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British banks approved lending for 40,541 house purchases in June, the highest since September last year and a 2.6% increase on May, according to UK Finance, which also said value of approved loans for house purchases had risen to over £8bn for the first time since February. A 3.4% year-on-year increase in remortgaging, the trade body added, made up for a 4.7% reduction in house purchase lending in June - compared to the same month last year.
City AM (25/07/2018) Daily Mail (25/07/2018)
Living the Docklands high life
Galliard Homes has unveiled two vast penthouses at the peak of Baltimore Tower, overlooking Millharbour Dock Basin, minutes away from Canary Wharf. The 45-storey tower has risen from the ruins of the London Arena; the two homes at the top have 2,622sq ft of internal double-height living space, along with expansive terraces offering majestic views of the capital’s landmark buildings. The interiors were designed by Nicola Fontanella, whose client list includes Madonna and Naomi Campbell, using water-like colours and natural finishes such as bronze, marble, leather and wood. The properties are priced from £3.85m, but for those with more modest budgets, other apartments in the building start at £695,000.
Evening Standard (19/07/2018)
Research shows that a drop in demand from individual buyers is seeing developers sell luxury London homes in bulk to corporate landlords, with 39% of London new-build sales in Q2 2018 bulk deals. The research from the Molior London consultancy notes that “the number of unsold new homes in London continues to rise beyond previous records".
The Times (18/07/2018) Financial Times (18/07/2018)
House prices rose at their slowest annual rate since 2013 in May, continuing the slowdown seen since the UK voted to leave the European Union. The Office for National Statistics said that average UK house prices rose 3% in the year to May, the slowest annual rate since August 2013, compared to 3.5% in April. The average house price in the UK was unchanged from April at £226,000, and stood at £479,000 in London, the most expensive region. The average fell 0.4% in the capital, while rising 6.3% in the East Midlands and 5% in the West Midlands. In the North East they were up 1.3%, in Scotland 4.9%, 1% in Wales. Economists at PwC said they expected London house prices to continue falling this year and next, while forecasting overall UK growth of about 3% per year over the next decade.
BBC News (18/07/2018) Daily Mail(18/07/2018)
Mortgage lenders are offering hundreds of pounds in cashback to lure borrowers, as with mortgage rates near record lows, it is difficult for them to attract new customers by pushing interest rates down farther. There are currently 1,202 cashback mortgages available, according to research from Moneyfacts, compared to 939 products in May last year. The average cashback sum is £360, but many lenders are offering £500 or £1,000.
The Times (13/07/2018)
The Canary Wharf Group has secured a £30m loan from Metro Bank, for a new private members club on its 97-acre site on the Isle of Dogs. The new club now plans to open in spring 2019, after securing a 60,000 sq ft site, which has been pre-let to the Arts Club Group. The club will be located on Middle Dock, and feature 17 guest rooms for club members and guests, as well as multiple restaurants and a roof terrace.
City AM (11/07/2018)