Docklands News

HSBC offers lifeline to first-time buyers

HSBC has reinstated its 10% deposit mortgages, and is again offering two and five-year fixed-rates for purchases and re-mortgages with up to 35- year terms. HSBC was one of the few lenders to keep selling low deposit mortgages during the coronavirus pandemic when most lenders became fearful of approving riskier loans. However, the lender pulled out in September after becoming flooded with demand from borrowers seeking loans of 90% of a property's value. Barclays cut the rates and eased restrictions on its 90% mortgages last week, having resumed offering five-year fixed rates for people with low deposits in December. It now also has a two-year fixed-rate deal at 3.55% with a £999 fee for borrowers with a 10% deposit, or 3.75% with no fee.

The Times (09/01/2021)

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Extend stamp duty holiday to prevent meltdown, Sunak told

Campaigners are calling on Chancellor Rishi Sunak to extend the stamp duty holiday amid warnings that over 320,000 current buyers will miss out on savings of up to £15,000 if it ends as planned on March 31st. More than 100,000 of them could subsequently pull out of deals - potentially hammering sales volumes, harming the economy and hitting prices. Beth Rudolf, of the Conveyancing Association, said: “If they don't extend the deadline, hundreds of thousands of sales will fail to complete.” Demand and pressures of lockdown mean logistical delays are escalating. The average transaction now takes 20 weeks to complete, up from 12 weeks before the pandemic started.

The Daily Telegraph (12/01/2021)

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Fifth of buyers thwarted from moving

A fifth of would-be homemovers whose plans to buy were thwarted last year. Some 20% of people surveyed for Aviva said they planned to buy a home in 2020 but had to put their dream on hold due to job fears, redundancy, furloughs and house sales falling through. First-time buyers were the most commonly hit, with seven in 10 rethinking their property-buying plans during 2020. By contrast, 4% of people who had no plans to buy a home at the start of 2020 ended up doing so, with reasons including needing a more affordable property, changing jobs, and relationship breakdown.

Daily Express (12/01/2021)

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Hadley submits plans for Blackwall Yard development

Hadley Property Group has submitted a full planning application for an 898-home site at Blackwall Yard, one of the last substantial regeneration sites on the north bank of the Thames, opposite the O2 and a short walk from Canary Wharf and Poplar High Street. The regeneration specialist’s masterplan includes the opening-up of the filled-in historic graving dock to become a large water feature with outdoor swimming; a ground-floor plane incorporating community spaces, as well as a pub and a grocery shop; and 898 new homes, of which at least 35% will be affordable housing. However, as a car-free development, residents will not be able to keep their own cars, although there are plans for an electric car sharing scheme. Over the 10 years following the start of work on the site, Hadley anticipates that the development will generate over £220m of total additional social and economic value.  

Property Week (18/12/2020)   The Construction Index (21/12/2020)

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First homes set to go on sale at Silvertown’s Pontoon Reach

The first apartments at a major housing development in Silvertown, which will have 295 homes across four buildings, are set to go on sale on. Pontoon Reach, developed by housebuilder Redrow and housing association Peabody will feature a mix of studio flats, homes with one to three bedrooms and duplex apartments set over two floors. The 69 homes in the River Walk building will be available to buy from January 16th, with prices starting at £330,000. Each apartment will have a balcony or private terrace from the kitchen and living area, while residents will also have access to landscaped courtyards and a roof terrace. 

Newham Recorder (06/01/2021)

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Housing market to remain open

The Government has confirmed that moving home and buying and selling property are essential activities that can continue during lockdown, according to the Telegraph. The news came as Prime Minister Boris Johnson announced a third lockdown. As during the second lockdown in November, property viewings for sales and rentals and transactions can continue, while home moves can go ahead. However, all parties must comply with Government guidelines. These include maintaining a two-metre distance, regular handwashing, conducting first-time viewings virtually, wearing face coverings, asking sellers to vacate properties during viewings, and a ban on open houses.

The Daily Telegraph (05/01/2021)

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