Docklands News

Soaring demand for homes means that there are an average of 29 buyers for every new property listed, according to new figures. Data from Propertymark revealed that the average number of houses available per estate agency branch fell to 20 in November, down from 21 in October and the lowest such figure since its records started in 2001. The average number of potential buyers registered per branch stood at 571 in November - equating to an average of 29 buyers for every property on the market, Propertymark said. Nearly two in five homes (38%) sold for more than the original asking price in November, up from around one in five (21%) in October. A year ago, only one property in 10 was selling for above the original asking price. The proportion of sales made to first-time buyers rose to 29% in November from 25% in October. “The pressure on the housing market, and consequently house prices, is continuing at an unrelenting rate,” said Nathan Emerson, chief executive of Propertymark. "The level of demand is expected to continue into the first quarter of next year - but cannot last forever."

The Daily Telegraph (21/12/2021)  

Soaring demand for homes means that there are an average of 29 buyers for every new property listed, according to new figures. Data from Propertymark revealed that the average number of houses available per estate agency branch fell to 20 in November, down from 21 in October and the lowest such figure since its records started in 2001. The average number of potential buyers registered per branch stood at 571 in November - equating to an average of 29 buyers for every property on the market, Propertymark said. Nearly two in five homes (38%) sold for more than the original asking price in November, up from around one in five (21%) in October. A year ago, only one property in 10 was selling for above the original asking price. The proportion of sales made to first-time buyers rose to 29% in November from 25% in October. “The pressure on the housing market, and consequently house prices, is continuing at an unrelenting rate,” said Nathan Emerson, chief executive of Propertymark. "The level of demand is expected to continue into the first quarter of next year - but cannot last forever."

The Daily Telegraph (21/12/2021)  

Only one in five people in Britain believe that there are enough affordable homes after the steep rise in house prices during the pandemic. Two thirds of Britons surveyed by Lloyds Banking Group said that the housing market was not providing quality accommodation at a low enough price. Almost two thirds expect prices to rise in the next three years. Fifty-seven per cent of young people are optimistic about getting on the property ladder, yet 64% cited affordability as a top concern, with lack of social housing a worry for 47% of respondents. A dearth of rental properties was a factor for 39% of young people. 

The Times (10/12/2021)  

Some home buyers and sellers are still facing conveyancing problems more than a month after an IT systems failure paralysed some of the UK’s biggest conveyancing practices, it has been reported. Premier Property Lawyers, JS Law, DC Law and Advantage Property Lawyers, which are part of the Simplify group, were hit by a “security incident” in early November. The incident is the subject of an ongoing criminal investigation. The latest update on Simplify’s website states that “an ever-growing proportion of our conveyancing colleagues are back up and running on core systems and progressing transactions”. However, the Law Gazette has heard from individuals in transactions allegedly involving Premier Property Lawyers. 

The Law Society Gazette (16/12/2021)  

The Bank of England has announced plans to ease mortgage lending rules in a move that could help first-time buyers get on to the property ladder. The Bank's financial policy committee (FPC) said that it was "minded" to withdraw the rule that forces banks to check that potential borrowers could afford a 3 percentage-point rise in their mortgage interest rate above the lender's standard variable rate. Scrapping the requirement could help 1% of renters in Britain currently not able to meet the affordability test. A further 6% of mortgage borrowers would also have been able to secure a bigger loan if the rule had not been in place. The Bank said a rule limiting some new mortgages to 4.5 times a borrowers' income, as well as separate affordability criteria set by the Financial Conduct Authority, were sufficient to guard against excessive risks in the mortgage market. It will consult on the change in the first half of next year. 

Daily Mail (13/12/2022)   Financial Times (13/12/2022)   The Daily Telegraph (13/12/2022)   The Guardian (13/12/2022)  

Lenders are incentivising borrowers to make eco improvements to their homes with lower rates and cashback deals, while others offer an advance to fund works. But this approach could mean homeowners who cannot afford such changes instead pay higher mortgage costs. Not all borrowers will be able to take on more debt to increase their home's energy efficiency. Habito, a mortgage broker, has warned this reward system could lead to "eco privilege". Sarah Coles, of Hargreaves Lansdown, warned the policy favoured more affluent owners. She said: "This approach was always going to open up a gulf between those who can afford to make changes to improve energy efficiency and those who can't." 

The Daily Telegraph (11/12/2022)