Docklands News

Outer suburbs gain popularity among Londoners

New Hamptons International research reveals 15 London suburbs where the number of new buyers registering is up year on year, including Barking, with a 110% increase, and Woolwich, up 74%. Twenty years of London price growth have pushed more recent buyers into new neighbourhoods says David Fell, senior analyst at Hamptons. "Buyers looking for a family home from their second or third move are heading to more affordable areas of outer London. This trend has been entrenched by the pandemic, with fewer Londoners heading daily into their Zone 1 office. Buyers are more willing to compromise on a longer commute a couple of times a week in exchange for a forever home further out."

London Evening Standard  

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North-south house price divide will narrow

The North-South house price divide “will be smaller" as we move out of the pandemic, according to an expert. Figures released by the Land Registry show over the past three months, prices in the North West have risen by 5.3% to an average of £203,661. Prices in the North East have gained 13.3% over the past year to an average of £152,776. Jonathan Rolande, from the National Association Of Property Buyers, commented: "The pandemic has had a positive effect on the market and there has been a re-balancing of prices between North and South."

Sunday Express  

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Average first-time buyer home costs five-and-a-half times earnings

First-time buyers face paying five-and-a-half times typical annual earnings to get on the property ladder, according to a report. As house prices have surged, the average first-time buyer house price-to-gross earnings ratio in the third quarter of this year was 5.5, surpassing a previous high of 5.4 in 2007. The figures by Nationwide Building Society show a 20% deposit on a home now equates to 110% of the pre-tax income of a typical full-time employee – which is also a record high and up from 102% a year ago. While a significant gap between the least affordable and most affordable regions remains across the UK, this has remained broadly stable over the last year. Scotland continues to have the lowest house price to earnings ratio in the country at 3.4, followed by the North of England at 3.5.

The Times   City A.M.   Metro   The Independent UK  

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Rents rising at fastest rate since 2008

Rent have risen at rates not seen since 2008, according to Zoopla, as demand for rental properties continues to outstrip dwindling supply. Rents were up 4.6% in the year to September, the highest rise in 13 years, after climbing 3% in the last quarter. Outside London, where the market has lagged, rental growth reached a 14-year high of 6%. The jump will mostly affect the 4.4m households who live in the private rented sector, accounting for 19% of all households. Figures from the online property site revealed that supply is running at 43% below the five-year average and pushing up the cost of rent. The rising costs will hit potential first time buyers, who are also facing increased bills and living costs. Inflation hit 4.2% in October, according to the latest figures from the Office for National Statistics. Tighter regulations and a less generous tax system for buy-to-let owners have been blamed for the lack of rental supply because landlords have quit the market thanks to the extra administrative and financial burden.

The Sunday Times  

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Up-and-coming urban hotspots

Urban neighbourhoods in some of the UK’s largest cities could be poised to undergo a renaissance and become bona fide property hotspots, according to data from Rightmove. An analysis of buyer interest has revealed that previously unfashionable places are suddenly seeing soaring demand. When it comes to London, Hayes and Harlington a former industrial powerhouse, has seen interest from buyers skyrocket by 74% over the past year. Meanwhile, Handsworth, Birmingham, where the average property price is £158.350, has seen a 52% increase in demand. Meanwhile, Glasgow’s Southside has seen interest grow by 47% and Liverpool’s Old Swan has attracted 46% more interest.

The Times  

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Westferry Printworks project dropped after minister rejects appeal

Minister for Rough Sleeping and Housing Eddie Hughes has dismissed an appeal over the building of the 1,500 Westferry Printworks housing development. The decision document stated that the Isle of Dogs scheme, which was initially rejected by planning officers in Tower Hamlets, breached 22 planning policies, and that approving the scheme would have meant a “failure to preserve the settings of the Old Royal Naval College and Tower Bridge, both Grade I listed, and the Maritime Greenwich WHS (World Heritage Site)“. It said: “The harm to the character and appearance of the area attracts significant weight". The development became a point of controversy after the extent of communications between then-housing secretary Robert Jenrick and developer Richard Desmond came to light. Officials in Mr Jenrick’s department described him as being “insistent” that the project be given the green light before a new levy added millions to the cost. He later had to quash his own approval, conceding that the decision was “unlawful” due to “apparent bias”.

The Guardian (18/11/2021)  

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