Docklands News

Analysis by Halifax reveals that housing is more affordable than a year ago but the rising cost of borrowing has cancelled out any benefit. Research found a typical home in the UK cost 6.7 times average annual earnings of a full-time worker. This is down from 7.3 times a year ago, which was a record level. However, Halifax said that mortgage costs now typically accounted for 35% of a homeowner's income, up from 30% in a year and not far short of the level seen at the start of the financial crisis in 2007. The most expensive place to buy a home, according to the data, was London, despite the region recording a 2.6% decrease in house prices over the last 12 months. Average property prices are £533,057 in the capital and, based on average London earnings, the house price-to-income ratio is 9.3, the highest of any region.

BBC News (22/08/2023)   Daily Mirror (22/08/2023)   Sky News (22/08/2023)   The Guardian (22/08/2023)  

The housing market is experiencing a deep mid-summer freeze, with viewings per property falling by 98% compared to last year. Propertymark, the leading membership body for estate agents, reports that there were only 1.5 viewings per property in July, compared to 3 viewings in June and 4.4 viewings in July and August of the previous year. Compared to July last year, there are 37% more homes on the market, and the highest level recorded over the past 12 months. The average number of new prospective buyers registered per member branch is down to an average of 64 in July 2023, down from 86 in June 2023. However, Nathan Emerson, chief executive of Propertymark claims the sales market remains buoyant despite rising mortgage rates. He said: "As the number of viewings drop, this indicates a shift to only the more serious homebuyers and sellers that are remaining proactive in the market." 

Daily Mail (21/08/2023)  

A survey for the National Residential Landlords Association reveals landlords are now twice as likely to sell property than they are to buy due to high taxes and red tape. Some 12% of landlords have sold properties in the three months to June, but only 5% made new purchases, it said. Meanwhile, 37% said they were planning to reduce the number of properties they let in the coming year – the highest proportion on record – while only 8% said they planned to increase the size of their portfolios. Ben Beadle, chief executive of the trade body, warned that the supply crisis in the rental sector would worsen if the Government did not take action. “The Government must reverse its damaging tax hikes on the sector,” he said. “It is frankly absurd to have a tax system that punishes landlords for providing the homes tenants so desperately need whilst favouring holiday lets.” 

The Daily Telegraph (19/08/2023)  

Fairview New Homes has launched Dock28, a Thames riverside development with guide prices starting from £275,000. The first selection of the development’s 216 studio, one-, two- and three-bed apartments and three-bed duplexes are being placed on the market with a launch event on Saturday 19 August. Spread across two buildings, Anchor Court with eight floors and Broadwater House with 12, residents will benefit from a private rooftop terrace. Each apartment comes with its own private balcony, access to private communal podium gardens, and are located close to the River Thames and the Thames Path, a 182.5 mile walking trail which leads to the river’s source in the Cotswolds. There is green space surrounding the development, with Gallion’s Park and Lake St Nicholas just a nine-minute walk away. It is also close to the Elizabeth Line and DLR from Woolwich Station, where commuters can reach Canary Wharf in just eight minutes and Liverpool Street in 15 minutes.

Property Wire (11/08/2023)  

Experts warn overpricing property could lead to lower sale price
Putting your property on the market at too high a price could mean you actually achieve a much lower sale price than you would otherwise, experts have warned. Average house prices fell by 0.3% in July, a fourth consecutive monthly decline. Experts emphasise the importance of pricing your property correctly in a falling market. Maurice Kilbride, an estate agency owner, says that pricing is the "No 1 thing" in the current climate. Lewis Shaw, owner of Shaw Financial Services, advises to price under the market to attract competing buyers. Michelle Lawson, a director at Lawson Financial, suggests road testing estate agents as potential buyers before marketing with them. Maurice Kilbride highlights the significance of energy performance certificates (EPCs) in the sales of homes, suggesting that improving the EPC rating can make a house more saleable. 

I (14/08/2023)