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Writing in City AM, Mayor Sadiq Khan outlines his plan to build housing that “Londoners can actually afford”. “The housing industry must earn Londoners’ trust, and that will only come through talking to them about what they need from homebuilding – and actually listening,” writes Mr Khan, adding that “it’s vital that developers and home builders don’t lose sight of their social responsibilities, and redouble their efforts to make council, social rented and genuinely affordable housing their priority – with the needs of real Londoners at the forefront of their plans every step of the way.”
City AM (08/10/2019)
Brexit uncertainty has led to a steep drop in the demand for new homes, according to the Federation of Master Builders. Research from the FMB has revealed that consumer demand for new homes has fallen 8% over the last year to a six-year low. Small house building firms said current buyer demand is at 2.9 out of 5, down from 3.14 last year, and is expected to fall further to 2.75 next year. Almost half of small developers attributed the slump to a lack of consumer confidence. “Many prospective homeowners are clearly holding off buying until there is more political and economic certainty,” said FMB chief executive Brian Berry, continuing to say that he hoped the lull would be short-term and things would “pick up” after Brexit.
City AM (09/10/2019)
Mortgage lender Halifax has said house prices increased 1.1% in the year to the end of September, the slowest rate since April 2013. It added that for as long as economic uncertainty in Britain continues, price growth would remain "predominantly flat". The cost of the average home in September was down by 0.4% compared with August, at £232,574. House price growth has slowed since the Brexit referendum in 2016 - the Halifax index was showing growth of about 8% a year at the time - and prices have recently been falling in London. Russell Galley, managing director of Halifax, said: “We expect activity levels and price growth to remain subdued while the current period of economic uncertainty persists”.
BBC News (07/10/2019)
Mount Anvil is citing its latest Docklands development’s environmental credentials as a major selling point, with a quarter of the site, equivalent to 20 tennis courts, covered by green space, including raised lawns and wildflower meadows. Royal Eden Docks is situated just 109 yards from the Thames, offering panoramic views of Canary Wharf, the City of London, and beyond, with a rooftop running track and a “reflexology walkway”. It also actively promotes green transport options, with more than 1,000 cycle storage spaces, electric car charging points, and car club membership. Apartments at the development are priced from £355,000.
Evening Standard (01/10/2019)
Property giant British Land has been given planning permission for a £3.3bn project to create a new town centre in Canada Water, just across the Thames from Canary Wharf. Southwark Council approved the plans, which include 3,000 homes and will accommodate 20,000 jobs across a 53-acre site that includes a shopping centre, leisure park, the Printworks event venue and the former Dock Offices courtyard. Around 35% of the new homes will be considered affordable or for social rent. The project is expected to take 15 years to complete, with construction anticipated to start in the middle of next year. The scheme’s first phase includes a 34-storey tower.
Financial Times (01/10/2019) The Times (01/10/2019) City AM (01/10/2019)
House price growth in London is lagging behind the city average for the UK, edging up just 0.2% in August, compared to the 20 city average of 1.9%. However, data also revealed that mortgages for home purchases in London have been increasing slowly following the lower numbers seen since late 2014, suggesting that the decline in London housing sales has bottomed out. “We do not expect house price growth to increase but builders and agents in London will welcome any improvement in market activity,” the House Price Index report said. August was the first time since 2012 that no big city saw annual property growth rise above 5%.
City AM (27/09/2019)