Docklands News

House prices see biggest annual fall since 2009 House prices fell at their fastest annual pace for 14 years in March, taking the average value of a home in the UK down to £257,122, according to figures from the Nationwide. Prices fell 3.1% year-on-year, with this the steepest annual decline since July 2009. March’s reading means prices have now fallen for seven months in a row. Nationwide said the housing market hit a "turning point" last year, with activity remaining “subdued” following the market turbulence which followed the mini-Budget. In London, prices fell by an annual 1.4% to an average of £511,293 for the first quarter. Robert Gardner, Nationwide's chief economist, said: “It will be hard for the market to regain much momentum in the near term, since consumer confidence remains weak and household budgets remain under pressure from high inflation".

BBC News (31/03/2023)   Evening Standard (31/03/2023)   The Daily Telegraph (31/03/2023)   The Times (31/03/2023)  

London homeowners have been warned to brace for a 10% drop in property prices by autumn as higher interest rates send mortgage payments soaring. Leading City forecaster Samuel Tombs predicts that the capital is particularly vulnerable to a slump due to buyers taking on such large loans to get on the property ladder. UK Housing Watch analysis revealed that prices nationally would fall 8% “peak to trough, with the bottom coming in the autumn”. The capital is expected to see a bigger fall of around 10%, as higher mortgage rates will have a bigger impact on affordability in London due to high loan-to-income ratios. It comes as Rightmove found the percentage of London properties reduced in price has increased from 29% last year to 38% now. Meanwhile demand is 22% lower than this time in 2022, and the average time to find a buyer in London is up to 70 days, from 57 days last year. 

Evening Standard (07/04/2023)  

Writing for City A.M., Matthew Lesh, Director of Public Policy and Communications at the Institute of Economic Affairs, warns that rent controls in London would have disastrous long-term effects, resulting in fewer new homes being built and a reduction in the number of properties available to rent. He says this would exacerbate the current housing crisis and make London even less accessible to newcomers. Lesh argues that rent controls would also encourage landlords to remove their properties from the rental market, particularly impacting those who lack the capital to buy their own homes, such as students and migrants. Lesh argues that rent controls would ultimately turn London into a closed city and lead to a black market for rental properties. 

City A.M. (07/04/2023)  

More people now own their homes outright than have a mortgage or rent them. Figures show that 32.6% of dwellings were owned outright in England in 2021, up from 30.7% in 2011. Another 28% of properties are owned with a mortgage or loan, down four percentage points on a decade earlier. And 20% are privately rented, up 3.7%, the Office for National Statistics said. Overall the figures showed there were 24.9m dwellings across England in 2021, up 8.5% in a decade. The most common type of accommodation was a semi-detached house, accounting for 30% of all homes. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: "While it is good to see more people have paid off their homes, it is also important to note that the percentage of people renting also continues to rise and this shows the battle many people have getting a toehold on the housing ladder".

Daily Mail (01/04/2023)  

Tower Hamlets planning officers have recommended approval for a 46-storey co-living tower block designed by Rio Architects for developer Olympian and earmarked for a site south of Canary Wharf. The project would deliver 795 co-living studio units – each with its own bathroom and cooking facilities. Residents would also be able to use communal kitchens, dining areas and living areas. The 0.22ha development site in Marsh Wall currently houses a three-storey office building. The building’s ground and first-floor levels would have a café, co-working space, lounges, a gym, a fitness room and a cinema room. Additional lounges for residents are proposed for its top three floors. Recommending the scheme for approval, planning officers said the proposals were considered to be high quality, adding that the building would “respond positively” to the Canary Wharf cluster of tall buildings.

Building Design (04/04/2023)  

Barratt has partnered with TTL Properties (TTLP), the commercial property company owned by Transport for London (TfL), to develop a £365m residential project in Acton's Bollo Lane. The joint venture will see up to 900 homes, of which half will be affordable, built on the site. Barratt London's Gary Ennis said that the location was advantageous because of its proximity to three stations. The development is part of TfL's efforts to generate additional revenue, which will be reinvested in the transport network. The partnership could also lead to further collaborations on other West London land that TfL owns. Under the deal, TTLP and Barratt will share the profits generated by the joint venture. 

Evening Standard (04/04/2023)