Docklands News

Analysis of thousands of removal quotes suggests that August has been the most popular month to move home for the past 11 years. Research carried by property advice website the HomeOwners Alliance indicated that Friday August 25 could be the most popular day to move in 2023, enabling people to settle into their new home over the bank holiday weekend. Research found three in 10 (30%) households move on a Friday, and the last Friday in August tends to be the busiest day of the year to move.

Evening Standard (07/08/2023)   The Independent (07/08/2023)  

A survey of agents and surveyors suggests that high mortgage rates have hit property sales, with a net 44% saying they saw a decline in sales agreed in July. The Royal Institution of Chartered Surveyors poll saw a net 45% of estate agents and surveyors say inquiries from new buyers fell last month, with the report declaring this a “sharp downturn in buyer demand.” Even in 12 months' time, a net 25% of estate agents believe their deal pipelines will be smaller than they are now. Simon Rubinsohn, the institution’s chief economist, said: “The continued weak reading for the new-buyer inquiries metric is indicative of the challenges facing prospective purchasers against a backdrop of economic uncertainty, rising interest rates and a tougher credit environment.” The poll found that near-term sales expectations “have turned increasingly subdued of late”, while a net 53% of respondents reported a drop in prices last month.

Financial Times (09/08/2023)   The Times (09/08/2023)  

Analysis by the Resolution Foundation shows that renters spent 34% of their incomes on housing costs in 2021-22, compared to 9% for mortgage holders. Cara Pacitti, senior economist at the think tank, said private renting remained the most expensive type of housing despite rises in costs for homeowners. Labour said the figures showed renters were being hit by a "double whammy" of rising rental costs and the ever-increasing cost of buying a house, making home ownership an increasingly distant prospect. 

The Independent (07/08/2023)  

Cain International, the privately held investment firm, and affiliates of Starwood Capital Group, the global private investment firm, have agreed a £535m loan to Docklands developer Canary Wharf for the next phase of development at its Wood Wharf residential scheme. Cain and Starwood Capital will each provide half of the £535m development loan, one of the largest in the UK in the past 12 months. Part of the wider Canary Wharf estate, Wood Wharf Phase Three is a 1,308-home private build-to-rent scheme, split across three towers and two buildings, alongside 26,300 square feet of commercial. The phase includes 295 affordable homes.

CoStar (28/07/2023)  

House prices fell at the fastest annual rate for 14 years in July, according to data from Nationwide. The 3.8% year-on-year decline was the steepest since July 2009. The fall took the average UK house price to £260,828, with this around £13,000 – or 4.5% - below a peak recorded in August 2022. Month-on-month, prices were down 0.2% in July. Noting that housing affordability “remains stretched” for those hoping to buy a home with a mortgage, Robert Gardner, Nationwide’s chief economist, said a “challenging affordability picture helps to explain why housing market activity has been subdued in recent months.” Separate data from HMRC shows that house sales fell by 15% in June compared with the same month a year earlier. An estimated 85,870 transactions took place in June 2023 across the UK, which was 6% higher than in May this year. The report said that part of the month-on-month increase can be explained by a higher number of working days in June than in May.

BBC News (01/08/2023)   Evening Standard (01/08/2023)   The Daily Telegraph (01/08/2023)   The Guardian (01/08/2023)  

Industry data suggests that the housebuilding market has slowed in recent weeks, with rising mortgage costs having an impact on the purchase of new homes. Department for Levelling Up, Housing and Communities figures show that the number of energy performance certificates (EPC) issued to newly-built houses — a key forward indicator of housebuilding completions — fell by 13.5% year-on-year in Q2. The fall to 58,000 new homes was the steepest dip in a decade, excluding a 60% drop seen at the start of the pandemic. As well as pressure from mortgage costs, the construction industry has warned that tougher environmental regulations will see firms cutting back on new homes. 

The Sunday Times (30/07/2023)