Docklands News

Tower Hamlets prepares for plethora of planning inquiries

A barrage of planning appeal inquiries on major developments previously refused permission awaits Tower Hamlets London Borough Council this autumn, with the decisions to turn down projects such as Make Architects’ much-tweaked 225 Marsh Wall skyscraper on the Isle of Dogs to come under scrutiny. A reworked version of that scheme, which dropped the height from 56 storeys to 49, was refused last year on the grounds that it represented overdevelopment of the site. The 3DReid scheme at Millharbour will also be examined, created for Meadow Residential, the 30- and 26-storey towers promise 319 homes and 1,700 sq m of non-residential floorspace for retail and nursery use.

Building Design (28/08/2018

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Capital housing market anticipates further falls

London house prices could fall a further 1.6% this year, according to a survey of housing market specialists by Reuters, and a further 0.1% in 2019. Participants in the poll also warned that a potential no-deal Brexit next March could drag down house prices further. Tony Williams, boss of property consultancy Building Value, told Reuters: "Central London is tanking because the traditional international buyers are staying away - and the quantum of buyers is falling. A disorderly Brexit will exacerbate this trend".

City AM (29/08/2018)

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Mortgage approvals down

New figures from UK Finance have revealed that mortgage approvals fell to 39,600 in July, down from 40,300 in June, as the UK housing market continued to show signs of slowing down. Total mortgage lending, however, rose in July to £24.6bn – a rise of 7.6% on the same month last year. UK Finance suggested the growth was driven by homeowners remortgaging to take advantage of ultra-low interest rates. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said mortgage approvals were set to remain low for the rest of the year. “Approvals likely will languish at their current low level, given that the new buyer enquiries balance of the RICS Residential Market Survey remained close to zero in July”, he said.

The Independent (24/08/2018) The Guardian (24/08/2018)  Financial Times (24/08/2018)

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Downstairs loos ill-advised

A family bathroom downstairs can reduce a home's value by some 6%, a study shows. Keeping the bathroom downstairs can knock off the value of a property by an average £13,580, as buyers prioritise downstairs living space. Some 44% of adults, rising to 57% in London, said a downstairs bathroom would put them off buying a property, according to a Direct Line Home Insurance survey.

Daily Mail (29/08/2018)

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First-time buyers feel the rise in property prices

First-time buyers have seen a 21% jump in property prices over the last 10 years, with the average price climbing from £172,659 in 2008 to £208,741, according to the Halifax. The increase is more than double the 10% rise for all buyer types. The Halifax data also shows the average age of the first-time buyer has crept up to 31 - but first-time buyers also now make up 51% of market. Separate Halifax data shows that prices in Greater London are more than double the national average. Per square metre prices are £5,131 compared to £2,342 in the rest of the country.

Daily Mirror (17/08/2018)   The Times (17/08/2018)   Daily Mail (17/08/2018)

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Buying with a buddy?

The Telegraph’s Laura Miller looks at the realities of buying a property with a friend, noting that with prices rising and deposit requirements often proving a challenge, pooling resources can be a way for young buyers to get a foot on the ladder. Catherine Beaumont, of consultancy London Money, says would-be co-buyers should ensure they seek legal advice over a declaration of trust; consider the credit risks involved and look to shorter-term fixed rate loans “so you aren’t tied in for too long, facing an early redemption penalty to pay should things change.” “A mates mortgage should be carefully considered,” she adds.

The Daily Telegraph (19/08/2018)

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