Docklands News

A Conservative rebellion against the Government's Levelling-Up and Regeneration Bill has seen a debate on centrally-set targets for house building delayed for a number of weeks. An amendment signed by 50 Conservative MPs, including a number of former Cabinet ministers, sought to remove the targets from the Bill, but the Government last night pulled a vote on the Bill, with a source blaming the "congested parliamentary timetable". Former Conservative leader Sir Iain Duncan-Smith said the "top-down targets have to go, and if the Government does not back down we will vote for this amendment". The amendment would require that central targets "may only be advisory and not mandatory", and "should not be taken into account in determining planning applications". Downing Street said that Rishi Sunak was still committed to the target of building 300,000 homes a year. However, Michael Gove, the levelling up and housing secretary, is understood to be in talks with the rebels. 

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Developer Crosstree has released plans for a 36-storey residential tower block next to the O2 Arena in Greenwich. One Peninsula Tower would be built on the site of the former East Greenwich Gasworks. Greenwich Council previously approved plans to build a tower block on the site in 2018, when developers AEG sent designs for a building with 260 homes, with 22.5% being considered affordable; the design for the new building is similar to the previously approved plans in 2018, with the 115-metre height of the tower remaining unchanged. Differences in the new design include slightly slimmer features, a shared gym and community spaces, and 632 cycle spaces to encourage less car use.

My London (15/11/2022)  

Notting Hill Genesis is offering first-time buyers an Black Friday deals when they buy a home at selected developments. Buyers who complete on a purchase of a selected home at its developments Goodluck Hope and Woolwich Reach in east London, as well as Heron Quarter at Woodberry Down in north London, will receive up to a £7,500 contribution towards their moving costs. Goodluck Hope is emerging as a new riverside neighbourhood for London. Residents at the development have access to sought-after amenities including a gym, state-of-the-art pool, private cinema, work space and a 24-hour concierge service. Elsewhere, just south of the Royal Docks in E16, one-, two- and three-bedroom apartments are available at Woolwich Reach, where buyers can make a home on the banks of the river Thames. The deal runs until Wednesday, 30th November on the first 20 reservations, on selected properties only. 

BDaily (11/11/2022)  

Property prices in London dipped 0.6% to an average of £544,113 in September, with this the steepest month-on-month decline since July 2021. The Land Registry data shows that year-on-year, growth slowed from 7.3% to 6.9%. Andy Sommerville, director at property data provider Search Acumen, said the figures are “further evidence of a turning tide for house prices, reflecting the same pattern of declining growth we have started to see emerge over the last two months.” 

Evening Standard (16/11/2022)  

New research reveals that younger homeowners are more likely than older borrowers to take a risk with their mortgage payments by not locking into a fixed deal. According to the comparison site Uswitch, 42% of borrowers aged 18 to 24 have a fixed-rate mortgage, this compares with 81% of 25 to 34-year-olds on a fixed rate, 80% of 35 to 44-year-olds, 71% of those aged 45 to 54, and 57% of those over 55. Analysis shows about 25% of those aged 18 to 24 are on a standard variable mortgage. A further 18% of this cohort are on tracker mortgages, which usually follow the Bank of England's base rate, and 15% are on discounted mortgages, which is a set percentage below the lender's SVR. Younger homeowners also have the highest average mortgage costs at £1,390 a month, nearly double the £764 paid by those aged over 55. 

The Times (12/11/2022)  

Estate agents say buyers are increasingly interested in the energy efficiency of homes. According to a recent study by NatWest, four in ten buyers now believe that the energy efficiency of a prospective home is a very important factor, up from less than a third a year ago.

Metro (14/11/2022)