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Rising house prices have delayed the age when British adults become homeowners by at least eight years since 1997, according to official figures. The Office for National Statistics said it now took until the age of 34 for more than half of the population to own their own home, compared to 26 in 1997. Over the period, house prices in Britain have skyrocketed by more than 270% - with a significant acceleration since the financial crisis a decade ago. The ONS study also revealed that the average home ownership age had been 28 as recently as 2007, meaning the bulk of the shift has taken place in the past decade. Factors exacerbating the housing issues facing millennials include the rising cost of entry-level property and the introduction of stricter mortgage lending rules, according to the ONS. Over the past 20 years, renting has also become more common across all age groups except the oldest, with the biggest change for those aged between 25 to 34 in 2018, with 55% renting, up from 35% in 1998.
The Guardian (18/02/2019) The Times (18/02/2019) The Daily Telegraph (18/02/2019)
New data has revealed a sharp drop in property transactions during the last three months. The average number of sales recorded by estate agents in November to January were an “unprecedented” 6% lower than the long-term average. The figures, by software platform Reapit, also found that property viewing dipped 5% during the period, while properties under offer were 8% lower than the long-term average. “Although house prices remain reasonably resilient, our research sheds light on the extent to which Brexit uncertainty has affected property transactions in the past three months,” Reapit chief executive Gary Barker said.
City AM (18/02/2019)
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)