Docklands News

Analysis by the Royal Institution of Chartered Surveyors shows that the property market saw signs of recovery in November. Its measure of new buyer enquiries rose to a net balance of -14 last month from upwardly revised -25 in October. This marked the strongest reading since April 2022. A measure of forecasted sales over the next three months rose to +6 in November, having come in at -17 in October. Agreed sales were up to a net balance of -11% in November, from -23% in October. Analysis measuring the gap between the share of surveyors seeing rises and those seeing falls rose to -43, up from a revised reading for October of -61. Only a net 10% of agents think prices will be lower in a year's time than they are now. Simon Rubinsohn, chief economist at the Rics, said the survey results were “further evidence that sentiment is a little less negative than previously was the case”, although he accepted that many agents are “still quite cautious”. 

Daily Mirror (13/12/2023)   Financial Times (13/12/2023)   Reuters (13/12/2023)   The Times (13/12/2023)  

UK lending for house purchases is predicted to fall by 8% in 2024, according to a report by UK Finance. The trade association said higher interest rates and household costs will make it harder for people to access mortgage credit. UK Finance said it expects lending for house purchases in the UK will fall from £130bn in 2023 to £120bn next year. Mortgage arrears are forecast to rise from 105,600 cases by the end of 2023 with arrears of over 2.5% of the outstanding balance, to 128,800 by the end of 2024. There were an estimated 4,400 repossessions in 2023, which UK Finance said is "an incredibly low number by historic comparisons". James Tatch, head of analytics at UK Finance, said "2023 was a challenging year for both prospective and existing mortgage borrowers, facing affordability pressures from higher interest rates and the increased cost of living, as well as house prices still at elevated levels relative to income".

BBC News (11/12/2023)   Daily Mail (11/12/2023)   Evening Standard (11/12/2023)   The Daily Telegraph (11/12/2023)  

Halifax has revealed that the average age for a first time buyer in the UK is no 32, up from 30 a decade ago. Data from Halifax's first time buyer report also revealed that Derbyshire Dales in the East Midlands has an average first time buyer age of just 26 with the average deposit sitting at around £33,143. This is a fall of eight years compared to the first time buyer age in 2013 which sat at 34. Halifax says this is the "biggest change" it has seen in its data. Richmond upon Thames has the highest average deposit sitting at £127,493 and had a first time buyer age of 35. Halifax found the priorities of potential first time buyers have shifted as nearly three-quarters of survey respondents have said "current economic challenges" have impacted their plans. A fifth (21%) said they put their buying plans on hold completely and 41% have pushed back their buying plans. Other priorities for first time buyers included paying off larger debts (40%), travelling (31%), and buying a car (27%).

Daily Mirror (11/12/2023)  

Experts have claimed that mortgage rates could fall to less than 4% by the start of next year, amid rising hopes that interest rates have peaked. Aaron Strutt, of the broker Trinity Financial Services, said: "Although it is not possible to get below 4% for new mortgages quite yet, we may well see them early next year." Nick Mendes, a broker at John Charcol, added: "We should see more lenders release five-year rates below 4.5% with best buys edging closer to 4%. Two- and three-year fixed-rate deals will also come down to 4.5%." It comes after Nationwide cut its fixed-rate products by up 0.40 percentage points with rates starting from 4.19%. Meanwhile, Santander and Halifax reduced their rates by up to 0.32 and 0.25 percentage points respectively. The cuts followed First Direct's recent decision to shave up to 0.45 percentage points off its fixed rates. 

I (09/12/2023)   The Daily Telegraph (09/12/2023)  

Property developer Rockwell has launched a new penthouse collection at Vetro, its luxury 30-storey residential building just a short step away from Westferry DLR. The six duplex apartments all include full-height windows throughout, offering panoramic views of the Thames, Canary Wharf, and the City beyond. Designed by architect SimpsonHaugh, each penthouse features open-plan kitchens, dining and living areas at a lower level, and two en-suite bedrooms, with marble finishes, dark timber joinery, modern brassware and neutral tones throughout while, upstairs, master bathrooms boast double basin sinks, walk-in rain showers, and full-height framed glass doors. Residents have access to a portfolio of amenities which include a boutique in-house gym, a sauna, and a concierge service, as well as landscaped podium gardens, which are also positioned to capture the sights. Prices for the penthouses start from £1.775m.

Luxury London (05/12/2023)  

Data from Nationwide shows that house prices rose for a third consecutive month in November. The average rose 0.2% month-on-month to £258,557, with prices having already climbed by 0.9% in October and 0.1% in September. While prices were up on a monthly basis, year-on-year they fell 2% in November. Nationwide said market has improved after the Bank of England opted to hold the base rate at 5.25%, prompting hope that soaring mortgage costs will start to drop and boost activity in the sector. Robert Gardner, chief economist at Nationwide, said: “There has been a significant change in market expectations for the future path of the bank rate in recent months which, if sustained, could provide much-needed support for housing market activity". Gabriella Dickens, a senior economist at Pantheon Macroeconomics, said the month-on-month rise would likely "reverse in the very near term," adding that a material recovery in house prices “still looks a few months away yet". "The outlook for next year, however, is brighter", she added. 

BBC News (02/12/2023)   Financial Times (02/12/2023)   The Daily Telegraph (02/12/2023)   The Guardian (02/12/2023)   The Times (02/12/2023)