Docklands News

Sadiq Khan has launched his re-election campaign, vowing to double the council homes target to 40,000 and highlighting the opportunity to ease London's housing crisis with a Labour government and mayor. Khan's first campaign pledge is to deliver 40,000 new council homes by 2030. It comes as Housing Secretary Michael Gove has ordered Khan to urgently address London's chronic under delivery of new homes. Gove criticised the Mayor for the low number of new home completions and warned that it must rise to meet growing demand. He directed Khan to review the planning framework and find ways to free up industrial land for housing development. Gove also called for increased building in opportunity areas that have the potential for new homes. 

Evening Standard (19/03/2024)   The Daily Telegraph (19/03/2024)  

Homebuyers opting for marathon mortgages with terms of 35 years or more could end up paying tens of thousands of pounds in extra interest. Last year, one in five first-time buyers took out long mortgage deals lasting at least 36 years. Choosing a long mortgage term helps make repayments more affordable, but it can lead to higher interest payments in the long run. Mortgage rates have increased significantly, making affordability a top priority for borrowers. Experts advise considering shorter terms or making overpayments to reduce the risk of having a mortgage in retirement. 

The Times (16/03/2024)  

The average person will move house five times in their lifetime, but a poll reveals that almost a third find moving more stressful than getting divorced. A quarter of people say it is harder than starting a new job, while around a fifth claim it is tougher than having a baby or getting fired. Each move involves nine days of packing and shifting, and the average person also suffers minor injuries. According to St Modwen Homes, the average amount spent on moving fees is £3,065. The firm's Jo Winston said: "For those who have endured the stresses of moving, this will unlikely come as a surprise. We often see Brits underestimating the amount of time and money that goes into moving house." 

Daily Mirror (18/03/2024)   Daily Star (18/03/2024)  

The Greater London Authority (GLA) is seeking a development partner to transform the Royal Albert Dock, creating as many as 36,000 new homes. The 30-acre site could also be used for the leisure, life science and light industrial sectors. “In the coming five years, we’ll unlock the full potential of the Royal Docks as a thriving part of London, setting a new standard in sustainable living through more jobs, homes and opportunities", said Mayor of Newham Rokhsana Fiaz. “We’ll also place a premium on the wellbeing and happiness of local people as the Royal Docks and Newham are the beating heart of London". 

Planning Resource (08/03/2024)   Property Week (07/03/2024)  

Data reveals that UK house prices saw average values rising by £3,000 in February. Analysis by chartered surveyor e.surv say this equates to a 0.8% increase from January – the biggest monthly rise for 17 months. The firm says that house prices rose in 54 unitary authority areas out of 111. Research showed that homeowners in Merthyr Tydfil saw the best result with a 4.3% rise in prices. Rutland and Flintshire saw 4% and 3.3% rises respectively. 

Property118 (11/03/2024)  

A typical first-time buyer in 2023 would have needed to stretch their loan out for half a century to achieve the same level of affordability that they would have had across a 30-year mortgage term in 2022, according to David Postings, chief executive of UK Finance. He highlighted the impact of rapid interest rate rises on first-time buyers and suggested that house prices may stagnate as affordability remains stretched. The number of mortgages handed out to first-time buyers in 2023 was the lowest since 2013, down 22.4% compared to the previous year. Despite this, 287,000 loans with a value of £58bn were advanced to first-time households. The squeeze on incomes has seen mortgage arrears rise, but stricter affordability tests have protected lenders and borrowers to a great extent, Mr Postings said. As a result, arrears remain at low levels when looking back at historical comparisons, he added. 

The Daily Telegraph (09/03/2024)   The Independent (09/03/2024)