Docklands News

PLP’s revised plans to build 1,358 homes on the Westferry Printworks site on the Isle of Dogs have been approved for a third time, eight years after plans were first green-lit to redevelop what was once the biggest printworks in Europe. The new homes, 35% of which will be affordable, will be spread across more than half a dozen new buildings between four and 31 storeys tall, together with 23,000 sq m of commercial and community uses on a 61,516 sq m site. The proposed height of the taller towers has shrunk from previous iterations, while shorter blocks have increased. "This is a major regeneration scheme on a currently disused site, which will help breathe new life into this historic area of London Docklands. Construction is expected to start later this year and will be completed in four phases over six to eight years", commented a Tower Hamlets Council spokesperson. 

Architects' Journal (29/08/2024)   Building Design (29/08/2024)   Property Week (29/08/2024)   The Daily Telegraph (29/08/2024)  

In 2023, first-time buyers have made a significant comeback in London, purchasing 48% of homes sold in the first half of the year, up from 41% last year. The average price for first-time buyers in London reached £443,550, reflecting a £39,360 increase from the previous year. While wealthier buyers are opting for larger homes in desirable areas, those with tighter budgets are still being pushed to the suburbs. The trend indicates a shift in the market, with many first-time buyers returning to London after years of being priced out.

The Guardian (26/08/2024)   The Times (26/08/2024)  

Despite recent cuts in mortgage rates, first-time buyers are not reaping the benefits. The Bank of England's reduction of the base rate from 5.25% to 5% has led to lower fixed rates, with some lenders offering deals below 4%. However, those with smaller deposits are still facing high rates. Aaron Strutt from Trinity Financial noted: "There has been more of a concentrated effort to reduce rates for borrowers with the biggest deposits." For instance, the best two-year fixed rate for a 5% deposit is 5.45%, while those with a 40% deposit can access rates as low as 4.19%. 

The Sunday Times (25/08/2024)  

The FT's Sarah Moody discusses the challenges of using property as a pension investment, highlighting that "past governments have made the private rental sector unattractive for the private investor".

Financial Times (24/08/2024)  

Heat pumps are emerging as the preferred alternative to gas boilers in the UK as the nation strives for net zero emissions. Energy Secretary Ed Miliband has set an ambitious target of installing 600,000 heat pumps annually by 2028, despite the previous government's plan to ban new gas boilers being shelved. While the government has increased grants for heat pumps to £7,500, the average installation cost remains around £13,000, making affordability a significant barrier. 

The Daily Telegraph (24/08/2024)  

The average asking price for a house coming to market in London last month was £677,794, according to a recent analysis of sales data - a drop of £17,285 from June. While London asking prices are up 0.7% annually, data for individual boroughs varies widely. In Brent, the average asking price is now £616,308, with asking prices having dropped by 4.8% annually. In Westminster on the other hand, asking prices are up 5.4%, with average asking prices currently at £1,537,470. Barking and Dagenham is the least expensive borough, with an average asking price of £375,156, while Kensington and Chelsea is still the most expensive with an average asking price of £1,673,995. In Tower Hamlets, the average price was £607,107, a 0.7% annual drop, while in Newham, the average price was £472,518 - a 2.3% increase.

Evening Standard (19/08/2024)