Docklands News

A 52-floor tower block is set to be added to the Canary Wharf skyline after being approved by councillors. An application by developer Ballymore for the 174-metre high skyscraper, in Cuba Street, has been given the green light by Tower Hamlets Council's strategic development committee. The plans had been due for debate earlier this year but a decision was delayed after issues were raised by the London Fire Brigade (LFB). The original proposals included only one fire escape staircase. In an updated consultation response, LFB said it "appreciated" the developer's amended design, "in particular the inclusion of two staircases". The proposal includes 421 flats, of which 100 are classed as "affordable". It features a new 1,630 square metre public park, which Ballymore claims would be the biggest open public space brought to the Docklands in 20 years. features a new 1,630 sq m public park, which Ballymore claims would be the biggest open public space brought to the Docklands in 20 years.

Building (04/04/2022)   East London Advertiser (05/04/2022)  

London property prices are now more than £40,000 higher on average than they were at the start of the pandemic, latest figures reveal today. The market continued its relentless rise at the start of the year with prices in the capital hitting a new high of £534,977 by March, according to data from leading lender Halifax. At the start of the first COVID lockdown in March 2020, the average London home cost £493,626 but prices have risen £41,351, or 8.4%, since then. Across the South-East, the market has been even stronger through the pandemic with prices going up £54,634, or 16.5%, from £331,156 to £385,790. 

Evening Standard (07/04/2022)  

Londoners are more worried about their work and housing situation than those living in any other region of the UK, according to a recent poll. Although those living in the capital are confident in their health and believe they have enough savings to last them into old age, they have significant concerns around work and housing as they look towards their futures, according to polling from Phoenix. The figures come as more people living in London than in any other UK region said their savings situation had improved during the pandemic, as 25% of Londoners said Covid had led to them feeling more confident about their savings. However, Londoners also face the UK’s most expensive property market, with house prices averaging £667,000. 

City AM (01/04/2022)  

The cost of a new-build home soared by 25.4% last year, reaching £367,219 in November 2021, according to the latest Land Registry data. Meanwhile, existing homes increased in cost by 8.6%. The housing market has seen sustained growth since the coronavirus struck, largely due to an imbalance between supply and demand. But the data shows that new-build homes are outstripping existing properties when it comes to price - despite several controversies in recent years. Millions of homeowners were trapped in leasehold contracts with expensive ground rents that made their properties unsellable, for example, while many were also covered in unsafe fire cladding which meant the value of the properties plummeted. 

The Independent (05/04/2022)  

Private landlords face soaring mortgage costs each year as they shoulder the burden of higher interest charges from banks. Mortgage brokers have reported a “significant increase” in buy-to-let mortgage costs since the Bank of England raised official interest rates from 0.5% to 0.75% last month. The best available two-year fixed rate has risen by 0.5 percentage points, double the increase to the Bank Rate, while the cheapest five-year fixed deal has climbed by 0.22 percentage points, according to the broker Private Finance. Chris Sykes from the company said: “While residential pricing has been rising regularly in anticipation of action from the Bank of England, buy-to-let rates have remained incredibly low. “We know some lenders are looking to grow their market share and it looked as if they were going to hold off increasing rates as long as possible. However, following the most recent rise, we have seen upward pressure on a lot of buy-to-let mortgages.” 

The Daily Telegraph (04/04/2022)  

Data from Nationwide shows that the pace of house price growth hit a 17-year high in March. Annual growth in house prices hit 14.3%, with this the steepest increase since November 2004. The jump in prices has taken the price of the average UK home up £33,000 in a year to a record high of £265,312. Wales led the way, with the average price up 15.3% in a year, while London has the highest average price at £518,333 despite prices climbing at the far slower rate of 7.4%. The report notes that house prices are now more than a fifth higher than when the coronavirus pandemic hit in early 2020. Nationwide said robust demand, limited supply and a strong jobs market are pushing up prices, with the market experiencing “a surprising amount of momentum given the mounting pressure on household budgets and the steady rise in borrowing costs". Nationwide expects house price growth to slow in the year ahead, with high inflation rates and interest rate increases set to have an impact.

BBC News (31/03/2022)   Daily Mail (31/03/2022)   The i (31/03/2022)   The Times (31/03/2022)