5th May 2017
UK house prices dipped 0.4% in April, the second consecutive monthly fall recorded in the Nationwide house price index – however the building society is still predicting prices will rise by 2% over the year. Meanwhile, the annual rate of growth slowed to 2.6%, the weakest since June 2013. The average cost of a home is now £207,699, with the typical house price at present 6.1 times higher than average earnings. Nationwide's chief economist Robert Gardner added that although house price growth has softened, “activity has remained broadly stable, with mortgage approvals for house purchase fairly steady at a respectable 68,000 per month”.
The Times (28/04/2017)
5th May 2017
Bank of England figures show mortgage approvals fell for the second month in a row - despite lenders stepping up their offers to borrowers. A total of 66,837 mortgages were approved for home purchases in March, down 1.6% on the previous month. The figure marks the lowest level since September 2016. Some £20.9bn of loans were sanctioned in March, down from £21.1bn in February. Former Rics chairman Jeremy Leaf said: "The market is behaving quite cautiously, partly to do with Brexit and the general election, with people very nervous about taking on extra debt unless they are sure about the outcome."
The Daily Telegraph (04/05/2017)
5th May 2017
UK parents are set to contribute towards 26% of property transactions in the UK this year – or 298,000 deals. In total, parents will pay over £6.5bn to help their children buy a home in 2017, up from £5bn last year, according to a report by Legal and General and the Centre for Economics and Business Research, with the average contribution rising from £17,500 to £21,600. This makes the “Bank of Mum and Dad” equivalent to the ninth largest mortgage lender in the UK, Yorkshire Building Society.
The Daily Telegraph (01/05/2017)
28th April 2017
Galliard Homes has launched its Orchard Wharf development, a 338-home project located between Canary Wharf and Royal Docks, set around a centrepiece 23-storey tower. The one-, two- and three-bedroom homes, duplexes and penthouses range from 470sq ft to 1,679sq ft in size, and all have either private balconies, terraces or gardens, most of which feature a view of the Thames. Designed by BUJ Architects, the properties feature floor-to-ceiling windows with dark metal frames, along with fully-fitted kitchens with integrated Smeg appliances, underfloor heating, and white bathroom suites. Prices start at £399,000.
The Wharf (20/04/2017)
28th April 2017
London Mayor Sadiq Khan is to subsidise ultra-basic "naked" homes which will include no partition walls, no decoration and offer only basic plumbing. These will sell for up to 40% less than standard new-builds, with prices expected to range between £150,000 and £340,000 – compared to the average London asking price of £580,000. The freehold will be retained by the council and owners will pay ground rent. Mr Khan commented: “Community-led housing offers the chance to build new homes that Londoners want to live in”.
The Guardian (24/04/2017)
28th April 2017
The number of properties for sale has reached a record low, according to the National Association of Estate Agents. It says there were an average of 39 homes for sale per estate agent branch, compared to 44 in February - the lowest figure the NAEA has recorded for the month of March since it started measuring it in 2002. Annually, supply is down 28%, with ten house hunters currently chasing each available property, NAEA said.
The Times (27/04/2017)