020 7538 0102
12th May 2017
Uncertainty over the general election, changes to property taxes over the past three years and lack of stock is causing the housing market to “stagnate”, according to Rics. In a survey of more than 600 estate agency branches, it found the average number of homes on estate agents' books was close to record lows in April. A net balance of 4% of surveyors reporting a fall in new inquiries, while 9% recorded a drop in sales. However, 22% more surveyors reported a rise in house prices than those reporting a fall. In the northwest, 67% more surveyors reported higher prices. In areas such as London and East Anglia, however, "price growth has eased considerably".
Financial Times (10/05/2017)
12th May 2017
Property in prime areas of London is selling for an average of 9.1% lower than the asking price, new figures by property data tracker LonRes show.. It says 45% of properties were reduced in price before sale in the first quarter of this year, coinciding with a year-on-year drop of 26% in the number of properties sold last quarter. Higher rates of stamp duty and the levy on second homes caused the slowdown as buyers became more wary with their purchases affecting house prices, LonRes said. The number of properties withdrawn from the market was also up 15% as some vendors decide not to move rather than accept a lower than desired price.
City AM (10/05/2017)
12th May 2017
In the three months to April house prices fell 0.2%, according to Halifax, with prices down 0.1% over the past month. The dip in Q1 marks the first quarterly fall since November 2012. However, for the year to April, prices rose by 3.8% - the same increase as that seen in March. The figures show that the average cost of a home now stands at £219,649 - £2,541 lower than the peak recorded in December 2016. Martin Ellis, Halifax’s housing economist, said prices have “stagnated” in the last quarter while demand “appears to have been curbed” by a “deterioration” in housing affordability caused by “a sustained period of rapid house price growth” through 2014 to 2016. The Halifax report includes a poll on market confidence which saw 58% of respondents say they expect the average property price to rise in the next year, while 14% expect prices to fall.
The Times (08/05/2017)
5th May 2017
Mount Anvil, the developer behind the 31-storey Dollar Bay tower at South Quay on the Isle of Dogs, has unveiled its Royal Docks West development in Newham, just three minutes from Custom House DLR station. The 19-storey tower contains 105 studio, one-, two- and three-bedroom homes. Each apartment has its own balcony looking out either to the river, or towards Canary Wharf and the City; fully-integrated kitchens feature satin chrome ironmongery and timber effect luxury Amtico flooring, bedrooms offer full-height windows and fitted wardrobes, while bathrooms have small format wall tiles with feature terra cotta grouting and concealed shelving. Completions on the development, which will also be served by the Elizabeth Line, is scheduled for autumn or winter 2018; prices start at £385,000 for a studio apartment.
The Wharf (30/04/2017)
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)