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21st August 2015
Asking prices for homes coming onto the market fell by just 0.8% in August, according to Rightmove. The firm suggested that prices held up due to a reluctance by homeowners to put their own property on the market while house-hunters remained active. In London the drop was 1.3% to an average asking price of £606,826, and other parts of the south all saw falls of more than 1%. The biggest increase was in the northeast, where new sellers asked 1.2% more than in July, at an average of £149,051. In contrast, in the east Midlands, asking prices fell 1.4% to an average of £187,587.
The Times (17/08/2015)
21st August 2015
Tim Harford, writing in the FT, says that the high price of London property is a sign of its success as a city. He dismisses fears that its street life is disappearing as new apartment blocks are bought up as investments and left empty. He argues that what is happening is a process of regeneration and renewal and believes that the city still has a healthy mix of people.
Financial Times (15/08/2015)
14th August 2015
Homebuyers searching for an affordable property within striking distance of Canary Wharf could do worse than take a look at Bow. Just five stops from Canary Wharf, via the Devons Road DLR station, the new Merchants Walk development gives first time buyers the opportunity to own a home in Zone 2 from £140,000. The first phase of 40 shared-ownership homes has just gone on sale; 549 homes will be built over the next three years on the site of the former industrial estate, together with a host of shops, cafes, studios and offices.
Evening Standard, Homes & Property (12/08/2015)
14th August 2015
The latest RICS health check of the housing market shows that house prices rose for the sixth month in a row in July as demand climbed to its highest level in 18 months. The report found that the average number of properties for sale per surveyor dropped to a record low of 47 last month, with 9 out of 12 regions seeing a decline; the average per surveyor in London fell to its lowest since February 2014. A RICS spokesman said: “The lack of property for sale is causing a vicious cycle, as the limited choice on offer is deterring would-be movers and therefore restricting new instructions.”
Financial Times (13/08/2015) The Wharf (13/08/2015)
14th August 2015
According to Crossrail's land and property director, Ian Lindsay, the east-west rail line, due to be completed in 2018, is set to add £5.5bn to house values. Regeneration is going ahead along with the construction of a new transport system, with 3.3m sq ft of residential, office and retail space planned above Crossrail stations. A total of 57,000 new homes will be built along the route, while councils are upgrading town centres and investors are buying up property. Figures from CBRE suggest that since Crossrail was approved in 2008, the value of homes around the stations along its route has grown by 20% more than underlying capital appreciation in London and the South-East.
Evening Standard, Homes & Property (12/08/2015)
14th August 2015
A new study from Savills shows that the price of an average starter home in London has risen £28,000 in a year. Top price growth areas include Hammersmith & Fulham, Lambeth, Barnet and Ealing with all four boroughs experiencing starter home prices rising 20% in the past year — more than double the London average.
Evening Standard, Homes & Property (12/08/2015)