Docklands News

Sadiq Khan plans to create a City Hall-owned housing developer if re-elected for a third term. The aim is to bring forward housing schemes on land where private developers and local authorities have struggled. The late Lord Kerslake recommended the creation of such a body in a 2022 review. The first phase would involve expanding and strengthening City Hall's existing housing delivery mechanisms, with the second phase being the creation of the new developer. Khan's deputy for housing, Tom Copley, has been instrumental in bringing the plans to life. The developer would intervene at key housing sites to add value and resolve potential tensions between different stakeholders. Similar plans have been proposed by Khan's Liberal Democrat rival, Rob Blackie. 

Evening Standard (16/04/2024)  

Experts are optimistic about the recovery of the property market, which has been performing better than expected. Factors such as cheaper mortgage rates, a stable economy, and increased public confidence in finances have contributed to this positive trend. House prices fell by 1.8% in 2023, a smaller drop than anticipated, and recent data shows a 1.4% increase in the average UK house price in the first quarter of 2024. Experts believe the market has reached its bottom and expect prices to remain flat or slightly increase by the end of the year. Analysts predict a 5% rise in house prices for the UK this year, citing increasing mortgage approvals, rising wages, and potential mortgage rate reductions. London is expected to experience stronger price growth, with homes selling above asking price for the first time since 2016. Estate agents are more confident about the market, particularly for family houses. 

The Daily Telegraph (16/04/2024)  

Construction output in the UK fell by 1.9% in February, leading to a minimal GDP growth of 0.1%. The fall, which marks a 1% contraction in the three months to February, was driven by a slump in activity in eight out of nine sub sectors – with private housing repair and maintenance the only area of growth, adding 0.2%. Non-housing repair and maintenance, and private commercial new work were the worst affected, contracting by 2.5 and 4%, respectively. Poor weather conditions and high interest rates were cited as the main factors behind the decline. Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: "Falls in construction activity also indicate a broader malaise the UK is yet to shake off. We've known for some time that major housebuilders have been building fewer homes, as people wait for finances to improve before making large financial decisions".

Daily Mail (13/04/2024)  

Ballymore is planning to submit a new application to Newham Council for a major riverside neighbourhood, two-and-a-half years after Mayor Sadiq Khan said the project needed more affordable homes. The 11-block development on the Thames Road industrial estate in Silvertown now includes 350 affordable co-living homes. The hybrid application is expected to be resubmitted this June with 798 homes in the detailed element and 862 in outline. Other changes made by lead architect Howells include second staircases added to the buildings, and an increase of 28 in the total number of homes, to 1,638. The project still includes more than 16,000 sq m of light industrial space, 25,000 sq m of public realm and park space and a 5,000 sq m primary school.

Building (09/04/2024)  

Architectural practice Patel Taylor’s plans for 547 new homes at the former News International printworks site in Wapping have won the backing of the Tower Hamlets Strategic Development Committee. The proposals for Berkeley Group's St George subsidiary include two blocks of 16 and 22 storeys. Recommending the scheme for approval, council planning officers said the design, height, massing and architectural appearance of Patel Taylor’s proposals would “respond positively to the existing and emerging local context”.

Building Design (09/04/2024)  

The average house price in the UK fell by 1% in March, marking the first monthly decline since September last year. According to Halifax, the average home now costs £288,430, down £2,900 from the previous month. Kim Kinnaird, Halifax's director of mortgages, said the housing market "remains sensitive to the scale and pace of interest rate changes. That a monthly fall should occur following five consecutive months of growth is not entirely unexpected, particularly in view of the reset the market has been going through since interest rates began to rise sharply in 2022. Despite this, house prices have shown surprising resilience in the face of significantly higher borrowing costs." 

BBC News (06/04/2024)   Daily Mail (06/04/2024)   Financial Times (06/04/2024)   The Daily Telegraph (06/04/2024)