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A Chinese property developer has threatened to stall further investment in a £1.7bn regeneration project at London’s Royal Albert Dock until there is certainty around the outcome of Brexit. Advanced Business Park says it is reviewing the future of the scheme, its first development outside China, after being hit by slow sales and lettings activity caused by uncertainty around Brexit. Chairman Xu Weiping said that the company's board "will not make a decision so easily about continuing to invest" in the next phase of the project: "They will need to further assess the future development of the UK."
The Times (09/09/2019)
The cost of moving home in the UK has reached a record £10,414, rising to £24,585 in London, a study by conveyancing firm Reallymovingreveals. Homeowners pay stamp duty of £4,625, estate agent fees of £3,356, £1,490 for conveyancing, £408 in surveys, £480 to a removal firm and £55 on an energy performance certificate. However the sum is less for first-time buyers, who dodge some fees such as stamp duty, and pay £1,613 on average and £5,684 in the capital.
Daily Mirror (11/09/2019) The Sun (11/09/2019)
A shortage of homes propped up the housing market in August, despite Brexit worries putting the brakes on sales according to Halifax. Figures from the lender showed that house prices edged up by 0.3% last month, compared to July. However, when compared to the same month last year, prices only rose by 1.8% - compared to a 3.4% increase expected by analysts. Halifax said the average house price was £233,541, compared to £229,317 a year ago.
BBC News (06/09/2019) Daily Mail (06/09/2019)
Halifax has followed other lenders, such as Barclays and Lloyds Bank, in offering 100% mortgages loans to customers who have parental support. It has launched a new mortgage which does not require prospective first-time buyers to have a deposit of their own. Instead, parents are asked to save the equivalent of a 10% deposit in cash with the bank. By saving in this linked account, their children will be eligible for a Halifax Family Boost mortgage, a three-year fixed-rate deal at 2.9% that comes with cashback and no fees.
The Daily Telegraph (12/09/2019)
Average house prices remained flat month on month in August, the latest Nationwide’s House Price Index shows, though the annual rate of property price growth nudged up to 0.6%, compared with 0.3% in July. It is the ninth month in a row that annual house price inflation has remained below 1%. The average UK house now costs £216,096, according to Nationwide, £1,567 less than a month ago. The building society warned that Brexit uncertainty is weighing the market down. “In the near term, healthy labour market conditions and low borrowing costs will provide underlying support, though uncertainty is likely to continue to exert a drag on sentiment and activity,” Robert Gardner, Nationwide’s chief economist, said.
City AM (30/08/2019) The Daily Telegraph (30/08/2019)
London home buyers are prepared to pay a 9.4% premium on a house located no more than 500 metres away from a station, according to Nationwide. That amounts to approximately £42,900 based on average London house prices. In comparison, a premium for a property half a kilometre from a station in Manchester stands at 7.8%, and falls to 3.8% in Glasgow. Nationwide suggests that “this probably reflects the greater reliance on public transport in the capital.” Average house prices in London are most expensive near the Circle line (£801,000), while TfL rail serves the least costly homes (£359,000).
City AM (32/08/3029)