Docklands News

Londoners without access to family money face a struggle to afford homeownership, with a typical first-time buyer in the capital needing 31 years to save for a home deposit, according to a new analysis by Cornerstone Tax. The survey also found that 62% of Londoners cannot afford to save for a deposit on their current salary, and 39% have had to spend their savings due to the cost-of-living crisis. David Hannah, Group Chairman of Cornerstone Tax, highlighted the lack of housebuilding in recent years as a contributing factor to the crisis. 

Evening Standard (01/03/2024)  

The London Legacy Development Corporation has given its approval to Populo Living's Carpenters Estate masterplans, which will see the construction of 2,022 new homes. More than 107,640 sq ft of commercial space and amenities, including cafés, restaurants, retail units and workspaces, are also included in the proposed development. Populo, Newham Council's housing developer, will begin work on the first phase of construction on the James Riley Point site this summer. 

Property Week (28/02/2024)  

Data from mortgage servicing platform Eligible AI shows that mortgage-holders in London are more than twice as likely to expect to miss a payment in the next six months compared to the rest of the UK. The survey found that 9% of Londoners with a mortgage expect to miss a payment in the next six months. That compares to 4% across the UK as a whole. That would suggest more than 150,000 Londoners missing payments in the coming months In addition, 39% of Londoners cited mortgage payments as a significant cause of financial-related stress. The survey also found that 12% of London's mortgage holders do not understand the terms of their mortgage as they do not communicate with their lender. 

Evening Standard (26/02/2024)  

The Sunday Times reports that fixed mortgage rates at less than 4% have disappeared as HSBC, Santander, NatWest, and TSB increased rates. The average two-year fixed-rate is now 5.74%, while the average five-year fix is 5.31%. The lowest five-year fix for those with a 40% deposit is now 4.04% from First Direct and the lowest two-year fix is 4.39% from Barclays. Craig Fish from the broker Lodestone Mortgages said: "Things are changing so swiftly that there are many disappointed borrowers because a slight delay can end up costing thousands of pounds. The ups and downs of the market at the moment are a huge headache for those who are purchasing or have to remortgage." He added: "One reason for the rapidly changing rates is that lenders are trying to manage their workloads." 

The Sunday Times (25/02/2024)  

Less than half (48%) of aspiring first-time buyers expect their homeownership dream to become a reality, according to a survey by the HomeOwners Alliance. The survey found that high house prices, saving for a deposit, and the ability to afford monthly mortgage repayments are among the top barriers for first-time buyers. Seven in 10 (71%) people surveyed who are not homeowners said they want to get onto the property ladder, despite 52% of them believing they will never be able to achieve this. Paula Higgins, chief executive of the HomeOwners Alliance said: “ Brits are giving up on their dream of homeownership, our damning survey reveals.” She added: “With the upcoming election, a key issue will be how the parties plan to build more homes and provide much-needed support to first-time buyers.” 

Daily Express (26/02/2024)   The Independent (26/02/2024)  

Plans have progressed for a series of blocks up to 17 storeys-tall in Greenwich, including nearly 500 co-living rooms and a hotel. Greenwich Council has received JMH Group's proposal for Eynsham Drive in Abbey Road, which includes 487 new co-living rooms and a 110-bedroom hotel. The application also features a gym and roof terraces. Several shared spaces in the buildings are also planned to be available to be used by local businesses and community groups. “The scheme will encourage pedestrian flow within the public realm and improve the pedestrian experience, provide a range of new high quality co-living accommodation, maximise views outwards and create new commercial opportunities at street level that will activate the streetscape", according to the planning documents.

My London (20/02/2024)