Docklands News

Demand from prospective home buyers fell in May, according to surveyors. The Royal Institution of Chartered Surveyors (Rics) said property professionals reported that new buyer inquiries fell in May, with a net balance of 7% reporting falls rather than rises. This was a turnaround from April when a balance of 8% reported rises in buyer inquiries rather than falls, and May's result brings to an end eight months in a row of positive results for new buyer inquiries. Looking over the next 12 months, expectations point to sales falling, with a net balance of 24% of professionals expecting falls rather than rises. New instructions to sell homes were also largely flat during May, and there seems to be little respite in terms of a lack of supply in the future, Rics said. A net balance of 73% of professionals reported an increase in house prices during May. 

Daily Mail (14/06/2022)   Financial Times (14/06/2022)   The Guardian (14/06/2022)   The Independent (14/06/2022)  

First-time buyers are often confused by the whole process and can feel too embarrassed to ask questions. The top 40 queries include "Should I offer less than the advertised house price?" and "How much deposit will I need?" say researchers. Charlotte Harrison, head of mortgage products at Skipton Building Society, which set up the poll, said: "Purchasing a home can seem daunting for the first time. The process can be long and complicated at times, made harder if you don't fully understand what needs to be done and by who." Eight in 10 buyers are too shy to ask things like "What is stamp duty?" and "When do I need to pay everyone for the work?" 

Daily Star (13/06/2022)  

The Standard features a round-up of East London properties along the Crossrail route costing under £500,000. One of the areas profiled is Ilford, described as "a town within a city," where "affordable property prices and plentiful open space are drawing buyers out of more expensive parts of east London." The article notes that "A whole series of mid-sized new housing developments are also on the horizon as Redbridge Council seeks to build 6,000 new homes by 2030. Telford Homes plans to redevelop a Sainsbury's supermarket with more than 1,000 new homes to buy and rent on Roden Street." 

Evening Standard (08/06/2022)  

The housing market is showing signs of cooling, according to Halifax, as households face a squeeze on their finances. The mortgage lender said that while house prices continued to climb in May, with prices up 10.5% in 12 months, this was slowest rate of growth since the start of the year. The rise meant the average price of a house hit another record of £289,099. Halifax said that house prices have now climbed for eleven consecutive months. "Despite the very real cost of living pressures some people are experiencing, the imbalance between supply and demand for properties remains the primary reason driving the continued climb in house prices," said Russell Galley, managing director at Halifax. "However, the housing market has begun to show signs of cooling. Mortgage activity has started to come down and, coupled with the inflationary pressures currently exerted on household budgets, it's likely activity will start to slow," he added.

BBC News (08/06/2022)   The Daily Telegraph (08/06/2022)   The Independent (08/06/2022)   The Times (08/06/2022)  

Thousands of first-time buyers are now opting to invest in buy-to-let property - while staying renting in the more expensive areas they prefer. Nearly one in 10 buy-to-let mortgages are taken out by first-time buyers as young people priced out of London and the South East turn landlord instead. The number of first-time purchasers applying for buy-to-let mortgages has jumped by 5% in the past year, according to broker Norton Finance. They accounted for one in 12 of all buy-to-let mortgages the firm has processed. Rod Lockhart of LendInvest said: "These first-time buyers tend to be living and working in London and buying regional property... They are investing to build up deposits." 

The Daily Telegraph (04/06/2022)  

Analysis shows that house prices have climbed by 13,972% during the Queen’s reign. In 1952, the average UK house cost £1,891, according to Nationwide, while the current average is £260,771. The average house price is still 4.3 times higher in real terms than it was in 1952. Adjusting for inflation, the average 1952 house was worth £61,000. In the year the Queen took to the throne, just 32% of households owned their own home, compared with 65% today. 

The Mail on Sunday (05/06/2022)