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UK house price growth has hit a five-year low, according to the Office for National Statistics, with London weathering the lowest annual growth in the country at -1.7%. Annual growth in October was 2.7% in England, slowing from 3% in September, while average prices fell by 0.2% between September and October, taking the average UK house price to £231,000. The strongest annual growth (4.9%) was recorded in the North West, while growth in the North East dropped to -0.1%. The average house price rose annually in Wales by 3.8% to reach £161,000; by 4.4% in Scotland to £152,000; and 4.8% in Northern Ireland to £135,000. Industry experts blamed the tough climate on continued Brexit uncertainty. Landbay chief executive John Goodall added: “Combine this with the traditional seasonal slowdown, alongside historically low levels of transactions, and stagnant house price growth really is no surprise.”
Source: The Daily Telegraph (20/12/2018)
London is on course to end the year with house prices lower for the first time in a decade, as analysis by Hometrackshows prices in the capital have dipped by 0.1% over the past 12 months. The last time London house prices fell was during the financial crisis of 2008, when they tumbled 13.2%. While prices have since risen annually, Hometrack expects that to change, with a 2% fall forecast for next year. Its UK cities house price index shows house price inflation across Britain’s cities has fallen to 2.6%, with Bournemouth recording the sharpest annual slowdown, rising just 2.3% after recording gains of more than 5% the previous year. Only four cities recorded higher rates of house price growth than a year ago — Manchester, Liverpool, Cardiff and Newcastle – while Edinburgh is the city with the fastest price growth, at 6.6%.
Source: The Times (19/12/2018)
Riverside homes in London attract a price premium of 30%, according to data from Knight Frank. "Even in a depressed market, due to their position and scarcity, a frontline waterfront property will face strong demand," said Liam Bailey, global head of research at Knight Frank. Globally, however, London is ninth on the list of waterfront premiums – the highest premium worldwide can be found in Sydney, where waterside properties sell at 89% more than those inland.
Source: City AM (21/12/2018)
New research from Savills reveals that a four-bedroom house in London now costs almost £1m — an average of £990,000. The figures are based on the assumption that a London owner selling a three-bed home will have made £440,000 in equity over 10 years. "Even with equity, a leap from one London property size to another is enormous," says Sara Ransom, managing director of Stacks London Property Search. She explains that most areas of the capital suffer from a dearth of supply between a standard terrace and a much bigger house.
Source: The Sunday Times (16/12/2018)
Red Lion Court in Wapping, the first local warehouse refurbishment for over a decade, is helping Wapping to recapture its reputation for being London’s top spot for riverside living. The former grain store, located on the Thames beside a small park, has been converted to host 22 apartments, including penthouses with full-height glass walls and a roof terrace. Prices in the building, just a short ride away from Canary Wharf, start at £525,000 and rise to £1.4m.
Evening Standard (16/12/2018)
UK house price growth has hit a five-year low, according to the Office for National Statistics, with London weathering the lowest annual growth in the country at -1.7%. Annual growth in October was 2.7% in England, slowing from 3% in September, while average prices fell by 0.2% between September and October, taking the average UK house price to £231,000. The strongest annual growth (4.9%) was recorded in the North West, while growth in the North East dropped to -0.1%. The average house price rose annually in Wales by 3.8% to reach £161,000; by 4.4% in Scotland to £152,000; and 4.8% in Northern Ireland to £135,000.
The Daily Telegraph (19/12/2018)