Docklands News

Leaseholders in London are to be given more protection from service charges under new rules introduced by Sadiq Khan. The Mayor of London is launching a new Service Charges Charter that will require housing providers to be more transparent and give more clarity to leaseholders over the charges they may incur. Housing providers will have to give new buyers a clear list of all the charges they could incur before the lease begins. Service charges will have to be set at “realistic” levels and reviewed regularly. Although it will not be mandatory for housing providers to sign up to the charter, any provider involved in the delivery of the GLA’s affordable homes programme will be expected to do so. 

Evening Standard (25/01/2022)  

House sales were down by a fifth in December 2021 when compared with a year earlier, figures have revealed, but increased on the previous month. An estimated 100,110 transactions took place across the UK in December 2021, marking a 20.0% decrease compared with 125,190 house sales in the same month in 2020. The December 2021 total was however 7.6% higher than in November 2021, according to the figures released by HM Revenue and Customs (HMRC). Andrew Montlake, managing director of mortgage broker Coreco, commented: “Transactions in December 2020 were given a phenomenal boost by the stamp duty holiday, so it’s no surprise that transactions last month were down in comparison".

The Independent (22/01/2022)  

There were a record number of people buying their first property last year, according to Halifax, despite rising house prices and falling affordability. Figures from the lender show that more than 400,000 people were first-time buyers in 2021, up 35% from the previous year, the Halifax said. That rate dropped by 13% in 2020, when the number of Halifax buyers was about 300,000. The biggest increase was in Greater London where there was a 49% rise in first-time buyers; the lowest was in Scotland at 24%. Esther Dijkstra, mortgage director at the bank, said: "It's clear that the stamp duty holiday increased the availability of first-rung homes as others moved up the ladder. In 2021 the increase in average house price, combined with difficulties in raising a deposit, meant that the gap between purchase price and deposit widened in every region." 

BBC News (21/01/2022)  

The average UK property price increased by 10% over the year to November 2021, up from 9.8% in October 2021, official figures have revealed. According to the Office for National Statistics house price index, the average UK house price was £271,000 in November. This was £25,000 higher than the same time the year prior. Jamie Johnson, CEO of FJP Investment, said the housing market "seemed to defy gravity” last year, as prices maintained an upwards climb throughout the year. He added: “The performance has been remarkable despite the seismic impact of the pandemic, which though highly disruptive, has actually sparked even higher demand across the property market." House prices rose fastest in the South West of England last year, rising by 12.9%. In Scotland, the average house price hit a record level of £183,000 in November, where property values increased by 11.4% over the year. In Wales, they climbed by 12.1% to £200,000 and in Northern Ireland they were up 10.7% to £159,000. The slowest regional growth was a 5.1% annual increase in London. 

BBC News (19/01/2022)   City A.M. (19/01/2022)   Daily Mail (19/01/2022)   I (19/01/2022)  

Homes in London are now seven times more expensive per square metre than in the North, as prices in the capital soar after lockdown. Land Registry figures show homes in the capital sell for an average of £7,731 per sq m. In contrast, property in Stoke-on-Trent goes for £1,104 per sq m and in Bradford at £1,307, said home-buying company the Open Property Group. A host of northern towns and cities come below the national average of around £2,500, it found; Manchester averages £1,654 and Leeds £1,684. The Open Property Group said: "Knowing the actual cost per square metre is a far more effective way of evaluating value for money." 

Daily Express (15/01/2022)  

City analysts believe the surging jobs market may see the Bank of England (BoE) opt for further increases to interest rates next month. The Bank last month voted to increase the base rate to 0.25%, having previously opted against an increase due to fears over the strength of the jobs market.  RSM economist Thomas Pugh believes the chances that rates will be increased at February’s Monetary Policy Committee (MPC) meeting have been boosted by recent strong jobs data from the Office for National Statistics, suggesting that the MPC “is likely to conclude that the labour market is strong enough to absorb higher interest rates". Shane O'Neill, head of interest rate trading for Validus Risk Management, said the ONS data “represents another box ticked on the path to more rate hikes".

Daily Express (18/01/2022)   Evening Standard (18/01/2022)