Docklands News

Property developer Rockwell has launched a new penthouse collection at Vetro, its luxury 30-storey residential building just a short step away from Westferry DLR. The six duplex apartments all include full-height windows throughout, offering panoramic views of the Thames, Canary Wharf, and the City beyond. Designed by architect SimpsonHaugh, each penthouse features open-plan kitchens, dining and living areas at a lower level, and two en-suite bedrooms, with marble finishes, dark timber joinery, modern brassware and neutral tones throughout while, upstairs, master bathrooms boast double basin sinks, walk-in rain showers, and full-height framed glass doors. Residents have access to a portfolio of amenities which include a boutique in-house gym, a sauna, and a concierge service, as well as landscaped podium gardens, which are also positioned to capture the sights. Prices for the penthouses start from £1.775m.

Luxury London (05/12/2023)  

Data from Nationwide shows that house prices rose for a third consecutive month in November. The average rose 0.2% month-on-month to £258,557, with prices having already climbed by 0.9% in October and 0.1% in September. While prices were up on a monthly basis, year-on-year they fell 2% in November. Nationwide said market has improved after the Bank of England opted to hold the base rate at 5.25%, prompting hope that soaring mortgage costs will start to drop and boost activity in the sector. Robert Gardner, chief economist at Nationwide, said: “There has been a significant change in market expectations for the future path of the bank rate in recent months which, if sustained, could provide much-needed support for housing market activity". Gabriella Dickens, a senior economist at Pantheon Macroeconomics, said the month-on-month rise would likely "reverse in the very near term," adding that a material recovery in house prices “still looks a few months away yet". "The outlook for next year, however, is brighter", she added. 

BBC News (02/12/2023)   Financial Times (02/12/2023)   The Daily Telegraph (02/12/2023)   The Guardian (02/12/2023)   The Times (02/12/2023)  

Homeowners have been the worst affected by the cost of living crisis, with mortgage interest costs jumping by 56% in the past year, according to new figures from the Office for National Statistics (ONS). The ONS found that mortgagors are facing a 9.3% inflation rate, higher than the official inflation rate of 6.7%. The new measure, called the "Household Costs Index," includes mortgage payments and student loans. Mortgage interest payments have risen by 56% for the average borrower over the past year. One in three mortgage borrowers reported increased monthly payments, while a similar proportion said they were struggling with affordability. Meanwhile around 54% of renters do not expect to save any money in the next year, compared to 36% of mortgage holders. The figure rises to 63% for disabled adults who are renting. Renters have experienced a more significant increase in rental prices than mortgage holders, despite rising mortgage costs. The ONS also found that two-thirds of disabled adults who are renting would not be able to afford an unexpected expense of £850. 

BBC News (05/12/2023)   Daily Mail (05/12/2023)   Evening Standard (05/12/2023)   The Daily Telegraph (05/12/2023)   The Independent (05/12/2023)  

Millions of homeowners are overpaying their mortgage to lessen the shock of higher rates when their fixed deal ends. Over £21.3bn has been overpaid this year, up 14% from last year. About 1.6m households will come off fixed deals next year, with rates predicted to rise to 5% by 2027. Homeowners can save thousands by reducing their mortgage balance before the new rate starts. Santander reported a 7.7% increase in one-off overpayments. Overpaying can reduce monthly repayments or shorten the mortgage term. Homeowners can also consider offset mortgages or earn interest on savings before overpaying. 

The Times (04/12/2023)  

Home sellers will have to disclose more information in property listings to prevent deal collapses and save buyers from surprises. National Trading Standards has introduced new rules that require sellers to include details about bad phone signal and neighbours' plans. The changes aim to improve transparency and prevent buyers from discovering unpleasant surprises during transactions. Failure to comply with the rules could breach the law and lead to complaints against the agent. The new requirements also include disclosing planning permission, energy supply, flooding risks, sewerage arrangements, and the material makeup of the property

The Daily Telegraph (02/12/2023)  

Ballymore and Oxley have announced the completion of the first apartments at Riverscape, their waterfront development in the Royal Docks. Described by the developers as "perfectly placed to offer an idyllic lifestyle, excellently connected to the capital”, Riverscape will host 749 one-, two- and three-bedroom apartments with views of Canary Wharf, the Thames, and the surrounding parkland. The first building of 10 to complete, The Leonard offers such luxury facilities as The Sky Lounge, a resident-only space for co-working, relaxing and entertaining, along with automatic membership of The Clubhouse, with its 25m-swimming pool, hydrotherapy pool, sauna, jacuzzi, and state-of-the-art gym. Residents will also enjoy a 24-hour concierge service, a dedicated estate management team, and a bespoke app for "lifestyle management". "Since our launch in September 2021, we have seen unprecedented interest and enquiries for Riverscape, with the scheme breaking records to become Ballymore’s fastest selling development", commented James Boyce, Ballymore's associate regional sales director. “We are delighted to be able to welcome our first residents to their new homes as they move in over the coming weeks".

Bdaily News (27/11/2023)