Docklands News

Sakina Sheikh, chair of a London Assembly committee, has said that the demolition of housing estates should be discouraged and builders should be incentivised to retrofit as part of measures to cut carbon emissions. In a new report, she said: "A trend towards discouraging demolition could positively impact how we manage the quality of our historic housing estates going forward. This, in turn, could positively impact the capacity for communities to remain in their homes and to protect beloved historic community buildings, if they choose to." Ms Sheikh said the government can also make retrofitting more “financially viable” by listening to industry calls to cut the VAT builders have to pay to retrofit properties. Her committee’s report also recommended that the government make it mandatory for all buildings to have a whole-life carbon (WLC) assessment to tackle the issue of embodied carbon. 

Inside Housing (09/02/2024)  

Places for London, Transport for London's property company, is searching for a development partner for a 1,500-home project on the Limmo Peninsula in Newham. Located within the Royal Docks and Beckton Riverside Opportunity Area, the site covers five hectares, with 600 metres of river frontage. The north part of the site is five minutes’ walk from Canning Town train and bus stations. Places for London said plans could also include commercial space, public spaces, a new cycle and pedestrian bridge, and a river walk. “With the ability to build up to 1,500 new homes, including affordable housing, alongside a range of other improvements, this is a unique opportunity for a partner to help us transform this site into a sustainable development that will benefit the local community", said Ben Tate, head of property development at Places for London. “This partnership will form part of our wider programme, which seeks to build the homes and commercial spaces the city needs, while also generating vital revenue that can then be reinvested into the transport network".

Inside Housing (02/02/2024)   My London (05/02/2024)  

The Canary Wharf Group has clashed with Tower Hamlets council over red tape that could prevent it from converting empty office space into residential flats. As landlords attempt to futureproof the area while workers shun the office, tensions have arisen after calls from Tower Hamlets council to keep Canary Wharf office-led. Paul Swinney, director of policy and research at Centre of Cities, said: "There is tension between the council and Canary Wharf landlords. The council is looking to take a long- term view on its plan for the area and they don't want to be too reactive and change things too quickly. Tower Hamlets and City Hall will have to look at how large London's economy is and give it the space it needs to grow. We wouldn't want businesses to look for commercial space elsewhere." 

The Daily Telegraph (08/02/2024)  

The UK housing market is showing signs of life as house prices rise by 1.3%, or nearly £4,000 on average, last month, exceeding economists' expectations of 0.8%. Halifax reports that the average price of a house in the UK now stands at £291,029, up from £287,105 in December. According to Halifax, prices are 2.5% higher than a year ago and only £2,000 or so below their peak in the autumn of 2022. Halifax director Kim Kinnaird said: "The reduction of mortgage rates from lenders as competition picks up, alongside fading inflation and a resilient labour market, has contributed to increased confidence among buyers and sellers." She added: "This has resulted in a positive start to 2024's housing market. While housing activity has increased, interest rates remain elevated compared to historic lows in recent years and demand continues to exceed supply".

Daily Mail (07/02/2024)   The Guardian (07/02/2024)   The Independent (07/02/2024)   The Times (07/02/2024)  

Confidence in Britain's construction sector has risen slightly, thanks to expectations of interest rate cuts. The Royal Institution of Chartered Surveyors (RICS) reported a more positive outlook for the year ahead, with its headline workloads measure increasing from 6% to 12%. While activity in the sector declined in the three months to December, the decline was less severe than in the previous three months. RICS noted a "clear divergence" between home-building, which contracted further, and infrastructure activity, which continued to grow. Despite lower mortgage rates, the housing market has been slow to recover from previous interest rate increases, RICS said. Although pressures around skills shortages persisted in the fourth quarter, RICS said survey respondents were anticipating a rise in employment in the next 12 months. 

Daily Mail (03/02/2023)  

More young people believe they will use property to fund their old age rather than pensions, even though few have reached the stage of having a mortgage yet, research reveals. Standard Life's survey found that young adults intending to use their homes as a source of retirement income may not have realistic expectations given the nature of the housing and mortgage market today. However, Standard Life points out that many people are still likely to be paying rent or mortgages in later life. The survey also found that just one in ten people aged 27 or under currently have a mortgage, and one in five believe they will still be paying off a mortgage in retirement. "Relying on one asset alone for your retirement can be risky," says Standard Life's managing director for retail direct Dean Butler. 

Daily Mail (05/02/2023)