A house-price heat wave that lasts longer than expected

A house-price heat wave that lasts longer than expected

Rents in England up by 20% whilst construction slows down

• The image above is entirely?generated by?AI,?given a text prompt. Never existed before ;)
• ?As the UK is headed to the?hottest day ever recorded?in history of recorded temperatures, house prices seem to follow a similar pattern.
• The?sweltering heat is not caused by the hot air alone, but?by house prices which?still continue growing at above 9%?year-on-year?or 0.4% month-on-month. It reportedly touched the?13% mark, which is the highest in 18 years, but let's try to forget this now.?As Rightmove reports, the?demand is 26%?higher?than this of a year ago and this is largely driving prices up. However, looking at apartments alone, prices are down more than 11% from their peak in August 2020, with a median sale price close to ￡400,000.?
• ?That house?construction in the UK is now less?than what it was in May 2020, does not help at all with?keeping up with the demand.
• Rents have hit another record, reaching an almost +20% higher, outside London, as compared to the year before the pandemic.?Manchester is leading the race with 23.4% rental increase year-on-year.
• Will future?heat waves?and climate conditions?affect?our liking as of?where we want to live? Will these impact?house prices? Logically thinking, one might expect that dwellings with strong energy performance will be in the top of our preferences. Indeed,?most property surveyors - says RICS -?anticipate demand for energy efficient properties improving over the coming three years. However,?most (> 60%) UK properties are now in desperate need of an?energy upgrade?and?the barrier?for many to enhance their property’s energy efficiency?is cost?(85%). As a result, energy performance?isn’t currently impacting the property value, a?RICS survey?revealed?last year. Perhaps this will change as UK experiences more frequently?extreme weather phenomena???
• Mortgage rates continue soaring.?The typical SVR?rose to 5.06%?at the start of July and is at the highest level since January 2009. The National Counties building society increased - for the second time in 2022?- its annual SVR from 4.29% to 5.44%.
• If you are wondering what SVR stands for, don't worry; we got you covered:?Standard Variable Rate.?This is?a type of?mortgage loan that can change each month. It works by charging the standard variable rate, which is set by the lender. If you don’t remortgage your?fixed,?tracker?or discount mortgage when it comes to an end, you will automatically be transferred to a standard variable rate mortgage. Click on the button bellow to continue reading! Com' on... it makes for a great dinner conversation?

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???'Hood in the spotlight: Silvertown

A ￡3.5bn project to revive the east London neighbourhood

Silvertown is a district in Newham, East London known for the Tate & Lyle sugar refinery - which is?still functioning! - and its massive Millennium Mills (depicted in the photo), empty for more than 40 years.?Even though it stands just a mile away from ExCel London and the London City airport it has largely remained under the radar of?Canary Wharf - its buzzing neighbour. In fact, Silvertown was left underfunded, degrading over?the years and even described as a 'wasteland' by CNN.

In 2015?a ￡3.5bn redevelopment plan was announced and very recently the?green light for the first ￡300M?was given. The ambitious projects will see the completion of?6,000 new homes, delivered from 2024 through the early?2030s.

Around 2025 TfL plans to have a brand new underground tunnel?opened that will reduce congestion from the neighbouring Blackwell tunnel.

???A?forgotten but now promising corner of London, with a?whole song?dedicated to it. Seriously; try?Dire?Straits' Mark Knopfler Silvertown blues :)

Researcher from Stanford Digital Lab uses 1M job postings to train NLP model

Words that count: predicting wage premia by reading the job listing

AI can?predict the salary of a job?just by reading the online job posting! The?model explains 87% of?the variation in salaries and is applied?to the question of online certifications by creating?counterfactual postings and estimating the salary differential.

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