Docklands News

House price growth highest since March, says Halifax

13th January 2017

House price growth has hit its highest level since March, according to the Halifax house price index, as a lack of supply propped up the market since the EU referendum. On a monthly basis, the index showed prices increased by 1.7% last month, up from 0.6% in November, with the three-month average of year-on-year house price growth hitting 6.5% last month, up from 6%. The figures show that the average house now costs £222,484. Halifax's data showed Luton recorded the highest year-on-year growth, at 19.4%, followed by Barking and Dagenham in east London, where house prices increased 18.6% last year. Martin Ellis, Halifax's housing economist, has voiced a belief that 2017 will see "reduced housing demand" due to rising inflation and squeezed wages.

The Independent (09/01/2017)

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Shared ownership unaffordable

13th January 2017

The Guardian analyses research from consumer body Which? that shows most under-30s in London can't afford the minimum sum required for shared ownership homes. Researchers looked at 525 shared ownership properties within a 20-mile radius of central London last November and found that those buying a minimum share using a 95% mortgage would need to earn at least £37,300 a year - considerably more than the average £27,900 earned by under-30 Londoners. Across the capital, no homes in Zone 1 were affordable for the average person under 30, while 10% were in Zone 2. Zone 4 proved a better option, with 42% affordable.

Source: The Guardian (07/01/2017)

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Permission granted for Orchard Wharf scheme in Poplar

6th January 2017

Tower Hamlets Council has given planning permission for a 24-storey tower in Poplar, designed by BUJ Architects. The 30,186 sq m scheme, known as Orchard Wharf, include 338 flats, a cafe and 376 sq m of flexible floor space, and is based on the site of a former Esso petrol station on Leamouth Road. Work is expected to start on site in the first half of 2017, with a completion date scheduled for 2019 or 2020.

Architects’ Journal (05/01/2017) 

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Government reveals Starter Homes scheme

6th January 2017

The Government has confirmed that its Starter Homes scheme will offer 20% discounts to first-time buyers in 30 local authority areas in England. Housing Minister Gavin Barwell said the move is the “first wave of partnerships shows the strong local interest to build thousands of Starter Homes on hundreds of brownfield sites in the coming years.” Prices will be capped at £450,000 in London and £250,000 elsewhere.

The Times (03/01/2017) 

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Mortgage approvals at 8-month high

6th January 2017

About 67,500 mortgages were approved in November, up from 67,301 during the previous month, data from the Bank of England shows. The November figure marks the highest since last March. Home purchase mortgages in November amounted to £12bn, up from £10.4bn in August but down from £13.4bn in January 2016.

The Daily Telegraph (04/01/2017)

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Half of millennials need help to buy

6th January 2017

A survey from developer Hammerson shows that more than half of millennials who still live at home with their parents doubt they will be able to afford to buy a property without help from a relative. It also shows that almost a quarter of millennials who are not on the property ladder are not concerned about owning a home, saying they would be content to rent for life.

The Daily Telegraph (03/01/2017) 

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