Docklands News

The number of first time buyers relying on family support has dropped, according to research by Moneybox. In a survey of 1,000 would-be homeowners, the majority (76%) said they plan to buy their first home with their own savings. Just 20% expect to receive financial support from their family to help them raise a deposit and 20% of respondents hope to benefit from inheritance. 

FT Adviser (27/01/2024)  

Newham mayor Rokshana Fiaz is launching a campaign to build affordable housing on the five acres of land previously earmarked for the MSG Sphere in Stratford. She said that MSG withdrawing their application for the Sphere was “fantastic news” for Stratford residents. She added: “We’ll now be campaigning for the site to be designated a housing and employment inclusion zone because we want our residents to benefit from homes they can afford and jobs that will increase household incomes".

Evening Standard (22/01/2024)  

Buyer demand has stabilised, leading to a slight recovery in home sales, according to the Royal Institution of Chartered Surveyors (Rics). The volume of newly agreed sales, although still falling, is at its least negative since March 2022. Professionals predict a solid recovery in home sales volumes in 2024. House prices continue to follow a downward trend, but the negative pressure is diminishing. It also now takes 18 weeks on average to complete a sale, compared with 20 weeks back in September 2023, the report said. Looking ahead, prices are expected to continue edging downwards before stabilising by the end of the year. Tenant demand in the rental sector has risen, leading to rising rental prices. Rics senior economist Tarrant Parsons stated that “nevertheless, the lending climate is set to remain restrictive compared to much of the post-global financial crisis era next year, meaning any uplift in activity is likely to be limited for the time being.” 

Daily Mail (20/01/2024)   Evening Standard (20/01/2024)   The Daily Telegraph (20/01/2024)   The Guardian (20/01/2024)   The Mirror (20/01/2024)  

Borrowers are abandoning mortgage deals they signed up to last year as a new year price war begins. HSBC, NatWest, Lloyds, and Santander have all cut rates, with the average two-year fix dropping from 5.93% to 5.61% and the average five-year fix falling from 5.54% to 5.24%, according to the data firm Moneyfacts. Nicholas Mendes from broker John Charcol noted that the best five-year fixes are now below 4%, which is a significant psychological difference. Borrowers can lock in a rate up to six months before their deal ends, leading to thousands of cancelled applications as rates become cheaper. The Bank of England's 14 base rate increases since December 2021 have caused mortgage rates to reach a 15-year high in August.

Sunday Express (21/01/2024)   The Sunday Times (21/01/2024)  

Flat owners paying exorbitant ground rent charges have welcomed comments from MP Barry Gardiner, who criticised the high revenues extracted from leaseholders with no services in return. Speaking on the Leasehold Bill Committee, Gardiner said some flat owners are paying as much as £8,000 a year for no service. Flat owner and campaigner Sophie Bichener said: "Mr Gardiner hit the nail on the head. Many leaseholders only hear from their freeholders when ground rent is due and see no services in return. The ground rent invoices come on top of already extortionate service charges - it is just another way for profit to be extracted from leaseholders." The Leasehold and Freehold Reform Bill, currently going through Parliament, aims to make it cheaper and easier for leaseholders to extend their lease, buy their freehold, and take over management of their building. 

Daily Mail (24/01/2024)  

The average cost of a home in the UK has fallen at its fastest rate in over 12 years, with property values £6,000 lower than the previous year. House prices dropped 2.1% in the 12 months to November 2023, according to the Office for National Statistics (ONS). The fall in house prices continues to accelerate, with annual rent increases remaining at record levels. Average house prices decreased in England to £302,000 (a 2.9% drop) and fell in Wales to £213,000 (down 2.4%). The typical property value increased in Scotland to £194,000 (a 2.2% annual rise). Average house prices increased by 2.1% annually in Northern Ireland to £180,000. Within England, the North East recorded the smallest decrease in average house prices in the 12 months to November 2023 (falling by 0.4%), while London saw the biggest drop in average house prices (down by 6%). However, experts said the data was several months out of date and that confidence in the market had improved since. Separate figures from the ONS showed UK rental prices rose 6.2% in the 12 months to December 2023 - the joint highest annual percentage change since data collection began in January 2016.

Daily Mail (17/01/2024)   Financial Times (17/01/2024)   The Independent (17/01/2024)   The Times (17/01/2024)