Docklands News

Developer Regal has submitted plans for a £500m mixed-use development at Orchard Wharf, next to the mouth of the River Lea. Seven mid-rise buildings, the tallest rising to 30 storeys, will host a safeguarded wharf and logistic centre, and over 200 affordable flats. “Orchard Wharf has been a real labour of love, and we are delighted to present our wider vision to deliver a new riverside neighbourhood with significant student and affordable housing, relieving the pressures on the housing stock in Tower Hamlets – all alongside a reactivated working wharf", commented Steve Harrington, planning director at Regal. “Regal, with Thames Clipper Logistics, will play a key part in further bringing the River Thames into use to support a more sustainable London for the future".

Construction Enquirer (05/06/2024)  

UK house prices have experienced a modest rebound, increasing by 0.4% in May, according to Nationwide. Annually, house price growth has seen a 1.3% uptick since last April, with prices now averaging £264,249. Robert Gardner, Nationwide's chief economist, said: “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months. Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.” 

Daily Express (01/06/2024)   Financial Times (01/06/2024)   The Guardian (01/06/2024)   The Times (01/06/2024)  

Tackling the housing crisis requires a multi-faceted approach that goes beyond simply building more houses, writes David Smith, head of dispute litigation at JMW Solicitors in London. He argues that radical change is needed in the planning system, social housing, new-build housing, and private-sector landlord regulations, as all types of housing supply are necessary to meet different needs. The solution should involve collaboration between planning, construction, landlord regulation, public health, education, and transport. Quality housing with local services and connections to work, health, and education is essential. Rural planning systems also need a major rethink to enable people to live and work across the UK, he adds, as cheaper housing alone is not enough; rural communities require access to medical services, jobs, and transport links. 

City AM (05/06/2024)  

Hopes for a rebound in the mortgage market have been dashed as lending data shows a decline in borrowing for homebuying. The number of new loans for first-time buyers fell by 3%, while loans for home movers dropped by 6.6%. Despite expectations of rate cuts, increased mortgage applications have not translated into actual lending. The Bank of England is now expected to cut rates in August or September. UK Finance predicts some growth in the second quarter, but the overall outlook for mortgage borrowing remains challenging. Affordability pressures and cost of living concerns continue to impact the market. Affordability pressures have also led to a decline in external lending and an increase in internal product transfers. The number of mortgage customers in arrears has grown, but repossessions remain below pre-pandemic levels. 

City AM (04/05/2024)  

Mount Anvil and The Riverside Group have formed a joint venture to deliver a regeneration scheme at the Tiller Road Estate on the Isle of Dogs. The partnership aims to deliver more than 300 new homes, with a mix of affordable and private homes, in addition to 72 homes for current residents to replace those in the existing buildings at Kedge House, Starboard Way, and Winch House. The scheme expands Mount Anvil’s partnership with Riverside following the developer’s previous appointment for new homes at nearby Bellamy Close and Byng Street. Their portfolio also includes 262 affordable homes as part of an 854-home masterplan at Royal Eden Docks. 

Housing Today (28/05/2024)   Inside Housing (29/05/2024)  

Despite predictions of a steep fall in house prices following 2022's controversial mini-Budget, the property market has remained stable. Prices have dropped slightly since their peak in 2022 but have held up better than anticipated. Official figures show that prices have fallen by about 3.3 % from their peak, although Nationwide calculates that the fall has been closer to 4%. Analysis shows that transaction volumes have been affected more than prices, as homeowners have chosen to wait for the market to pick up. First-time buyers have been most affected by rising mortgage rates, while high rental prices have contributed to the stability of house prices. House prices in areas which are mainly rural have increased at a faster rate than those in urban locations. Property values in rural areas are up 22% over the past five years, ahead of the 17% increase in urban areas. Many economists foresee prices rising across 2024. Pantheon Macroeconomics has estimated an increase of 4%, while Capital Economics is predicting growth of 3%. Robert Gardner, chief economist at Nationwide, expects prices to be “broadly flat” this year. 

Evening Standard (27/05/2024)   The Guardian (27/05/2024)   The Independent (27/05/2024)   The Times (27/05/2024)