Docklands News

A new footbridge to end congestion for thousands of Canary Wharf residents and commuters has been delayed. Plans for the South Quay bridge at Millwall Docks to cope with the rapidly-growing Isle of Dogs population were finalised in 2018 by Tower Hamlets Council with £7m from London Councils to begin construction. The proposed 80ft long pedestrian footway would replace the old, narrow footbridge linking the residential South Quay neighbourhood to Canary Wharf over Millwall’s South Dock. The council wants South Quay Plaza linked to Bank Street on the north side of the dock. But delays have been caused by where a footbridge would be sited. The  original suggestion would block dock moorings.  The bridge is now expected to open in 2022, the council’s website says. A town hall spokesperson said: “The footbridge scheme is gaining momentum and we're getting closer to this project to support development of the area. The timelines are only guides and subject to change".  

East London Advertiser (29/10/2021)  

House prices have hit record highs, with the average property price passing the quarter of a million pounds mark for the first time. Nationwide’s House Price Index shows that the typical house price is now £250,011. This comes after values rose by 0.7% in October, up from 0.2% in September. Year-on-year, prices were up 9.9%, with this down slightly on the 10% recorded in September. The analysis shows there were 72,645 mortgage applications in September. Nationwide notes that possible base rate hikes from the Bank of England are pushing up mortgage rates, saying this may dent the property market. Robert Gardner, Nationwide's chief economist, said demand for homes has remained strong, despite the stamp duty holiday coming to an end on September 30th. “However, a number of factors suggest the pace of activity may slow. Consumer confidence has weakened in recent months”, he warned. 

Daily Mail (03/11/2021)   The i (03/11/2021)   The Independent (03/11/2021)  

British banks and building societies granted the fewest new mortgages for house purchase in more than a year in September. Bank of England (BoE) data shows that mortgage approvals fell to 72,645 in September from 74,214 the month before, the lowest since July 2020. The decline has been attributed in part to the winding down of the stamp duty holiday, with the tax break rolled out to support the market amid the pandemic withdrawn at the end of September. Despite a dip in the number of approvals, net mortgage lending for transactions that completed in September surged to £9.524bn. This was the highest total since June – the last month before the stamp duty holiday started to taper. Approvals for re-mortgaging rose slightly to 41,500 in September to the highest levels since March 2020.

Daily Mail (29/10/2021)   Evening Standard (29/10/2021)   Financial Times (29/10/2021)   Reuters (29/10/2021)  

Half of British homeowners have never remortgaged - even though one in three know it could probably save them money. A survey, of 2,000 people with a mortgage, found they still have an average of 45% of it left to pay. But 9% admit they have no idea exactly how much they still owe. and 49% believe the hassle and paperwork of remortgaging wouldn't be worth the financial savings. A spokesman for Barclays Mortgages, which commissioned the research, said: “It's clear from our research that many find remortgaging a tricky subject to understand, even though UK adults have been on the mortgage payment ladder for an average of 13 years and five months." 

Daily Mail (30/10/2021)   The Express (30/10/2021)   The Sun (30/10/2021)  

The original house that once hosted Channel 4’s Big Breakfast has gone on sale for £4.6m. The 5,200 sq ft, six-bedroom property is a short walk from the London Stadium in the Queen Elizabeth Olympic Park, and comes with a swimming pool, a cottage, and bullet-proof glass walkways - and, uniquely, its own postcode.

East London Advertiser (01/11/2021)  

Boomerang effect fuels London house-price surge So-called “boomerang buyers” are fuelling London’s soaring property market, estate agents have claimed, as those who moved to the country during the pandemic are now flocking back to the city. Thousands of Londoners are thought to have quit cramped flats and houses in search of more space during lockdown, sending prices in the Home Counties soaring. But the return of commuting three or four days a week, combined with the opening up of theatres and restaurants, has persuaded many to come back. Others who were considering moving to the provinces are now putting their plans on hold as average home prices in London shot up 5.6% in August to an all-time high of £525,893. 

Evening Standard (22/10/2021)