Docklands News

A report suggests London is on course to become something of a "Manhattan-on-Thames" as almost 600 more future skyscrapers are planned to cram into gaps of the capital's crowded historic skyline. According to the 10th annual tall buildings report from think-tank New London Architecture, there are 583 tall buildings of more than 20 storeys in the pipeline, more than twice as many compared to the past decade. 

Evening Standard (13/05/2024)  

Figures published by the Greater London Authority (GLA) show that the number of affordable homes started in the capital the year to March 31 was just 3,244, the lowest number since at least 2008/09, when records began. Analysis shows that this includes 2,358 homes started by the GLA, which is led by the Mayor, and another 886 begun by private developers or housing associations. It also represents an 88% fall compared to 2022/23, when 27,824 affordable homes were started. 

The Daily Telegraph (14/05/2024)  

Estate agents are experiencing a dreary start to the selling season due to weeks of rain, which has affected the spring property market. Homeowners have been holding back from selling until their gardens and land look more presentable, while buyers have been delaying viewings until the weather improves. The rain has damaged gardens and land, making it unappealing for potential buyers. Research shows that the highest number of house sales are agreed in the four-month period from March to June, when rainfall is typically 42% lower than the rest of the year. The rain has also affected photographers' ability to take good pictures of properties, delaying marketing efforts. 

The Times (11/05/2024)  

Buyers with small deposits should consider looking beyond big name banks for the best mortgage deals, according to data analysis firm Moneyfactscompare.co.uk. Building societies typically offer lower rates for first-time buyers, and have also introduced innovative products in recent months. These smaller lenders are differentiating themselves from big banks by offering more flexible criteria for mortgage applications. Even when big banks offer lower rates, other fees associated with the mortgage can increase the overall cost. Rachel Springall from moneyfactscompare.co.uk advises first-time buyers to consider all costs and incentives associated with a mortgage before making a decision. 

The Sun (11/05/2024)  

Property values increased by 0.1% between March and April, according to the Halifax house price index, following a decline of 0.9% over the previous month. It meant an average home was £288,949 - 1.1% higher than the same month last year, and up from a rise of 0.4% in the year to March when prices averaged £288,781. Amanda Bryden, head of mortgages at Halifax, said: "This reflects a housing market finding its feet in an era of higher interest rates." Bryden said she believed that prices would "rise modestly" this year, having previously thought it unlikely that there would be an increase. Prices increased fastest in Northern Ireland, where they are 3.4% higher than they were 12 months ago at an average of £192,502. House prices in Scotland, Wales and the north west of England also increased year-on-year. However, home values in the east of England fell 1.1% to an average of £329,723.  

I (07/05/2024)   The Daily Telegraph (07/05/2024)   The Guardian (07/05/2024)   The Times (07/05/2024)  

The Royal Institution of Chartered Surveyors (Rics) has reported home buyer inquiries are "flatlining" as higher mortgage rates squeeze affordability. The property industry survey shows estate agents have scaled back their expectations as climbing borrowing costs put the brakes on demand. The institution said the property markets in London and the south of England had seen a particular "loss of impetus". A net balance of 1% of property professionals reported new buyer inquiries falling rather than rising in April, following a balance of 6% reporting inquiries rising in March. Over the coming year, a net balance of 33% of professionals expect house sales to rise rather than fall. A balance of 5% of professionals reported prices falling rather than rising in April. This was unchanged from the previous month. Simon Rubinsohn, Rics chief economist, said: "A modest back-up in mortgage pricing has contributed to the flatlining in the buyer inquiries metric over the past month." 

The Daily Telegraph (08/05/2024)   The Times (08/05/2024)