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16th January 2015
Figures from the Bank of England show that mortgage rates ended 2014 at their lowest level in 20 years. The average two-year fixed-rate mortgage with a 25% deposit fell from 2.17% in November to 2.08% in December, the lowest since records began in 1995, according to the BoE. The average rate on a two-year variable mortgage dropped from 1.81% in November to 1.63% in December, while five-year fixed rates with a 25% deposit remained at 3.21%, both record lows.
The Times (12/01/15)
9th January 2015
Stamp duty reform saw sales of houses in the wealthier areas of London rise to their highest one-day volume for a decade in December. According to research, more homes changed hands in parts of the capital such as Knightsbridge, Chelsea and Belgravia on the day of the Autumn Statement - when the stamp duty reform was announced - than on any other day in the past ten years. The number of deals struck over the 24 hour period, in which buyers saved an accumulative £9.4m in tax, equated to one in six of all prime property central London sales made over the three month period to the end of December. Research shows that sales of homes worth over £5m stayed steady in 2014’s final quarter, while sales of properties worth less than £1m dropped 40% and those worth between £1m and £2m fell 20%.
9th January 2015
Stamp duty reform and the prospect of a mansion tax have been cited as contributing factors in the price of an upmarket London home falling by more than 4% in the last three months of 2014. According to research, central London homes priced around the £4m mark were hit hardest by George Osborne's stamp duty overhaul, with values falling by 4.2% in the fourth quarter and 1.3% over the full year. Comparatively, prices of properties in the £1m to £2m bracket rose 2.6% over the 12 month period, while growth in top regional markets averaged 3.2%.
9th January 2015
London’s population is expected to hit an all-time high, surpassing its 1939 peak of 8.615m. The milestone could be passed as soon as today, but at the very latest at the beginning of February, says Barney Stringer, director of Quod. “Great cities rise and fall, but few in history have bounced back so strongly from losing more than two million people. London’s growth is so exceptional that it’s time to change our whole perspective on it,” explains Mr Stringer, who calls for a new approach to planning and investment within the city, one which is more ambitious and on a greater scale – such as that seen in “China’s growing megacities”. Population growth is projected to sit at a rate of roughly 100,000, meaning 10m will inhabit the city by 2030.
Evening Standard, Page: 1, 6, 7, 14
9th January 2015
A new poll has shown that 39% of Labour MPs would prefer to see the introduction of additional council tax bands, rather than a new tax targeting high value homes. Just 56% were found to support Mr Miliband’s proposed mansion tax. Separately, a body which represents a network of rural community councils, Charity, Action with Communities in Rural England, has called on the government to end the “bedroom tax” in rural communities with population numbers under 3,000 and to commit to building affordable housing in such areas.
9th January 2015
A Halifax report has found that the number of UK first-time house buyers rose 22% to 326,500 last year, a seven year high. The average price of a property acquired by a first-timer climbed to £171,870 – up 9% compared with a year ago, while the average deposit fell 7% to £29,218. Additionally, the bank found that the average age of such a buyer was 30, up from 29 in 2011. The average age of a first-time buyer in London, however, was 32.
The Guardian, Page: 26 Daily Mail, Page: 22 Yorkshire Post, Page: 4 The Scotsman, Page: 2