Docklands News

Riverside and Mount Anvil form JV for Isle of Dogs regenerations scheme

Mount Anvil and The Riverside Group have formed a joint venture to deliver a regeneration scheme at the Tiller Road Estate on the Isle of Dogs. The partnership aims to deliver more than 300 new homes, with a mix of affordable and private homes, in addition to 72 homes for current residents to replace those in the existing buildings at Kedge House, Starboard Way, and Winch House. The scheme expands Mount Anvil’s partnership with Riverside following the developer’s previous appointment for new homes at nearby Bellamy Close and Byng Street. Their portfolio also includes 262 affordable homes as part of an 854-home masterplan at Royal Eden Docks. 

Housing Today (28/05/2024)   Inside Housing (29/05/2024)  

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House prices holding up in 2024

Despite predictions of a steep fall in house prices following 2022's controversial mini-Budget, the property market has remained stable. Prices have dropped slightly since their peak in 2022 but have held up better than anticipated. Official figures show that prices have fallen by about 3.3 % from their peak, although Nationwide calculates that the fall has been closer to 4%. Analysis shows that transaction volumes have been affected more than prices, as homeowners have chosen to wait for the market to pick up. First-time buyers have been most affected by rising mortgage rates, while high rental prices have contributed to the stability of house prices. House prices in areas which are mainly rural have increased at a faster rate than those in urban locations. Property values in rural areas are up 22% over the past five years, ahead of the 17% increase in urban areas. Many economists foresee prices rising across 2024. Pantheon Macroeconomics has estimated an increase of 4%, while Capital Economics is predicting growth of 3%. Robert Gardner, chief economist at Nationwide, expects prices to be “broadly flat” this year. 

Evening Standard (27/05/2024)   The Guardian (27/05/2024)   The Independent (27/05/2024)   The Times (27/05/2024)  

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Homeowners opt for short-term fixed-rate mortgages

Homeowners are turning to one-year fixed-rate mortgages as a short-term solution while waiting for interest rates to decrease. Precise Mortgages has released a one-year fix at 5.44% with an 85% loan-to-value (LTV) and a 1% fee. Other lenders, such as Barclays, Santander, and Leeds Building Society, also offer one-year fixes. Santander reports that approximately 10% of its customers have chosen one-year deals since their introduction a year ago. Aaron Strutt from mortgage broker Trinity Financial suggests that a one-year fix is a good option for those planning to move or nearing the end of a deal, expecting rates to drop soon. 

The Sunday Times (26/05/2024)  

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New test helps couples assess readiness for property ownership

A new 'compatibility test' has been developed to help couples considering buying a property together to see if they are truly "financially and emotionally ready". According to the research, owning a home is now seen as a more significant commitment than marriage. The study explores financial compatibility, long-term planning perspectives, and lifestyle choices. The survey, conducted by Skipton Building Society, reveals that 64% of unmarried couples prioritise climbing the property ladder over getting married. Additionally, 63% believe that couples should start the process of buying a home when both partners have a steady income. The research estimates that unmarried couples would need to save £27,000 for a property deposit. 

Daily Express (25/05/2024)   Daily Star (25/05/2024)   The Mirror (25/05/2024)   The Sun (25/05/2024)  

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Average London home price falls below half-million pound mark

The average price of a home in London has fallen below the half a million pound mark for the first time since July 2021, according to Land Registry figures published on Wednesday. UK house prices in March rose year-on-year for the first time since last summer; however, London and the South East were the only regions where they declined. The average price of a house in London in March was £499,663, a £17,500 annual decline. Inner London house prices were falling fastest, by 7.3%. In each of Westminster, Camden and the City, prices were down by more than 20% year-on-year. In contrast, the price of an outer London flat was down only 1%.

Evening Standard (22/05/2024)  

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New London bridge approved to link Tower Hamlets and Newham

A new London bridge spanning the River Lea at Ailsa Wharf, connecting Tower Hamlets and Newham, is set to go ahead after approval from Tower Hamlets Council. The bridge will provide space for cyclists and pedestrians, improving access to community facilities, public transport and the Queen Elizabeth Olympic Park. The joint venture between Tower Hamlets and Newham Council aims to encourage healthier and environmentally friendly travel choices. The bridge will feature hydraulic lifts to accommodate larger boats, although concerns were raised about the maintenance costs. However, external funding will be available to assist with the expenses. The bridge is expected to be adopted into Newham Council's highways network. Newham Council is expected to approve the plans on its side of the River Lea later this year. 

The Express (21/05/2024)  

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