Docklands News

A new coalition of legal, government, and business groups is working towards making 'e-conveyancing' a reality. The aim of achieving upfront information in property transactions was revealed at the Digital Property Market Steering Group's conference. The government, in collaboration with the Home Buying and Selling Group, is identifying key information that needs to be made upfront. However, concerns were raised about the phrase 'upfront information' during a breakout session, as it seemed to encompass different steps in the home buying and selling process. The conference highlighted the need to address who the upfront information is aimed at and who sets the rules. 

Law Society Gazette (12/09/2023)  

New homes are still up for grabs in the environs of Canary Wharf - including at the 239m-tall Landmark Pinnacle, Britain's tallest residential tower. The 752-home building includes the UK’s highest gym and highest private roof terrace, and even a tropical garden. Inspired by Kew Gardens, the 27th-floor setting is home to more than 3,5000 plants, with amazing views out across Canary Wharf. Prices for a studio start at £559,000, while two-bedroom flats cost from £986,750. Not far away, on the Leamouth Peninsula, Goodluck Hope offers 841 homes spread across a site of just under seven acres. Prices there range from £430,000 for a studio, to £550,000 for a one-bedroom flat and £699,000 for a two-bedroom apartment 

Evening Standard (07/09/2023)  

House prices fell by 5.3% in the year to August, according to Nationwide, the fastest annual drop in 14 years. The bigger-than-expected drop brings the average house price down £14,600 to £259,153 compared with a year ago. “The softening is not surprising given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels,” said Robert Gardner, the chief economist at Nationwide. The number of completions of house sales was down 20% in the first half of the year compared with 2019, and about 40% down on 2021. While the proportion of people buying with cash has remained strong, the number of completions by those requiring a mortgage has plummeted. There was also a 25% drop in first-time buyers in the first half of 2023 when compared with 2019, Nationwide said, while buyers turned their attention from detached homes to smaller, less expensive properties. 

Financial Times (02/09/2023)   The Daily Telegraph (02/09/2023)   The Guardian (02/09/2023)   The Times (02/09/2023)  

New research reveals that 19 of the 20 postcodes with the most “risky” mortgages - defined by the Bank of England as those where the loan is at least 4.5 times the borrower's earnings - were in London. The analysis by Mazars found that Wandsworth had the most risky mortgages, worth a total of £232m, while Battersea was second with £198m and Wimbledon was third, followed by Fulham and Tooting. The only postcode outside of London in the top 20 was Maidenhead, still within the London commuter belt. Mazars partner Paul Rouse said: “Areas like Wandsworth, Wimbledon and Battersea should be attractive to homebuyers even in the worst market conditions. Lenders believe that makes houses there a good risk for them to take.” 

Evening Standard (03/09/2023)  

The number of property sales taking place in July was 16% lower than it was in the same month last year, as reduced lending rates failed to allay prospective buyers’ hesitancy. Some 86,510 sales on properties were completed in the UK throughout the month, up 1% when compared to June, new figures from HMRC show. ’There is some hesitancy as to whether now is a good time to buy while there is uncertainty as to where interest rates will peak and what will happen with property values,” Gareth Lewis, managing director of property lender MT Finance, said.  ‘As we’ve been saying for a while now, we need some stability in order to give buyers and sellers confidence. The volatility of the past few months, combined with soaring living costs, are extremely unhelpful to the smooth functioning of the market.’

City AM