Docklands News

Halifax has reported that house prices rose 1.1% between September and October, ending a run of six consecutive monthly falls. However, they were still down 3.2% compared with October last year. It means the average UK property prices rose to £281,974 last month, an increase of nearly £3,000. This is down £11,000 from the August 2022 peak but still £42,600 above the level in February 2020, before the pandemic. Halifax also reported an annual decline of 2.4% in prices for first-time buyers. Kim Kinnaird, director at Halifax Mortgages, said: "Prospective sellers appear to be taking a cautious attitude, leading to a low supply of homes for sale. This is likely to have strengthened prices in the short term, rather than prices being driven by buyer demand, which remains weak overall. While many people will have seen their income grow through wage rises, higher interest rates and wider affordability pressures continue to be challenges for buyers".

Financial Times (07/11/2023)   I (07/11/2023)   The Times (07/11/2023)  

UK homeowners and buyers can expect a rash of mortgage deals with eye-catching rates as home loan providers compete to entice borrowers and hit their lending targets. Mortgage costs have been reducing since late July, with the average new five-year fixed mortgage rate down to 5.87% from 6.37% at the start of August. Nicholas Mendes of the broker John Charcol, suspects lenders will have to do more to galvanise the market, with one option being to use a higher fee to push down the headline rate of a new mortgage deal. Chris Sykes, technical director at the broker Private Finance, believes there is “not going to be much major movement on mortgage rates until the base rate starts coming down, or inflation is low enough to predict that the base rate will soon come down”. 

The Guardian (04/11/2023)  

Property developer Rockwell has announced the launch of its exclusive penthouse collection for sale at Vetro - a 30-storey development close to Westferry DLR Station on the Isle of Dogs. The six duplex apartments feature open-plan kitchen, dining and living areas at lower level, and two en suite bedrooms above. The elegant aesthetic was guided by architect SimpsonHaugh; the master bathrooms boast marble finishes encasing double basin sinks, walk-in rain showers and enclosed recessed WCs, shielded by full height black framed glass doors, while the modern brassware and neutral tone marble finishes make for a "classic yet timeless style". “The penthouses offer a rare level of quality. Combined with the excellent connectivity that Vetro provides, these homes present a superior and complete modern urban living opportunity", said Rockwell managing director Nicholas Mee. "We are immensely proud to launch these homes to market and to mark completion on an extraordinary building which will enhance the local community and leave a wholly positive development legacy that stands the test of time".

Bdaiy (27/10/2023)  

UK house prices rose 0.9% last month due to a shortage of homes on the market, according to Nationwide. On an annual basis the price of an average home fell by 3.3% in October to £259,423 - down from £268,282 a year earlier. The month-on-month increase, which is the biggest for more than a year, came as a surprise to many economists. Robert Gardner, the lender’s chief economist, said that despite the month-on-month rise in house prices: “Housing market activity has remained extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the monthly average prevailing in 2019". Mr Gardner added that there was little sign of “forced selling”, which would exert downward pressure on prices, as labour market conditions were solid and mortgage arrears were at historically low levels, despite difficulties for some homeowners. 

BBC News (01/11/2023)   Evening Standard (01/11/2023)   Financial Times (01/11/2023)   The Guardian (01/11/2023)  

The number of home sales in September was 17% lower than the same month in 2022, according to HMRC figures. September saw an estimated 85,610 home sales - 1% lower than the total recorded in August. From April to September, there were an estimated 507,670 home sales, compared to 632,520 during the same period last year. Iain McKenzie, chief executive of the Guild of Property Professionals, said: “Although there are signs that the economy is recovering, the reality for many households is that they are still not able to afford to buy in the current climate", while Charlotte Nixon of wealth manager Quilter said that if the number of property deals continues to drop “prices will drop with them".

Daily Mail (31/10/2023)   Evening Standard (31/10/2023)   The Independent (31/10/2023)