Docklands News

Developer submits plans to rebuild East London estate

House builder Hill has partnered with housing association with Poplar HARCA to work on the £800m Teviot Estate redevelopment scheme in Poplar. The two companies have submitted an outline planning application for all five phases of the masterplan, with the first aiming to deliver 475 homes, 45% of which will be affordable. Designed by architect BPTW, the scheme covers eight hectares and offers a wide range of homes from studios and apartments to family houses. Work is scheduled to start next April, with the first homes to be completed by 2028, and the entire project to wrap by 2042.

Construction Enquirer (13/06/2024)  

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UK house prices dip slightly in May

The average UK house price edged down by 0.1% in May from April, according to Halifax's House Price Index. The typical property value now stands at £288,688, marking a 1.5% increase compared to last year. The average cost of a house in London rose 0.2% to £536,821. Amanda Bryden, head of mortgages at Halifax, commented: "Market activity remained resilient throughout the spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook." 

Daily Mail (07/06/2024)   Daily Mirror (07/06/2024)   Evening Standard (07/06/2024)   The Times (07/06/2024)  

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England's house building pipeline at record low

The number of new homes being built in England is at its lowest point since records were kept 17 years ago, and there is increased pressure on the election winner to address the country's "deepening housing crisis." According to the Home Builders Federation's most recent pipeline assessment, just 2,472 sites received planning clearance in the first half of this year, which is the lowest quarterly total since records began in 2006. The housing pipeline is lower now than it was in 2009, when the county was in the "depts of a recession," according to Stewart Baseley, executive chairman of the Home Builders Federation. In order to build 1.5m more homes, Labour, which is presently leading in the polls, has pledged to change the planning regulations. 

City AM (11/06/2024)  

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Tracker mortgages cheaper than fixed-rate deals

Tracker mortgages are now cheaper than fixed-rate deals, leading to an increase in their uptake. According to analysts Moneyfacts, the average two-year tracker rate has dipped below the two-year fix for the first time since November. Experts predict that tracker mortgages will become more popular once the Bank Rate is cut.  The cheapest tracker rate is currently offered by Nationwide. 

The Daily Telegraph (07/06/2024)  

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First-timers take longer to get on the ladder

Analysis from Santander shows that almost one in five first-time buyers are 40 or over, with the rising cost of properties and mortgages meaning that those getting onto the property ladder have to save for longer. Graham Sellar from Santander said: "With the average age of first-time buyers increasing in the past decade, more are reaching other life milestones, such as having children first.” Mark Harris from the mortgage broker SPF Private Clients said: "Many first-time buyers have children because not every life decision can be put on hold.” Meanwhile, data from banking trade body UK Finance shows that the number of first-time buyers fell 22.4% to 287,430 last year, the lowest since 2013. In 2004, the age at which the majority of people owned their own home was 32 but by 2022, the latest year for which official data is available, it had risen to 36.

The Sunday Times (09/06/2024)  

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Plans submitted for £500m mixed-use development at Orchard Wharf

Developer Regal has submitted plans for a £500m mixed-use development at Orchard Wharf, next to the mouth of the River Lea. Seven mid-rise buildings, the tallest rising to 30 storeys, will host a safeguarded wharf and logistic centre, and over 200 affordable flats. “Orchard Wharf has been a real labour of love, and we are delighted to present our wider vision to deliver a new riverside neighbourhood with significant student and affordable housing, relieving the pressures on the housing stock in Tower Hamlets – all alongside a reactivated working wharf", commented Steve Harrington, planning director at Regal. “Regal, with Thames Clipper Logistics, will play a key part in further bringing the River Thames into use to support a more sustainable London for the future".

Construction Enquirer (05/06/2024)  

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