Docklands News

A Hong Kong property billionaire has reportedly expressed an interest in resurrecting plans for a 35-acre site opposite London City Airport that was once championed by Boris Johnson and David Cameron. Beijing-based Advanced Business Park (ABP) was awarded a £1.7bn contract in 2013 to develop the site, with homes, offices, shops, and a snowdome all part of the original plans. However, construction was halted at the site two years ago which is now being called a “ghost town", and City Hall agreed a final termination with ABP in February this year. Now, the Telegraph is reporting that the site has attracted the attention of Ivan Ko, the tycoon behind the redevelopment of Victoria Harbour in Hong Kong. Mr Ko is also chairman of the Recas Group, a property company that rebuilt part of Hong Kong Airport in 2017. According to the Recas website, the company also has a partnership with the Grand China Fund. Mr Ko is a member of the advisory committee of the Grand China Fund, which invests in property in mainland China.

The Daily Telegraph (04/12/2022)  

House prices saw the biggest monthly fall for more than two years in November, according to data from Nationwide. The 1.4% decline recorded last month is the largest month-on-month fall since June 2020 and marks the third consecutive month where values have declined. There was also a slowdown in year-on-year price growth, which came in at 4.4% in November compared to 7.2% in October. The average property price fell to £263,788 last month from £268,282 the month before, the report shows. Pointing to the impact of September’s mini-Budget, which drove up borrowing costs, Nationwide’s chief economist Robert Gardner said: “While financial market conditions have stabilised, interest rates for new mortgages remain elevated and the market has lost a significant degree of momentum.” He added that the market “looks set to remain subdued in the coming quarter,” noting that inflation “is set to remain high for some time” and interest rates are likely to rise further. 

BBC News (01/12/2022)   Financial Times (01/12/2022)   The Daily Telegraph (01/12/2022)   The Guardian (01/12/2022)  

The cost-of-living crisis has forced more than a million first-time buyers to put their plans on hold, a new survey by Aviva has found. One in five of those surveyed said that the cost-of-living crisis and inflation were making buying a house unaffordable. The survey, focused on under 45s, found that 46% were not currently looking to buy but intended to do so in future. The survey also suggested that hopeful buyers may be underestimating the cost of a mortgage; they expected to take out a mortgage of £196,700 on average, with a £25,210 deposit, expecting a monthly mortgage payment of £718.60. However, put into a high street building society online mortgage calculator, these figures showed buyers could be underestimating their mortgage costs by up to 54%. 

Daily Mail (02/12/2022)  

New figures reveal that the new average two and five-year fixed-rate mortgages now have an interest rate of less than 6% for the first time for two months. Data from financial information service Moneyfacts shows the typical two-year deal on the market now had a rate of 5.99%, and was likely to fall further, while the average five-year fixed-rate deal dropped below 6% nearly two weeks ago, and is now at 5.78%. 

BBC News (05/12/2022)   Financial Times (05/12/2022)  

The Herzog & Meuron-designed One Park Drive in Canary Wharf, the fourth tallest residential building in London, has been named as the best large housing scheme at the New London Awards 2022. The 58-storey, 484-home circular and geometric tower was created by stacking and rotating each individual floorplate, giving every home a view of the London skyline from its own private sheltered terrace. The development includes a 24-hour concierge service, health club, residents’ lounge and library. The duplex penthouses on the 56th floor went on sale in October starting from £3,950,000.

Evening Standard (30/11/2022)  

The average first-time buyer will take seven-and-a-half years to save for a deposit to get on the property ladder, new research has found. And the average prospective buyer predicts they will be 37 years old by the time they finally step on the property ladder, up from 32 years old two years ago. By comparison, existing homeowners only took five years to make their first purchase, which was made at age 28. While 28% of those who are waiting to get on the ladder also believe the only way they'll be able to is through an inheritance. The research was commissioned by First Direct, which found most first-time buyers - at 71% - intend to use their savings, and four in ten - at 35% - are planning to use Government programmes such as the Help to Buy and shared ownership schemes. More than half (56%) of those, who already own a property, were able to buy their first place on their own. But far fewer people (35%) believe they can afford to buy a house solo in 2022 or beyond.  

Daily Express (30/11/2022)   Daily Mail (30/11/2022)   The Sun (30/11/2022)   The Times (30/11/2022)