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Mortgage approvals hit their highest level in nearly two-and-a-half years in December, according to Bank of England data. Figures from the Bank of England show that the number of mortgages approved last month jumped to £4.6bn, some £400m more than the average for the previous six months. The figures suggest a precursor to the 'Boris Bounce' described by estate agents in the weeks following the election, which saw an uptick in the number of buyers and sellers coming to market. “Mortgage approvals in December were highly likely significantly lifted by increased confidence and reduced uncertainties among housing market participants following the decisive general election result,” commented Howard Archer, chief economic advisor to the EY Item Club.
Daily Mail (01/02/20) The Independent (01/02/20) The Times (01/02/20)
The number of new homes registered for construction in Britain last year reached the highest level since 2007. New home registrations rose by 1% in 2019 to 161,022, the National House-Building Council (NHBC) said. London was the strongest performing region, with new registrations up 37% in 2019, while the figure went down in all other parts of the UK except central and eastern England, and Scotland. Official data showed a 2% increase in total construction, which includes commercial and infrastructure projects and maintenance, as well as homes. The number of affordable or rental homes rose 13% to 48,936, while the build-to-rent sector registrations were up 57% compared to 2018. Some 150,436 homes were completed last year, up 0.5% from 2018.
Daily Mail (05/02/20) The Guardian (05/02/20) The I (05/02/20)
Rockwell and FirethornTrust have secured planning for their redevelopment of Quay House in Canary Wharf – a 40-storey project that will deliver 279 serviced apartments and a 400-bedroom hotel, alongside dockside leisure facilities. Donal Mulryan, founder of Rockwell, added: “The opportunities for local people and businesses are substantial with 172 full-time jobs once operational, 300 jobs during construction, and a contribution of £34m per year to the local economy through visitor spending alone”. Work on the site is expected to start on site later this year.
Property Week (24/01/20)
The area around the former Boleyn Ground, long-vacated by West Ham United, has seen a spate of developments in the years since. One of those, L&Q’s The Forge, offers first-time buyers the chance to get on the housing ladder for less than £100,000. Designed as a series of low-rise blocks clustered around communal gardens and courtyards, all homes have a private balcony or terrace. A 25% share of a two-bedroom flat can be had from £92,500, while a 25% stake in a three-bedroom home is available from £111,250. Nearby, the Boleyn Ground is being transformed into a development of 842 homes plus community facilities including a library, play areas and shops, which buyers at The Forge will be able to use.
Evening Standard (28/01/20)
Annual house price growth rose 1.9% in January to £215,897, according to Nationwide, up from 1.4% growth in December and the fastest annual growth rate in over a year. Separately, buyers of luxury London homes got less-generous discounts in the final part of 2019, according the Coutts London Prime Property Index, which said buyers in the £1m to £10m bracket got an average discount of 10.2% off asking prices in the three months to December 31, compared to a 12.7% discount in the same quarter a year earlier.
Financial Times (29/01/20) Evening Standard (29/01/20
First-time buyers have seen the cost of stepping onto the property ladder rise sharply in the past year, according to new research. The average price paid by a first-time buyer in Britain last year was £231,455, up 9% on a year earlier, while the average deposit increased by 7% to a record £46,187, according to Halifax. Despite the increasing costs, overall numbers of first-time buyers in 2019 were up around 1% to 356,767. Burnley, Lancashire is now the most affordable area for local first-time buyers - calculated by comparing average earnings to average house prices - producing a ratio of 3.1. Otherwise the majority of the top 10 most affordable areas are in Scotland and Wales. Halifax also looked back at the previous decade, finding that the volume of first-time buyer transactions has surged by around 84%, and grew from 39% to 51% of all home purchases during the period.
Daily Mail (25/01/20) The Daily Telegraph (25/01/20) Yorkshire Post (25/01/20)