Docklands News

The Government is considering making solar panels optional on new homes in England, following pressure from housebuilders. The upcoming future homes standard, aimed at ensuring new homes are low-carbon, is expected to set guidelines on insulation and renewable energy generation. However, instead of mandating solar panels, builders will only be "encouraged" to install them "where appropriate." This contrasts with Ed Miliband’s promise of a "rooftop revolution" in solar power, despite polling showing that around 80% of voters support solar panels on new homes. A spokesperson for the Ministry for Housing, Communities and Local Government acknowledged the importance of solar technology but added: "they may not be the best option for all new homes," citing factors like shade or tree cover.

The Guardian (23/10/2024)  

Planners in the London Borough of Tower Hamlets have given the go-ahead for One East Point, a 52-storey, 460-home residential skyscraper at 4-5 Harbour Exchange Square on the Isle of Dogs. The dual-core structure, designed by Make Architects, will be the second tallest in the Millwall Inner Dock cluster, 15m shorter than the nearby Maddison building in the emerging residential zone. “We are delighted with the positive outcome achieved at planning committee for One East Point, which will unlock underutilised office buildings to provide much-needed housing in this well-cTower Hamlets planners approve One East Point on the Isle of Dogsonnected East London location", said City & Docklands managing director Simon Passer. “The project will bring significant improvements to the local community, including 120 affordable homes, a retail and leisure offering, and a much-enhanced public realm".

Construction Enquirer 15/10/2024)  

Mayor of London Sadiq Khan has hailed the proposed Barking Riverside development as "a model of how to fix our housing crisis" and "a blueprint" for the government. The ambitious project aims to create a new town with up to 20,000 homes on 443 acres of brownfield land, previously occupied by Barking Power Station. The plans include 13,046 new homes, with 35% designated as affordable, alongside schools, parks, and commercial spaces. Matthew Carpen, managing director of Barking Riverside Ltd, noted that £400m has already been invested in infrastructure, including a new London Overground station. Mr Khan said: “Barking Riverside is a prime example of a new town in London, a pioneering partnership delivering thousands of new homes for Londoners." 

The Standard (14/10/2024)  

Charlie Nunn, chief executive of Lloyds Bank, says the cost of borrowing for home purchases is "unlikely" to return to the the low levels seen in the past decade. He noted that while mortgage rates are expected to decrease, they will not reach the near-zero rates of the 2010s. Currently, the average two-year fixed mortgage rate stands at 5.36%, with a five-year deal at 5.05%. Nunn highlighted that "mortgage arrears... have actually been declining again since December," indicating some financial stability for homeowners. However, first-time buyers are facing challenges in securing affordable deals, while 1.6m existing borrowers have fixed-rate deals expiring this year. Nunn emphasised the need for "real clarity and purpose" regarding government investment plans to encourage economic growth. 

BBC News (14/10/2024)  

Analysis suggests that around 13% of households do not have a rainy day fund, while a third have just £200 set aside for an emergency. A poll from heating installation firm Boxt shows that as many as 53% of households do not have the minimum recommended savings in order to cope with unexpected costs. It is recommended that emergency funds should equate to at least three months' take home pay, with many experts suggesting that six months' salary should be set aside. The poll shows that the average emergency fund as is currently £1,983. 

The Mail on Sunday (13/10/2024)  

House prices in the UK have risen for the third consecutive month, with a 0.3% increase in September, according to Halifax. The average home value now stands at £293,399, just £100 shy of the record set in June 2022. In London, the average house price stands at £539,238. The North West of England once again saw the highest growth in home prices of any region, with prices rising 5.1% in the past year to £234,355. 

BBC News (07/10/2024)   City AM (07/10/2024)   The Guardian (07/10/2024)   The Standard (07/10/2024)