Docklands News

Homeowners are turning to one-year fixed-rate mortgages as a short-term solution while waiting for interest rates to decrease. Precise Mortgages has released a one-year fix at 5.44% with an 85% loan-to-value (LTV) and a 1% fee. Other lenders, such as Barclays, Santander, and Leeds Building Society, also offer one-year fixes. Santander reports that approximately 10% of its customers have chosen one-year deals since their introduction a year ago. Aaron Strutt from mortgage broker Trinity Financial suggests that a one-year fix is a good option for those planning to move or nearing the end of a deal, expecting rates to drop soon. 

The Sunday Times (26/05/2024)  

A new 'compatibility test' has been developed to help couples considering buying a property together to see if they are truly "financially and emotionally ready". According to the research, owning a home is now seen as a more significant commitment than marriage. The study explores financial compatibility, long-term planning perspectives, and lifestyle choices. The survey, conducted by Skipton Building Society, reveals that 64% of unmarried couples prioritise climbing the property ladder over getting married. Additionally, 63% believe that couples should start the process of buying a home when both partners have a steady income. The research estimates that unmarried couples would need to save £27,000 for a property deposit. 

Daily Express (25/05/2024)   Daily Star (25/05/2024)   The Mirror (25/05/2024)   The Sun (25/05/2024)  

The average price of a home in London has fallen below the half a million pound mark for the first time since July 2021, according to Land Registry figures published on Wednesday. UK house prices in March rose year-on-year for the first time since last summer; however, London and the South East were the only regions where they declined. The average price of a house in London in March was £499,663, a £17,500 annual decline. Inner London house prices were falling fastest, by 7.3%. In each of Westminster, Camden and the City, prices were down by more than 20% year-on-year. In contrast, the price of an outer London flat was down only 1%.

Evening Standard (22/05/2024)  

A new London bridge spanning the River Lea at Ailsa Wharf, connecting Tower Hamlets and Newham, is set to go ahead after approval from Tower Hamlets Council. The bridge will provide space for cyclists and pedestrians, improving access to community facilities, public transport and the Queen Elizabeth Olympic Park. The joint venture between Tower Hamlets and Newham Council aims to encourage healthier and environmentally friendly travel choices. The bridge will feature hydraulic lifts to accommodate larger boats, although concerns were raised about the maintenance costs. However, external funding will be available to assist with the expenses. The bridge is expected to be adopted into Newham Council's highways network. Newham Council is expected to approve the plans on its side of the River Lea later this year. 

The Express (21/05/2024)  

The London Councils group has raised concerns that new controls on holiday and short-term lets planned for introduction in England this summer could exacerbate the capital's housing crisis. These changes would require people to seek council permission to turn their home into a short-term let. However, existing short-term lets would be automatically reclassified, which could result in the "overnight loss of thousands of homes" from London’s permanent housing stock. Cllr Darren Rodwell said: “With housing and homelessness pressures in the capital worse than ever, boroughs are extremely concerned about losing permanent housing stock. The priority has to be ensuring homes are available for long-term residents." 

BBC News (21/05/2024)