Docklands News

The number of mortgages approved for home purchases rose by 18% between February and March 2023, from 44,100 to 52,000, according to Bank of England figures. However, March's total is still below the average of 62,700 approvals a month in 2022, and mortgage lending remains well below pre-pandemic levels. The number of mortgages approved for home purchases rose by 18% between February and March 2023, from 44,100 to 52,000, according to Bank of England figures. However, March's total is still below the average of 62,700 approvals a month in 2022, and mortgage lending remains well below pre-pandemic levels. 

Daily Mail (06/05/2023)   Financial Times (06/05/2023)   The Independent (06/05/2023)  

According to new research from TwentyCi, the high-end central London housing market is set to see property prices rise faster than values in the outer boroughs for the first time in almost a decade. Demand for luxury inner London property is recovering as demand ebbs away from the more affordable periphery of the capital that has dominated the market since 2014. The number of home sales agreed in inner London in Q1 2022 is up 5.8% on 2019, while the number of sales agreed in outer London has fallen by 9.1%. The return of Middle Eastern buyers this summer has been seen as a true turning point, with JLL forecasting prices in prime central London to rise by 2.5% by the end of 2023, while values are expected to fall by 4% across Greater London and 6% across the UK. 

Evening Standard (03/05/2023)  

House prices rose by 0.5% in April after seven months of decline, according to Nationwide building society. The modest increase took the average price of a home to £260,441 last month, up from £257,122 in March, but still 4% below their August peak. Compared with April last year, prices were down 2.7%, after a 3.1% annual decline in March. Robert Gardner, the Nationwide chief economist, said the latest figures suggested there were “tentative signs of a recovery”. He said that according to Bank of England data, the number of mortgages approved for house purchase in February was almost 40% below the level a year earlier, and about a third lower than pre-pandemic levels. However, in recent months industry data on mortgage applications point to signs of a pickup. He added: “This chimes with recent shifts in consumer sentiment. While confidence remains subdued by historic standards, people's views of their own financial position over the next 12 months, and general economic conditions in the year ahead, have both improved markedly in recent months". 

Financial Times (02/05/2023)   The Daily Telegraph (02/05/2023)   The Times (02/05/2023)  

HMRC data shows that the number of house sales fell by nearly a fifth year-on-year in March. Across the UK, 89,560 home sales took place in March, with this down 19% on the total sales recorded in March 2022. Month-on-month, sales increased by 1% compared to February. Danny Belton, head of lender relationships and Legal & General Mortgage Club, said: “It is positive to see an uptick in transactions from February to March kickstarting a strong spring selling season. This is supported by a growing number of mortgage products coming to market.”

Daily Mail (29/04/2023)   Evening Standard (28/04/2023)   The Independent (29/04/2023)  

The number of boroughs where house prices sit below the London average, and that are considered comparatively affordable, has dwindled, as values in the outer boroughs have continued to rise. In 2012 there were 12 boroughs of the 32 where the typical price tag was below the London-wide average. This has now fallen to eight as the wave of demand to move to the east and to the edges drove up prices in cheaper areas, according to new data from JLL. "Demand for more space and better value for money, combined with the regeneration of far-flung brownfield sites, has caused fast-paced property price inflation to spread to the periphery of the capital and beyond," says Marcus Dixon, director at JLL. Only Barking and Dagenham (31% below the London average), Bexley (8%), Newham (16%), Havering (12%), Croydon (12 per cent%), Sutton (7%), Hillingdon (2%) and Greenwich (2%) are below the threshold. 

Evening Standard (26/04/2023)