Docklands News

Rent have risen at rates not seen since 2008, according to Zoopla, as demand for rental properties continues to outstrip dwindling supply. Rents were up 4.6% in the year to September, the highest rise in 13 years, after climbing 3% in the last quarter. Outside London, where the market has lagged, rental growth reached a 14-year high of 6%. The jump will mostly affect the 4.4m households who live in the private rented sector, accounting for 19% of all households. Figures from the online property site revealed that supply is running at 43% below the five-year average and pushing up the cost of rent. The rising costs will hit potential first time buyers, who are also facing increased bills and living costs. Inflation hit 4.2% in October, according to the latest figures from the Office for National Statistics. Tighter regulations and a less generous tax system for buy-to-let owners have been blamed for the lack of rental supply because landlords have quit the market thanks to the extra administrative and financial burden.

The Sunday Times  

Urban neighbourhoods in some of the UK’s largest cities could be poised to undergo a renaissance and become bona fide property hotspots, according to data from Rightmove. An analysis of buyer interest has revealed that previously unfashionable places are suddenly seeing soaring demand. When it comes to London, Hayes and Harlington a former industrial powerhouse, has seen interest from buyers skyrocket by 74% over the past year. Meanwhile, Handsworth, Birmingham, where the average property price is £158.350, has seen a 52% increase in demand. Meanwhile, Glasgow’s Southside has seen interest grow by 47% and Liverpool’s Old Swan has attracted 46% more interest.

The Times  

Minister for Rough Sleeping and Housing Eddie Hughes has dismissed an appeal over the building of the 1,500 Westferry Printworks housing development. The decision document stated that the Isle of Dogs scheme, which was initially rejected by planning officers in Tower Hamlets, breached 22 planning policies, and that approving the scheme would have meant a “failure to preserve the settings of the Old Royal Naval College and Tower Bridge, both Grade I listed, and the Maritime Greenwich WHS (World Heritage Site)“. It said: “The harm to the character and appearance of the area attracts significant weight". The development became a point of controversy after the extent of communications between then-housing secretary Robert Jenrick and developer Richard Desmond came to light. Officials in Mr Jenrick’s department described him as being “insistent” that the project be given the green light before a new levy added millions to the cost. He later had to quash his own approval, conceding that the decision was “unlawful” due to “apparent bias”.

The Guardian (18/11/2021)  

A planning application has been submitted for 1,600 homes plus a new high street, up to 25,500 sq ft of retail space and up to 29,100 sq ft of new offices in Poplar. The Aberfeldy New Village LLP, a joint venture partnership between EcoWorld London and Poplar HARCA, is working with architect Levitt Bernstein and a design team comprising of Morris+Company, LDA Design and ZCD Architects. The new masterplan is an extension of the previously approved Aberfeldy Village Masterplan, which received outline planning consent in 2012. Phases 1, 2 and 3a have been completed on site and are now occupied.  Phase 3b is currently on site and is due for completion within the next year, by which time the project will have delivered 901 homes of all tenures alongside a residents’ gym and lounge, a 75,350 sq ft public park, a new community centre and public art created in collaboration with the community. Poplar HARCA chief executive Steve Stride said the first residents should be welcomed into the latest development in 2024. 

Property Week (16/11/2021)  

The latest UK House Price Index from the Office for National Statistics (ONS) and Land Registry reveals that the average house price in the UK has hit a record high of £269,945. An average of £28,000 has been added to the typical property price over the past year. Values increased by 11.8% over the year to September, with this up on the 10.2% annual growth recorded in August. Wales has seen the steepest climb, with the average price up 15.4% over the year, while Scotland added 12.3%, England saw a 11.5% increase and prices in Northern Ireland rose 10.7%. Regionally, North West England led the way, with values up 16.8% in the year to September, while London saw the lowest growth, at 2.8%. On a month-by-month basis, UK house prices climbed 2.5% between August and September.  

City AM (17/11/2021)   The Daily Express (17/11/2021)  

The number of homemovers hit a record high in the first half of 2021, with the number of people moving more than doubling in the six months to 30 June to 265,070. The increase in the number of homemovers soared in all regions, led by London at 165% and the wider south east region, where there was an increase of 169%, according to data from Halifax. Across the UK the number of homemovers more than doubled (132%), as did the number of transactions in all regions bar Scotland. In the 12 months to June 2021, 461,010 transactions took place, up by 50%, and the average price paid by homeowners across the UK rose 11% to £387,485. Halifax also found that there were more first-time buyers than in the first half of any of the past 10 years. 

City AM (16/11/2021)   Evening Standard (16/11/2021)   The Daily Telegraph (16/11/2021)