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20th February 2015
House prices in the UK rose by 9.8% in the year to December, according to the ONS. That was slightly lower than November's rate, which stood at 9.9%, but prices were still growing "strongly", the ONS said. Prices rose fastest in England at 10.2%, and by 5.5% in Scotland, 4.9% in Northern Ireland and 4% in Wales. The national picture was heavily influenced by London where prices went up by 13.3% compared with the previous year.
Financial Times (18/02/15)
20th February 2015
London was the fastest-growing region of Britain last year, according to a report by RBS. Output in the capital rose by 0.7% between October and December and by 3.7% in 2014. Overall, the UK economy recorded its best performance since the financial crisis struck, with the North West and East Midlands the second and third strongest regions with growth of 3.1% and 3% respectively.
Daily Mail (17/02/15)
13th February 2015
The Evening Standard looks at Bow, where new waterside homes can be found for just £100,000, through a scheme from housing association Peabody. Average properties in the area, which has benefited from the regeneration of east London in the wake of the 2012 Olympics, currently cost around £400,000, but benefit from being just a short stride from the Queen Elizabeth Olympic Park, and a 15-minute hop to Canary Wharf via Devons Road DLR station.
Evening Standard Homes and Property (11/02/15)
13th February 2015
Londoners will be allowed to rent out their homes for up to three months a year under new legislation aimed at catering for those who use Airbnb and similar websites, which provide temporary residencies for tourists. Previously, laws restricted homeowners from renting out their property or spare rooms for less than three months, unless they have planning permission. Ministers have decided that the legislation restricts the government’s “sharing economy” drive, and are pushing to scrap it. The changes, put forward by housing minister Brandon Lewis, will be debated in the House of Lords next week.
Evening Standard (09/02/15)
13th February 2015
The Royal Institute of Chartered Surveyors (RICS) has found that the housing market is continuing to cool, with just 2% of its members expecting prices to rise over the coming three months, the lowest proportion registered since May 2013. Political uncertainty surrounding the general election is attributed to a fall in demand from buyers, which is causing prices to stagnate. In London 24% more agents and surveyors were found to believe that house prices would continue to fall over the same three-month period than the number recorded in RICS’ last survey, while 19% more claimed buyer demand would also decline.
The Times (12/02/15)
13th February 2015
Lenders are predicting that mortgage rates look set to fall below 1% for the first time. This week, HSBC unveiled a new record low rate of 1.19% for those with a 40% deposit, and First Direct launched a 2.28% five-year deal with a 35% deposit. Brokers say falling fees could follow, as lenders with low rates compete. "It's going to be hard for some lenders to move much further on rates, so it may be that they drop fees instead", said Ray Boulger, of mortgage broker John Charcol.
The Times (09/02/15)