Docklands News

House prices rose by 0.5% in January, with new-build homes leading the recovery. The average home value decreased by 0.6% compared to the previous year. The Office for National Statistics (ONS) data shows a significant price growth of 8.8% for new builds and a 2.4% annual drop for other properties. The typical home is selling for £282,000 as of January, which is £2,000 lower than 12 months ago. London experienced the largest monthly increase in prices at 2.5%, while the South West of England and Scotland also saw rises. However, prices fell in several UK regions, including in the East Midlands where prices fell 1.4% and in the North East where prices fell 1.75. The market shows signs of recovery, boosting buyer appetite and new-build sales. 

City AM (20/03/2024)   Daily Mail (20/03/2024)   Evening Standard (20/03/2024)   Sky News (20/03/2024)  

Sadiq Khan has launched his re-election campaign, vowing to double the council homes target to 40,000 and highlighting the opportunity to ease London's housing crisis with a Labour government and mayor. Khan's first campaign pledge is to deliver 40,000 new council homes by 2030. It comes as Housing Secretary Michael Gove has ordered Khan to urgently address London's chronic under delivery of new homes. Gove criticised the Mayor for the low number of new home completions and warned that it must rise to meet growing demand. He directed Khan to review the planning framework and find ways to free up industrial land for housing development. Gove also called for increased building in opportunity areas that have the potential for new homes. 

Evening Standard (19/03/2024)   The Daily Telegraph (19/03/2024)  

Homebuyers opting for marathon mortgages with terms of 35 years or more could end up paying tens of thousands of pounds in extra interest. Last year, one in five first-time buyers took out long mortgage deals lasting at least 36 years. Choosing a long mortgage term helps make repayments more affordable, but it can lead to higher interest payments in the long run. Mortgage rates have increased significantly, making affordability a top priority for borrowers. Experts advise considering shorter terms or making overpayments to reduce the risk of having a mortgage in retirement. 

The Times (16/03/2024)  

The average person will move house five times in their lifetime, but a poll reveals that almost a third find moving more stressful than getting divorced. A quarter of people say it is harder than starting a new job, while around a fifth claim it is tougher than having a baby or getting fired. Each move involves nine days of packing and shifting, and the average person also suffers minor injuries. According to St Modwen Homes, the average amount spent on moving fees is £3,065. The firm's Jo Winston said: "For those who have endured the stresses of moving, this will unlikely come as a surprise. We often see Brits underestimating the amount of time and money that goes into moving house." 

Daily Mirror (18/03/2024)   Daily Star (18/03/2024)  

The Greater London Authority (GLA) is seeking a development partner to transform the Royal Albert Dock, creating as many as 36,000 new homes. The 30-acre site could also be used for the leisure, life science and light industrial sectors. “In the coming five years, we’ll unlock the full potential of the Royal Docks as a thriving part of London, setting a new standard in sustainable living through more jobs, homes and opportunities", said Mayor of Newham Rokhsana Fiaz. “We’ll also place a premium on the wellbeing and happiness of local people as the Royal Docks and Newham are the beating heart of London". 

Planning Resource (08/03/2024)   Property Week (07/03/2024)  

Data reveals that UK house prices saw average values rising by £3,000 in February. Analysis by chartered surveyor e.surv say this equates to a 0.8% increase from January – the biggest monthly rise for 17 months. The firm says that house prices rose in 54 unitary authority areas out of 111. Research showed that homeowners in Merthyr Tydfil saw the best result with a 4.3% rise in prices. Rutland and Flintshire saw 4% and 3.3% rises respectively. 

Property118 (11/03/2024)