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Halifax’s latest house price index shows prices were flat in June, climbing just 0.3% when compared to those recorded in May. The average price of a home in June was £225,654, marking a 1.8% increase on June 2017’s £217,620. This increase fell just short of the 1.9% year-on-year growth seen in May. Comparing quarterly averages, prices between April and June were 0.7% lower than those in the second quarter of 2017. Russell Galley, Halifax’s managing director, said: “Activity levels, like house price growth, have softened compared with the final months of last year”, but added a continuing shortage of properties for sale should keep prices rising.
The Daily Telegraph (06/07/2018)
New figures from UK Finance, the banks' industry body, show that strong remortgaging activity drove lending for home purchases in May. Some 36,000 remortgages were completed in the month, 7.1% up year-on-year. First-time buyer mortgage completions rose by 8.1% to 32,200 compared with May last year, with the total value of lending rising 12.5% to £5.4bn. There were also 31,100 new mortgages completed for homemovers, up 4.4%. Meanwhile lenders issued £700m of buy-to-let mortgages in May, down 22.2% compared with the same month a year earlier. The total number of mortgages issued for BTL properties was 5,500, down 9.8% year-on-year.
The Times (12/07/2018) City AM (12/07/2018) The Guardian (12/07/2018)
The Bank of England should freeze UK house prices for five years to help prevent another financial crisis, according to the Institute for Public Policy Research. The think tank has urged the BoE to introduce a separate new inflation target, arguing that this could lead to house prices falling by around 10% in real terms as other prices and wages continue to rise, making homes more affordable. Under the proposals, house prices would be allowed to increase "only after expectations of constantly rising house prices have been 'reset'".
The Independent (09/07/2018)
NU Living has launched a selection of one-,two- and three-bedroom apartments in Station Square at Blackwall Reach, just a 15-minute walk from Canary Wharf. The scheme, the first phase of the developer’s ongoing project to regenerate the former Robin Hood Gardens estate, will ultimately host 1,575 homes, with 50% for private sale and the rest designated as affordable housing. The buildings have been designed with sustainability in mind, and included bio-diverse roofs, and a centralised boiler system. The apartments housed within feature fitted kitchens with fully-integrated appliances, underfloor heating, private balconies, access to winter gardens, and a 24-hour concierge service.
The Wharf (03/07/2018)
Elsewhere in East London, a family show home at Royal Docks West in Newham is now ready for viewings. The launch is part of the first collection of homes in a 19-storey tower developed by Mount Anvil, located just three minutes from Custom House DLR station, where the Elizabeth Line will stop when it opens in December.
City AM (29/06/2018)
Mortgage lenders are being forced to take greater risks as property transactions slump because buyers cannot afford sky-high prices. Nick Morrey from mortgage broker Charcol, said lenders cannot cut lending margins further so are allowing higher income multiples, lending at higher loan-to-values or easing affordability checks. Mortgage broker Trussle's CEO Ishaan Malhi added that lenders are targeting more non-traditional borrowers such as the self-employed, while some are accepting alternative forms of income, such as rent payments, lodgers and state benefits.
Sunday Express (30/06/2018)