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Last year, Government schemes such as Help To Buy and improved competition in property prices paved the way for the highest number of first-time buyers since 2006. Data from UK Finance reveals there were 370,000 new first-time buyer mortgages completed in 2018, a 1.9% rise on 2017. It is also above the 367,800 mortgages purchased by movers last year, which is barely half the level seen before the credit crunch. The average buyer took on a mortgage with a deposit of just 15%, the smallest proportion since 2008. Loans are also growing compared to incomes, with the median mortgage worth 3.64 times the borrower’s annual income - a record high, up from 3.27 times a decade ago.
The Daily Telegraph (19/02/2019) The Times (19/02/2019)
London developer TelfordHomes has announced plans for a £160m 1.2 acre housing site in Stratford, with up to half allocated as subsidised affordable housing. The 1.14-acre site is expected to deliver around 380 homes. Boss Jon Di-Stefano said: "We have enjoyed considerable success in Stratford developing more than 1,750 homes in the area over the last twelve years. This site is really well located next to the International station and Westfield, and is an excellent addition to our development pipeline."
Property Week (11/02/2019) City AM (11/02/2019) The Daily Telegraph (11/02/2019)
Writing in the Telegraph, Communities Secretary James Brokenshire has revealed £250m of new housing deals to build almost 25,000 properties. He says the Homes England housing accelerator will deliver more than 10,000 properties on Ministry of Defence sites. Other initiatives include £78m in loans released in London to build 1,500 properties - including 450 affordable homes - in the Queen Elizabeth Olympic Park. Mr Brokenshire also writes of the importance of quality housing being built, with standards to be monitored by the introduction of a New Homes Ombudsman.
The Daily Telegraph (13/02/2019)
Increases in stamp duty have caused a slowdown of the housing market, the Bank of England has warned. Increased taxes for expensive properties and second homes put in place by former Chancellor George Osborne have put off potential buyers, the Bank’s economists said. “The London market has probably been disproportionately affected by regulatory and tax changes,” a report from the bank stated.
Daily Mail (08/02/2019)
To stem the London housing crisis, Robert Colvile, director of the Centre for Policy Studies think-tank, outlines a plan called Help to Own, whereby any landlord who sells to their tenant would get a capital gains tax rebate worth around a third of their tax bill - £10,000 for an average sale. The other two thirds of the tax rebate would go to the tenant, he suggests, as a contribution towards a 10% deposit to help them buy a home. Since 1997, Colville adds, the number of private rental households has more than doubled, from 2.1m to 4.7m, and he argues that his approach would be better than starting "a war on landlords."
Evening Standard (11/02/2019)
A planning application has been lodged to build a pedestrian and cycle bridge connecting Canary Wharf and Rotherhithe. The proposed design would create the longest bascule bridge in the world, an elegant, wishbone-like structure that opens to allow tall ships to pass through. Southwark Council’s masterplan comprises more than a dozen individual projects, including a skyscraper by renowned architect David Chipperfield.
Evening Standard (04/02/2019)