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The Royal Docks regeneration district, consisting of Royal Albert Dock, Royal Victoria Dock, and King George V Dock, is set to become the heartland of the new East End within a decade. It will bring a new business district to rival the City, along with new high streets, and at least seven new residential quarters. On the south side of the docks, across the water from Charlton, Royal Wharf will deliver 3,385 homes with 40 acres of green space, including at John Cabot House, with Help to Buy, which is due to complete after Easter. Prices there start from £588,000 for a two-bedroom flat. At the other end of The Royals is Royal Albert Wharf, a 1,500-home scheme to include 100,000sq ft of workspace, artists’ studios, a café and a community centre. Forty per cent of the homes will be lower cost, with one-bedroom flats starting from £350,000. Finally, Lend Lease is working to transform Millennium Mills, once London’s largest flour mill, into 7m sq ft of residential and commercial space and parks. Phase one will offer 1,000 homes. The Refinery, towards the old Tate & Lyle factory, offers shared ownership, from £119,700 for 35% of a one-bedroom flat and £165,375 for 35% of a three-bedroom flat.
Evening Standard (13/03/2020)
A steep drop in property viewings has put thousands of estate agents at risk as coronavirus threatens to choke the housing market recovery, according to industry warnings. Mark Hayward, managing director of the National Association of Estate Agents, gave a bleak assessment of the rapidly deteriorating situation. “We’ve seen a marked reduction in viewings and enquiries, particularly in the last 10 days, with quite a rapid slowdown,” he said. Mr Hayward added: “Cash-flow is critical. If [estate agents] have been experiencing a tough time, and times toughen even further, there may well be some casualties.” Anecdotal evidence suggests viewings have dropped by over 50%. The sudden drop in interest is expected to crush the recovery in the housing market since the general election.
The Sunday Telegraph (15/03/2020)
The UK could be facing a 'second stepper' housing crisis, experts have warned, as the cost of moving to a family-sized home continues to rise. Land Registry data analysed by modular housebuilder Project Etopia shows that the price gap between the first and second rung of the UK property ladder has more than doubled since the financial crisis - and in some towns is as much as a 56% increase. Second steppers are those who currently live in their first home but are looking to move onto the next step of the ladder – often because their family is growing and they need more space.
Daily Mirror (13/03/2020) Daily Mail (13/03/2020)
All the biggest banks and building societies have agreed to give borrowers a holiday on mortgage payments if they are left struggling because of the coronavirus pandemic. RBS and NatWest will allow three-month mortgage holidays, as well as giving higher credit card limits to some. HSBC, First Direct and M&S Bank said that customers who had taken out personal loans could be given "breathing space" of reduced or deferred payments.
The Times (16/03/2020)
Linden Homes is offering a £15,000 cashback incentive on apartments in its 19-storey tower at Lime Quarter in Bow, either off the price or as a stamp-duty refund. Prices at the development, a stone’s throw from Devons Road DLR station, and a 15-minute walk to Canary Wharf, start at £432,000. Also adjacent to the Wharf is Bellway’s Explorer’s Wharf. Located at Limehouse Cut, the development has 184 warehouse-style apartments with either a projecting or an inset balcony. Prices range from £369,000 to £565,000.
Evening Standard (09/03/2020)
Sellar has been appointed to co-develop the 4.5-acre Canada Water Dock following the site’s sale to German property investor and developer Art-Invest Real Estate for £140m. The project includes existing consent for 1,000 residential units, including the 234 units completed in 2018. Sellar chief executive James Sellar commented: “London’s young innovators and creatives commute through Canada Water every day and its regeneration will create one of London’s most significant new urban centres where people will want to work, live and spend their free time.
Property Week (09/03/2020)