Docklands News

London Councils say capital faces £98bn bill to meet net zero goal

The London Councils umbrella group has calculated that the capital faces a £98bn bill to upgrade homes if it is to hit green targets by 2030. All 33 boroughs have agreed a joint plan to cut emissions produced by the almost 4m domestic buildings across the capital by the end of the decade. London Councils is calling on the Government to announce the delivery of the £3.8bn social housing decarbonisation fund and £2.5bn home upgrade grant in the upcoming spending review. Boroughs also want new financial incentives to encourage private retrofitting, such as green mortgages offering lower rates and a variable stamp duty land tax for more energy-efficient homes. 

Evening Standard (15/10/2021)  

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Average UK house price jumps by £25,000 in a year

Property values in the UK increased by 10.6% over the year to August 2021, up from 8.5% in July, according to the Office for National Statistics. The average house price was £264,000 in August 2021, £25,000 higher than the same time last year. In England, average house prices increased 9.8% over the year to £281,000, in Scotland 16.9% to £181,00, in Wales to £195,000 (a 12.5% rise) and in Northern Ireland to £153,000 (9.0%). 

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Brits urged to overpay mortgages

Borrowers are on course to overpay their mortgages by a record amount this year. An average of £1.81bn of mortgage debt was overpaid each month from January to August - nearly a quarter more than the £1.46bn monthly average for 2020. If borrowers continue to make such repayments for the rest of the year they will overpay £22.2bn; nearly 20% higher than the record £18.6bn overpaid in 2007. According to research by Halifax, Britons should capitalise on overpaying their mortgages, as the £200bn boost in the UK's savings during lockdown could cut down thousands in interest and months off a term of a mortgage. Halifax has urged individuals to take a “once in a lifetime opportunity” to redirect their cash towards mortgage overpayments. 

The Express (16/10/2021)   The Sun (16/10/2021)   The Times (16/10/2021)  

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House prices and rents set to rise, say surveyors

House prices and rents set to rise, say surveyors
House prices and rents are on an upward trend amid a “striking” imbalance between demand and supply, according to the Royal Institution of Chartered Surveyors (Rics). Analysis shows that the number of newly agreed house sales fell for the third month in a row in September, with a net balance of 15% of property professionals reporting a decline rather than an increase in sales. The Rics poll saw 68% of surveyors report house prices rising rather than falling in September while a net balance of 35% reported a fall in properties coming to market. The survey saw 70% of surveyors voice a belief that prices will continue to grow over the next 12 months. In the lettings market, 62% reported an increase in the number of people looking for a rental property in September, with a balance of 21% seeing a decline in new landlord instructions. This imbalance is expected to drive rents higher. 

Daily Mail (13/10/2021)   The Daily Telegraph (13/10/2021)   The Independent (13/10/2021)   The Times (13/10/2021)  

 

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New scheme launches for first-time buyers

A new scheme has been launched designed to make it easier for first-time buyers to buy a new-build home. Deposit Unlock, a joint initiative from the Home Builders Federation and the insurer Gallacher Re, aims to encourage lenders to offer more flexibility. A pilot involving Newcastle Building Society and a handful of homebuilders has been running in the northeast, and the scheme is set to go live next month. With Deposit Unlock the housebuilder will pay to insure the mortgage, making it a less risky deal for the lender. According to the Home Builders Federation, 17 housebuilders, which together account for about 60% of all new homes, will be involved, and more lenders are expected to join.

The Sunday Times (10/10/2021)  

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Soaring energy bills ‘will wipe £15,000 from your mortgage offer’

Property buyers could see £15,000 cut from their mortgage offer as banks take a negative view of soaring household bills. The cost of energy, fuel, food and clothing has risen in recent weeks and this is likely to continue. The energy crisis in particular has added huge pressure on to household bills. If inflation continues to rise at the predicted pace it will add an additional £1,831 to the household bill of an average family by the end of the year, according to analysis published by the Centre for Economics and Business Research, a think tank. The predictions by the CEBR are based on inflation rising to 4.1% in October, 4.6% in November and falling back slightly to 4.3% in December. Higher outgoings spell bad news for prospective homebuyers looking to secure a mortgage in the coming year, with first-time buyers especially at risk. 

The Daily Telegraph (09/10/2021)  

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