Docklands News

Get Living has been granted planning permission for more than 1,000 homes in east London’s former Olympic Village.  The three new blocks, unanimously approved by the London Legacy Development Corporation, complete the original masterplan for the East Village neighbourhood in Stratford. Originally built to house athletes for the 2012 London Olympics, East Village has now grown to a community of 6,500 people with 25 acres of public realm.  The final elements of the development, which have been designed by Howells and TP Bennett, range in height from eight to 40 storeys.   The N18 and N19 buildings will provide a total of 848 new rental homes, while N16 provides 504 students homes, 35% of which will be “affordable”, along with a new space for independent retailers. 

Development Finance Today (26/07/2023)   Housing Today (26/07/2023)  

Michael Gove has suggested the Government could offer more state-backed support for first-time buyers, as part of efforts to further tip the scales against second homeowners and speculative buyers. The levelling up secretary said: “We've already helped over three quarters of a million people to buy their first home since 2010 through programmes including Help to Buy, Right to Buy, and shared ownership. And we will go further later this year.” Mr Gove cited examples of buyers he would seek to further discriminate against, including those seeking to convert family homes into holiday lets, and speculative buyers “who have been seeking to invest only to inflate property prices”.

The Daily Telegraph (24/07/2023)  

New research shows that mortgage deals disappeared at a record rate in June as homeowners moved quickly to secure new deals before they became more expensive. The financial data analyst Moneyfacts found that the average shelf life of a mortgage deal was 12 days between June and July, beating the previous low of 15 days set last October when the mortgage market was tipped into chaos after the Government's disastrous mini-budget. Moneyfacts also said that savings bonds also swiftly disappeared with products being pulled after an average of 27 days, down from 34 days in June. In comparison, during the financial crisis in 2009, the average was 16 days. Aaron Strutt from the mortgage broker Trinity Financial said: "Bank of England rate hikes have put huge pressure on the mortgage sector, increasing funding costs and reducing mortgage availability. Lenders say that the ongoing spikes in mortgage applications mean they have been struggling to price their mortgages. If rates are available for too long, then the lenders use the allocated funds more quickly than normal".

The Sunday Times (23/07/2023)  

New figures from The Mortgage Lender (TML) reveal that 19% of tenants are postponing property purchases due to the current housing crisis. The survey shows that 12% of tenants plan to continue renting until house prices fall, while 10% are waiting for mortgage rates to decrease. Furthermore, 9% believe there is no point in looking to buy until rates come down, and 6% are waiting to see the Bank of England's next decision on interest rates on 3 August before making a decision. Despite the challenges, 6% of tenants are still progressing with their home buying plans but are having to make significant compromises. This includes 25% buying away from traditional commuter towns, 32% moving further from city centers, and 16% opting for areas with cheaper living costs to offset expensive mortgages. Additionally, 21% are buying cheaper properties requiring more renovation work, and 12% are considering smaller properties instead. 

Daily Mail (25/07/2023)  

Official figures have highlighted London's gaping wealth divide, with the average price of a semi-detached house in Kensington reaching nearly £11m for the first time last year, 24 times as high as the average cost of a semi in Barking, and in Dagenham and Rainham. According to the Office for National Statistics, in 25 London constituencies, the mean price of an existing semi was above £1m, with the highest in Kensington at £10,893,289 in 2022. In Chelsea and Fulham the figure was £5,366,731, Westminster North £5,133,980, Holborn and St Pancras £3,234,360 and Hampstead and Kilburn £2,882,460. In comparison, the average cost of a semi in Dagenham and Rainham was £446,988, Barking £447,000, Erith and Thamesmead £460,257, East Ham £464,545, Bexleyheath and Crayford £484,695, and Hayes and Harlington £490,214. 

Evening Standard (18/07/2023)  

Figures from the Office for National Statistics show that house prices rose by 1.9% in May compared with the same period last year, down from the 3.2% recorded in April and the weakest rate since July 2020. The average UK home is now worth £286,000, £6,000 higher than a year ago but below the £293,000 peak recorded in September last year. In England, the average house price grew 1.7% to £304,000, while in Wales it rose 1.8% to £213,000. In Scotland, the average price was up 3.2% at £193,000 and Northern Ireland saw the average rise 5% to £172,000. In London the average price grew 0.6%.

The Independent (19/07/2023)   The Times (19/07/2023)