Docklands News

Experts have warned that middle-aged borrowers who are forced into longer mortgages because of rising interest rates risk ruining their retirement. Recent house price growth has already triggered a spike in older borrowers taking out longer-term mortgages to bring down monthly costs. In January and February, 478 borrowers aged over 40 took out a mortgage with a term of 35 years or more, according to official data from the Financial Conduct Authority, compared with 162 in the same period last year and 88 in 2020. Karen Noye, of mortgage broker Quilter, said the spike in middle-aged borrowers taking out 35-year mortgages was "concerning" as they risked having to budget for repayments in retirement. 

The Daily Telegraph (07/10/2022)  

Experts have warned that middle-aged borrowers who are forced into longer mortgages because of rising interest rates risk ruining their retirement. Recent house price growth has already triggered a spike in older borrowers taking out longer-term mortgages to bring down monthly costs. In January and February, 478 borrowers aged over 40 took out a mortgage with a term of 35 years or more, according to official data from the Financial Conduct Authority, compared with 162 in the same period last year and 88 in 2020. Karen Noye, of mortgage broker Quilter, said the spike in middle-aged borrowers taking out 35-year mortgages was "concerning" as they risked having to budget for repayments in retirement. 

The Daily Telegraph (07/10/2022)  

Experts have warned that middle-aged borrowers who are forced into longer mortgages because of rising interest rates risk ruining their retirement. Recent house price growth has already triggered a spike in older borrowers taking out longer-term mortgages to bring down monthly costs. In January and February, 478 borrowers aged over 40 took out a mortgage with a term of 35 years or more, according to official data from the Financial Conduct Authority, compared with 162 in the same period last year and 88 in 2020. Karen Noye, of mortgage broker Quilter, said the spike in middle-aged borrowers taking out 35-year mortgages was "concerning" as they risked having to budget for repayments in retirement. 

The Daily Telegraph (07/10/2022)  

Tower Hamlets councillors have voted unanimously in favour of proposals to replace a derelict community centre in Poplar, East London with a 65-home residential block. Put forward by developer Aitch and designed by Dowen Farmer Architects, it will be built on the site of the former Langdon Park Community Centre, which has been vacant since its closure in 2011. The building has since fallen into disrepair and has become a magnet for illicit activities including raves. The L-shaped site on Byron Street is partially located in the Langdon Park conservation area, which contains a number of locally listed buildings and the grade II-listed St Michaels Court, a 19th century brick church which has been converted into flats. Tower Hamlets’ planning officer said while Dowen Farmer’s proposals were contemporary in nature, they were sensitive to the historic character of the local area and had arisen from a design-led approach which sought to appropriately incorporate characteristic features of the local setting into the development.

Housing Today (07/10/2022)  

Figures from Nationwide show that house price growth has slowed for the first time since July 2021. Prices rose by 9.5% in September, marking a slowdown on the 10% increase seen in August. House prices averaged £272,259 in September, which, after taking into account seasonal effects, was virtually unchanged from August. Ten of the UK's 13 regions recorded slower annual price growth in the third quarter. The only regions to show an increase in annual house prices in September were the East Midlands, West Midlands and London. South-west England was the best performer, with the average house price up 12.5%. However, the rate of growth had slowed from 14.5% in the second quarter. London remained the weakest region with growth of 6.7% in the third quarter, up from 6% growth the previous quarter. Robert Gardner, Nationwide's chief economist, called the slowdown "modest", with a house shortage still meaning "firm" growth.  

Daily Express (30/09/2022)   Evening Standard (30/09/2022)   The Guardian (30/09/2022)   The Times (30/09/2022)  

Average house prices across the UK could increase by a further £34,000 over the next 12 months, according to market analysis by specialist property lending experts Octane Capital. The experts believe the price hike will be spurred by cuts to stamp duty announced by Chancellor Kwasi Kwarteng. The research looked at the average monthly rate of house price growth following the initial stamp duty holiday in 2020/2021 and what a similar rate of growth could mean for the market over the next 12 months. The figures revealed that during the stamp duty holiday, the average house price across England climbed at a rate of 0.9% each month. House prices increased from £253,226 when the holiday began, to £287,370 when the holiday came to an end in September 2021.

Daily Express (03/10/2022)