Docklands News

London property market sees increase in listings and sales volumes

The London property market has shown signs of recovery with an increase in listings and sales volumes. Last month, the number of homes listed for sale in the capital rose to 101,457, slightly above the level recorded in September 2022. Sales volumes have also started to pick up, with a low of 4,531 in February before climbing in March. The higher level of confidence has led to a 2.6% increase in average prices between March and July. 

Evening Standard (25/10/2023)  

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Chancellor plans support for first-time buyers

Jeremy Hunt is preparing a support package to assist first-time buyers in getting on the property ladder. Plans being considered include extending the Government's mortgage guarantee scheme, which enables prospective homeowners to buy a property worth up to £600,000 with only a 5% deposit. The scheme had been due to end in December but Hunt is now expected to announce a 12-month extension in the autumn statement on November 22. Hunt is also looking at creating a new type of individual savings account (Isa) targeted at people looking to build up a deposit to buy their first home, to reflect significant increases in house prices since the schemes were introduced. Downing Street and Treasury officials are understood to have been looking at proposals for a first-time buyer support package since the Help to Buy scheme ended in March this year. However, sources said the Treasury had ruled out reviving the scheme as this could prove inflationary. 

The Sunday Times (22/10/2023)  

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UK housebuilders face steep drop in home sales

UK housebuilders face steep drop in home sales The UK housing industry is expected to see a significant decline in home sales, with the country's largest housebuilders projected to sell 18,485 fewer homes this year, equivalent to a 27% fall. The figures from RBC Capital Markets, on its estimates for completion numbers from FTSE 100 and FTSE 250 companies, found Persimmon is forecast to have the biggest output fall in its financial year, 39.5%. Anthony Codling, head of housing research at RBC Capital Markets said: "The impact of the mini-budget and the cost of living crisis sent shockwaves through the housebuilding sector and the housing market waters remain choppy". Mr Codling also pointed to recent house price weakness leading some firms to take a wait and see approach on some building. 

Evening Standard (23/10/2023)  

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Greenwich Council set to green-light Meridian Quays project

Greenwich Council is expected to give the green light to plans for a pair of tower blocks, one of 36 storeys and the other of 20, next to the O2. The first phase of the Meridian Quays neighbourhood will see the creation of 866 flats, along with commercial units and a three-storey cycle storage unit, on a site between the Millennium Way roundabout the Thames. Knight Dragon plans to build 116 studio flats – 29 of which would not have a balcony – with 253 one-bedroom flats, 201 two-bedroom flats and 30 with three bedrooms. 

The Greenwich Wire (15/10/2023)  

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UK house prices remain stable in August 2023

The average UK house price in August 2023 remained stable at £291,000, according to the Office for National Statistics (ONS). Rental prices continue to surge, reaching record highs for the 18th consecutive month. The average house price in England remained unchanged at £310,000, while Scotland saw a 1.1% increase in property value. Wales experienced its first annual fall in house prices since April 2020, with Northern Ireland seeing a 2.7% increase. In London, house prices fell 1.4% annually. 

City AM (18/10/2023)   Daily Mail (18/10/2023)   The Independent (18/10/2023)   The Mirror (18/10/2023)  

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Building societies outperform banks for mortgages

Mortgage customers are better served by building societies than banks, according to consumer group Which? Nationwide and Skipton building societies topped the table of best mortgage lenders in terms of service, transparency, and value for money. Yorkshire Building Society came second, followed by Coventry Building Society and Leeds Building Society. Banks, on the other hand, have dropped down the ratings, with Platform, Metro Bank, and Kensington ranking the lowest. Santander and TSB were the top-placed banks in a ranking based on a survey of over 3,400 people.

Evening Standard (16/10/2023)   The Independent UK (15/10/2023)   The Sunday Times (15/10/2023)  

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