020 7538 0102
25th August 2017
The number of homeowners moving to a new property dropped 2% to 171,300 in the first six months of 2017. This could harm the property sector by reducing the number of suitable houses entering the market, the latest Lloyds Bank Homemover Review warns. Its analysis shows homemovers now make up just 51% of all house purchases financed by a mortgage, compared to 64% a decade ago. The report also found that over the past five years, the average price paid by homemovers has grown by 41% from £206,122 in 2012 to £290,991 in June 2017. Deposits have also gone up 40%, from £68,663 in 2012 to £96,109 in June.
City AM (20/08/2017)
25th August 2017
First-time buyers took out 20% more mortgages in June than in May, according to HMRC figures. The increase has been put down to stamp duty changes which have deterred buy-to-let investors. At the same time, half of all property purchase valuations in July were for first-time buyers, according to new research from Connells Survey & Valuation. Figures have also revealed that the average first-time buyer is now taking out a mortgage equal to 3.59 times their salary – the highest on record, up from 3.28 five years ago. Experts say the reason is that house prices are rising faster than wages, meaning buyers need to take on bigger debts.
Daily Mail (22/08/2017)
25th August 2017
James Pickford in the Financial Times looks at how the property market has performed in the decade since the financial crisis. Prices in London have risen the most – by almost 80%, with prices in Hackney up over 120%.
Financial Times (18/08/2017)
18th August 2017
Revamped proposals for a 49-storey skyscraper at 225 Marsh Wall on the Isle of Dogs, south of Canary Wharf, have won the backing of Tower Hamlets planning officers, who are now recommending that councillors approve the scheme. A previous blueprint was rejected, on the grounds that it would be over-development of the site, and impact on the light available to neighbouring properties. The new plans lose seven floors from the original 56, while other design changes include a reduction in the stepping effect of the tower’s highest levels and a simplified podium design. The skyscraper now has no studio properties, while 50% of its homes are family-sized, meaning that they have three or more bedrooms, after the previous scheme was criticised for its lack of family-sized homes compared to the quantity of studio apartments.
Building (17/08/2017)
18th August 2017
Red Door Ventures, the developer owned by Newham Council, has been given the go-ahead to build 180 homes on land around Plaistow Underground station. The project, dubbed Plaistow Hub, is still subject to Section 106 approval, and a final green light from the GLA, will also include a gym, supermarket, cafe and neighbourhood centre which will provide a library and community facilities.
The Wharf (17/08/2017)
18th August 2017
London Mayor Sadiq Khan has announced plans that will force developers who fail to meet affordable housing requirements to make financial records public to show why they could not build more low-cost homes. He will also call on local authorities to have developers submit plans for scrutiny by city hall experts. Those that meet affordable housing thresholds will be granted a fast-track toward planning permission. Mr Khan said the plans are designed to avoid developers “unacceptably” reducing the number of affordable homes on site after planning permission is granted.
Daily Mail (16/08/2017)