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The Telegraph’s Laura Miller looks at the realities of buying a property with a friend, noting that with prices rising and deposit requirements often proving a challenge, pooling resources can be a way for young buyers to get a foot on the ladder. Catherine Beaumont, of consultancy London Money, says would-be co-buyers should ensure they seek legal advice over a declaration of trust; consider the credit risks involved and look to shorter-term fixed rate loans “so you aren’t tied in for too long, facing an early redemption penalty to pay should things change.” “A mates mortgage should be carefully considered,” she adds.
The Daily Telegraph (19/08/2018)
The FT looks at housing strategies from London mayor Sadiq Khan, who says the annual rate of housebuilding in the capital needs to rise by around 70%.
Financial Times (19/08/2018)
The number of houses being bought and sold edged further down last month, with residential transactions 3.2% lower in July 2018 compared with the same month last year, according to the latest HMRC data. Deals also fell 0.8% from June to July, with 99,270 residential transactions reached.
Daily Mail (21/08/2018)
Linden Homes has completed the transformation of a listed Victorian infirmary in Bow. The walled St Clements estate on the Mile End Road has been converted into a 252-home development, a mix of new-build flats and refurbished properties, with 39 apartments in the old clocktower. The site backs onto the Tower Hamlets Cemetery Park nature reserve, and is within walking distance of the Central Line. Prices start at £489,995.
Evening Standard (16/08/2018)
House price growth slowed to its lowest annual rate in five years in June, driven by the slowdown in the south and east of England, especially in London. Average UK house prices increased 3% in the year to June, down from 3.5% in May, according to the Office for National Statistics (ONS), which said the average price of a UK home was now £228,000. In London, house prices dropped 0.7% in the year, the lowest annual growth rate since September 2009 when they fell 3.2%. Jeremy Leaf, former RICS residential chairman, said: “House price growth outside of London is being supported by a continuing shortage of stock whereas the capital and the south-east can’t hide behind this excuse any longer".
Financial Times (15/08/2018) The Guardian (15/08/2018)
The number of first-time buyers in Britain is at its highest for 12 years, despite the national average deposit being over £33,000. This is the third consecutive year that first-time buyer numbers have topped 150,000 in Britain, more than double the record low of 72,700 in the first half of 2009 following the financial crisis. First-time buyers now make up 51% of all mortgage applications, according to data from Halifax. Assistance from the “Bank of Mum and Dad” played a big part in helping buyers get a deposit together, with separate figures from the ONS showing more than a third of new buyers received financial help from parents either as a gift of money or a loan. Data also revealed that eight out of the 10 most affordable local authority districts for first-time buyers are in Scotland, while the 10 least affordable are in London. With the average starter home in the capital now costing almost £420,000, first-time buyers in London are now putting down deposits of £114,952, according to the Halifax, enough to buy outright a three-bedroom terrace house in Scarborough, North Yorkshire, or a two-bedroom cottage in the Midlands.
The Daily Telegraph (10/08/2018) The Times (10/08/2018) Evening Standard (15/08/2018)