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A new report reveals that rent in London is the most expensive in Europe and the fourth most expensive in the world. The report by global mobility experts Employment Conditions Abroad International found London's average monthly rent for a three-bedroom home came in at £5,187. Manchester has the most expensive rental accommodation in the UK outside of London, at £1,844 per month, while Birmingham has seen the biggest spike in rental costs across the UK, increasing by £110 per month since 2018.
Evening Standard (14/03/2019)
Mortgage rates have dropped by almost 50% since the financial crisis, according to Moneyfacts. The report found the average two-year fixed rate home loan has fallen from 4.79% in March 2009 to 2.49% today, with the average five-year fix also down by 2.73 percentage points. “It would have been difficult to predict 10 years ago that we would ever see mortgage rates at historic lows and product numbers at record highs, with providers now vying to compete for new business across most loan-to-value tiers,” said Darren Cook, finance expert at Moneyfacts.
Daily Mail (20/03/2019) The Daily Telegraph (20/03/2019)
Homeowners paying off mortgages into their 70s is expected to become the "new normal" as more than half of loans can now be extended over 40 years. Data compiled by Moneyfacts shows 51% of mortgage deals available on the market are available over a maximum repayment period of 40 years, up from 36% in 2014. By contrast just 3% of deals require borrowers to repay within 25 years, down from 7.5% in 2014. Moneyfacts suggested that home loans are getting longer due to the sharp rise in house prices , and by choosing longer terms homeowners can afford to take out bigger loans, although they will be more expensive in the long run as more interest will be paid.
The Daily Telegraph (18/03/2019)
The Times sets out the reasons how Canary Wharf is earning a new reputation as a residential hotspot – a far cry from its image as a dull and soulless financial hub. On weekends, this part of town is now bustling with shoppers, diners and drinkers who like being by the river, with the waterfront promenade at West India Quay a particular favourite. Wood Wharf, which will host the first homes to be built on the actual Canary Wharf estate, will feature a number of independent shops, along with an outpost of the Arts Club and a trendy NoCo hotel. Pan Peninsula, Dollar Bay and No 1 West India Quay number among the area’s new apartment blocks, although they are far from the only options; Burrells Wharf Square has flats in old warehouses from £300,000, and there are pockets of period terraces all around the Isle of Dogs, where three-bedroom houses start at £700,000. All are well-connected, with Westminster just 11 minutes away on the Jubilee Line, and the City a similar duration on the DLR. Additionally, Liverpool Street will be just six minutes away, when the Elizabeth Line opens.
Ballymore, the owner of the Wardian London development in Canary Wharf is seeking a High Court injunction preventing “persons unknown” – such as urban explorers and high-rise climbers – from trespassing on the site. Thrill-seekers might seek instead to try their hand at nearby Landmark Pinnacle, Europe’s tallest residential tower at 784ft and 75-storeys. The 27th floor offers one route of access to the top; it is being turned into an urban park, with 8,700sq ft of green space. The very top of the tower features two landscaped roof terraces with sofas and loungers, an all-weather lawn and a residents' bar and kitchen for special events. Landmark Pinnacle’s 752 apartments are priced from £542,750.
Evening Standard (12/03/2019)
Modular home developer Project Etopia has advised that London is running short of homes available under the Government’s Help to Buy scheme, with developers unable to keep pace with demand. Only 1,619 properties in the capital remained eligible for funding under the scheme last month, down almost two thirds from 4,535 at the end of 2017. Joseph Daniels, chief executive of Project Etopia, said: “Only rapid house building on a large scale and innovative ideas will prove to be a lasting antidote”.
Evening Standard (12/03/2019)