Docklands News

Olympian Homes has submitted plans for a co-living development on the Isle of Dogs, Designed by Rio Architects, the 795-home, 45-storey tower at 56-58 Marsh Wall aims to promote a sense of community by creating vertical urban villages that consist of communal areas for sub-communities of 57 people across three floors. The development includes studios with ensuite bathrooms, as well as access to a co-working space, café, gym, wellness studio, exercise room, chill-out areas, cinema room and a 24-hour concierge and security service. Sky lounges and a roof-terrace garden are also planned. The London Borough of Tower Hamlets is expected to decide on the application this autumn.

Insider Media (17/05/2022)   Property Week (11/05/2022)  

One Park Drive, the Canary Wharf residential building designed by Herzog & De Meuron, has won the Development of the Year award at the renowned PROPS Awards, further highlighting the building’s high-quality offer and its unique design. The PROPS Awards is a standout event in the UK property industry calendar. The awards recognise and celebrate individuals and companies who have excelled in the sector, whilst raising vital funds for youth charity Variety. The Development of the Year award recognises exceptional residential developments, with the judging committee looking for outstanding projects with a clear strategy, innovation, sustainability, and the "wow" factor.

Canary Wharf Group (12/05/2022)  

The average UK house price jumped by £24,000 in the year to March, the Office for National Statistics (ONS) has said. The typical property value was £278,000 in March 2022, with the annual growth rate, at 9.8%, lower than an 11.3% annual increase in February. Average house prices increased over the year in England to a record level of £298,000 - the equivalent of 9.9%. The East Midlands had the highest annual house price growth, with average prices increasing by 12.4% in the year to March. The lowest annual house price growth was in London, where average prices increased by 4.8%. However, the capital's average house prices remain the UK's most expensive, at £524,000. 

Daily Mail (18/05/2022)   Financial Times (18/05/2022)   The Independent (18/05/2022)  

Borrowers are paying off their mortgages before the interest rate goes up again. Nearly £5.1bn was overpaid on home loans in the first three months of this year, while nearly 144,000 borrowers remortgaged over the same period, according to the Bank of England. Last year was a record year for overpayments, with £21.8bn taken off mortgages as homeowners who saved money during the pandemic lockdowns used it to pay down debt. Santander said the amount overpaid between January and April this year was even higher — up 20% on last year to £700m. Graham Sellar, the head of mortgages at Santander, said: “With the cost of living continuing to increase and rate rises more frequent, people are turning their attention to managing their debts".

The Times (13/05/2022)  

Economists have warned that stamp duty is a “distorting tax” that could be worsening Britain’s housing crisis by stifling activity. Kath Scanlon, deputy director at LSE London, says: “Economists are pretty much agreed that this is a bad tax and some kind of ongoing property tax is a much better tax. It used to be the case that the average buyer purchasing the average house would not be liable for stamp duty land tax anywhere … That is definitely not the case now.” The Treasury raised £14.1bn from stamp duty in 2021/22, the highest total on record. The typical property in Britain paid £2,100 in stamp duty before the pandemic but a property price boom has pushed the average up to £3,800. Sam Robinson, senior research fellow at think-tank Bright Blue, says: “We've been seeing quite a few properties pushed into new stamp duty brackets as a result of a rise in house prices”. 

The Sunday Telegraph (15/05/2022)  

Award-winning development Royal Albert Wharf is opening its doors this Saturday (May 14th), offering buyers the opportunity to experience life down at the docks and view a collection of show homes. Royal Albert Wharf is an up-and-coming creative hub in the Royal Docks, and is just a five-minute walk from Gallions Reach DLR. The event is centred around the Parkside phase, a collection of three-bedroom apartments including a limited number of exclusive split-level penthouses available to move in now. Located on the seventh-floor, residents benefit from fantastic views of Northern Square park and beyond to the River Thames. The extra space afforded by these split-level apartments not only provides a great option for professionals working from home, but also creates the perfect environment for growing families. Prices for the three-bedroom lateral apartments at Parkside start from £590,000 and the three-bedroom penthouse apartments start from £680,000.

BDaily (09/05/2022)