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A steep drop in property viewings has put thousands of estate agents at risk as coronavirus threatens to choke the housing market recovery, according to industry warnings. Mark Hayward, managing director of the National Association of Estate Agents, gave a bleak assessment of the rapidly deteriorating situation. “We’ve seen a marked reduction in viewings and enquiries, particularly in the last 10 days, with quite a rapid slowdown,” he said. Mr Hayward added: “Cash-flow is critical. If [estate agents] have been experiencing a tough time, and times toughen even further, there may well be some casualties.” Anecdotal evidence suggests viewings have dropped by over 50%. The sudden drop in interest is expected to crush the recovery in the housing market since the general election.
The Sunday Telegraph (15/03/2020)
The UK could be facing a 'second stepper' housing crisis, experts have warned, as the cost of moving to a family-sized home continues to rise. Land Registry data analysed by modular housebuilder Project Etopia shows that the price gap between the first and second rung of the UK property ladder has more than doubled since the financial crisis - and in some towns is as much as a 56% increase. Second steppers are those who currently live in their first home but are looking to move onto the next step of the ladder – often because their family is growing and they need more space.
Daily Mirror (13/03/2020) Daily Mail (13/03/2020)
All the biggest banks and building societies have agreed to give borrowers a holiday on mortgage payments if they are left struggling because of the coronavirus pandemic. RBS and NatWest will allow three-month mortgage holidays, as well as giving higher credit card limits to some. HSBC, First Direct and M&S Bank said that customers who had taken out personal loans could be given "breathing space" of reduced or deferred payments.
The Times (16/03/2020)
Linden Homes is offering a £15,000 cashback incentive on apartments in its 19-storey tower at Lime Quarter in Bow, either off the price or as a stamp-duty refund. Prices at the development, a stone’s throw from Devons Road DLR station, and a 15-minute walk to Canary Wharf, start at £432,000. Also adjacent to the Wharf is Bellway’s Explorer’s Wharf. Located at Limehouse Cut, the development has 184 warehouse-style apartments with either a projecting or an inset balcony. Prices range from £369,000 to £565,000.
Evening Standard (09/03/2020)
Sellar has been appointed to co-develop the 4.5-acre Canada Water Dock following the site’s sale to German property investor and developer Art-Invest Real Estate for £140m. The project includes existing consent for 1,000 residential units, including the 234 units completed in 2018. Sellar chief executive James Sellar commented: “London’s young innovators and creatives commute through Canada Water every day and its regeneration will create one of London’s most significant new urban centres where people will want to work, live and spend their free time.
Property Week (09/03/2020)
House prices continued to show signs of improvement in February, according to Halifax, but the bank issued a warning about the potential impact of the coronavirus outbreak on the property market later in the year. Prices rose 2.8% in the year to February, and 0.3% in the month, with the average property gaining £6,443 annually to reach a new record high of £240,677, according to the mortgage lender. The quarterly rate of house price inflation also rose to 2.9%. But Halifax managing director, Russell Galley, said: “Looking ahead, there are a number of risks, including the potential impact of coronavirus, which continue to exert pressure on the economy and we wait to see how these will affect housing market sentiment later in the year.”
The Times (06/03/2020) The Guardian (06/03/2020) The Daily Telegraph (06/03/2020)