Docklands News

The number of new homes being built in England is at its lowest point since records were kept 17 years ago, and there is increased pressure on the election winner to address the country's "deepening housing crisis." According to the Home Builders Federation's most recent pipeline assessment, just 2,472 sites received planning clearance in the first half of this year, which is the lowest quarterly total since records began in 2006. The housing pipeline is lower now than it was in 2009, when the county was in the "depts of a recession," according to Stewart Baseley, executive chairman of the Home Builders Federation. In order to build 1.5m more homes, Labour, which is presently leading in the polls, has pledged to change the planning regulations. 

City AM (11/06/2024)  

Tracker mortgages are now cheaper than fixed-rate deals, leading to an increase in their uptake. According to analysts Moneyfacts, the average two-year tracker rate has dipped below the two-year fix for the first time since November. Experts predict that tracker mortgages will become more popular once the Bank Rate is cut.  The cheapest tracker rate is currently offered by Nationwide. 

The Daily Telegraph (07/06/2024)  

Analysis from Santander shows that almost one in five first-time buyers are 40 or over, with the rising cost of properties and mortgages meaning that those getting onto the property ladder have to save for longer. Graham Sellar from Santander said: "With the average age of first-time buyers increasing in the past decade, more are reaching other life milestones, such as having children first.” Mark Harris from the mortgage broker SPF Private Clients said: "Many first-time buyers have children because not every life decision can be put on hold.” Meanwhile, data from banking trade body UK Finance shows that the number of first-time buyers fell 22.4% to 287,430 last year, the lowest since 2013. In 2004, the age at which the majority of people owned their own home was 32 but by 2022, the latest year for which official data is available, it had risen to 36.

The Sunday Times (09/06/2024)  

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)