Docklands News

Homeowners could see higher rates and find home loans tougher to come by as banks roll out changes to mortgages ahead of tax increases and probable interest rate rises. With Chancellor Rishi Sunak freezing many tax-free allowances and introducing around £85bn in tax increases – including 1.25% increases in national insurance and dividend tax from 2022 – homeowners are likely to have less money to cover repayments. Paul Haywood-Schiefer from Blick Rothenberg says that while Mr Sunak implemented a stamp duty holiday during the pandemic “which pushed property transactions through the roof”, the tax increases will leave many of those who snapped up homes with less spare cash. Ali Hussain in the Sunday Times notes that between April and June, a record 57% of new mortgages were classed as large, up from 50% a year ago.

The Sunday Times (14/11/2021)  

Millions of homeowners are at risk of their properties being sold without their knowledge as property title frauds rise. Official figures show only around a quarter of a million of Britain’s 29m homes are registered with the Land Registry’s anti-fraud “property alert service”. The Land Registry was forced to pay out £3.5m in compensation to homeowners last year after approving fraudulent transactions, up two thirds on the prior year. It thwarted close to 200 other attempted frauds worth £115m since 2016. The service was launched in 2014 and normally gets 4,000 sign-ups a month, but that has jumped to nearly 30,000 in the past week. 

The Daily Telegraph (15/11/2021)   The Times (15/11/2021)  

Property developer Mount Anvil has partnered with housing association One Housing to develop 159 sustainable apartments at Royal Eden Docks in east London. “The building as a whole is estimated to be saving over 430 tonnes of carbon each year and each apartment is estimated to emit 54% less carbon than an equivalent home built to the minimum national standards,” said One Housing. Energy-efficient lighting is fitted throughout the apartments, while meters have been installed to track electricity and water consumption so that residents can monitor their own usage. The homes will be made available to local families in housing need and working Londoners looking for the first step into home ownership. 

Property Week (11/11/2021)  

Independent Conservative Tower Hamlets councillor Andrew Wood says he has been speaking to local residents about the possibility of giving the Isle of Dogs its own council. "If you’re going to have an area like Manhattan on the Isle of Dogs you need something from local government to respond to the development of a Manhattan-type area", he told the Local Democracy Reporting Service. "Outside of London it’s very common to have three layers of local government. It’s not in London, this is different and unusual for London, but outside of London this is very common".

My London (08/11/2021)  

Sadiq Khan has heralded a housing "sea of change" as his approach to getting more affordable homes built appears to be paying off. New figures have revealed a steady rise in the number being delivered on London developments. New analysis published by the mayor’s office showed that the average proportion of affordable housing being delivered per City Hall-approved scheme had nearly doubled since 2016 – to 40%. The figure was 22% in 2016. Between 2011 and 2016, which partly covers Boris Johnson’s time as mayor, this figure never reached above 27%, according to the new City Hall analysis. The number of affordable homes being delivered on developments approved by the mayor’s office has been steadily rising since 2016, the figures showed. 

Inside Housing (06/11/2011)  

Growth in UK house prices accelerated again last month, with the average property price now £270,027, according to the Halifax house price index. Prices rose 8.1% in the year to October, up from an annual rate of 7.4% the month before. With interest rate rises still on the horizon, Halifax said it expected house-buying demand to cool in coming months as borrowing costs rose. However, these would still be "low by historical standards", it added. "Raising a deposit is likely to remain the primary obstacle for many. The impact on property prices may also be tempered by the continued limited supply of properties available on the market," said Russell Galley, managing director at Halifax. October was the fourth month in a row of rising house prices, boosting the annual rate of growth to its highest since June. In regional terms, Wales remained the strongest performing area, with annual house price inflation of 12.9% and an average house price of £198,880. In England, the North West has returned to being the strongest performing region. Prices rose by 10.4% over the 12 months, with the average house costing £205,881. Average house prices in London are still far higher than elsewhere in the country at £514,907.  

BBC News (05/11/2021)