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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)
New figures show that the UK’s construction sector reported its sharpest rise in output since November of last year. IHS Markit’s monthly purchasing managers’ index (PMI) came in at 53.1 in June, up from 52.5 in May and above the 50.0 no-change value for the third month in a row. Readings above 50 indicate growth. The solid performance, which saw the strongest rise in new orders since May 2017, was fuelled by a rise in commercial building, which has expanded at its fastest pace in four months, as well as the continued success of residential work which remains the best performing area of activity in the sector.
The Guardian (03//07/2018) Financial Times (03/07/2018)
New figures show that the UK’s construction sector reported its sharpest rise in output since November of last year. IHS Markit’s monthly purchasing managers’ index (PMI) came in at 53.1 in June, up from 52.5 in May and above the 50.0 no-change value for the third month in a row. Readings above 50 indicate growth. The solid performance, which saw the strongest rise in new orders since May 2017, was fuelled by a rise in commercial building, which has expanded at its fastest pace in four months, as well as the continued success of residential work which remains the best performing area of activity in the sector.
The Guardian (03//07/2018) Financial Times (03/07/2018)