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Developer Rockwell has submitted plans the London Borough of Tower Hamlets to transform Quay House in the Docklands from a three-storey building into a 40-storey tower. The proposals include a 400 bedroom hotel and 279 serviced apartments. Rockwell said the tower would overlook Canary Wharf, and is consistent with the height range of other projects already under construction in the area. It also said the scheme has been designed to activate underused public spaces below the DLR and Admirals Way to improve the waterfront’s accessibility and aesthetic.
Property Week (17/07/2019)
Detached homes in London fell in value by more than £50,000 in a year, according to official figures, driving the slowdown in UK house price growth. Typically, this type of property cost £903,088 in May last year, but fell by 6.1% to £847,998 by this May, Land Registry figures show. The prices of other property types in the capital also fell, but by less. The average home in the capital is now valued at £457,471. Just seven of London's 33 boroughs saw an increase in average sold prices in the past 12 months, including Newham, Hackney, and Barking and Dagenham. The London housing market has been affected by factors ranging from stamp duty and other tax changes to sentiment among buyers and sellers owing to Brexit. Annual property price rises overall in the UK slowed to 1.2% in May, from 1.5% the previous month.
BBC News (17/07/2019) The Times (17/07/2019) Evening Standard (18/07/2019)
First-time buyers in London are still paying more despite falling house prices, according to a new report. A Gatehouse Banks analysis shows house prices in popular areas with first buyers has risen 4.3% despite house prices dropping by 1.9% across the capital on average. Average London property values have been falling on an annual basis since March last year, but affordable areas such as Barking, and Dagenham have seen a rise in the average price paid by first-time buyers by 2.91% - up from £276,701 to £284,751 in the same period. Other parts of the capital to see a rise were Richmond Upon Thames at 2.12% and the City of London up to 16.24%.
East London Guardian (13/07/2019)
Low deposit mortgages could put thousands of house buyers in danger of falling into negative equity, according to figures from the Bank of England. Almost 20% of mortgages lent in Q1 of 2019 were given to a borrower who paid a deposit of under 10% - the highest level since the end of 2007, before the global financial crisis. If lending continues at its current rate, it means that more than 100,000 of these risky home loans will be issued this year. It also means that growing numbers of borrowers are exposed to a sharp fall in property prices which could wipe out all their equity. “Soaring demand for high loan-to-value mortgages is alarming, especially as house price growth is slowing and interest rate rises over the next five to ten years look very likely,” commented Justin Modray, from Candid Financial Advice.
Daily Mail (12/07/2019)
HSBC research has revealed that first-time homebuyers can now expect to get on the property ladder at age 39, whilst those who already own a home were 28-years-old on average when they bought their first property. More than half of those looking to buy their first home already have a family to support. Two-thirds of people wanting to buy expect to make their purchase with a partner.
The Sun (12/07/2019)
Canary Wharf has been awarded Plastic-Free Communities Approved status by marine conservation charity Surfers Against Sewage. The Wharf’s eco-drive also includes collecting hundreds of tons of coffee grounds from its cafés, to be compacted into logs that can be burned as fuel. Martin Gettings, head of sustainability at Canary Wharf Group, estimates that 1.2m plastic objects have been taken out of circulation over the past year. Additionally, to keep the water litter free a special bin has been installed just below the waterline of Middle Dock that traps and stores floating debris. Further initiatives will be rolled out as the Canary Wharf Estate expands; over the next four years, 3,600 homes will be built at Wood Wharf, a 23-acre mixed development which will also include a school, shops, offices and restaurants.
Evening Standard (05/07/2019