just want to get a look at the home of someone they know. Friends, family, co-workers and even ex-partners have been granted access by an estate agent to wander through a property in person. The survey by Direct Line Insurance calculates that 4.5m people have viewed the home of a relative when it's up for sale, 3.9m have taken a tour of a friend's property, and a similar number have checked out a neighbour's. Meanwhile, 22m people have used a property website to snoop on the home of someone they know. The top three motivations for having a peep at other people's homes online are to find out the value of other properties in the area, nosiness, and people wanting to see what they can afford.
Daily Mirror (25/08/2020)