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To stem the London housing crisis, Robert Colvile, director of the Centre for Policy Studies think-tank, outlines a plan called Help to Own, whereby any landlord who sells to their tenant would get a capital gains tax rebate worth around a third of their tax bill - £10,000 for an average sale. The other two thirds of the tax rebate would go to the tenant, he suggests, as a contribution towards a 10% deposit to help them buy a home. Since 1997, Colville adds, the number of private rental households has more than doubled, from 2.1m to 4.7m, and he argues that his approach would be better than starting "a war on landlords."
Evening Standard (11/02/2019)
A planning application has been lodged to build a pedestrian and cycle bridge connecting Canary Wharf and Rotherhithe. The proposed design would create the longest bascule bridge in the world, an elegant, wishbone-like structure that opens to allow tall ships to pass through. Southwark Council’s masterplan comprises more than a dozen individual projects, including a skyscraper by renowned architect David Chipperfield.
Evening Standard (04/02/2019)
House prices saw their steepest monthly decline since April last month, as the property market continues to suffer from Brexit uncertainty. House prices dropped by 2.9% in January, following a 2.5% increase in December, leaving national average prices at £233,691, according to the latest figures from Halifax. The mortgage lender added that price growth was likely to “remain subdued in the near term”.
The Daily Telegraph (07/02/2019)
House prices in UK cities are outpacing wage growth by 11%, according to Lloyds Bank, which found that the ratio of average prices across 62 cities to average city earnings has reached 7.2, the highest level since 2007. The new report reveals that the average house price has risen over 37% from 2013 to its highest ever level of £248,233 in 2018. Greater London is the fifth least affordable UK city, with average house prices of £503,000 now 10.3 times the average earnings of £48,604.
The Mail on Sunday (03/02/2019) City AM (03/02/2019)
UK construction sector growth slowed to its lowest level in 10 months in January, prompting warnings that the industry could slip into recession in the event of a "no deal" Brexit scenario. IHS Markit's purchasing managers’ index slipped to 50.6 in January, down from 52.8 in December and just above the 50-mark that divides growth from contraction. Homebuilding was the strongest sector, in a potential reflection of the state support provided by the help-to-buy scheme for first-time buyers. Duncan Brock, group director at CIPS, warned that the construction sector “only needs a small nudge to tip it closer to recession”.
The Times (05/02/2019) The Guardian (05/02/2019)
Failing to shop around for a mortgage can leave homeowners paying an extra £550 a year, the Financial Conduct Authority has warned, estimating that around 1m are overpaying on their mortgage. The regulator said consumers struggle to find the best value among more than 7,000 mortgages on the market, and estimates that 30% of customers could have found a cheaper deal just as good as the one they agreed to.
Daily Mail (01/02/2019)