Docklands News

Clerkenwell-based architects Patel Taylor has become one of London’s most in-demand mid-sized practices, with a portfolio including schools, skyscrapers, and the Crossrail Place Roof Garden at Canary Wharf. The firm is currently helping develop London Dock in Wapping, a 15-acre site through which cargoes of spices, coffee, cocoa, wine, wool and ivory were once imported into the capital. It will eventually contain 1,800 new homes within a short walk of the Tower of London and St Katharine Docks, plus shops, restaurants, cafés and workspaces. Patel Taylor is also contributing to the development, with Cashmere Wharf, a 28-storey steel-and-glass tower containing 144 apartments. Prices at London Dock start from £760,000 for a one-bedroom apartment, and from £1.22m for a two-bedroom apartment

Evening Standard (20/09/2022)  

House sales increased by 7.5% in August, according to HM Revenue and Customs figures. An estimated 104,980 housing transactions took place across the UK in August, which was 1.1% higher than in July and 7.6% up compared with August 2021. A stamp duty holiday, which ended last year, distorted the year-on-year figures. Peaks in house sales were recorded in June and September last year as the “nil rate” stamp duty holiday bracket was gradually reduced, as the break was phased out, and home buyers rushed to complete deals to maximise stamp duty savings. The HMRC report said: “August 2021 was between two transaction peaks in June and September 2021, causing unseasonal patterns during that period.” 

Daily Mail (21/09/2022)  

Mortgage brokers have reported banks and building societies passing on higher interest rates to new borrowers, while keeping remortgage rates for existing customers the same. Loyal borrowers can currently benefit from interest rates up to 1.2 percentage points lower than those offered to new customers by the same lender. Lenders have been flooded with borrowers desperate to lock in new deals before further rate rises in the coming weeks. However, existing customers are being prioritised as banks already know their financial information and track record of paying back their loan, making applications easier to accept. Chris Sykes, of broker Private Finance, said: “There are longer wait times for mortgage applications and higher ‘fall-through' rates amongst borrowers as many rush to lock in a new rate. This has made it more expensive for lenders to bring in new business and makes it even more beneficial to retain existing clients." 

The Daily Telegraph (17/09/2022)   The Sunday Telegraph (18/09/2022)   The Sunday Times (18/09/2022)  

Tens of thousands of first-time buyers are expected to be locked out of the housing market after the Help to Buy scheme closes in October, experts have warned, leaving a “void” of support for entry-level purchasers just as the cost-of-living crisis worsens. Help to Buy officially ends on March 31 2023 – however, this is the deadline for all sales to complete. The deadline for first-time buyers to register is five months earlier, at 6pm on October 31. This means first-time buyers have six weeks to house hunt, reserve a home that is supported by the scheme and submit a Property Information Form. After the deadline, first-time buyers will have few options to get on the housing ladder without financial support from their parents.

The Daily Telegraph (19/09/2022)  

Bellway London has announced the handover of the first homes at its Beckton Parkside development in East London to their new owners. The milestone was marked by the completion of an apartment building at the development, in which 55 home owners received the keys to their apartments. Out of the 391 properties due to be built at Beckton Parkside, consisting of studio, one, two and three-bedroom apartments, a total of 200 are finished and occupied. Currently, the choices available at the development are studio, one, two and three-bedroom apartments within the Parkside Court and Redwood Court apartment buildings, with prices starting from £265,000. Further homes will be released for sale as building work progresses, while all work on site is due to be completed next year.

Building Design and Construction (12/09/2022)  

House prices in London are rising at the fastest rate in six years as buyers who left the city during the pandemic look to return to be closer to work. The average property price is now £554,718, according to Halifax, a rise of 8.8% in the year to August. Mortgage brokers and estate agents have attributed the steep rise to the growing number of people moving back to the city in a reversal of the ­pandemic-­induced exodus.

The Sunday Telegraph (11/09/2022)