Docklands News

A new scheme has been launched designed to make it easier for first-time buyers to buy a new-build home. Deposit Unlock, a joint initiative from the Home Builders Federation and the insurer Gallacher Re, aims to encourage lenders to offer more flexibility. A pilot involving Newcastle Building Society and a handful of homebuilders has been running in the northeast, and the scheme is set to go live next month. With Deposit Unlock the housebuilder will pay to insure the mortgage, making it a less risky deal for the lender. According to the Home Builders Federation, 17 housebuilders, which together account for about 60% of all new homes, will be involved, and more lenders are expected to join.

The Sunday Times (10/10/2021)  

’Property buyers could see £15,000 cut from their mortgage offer as banks take a negative view of soaring household bills. The cost of energy, fuel, food and clothing has risen in recent weeks and this is likely to continue. The energy crisis in particular has added huge pressure on to household bills. If inflation continues to rise at the predicted pace it will add an additional £1,831 to the household bill of an average family by the end of the year, according to analysis published by the Centre for Economics and Business Research, a think tank. The predictions by the CEBR are based on inflation rising to 4.1% in October, 4.6% in November and falling back slightly to 4.3% in December. Higher outgoings spell bad news for prospective homebuyers looking to secure a mortgage in the coming year, with first-time buyers especially at risk. 

The Daily Telegraph (09/10/2021)  

Three-quarters of UK adults are worried about rising living costs, with the sandwich generation of 45-64-year-olds the most anxious. Some 35% feel more anxious about the future compared with before the pandemic, rising to 42% among people aged 45-54. The data comes from Aviva, who said one in five people have spent extra savings made in lockdown.  

City AM (13/10/2021)  

Poplar Riverside, a new East London development by St William, part of the Berkeley Group, occupies 20 acres on the banks of the River Lea, and will bring 2,800 studio, one, two, and three-bedroom apartments, a school and park, as well as a gym, creche, shops, restaurants, and cafes to the area. Designed to cater to modern lifestyles, the development will also bring over 16,000 sq ft of stylish residents’ facilities. The Riverside Club will include a 20m swimming pool, a vitality pool, salt inhalation room, steam room, and private treatment room. A vibrant social scene will also be created thanks to a Den Lounge, private hire dining rooms, cinema, and games room. It is ideally positioned for commuters, with East India and Canning Town Stations a 15 minute walk away, and network of cycle routes meaning Canary Wharf is just 12 minutes away. Home workers can take advantage of exclusive workspace facilities, including a large business lounge with open-plan spaces and meeting rooms. Prices at Poplar Riverside start from £390,000. 

Salon Privé Magazine (03/10/2021)  

House prices rose at their fastest monthly pace since 2007 in September, according to the Halifax, with more than £4,400 added to the average price of a home. The monthly growth of 1.7% pushed the average price up to a record £267,587 with annual house price inflation now at 7.4%. “Looking at price changes over the past year, prices for flats are up just 6.1% , compared to 8.9% for semi-detached properties and 8.8% for detached. This translates into cash increases for detached properties of nearly £41,000 compared to just £6,640 for flats,” Russell Galley, managing director of Halifax, said. 

Daily Mail (07/10/2021)   Financial Times (07/10/2021)