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As Britain commences its transition period from the EU, the Metro considers how the move might affect house prices. Caroline Westbrook writes that, given that the UK will still abide by EU regulations until the end of the transition period on December 31st 2020, little is likely to change immediately. However, if the UK fails to strike a deal with the EU by the current end date and the transition period is not extended then the country would revert to WTO rules on trade and security. A scenario like that could potentially impact the likes of house prices and exchange rates, adds Ms Westbrook. Elsewhere, The I spoke to property expert Henry Prior, who believes that Brexit could bring the market back to life: "Some of that uncertainty will have lifted to a degree now that the outcome is clearer”, he said. However, he added that the confidence boost people feel when reading reports of a "bounce" can actually have a detrimental effect. “Sellers are increasing their expectations, to their estate agents' frustration and annoyance, turning down a perfectly good offer which four weeks earlier they would have accepted".
Metro (01/02/20) I (01/02/20
British Land is seeking to sell a stake in its £3bn regeneration project in Canada Water. Morgan Stanley, the American investment bank, and JLL are running the sales process. British Land has consent to build up to 3,000 homes, two million sq ft of workspace and a million sq ft of retail, leisure and community space. It is understood that the size of the stake up for sale has yet to be finalised. British Land will continue to lead the project and Southwark Council has a 20% interest.
The Times (03/02/20)
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)