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1st September 2017
House price growth slowed to 2.1% year-on-year in August, from 2.9% in July, amid fears Brexit-fuelled inflation is placing pressure on household spending, data from Nationwide reveals. Property values fell for the first time since May, down 0.1% month-on-month to an average of £210,495, compared to growth of 0.2% in July when the typical price hit £211,671. The number of mortgages approved for house purchases fell to a nine-month low of £65,000 in June. However, property prices are still predicted to rise by 2% in 2017.
The Daily Telegraph (29/08/2017)
1st September 2017
Two leading economists have warned that climbing house prices could see the average value hit 15 times the average income. Imperial College professor David Miles, a former member of the Bank of England's Monetary Policy Committee, and colleague James Sefton have published a report saying the cost of housing relative to wages will rise by about 40% over the next 50 years, adding: “over the 50 years after that, housing costs double relative to wages.” The report, published by the Centre for Economic Policy Research, suggests that renting may become far more prevalent, with more people owning small stakes in homes through pension funds.
The Mail on Sunday (27/08/2017)
25th August 2017
Housing provider Peabody is offering to pay stamp duty for those purchasing homes at its award-winning Merchants Walk development situated within the Olympic regeneration development at Bow. Lisa Crush, head of sales at Peabody, said: “Peabody is extremely pleased to offer this initiative to prospective purchasers at Merchants Walk. By eliminating stamp duty for first time buyers, we are offering potential homeowners the chance to buy in a well-connected Zone two location without the added stress of coming up with these costs that could make or break a purchase.”
25th August 2017
The Evening Standard takes a look at homes, schools and transport links in Plumstead, which it says stands to profit from Crossrail and 900 new homes. The arrival of Crossrail in December next year at nearby Woolwich will mean residents who either walk or catch a bus to the new station in the Royal Arsenal development will be able to cut the journey time to Canary Wharf to eight minutes, to Liverpool Street to 14 minutes and Bond Street to 22 minutes. The town centre in the area between the station and Belmarsh prison is to see 900 new homes, part of housing association Peabody’s long-term plans for its Thamesmead estate.
Evening Standard (21/08/2017)
25th August 2017
East London boroughs are the best performers in a London market which is facing headwinds, reflected in an annual rate increase of just 1.6%. Hackney leads the way with an 8.9% annual uplift while Redbridge (7.7%), Bexley (5.7%) and Greenwich (5.7%) are other notable hotspots.
25th August 2017
Ten out of 14 economists surveyed by Bloomberg News believe that house prices in London will probably be stuck in neutral for some years. Philip Rush, chief economist at Heteronomics, says the “difficult” political environment since Brexit and increased stamp duty may put further pressure on home values. Pantheon Macroeconomics economist Samuel Tombs adds that Brexit’s impact on the economy as well as uncertainty over how many jobs will leave the financial district will weigh on the market until exit negotiations are complete.
The Independent (23/08/2017) The Times (23/08/2017)