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INDUSTRY NEWS 7


Prime property market fails to see bounce post-general election


June’s election result has so far failed to deliver an upward trend in the prime property market, according to analysis from Garrington Property Finders, which said this bucks the trend of the previous five general elections. This has been most acute in London,


Deal signed to build 50,000 affordable London homes


A £1.7bn deal between City Hall and London’s councils and housing associations has been announced, which aims to build almost 50,000 affordable homes to buy and rent over the next four years. The investment will see 49,398


affordable homes, with new homes for each of the 32 London boroughs and the City of London. They will be delivered by 44 housing providers, both large and small, as well as nine London councils. Of the total, 17,500 will be for rents


around social levels, and just under 32,000 will be for a combination of the Mayor’s new London Living Rent and Shared Ownership. Housing associations are being given the


flexibility to swap homes between London Living Rent and Shared Ownership, depending on local circumstances when homes are completed. Sites have already been identified and bought for almost half the 50,000 homes, meaning delivery can get underway immediately. The Mayor of London, Sadiq Khan,


commented: “I want to see everyone playing their part in tackling the housing crisis in London, because it is simply unacceptable that Londoners continue to be priced out of their city. “We know that solving the housing crisis


is not going to happen overnight, but I very much welcome so many housing associations and councils matching my ambition by committing to build the new and genuinely affordable homes Londoners so desperately need.” The allocations also include eight new


strategic partnerships between the Mayor and housing associations, L&Q, Hyde, Genesis, Clarion, Network, Notting Hill, Optivo, and Peabody. They are prepared to build new homes at scale, and will deliver at least 60 per cent affordable housing across their portfolio of sites. These partnerships will deliver 38,500 genuinely affordable homes. Paul Hackett, chair of the G15, said:


“The commitment from London’s housing associations is an unprecedented level of ambition to build the homes the capital needs. The partnership with the Mayor is the biggest that London’s housing associations have ever committed to, reflecting the urgency of the housing crisis and our strong relationship with city hall.” Jasmine Whitbread, chief executive of


London First, commented: “With the average monthly rent now at £1,700, businesses are increasingly worried about their employees being priced out of the capital. As the Mayor gets to grips with the reality of housebuilding, it’s great to see him making good on the promise of tens of thousands of affordable new homes.” She warned however that “London’s


housing shortfall hasn’t been addressed for years,” saying that to catch up to the volumes necessary, “the Mayor has to keep up a drumbeat of housebuilding across the capital, otherwise we risk losing the people we need to stay competitive.” All homes will reportedly be built to the


highest standards, and are expected to meet the design and sustainability standards set out in the London Plan.


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where the annual change in prime property prices per square foot fell by 7.1 per cent last month, slumping from a 3.3 per cent increase in May to a 3.8 per cent decrease in June. Transactions are down too, with the number of prime properties sold in the capital during June slipping by 15.8 per cent compared the May figure. While June data for the rest of England


and Wales has yet to be published, the capital’s prime market is widely regarded as a bellwether for the UK’s prime market as a whole. Garrington’s analysis of official Land


Registry data found that across England and Wales, sales of prime property rose by an average of 26 per cent in the two months following each of the past five general elections. Jonathan Hopper, managing director of


Garrington Property Finders, commented: “The prime market tends to be the most sensitive to political and economic uncertainty, and the current dose of both is clearly having a cooling effect, especially in London. “Britain hasn’t had a minority


Government since 1974, so the fragility of the new Government’s mandate and ongoing concerns over Brexit are pushing the market into uncharted waters. “Where London leads, other regions


tend to follow, and as the post-election fizzle spreads out from the capital, the next few months will provide some strong buying opportunities for prime buyers across the country.”


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