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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)
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)