Docklands News

Post-pandemic, the house price gap between rural and urban properties is bigger than ever, according to analysis of Land Registry sales by the estate agency Jackson-Stops. The average rural property now costs £347,278 compared to £295,526 for its urban counterpart, a difference of 18%. The pandemic has caused a surge in demand for rural properties, but now that people are returning to the office, properties closer to urban areas are performing better. The popularity of rural areas has caused a crisis for some residents who have been priced out of their towns and villages. The southwest is the only region where rural prices are still rising, up 2% this year. The average rural home in the southwest costs 20% more than an urban property. The Cambridge-Oxford arc has also seen increased demand for rural properties due to flexible working and lifestyle trends. 

The Times  

New research has found that English councils are sitting on plans for 2m homes that could help to solve the housing crisis. The research, carried out by the Short Term Accommodation Association, show that planning departments claim they have space to build nearly 2m new homes, about 1.5m of which could be completed in the next five years. Birmingham city council claims it has capacity for nearly 44,000 residential properties in the next five years, while London boroughs claim they could collectively provide 331,712. Andy Fenner, chief executive of the association, said: "This is a distraction from the real problem, which is that not enough new homes are being built. Two of the biggest contributing factors to this are nimbyism and a planning system that is no longer fit for purpose. We are told there is a housing crisis, and yet councils are permitted to stretch their runway of housing delivery years into the future." 

The Times  

More than two-thirds of mortgage-free landlords have increased the cost of new rental agreements, despite no rise in interest rates, according to a poll of more than 1,000 landlords commissioned by the housing charity Shelter. This practice has resulted in windfalls for investors, while tenants are paying more for smaller spaces. Middle-aged people have been hit hardest by the squeeze on space, losing the equivalent of a master bedroom and a bathroom between 2000 and 2020. The double squeeze on private renters comes as demand exceeds supply. Rent increases by debt-free landlords show they are "cashing in on the housing emergency because they know people are in desperate situations," warns Polly Neate, CEO of Shelter. Rental affordability is at its worst in a decade across the UK. Landlords attribute the rent increases to advice from letting agents and market trends. 

The Guardian  

Falling inflation has led to hopes that the Bank of England will keep interest rates steady, prompting the six largest mortgage lenders in Britain to reduce their mortgage rates to less than 5%. Barclays is the latest lender to cut its home loan prices, offering a two-year fixed rate loan at 4.8% for residential house buyers with a 40% deposit. Other lenders, including Halifax and HSBC, have also reduced their rates. Experts predict that mortgage rates could drop to around 4% by the end of the year. The average two-year fixed rate deal is now 6.19% and the average five-year deal is 5.79%, according to the data firm Moneyfacts, down from nearly 7% in July. 

The Daily Telegraph   Daily Mail  

Galliard Homes, with joint venture partner City Developments Limited, has completed the acquisition of the 13.8-acre Morden Wharf development in the Royal Borough of Greenwich, from LandsecU+I and the Morden College charity. The mixed-use scheme includes 12 blocks of up to 36 storeys, housing around 1,500 new residential units, offering stunning views over such landmarks as the Thames, Canary Wharf, and the Old Royal Naval College. Along with a 3.90-acre riverside park, and a pier providing access to the new Uber Boat by Thames Clippers service, the plans include 186,000 sq ft of commercial floor space, which can accommodate logistics, industrial, and flexible creative workspace units. 

Bdaily (13/11/2023)   The Greenwich Wire (14/11/2023)  

Office for National Statistics (ONS) data shows that UK house prices fell 0.1% in the year to September, marking the first annual decline in 11 years. The average sale value, including cash buyers, fell to £291,385, with this down from £292,882 in August. The annual drop was steepest in Wales, where house prices in September were down 2.7%, while England saw prices dip 0.5%. Scotland, however, saw prices climb 2,5% year-on-year, while prices in Northern Ireland rose 2.1%. Prices in London fell by 1.1% over the year and 0.3% over the month, to an average of £537,000. In north-east England, the region with the lowest prices, there was a 1.6% annual rise, to £163,000. Separately, Halifax has found that Ealing has seen the strongest house price growth in the capital over the past year. The west London borough saw prices rise 7.5% to £531,137. The only other London boroughs to see growth over the past year were Westminster and the City, where they grew 7.4% to £767,350, Haringey (up 1.7% to £530,584), and Southwark (up 0.3% to £481,589).

Daily Mail (15/11/2023)   Evening Standard (14/11/2023)   The Guardian (15/11/2023)   The Times (15/11/2023)