Docklands News

Shared-ownership homes in East London

Property hunters on a budget are currently spoiled for choice in the Canary Wharf environs, with a wide range of properties coming on the market, with deposits typically coming at £10,000-£15,000. Hampton Tower, on Canary Wharf’s South Dock, is designed by Foster + Partners, and offers a concierge, landscaped gardens and plenty of nearby restaurants, cafés and shops. Prices start from £108,750 for a 25% share of a studio with a full price of £435,000 and a minimum deposit of £5,437. Prices rise to £133,750 for a 25% share of a one-bedroom flat, with a minimum deposit of £6,687, and £180,000 (deposit £9,000) for a quarter-share of a two-bed apartment. Not far away, at Able Quay Millharbour, a two-bedroom apartment can be had from £156,875 for a 25% share. Further up the river, in Limehouse, stands the Kiln Works. Prices for a river-view one-bedroom flat, some with a terrace or balcony, start from £101,875 for a 25 per cent share and the minimum deposit is £10,188. Monthly costs are just over £900. Two-bedroom flats start at £125,000 for a 25 per cent share and the minimum deposit is £12,500. Monthly costs will be about £1,630.

Evening Standard (27/10/2020)  Londonist (27/10/2020)

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Chancellor urged to abolish stamp duty

Getting rid of stamp duty and axing the 45p income tax rate would put the UK among the top 10 most competitive economies in a league of developed nations, according to a new analysis. A report by the Centre for Policy Studies think tank advocates a package of measures including an overhaul of property levies and the abolition of the additional rate of income tax. The body says the changes would see the UK rise from 22nd to ninth in the International Tax Competitiveness Index compiled by the Tax Foundation think tank in the US. The report, written jointly with the Tax Foundation, describes tax reform as one of the "main levers" the Government can use to boost the economy in the long term. Stamp duty, the report says, creates an "extra burden" when homes are sold and can result in vendors deciding not to sell their properties. Removing the levy could "increase the dynamism of the UK housing market."

The Sunday Telegraph (25/10/2020) The Sun (25/10/2020) 

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Why 3D printing could be the future of housing

The Telegraph looks at how advances in 3D printing technology could revolutionise the housing sector. “3D printing is being touted by some as a potential solution to Britain's nationwide housing crisis, providing quick and cheap properties for the millions of people who live in unaffordable or unsuitable homes across the country,” writes Hannah Boland. “Projects are already using 3D printing across the world, with progress much quicker outside of the UK. In Dubai, officials are planning for a quarter of all buildings to be built with 3D printing by 2030,” she continues.

The Daily Telegraph (26/10/2020)

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Look to Greenwich for ‘village life in the city’

Over the past 20 years, Greenwich Millennium Village - a joint venture between Countryside and Taylor Wimpey - has pledged to offer its residents ‘village life in the city’, with as great an emphasis on community and the environment as on aesthetics and cutting-edge design. The latest phase of the project, 67 Park Central, aims to take this philosophy to a higher level. Set to launch in November, the 115 homes are positioned adjacent to the green expanse of Southern Park, with riverside views and exclusive access to the central Podium Garden, along with the four-acre Ecology Park. All properties, from one-bedroom apartments to three-bedroom duplexes, come with underfloor heating throughout. The open plan living and dining areas feature kitchens with stone worksurfaces and integrated appliances. Across the development, village squares form great social spaces, while a children’s play area is complemented by games rooms and co-working spaces. Guide prices at 67 Park Central, just two-minutes on the Tube from Canary Wharf, range from £427,500 to £750,000.

Evening Standard (16/10/2020)

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Plans submitted for new residential tower at Marsh Wall

Maccreanor Lavington has submitted plans for a 62-storey tower on the Millwall Dock quayside at Marsh Wall on the Ise of Dogs. The proposed 218m skyscraper, backed by Hong Kong-based developer the Far East Consortium, would be the fourth highest in Docklands after One Canada Square, the new Landmark Pinnacle residential tower, and the near-completed Newfoundland development. Replacing the six-storey Ensign House built in 1987, the £250m scheme will provide about 600 flats.

Architects Journal (14/10/2020)   East London Advertiser (16/10/2020)

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House valuations plummet with fears of house price crash

Some 75% of homes in some parts of the country are having their valuations reduced by as much as 20% as lenders become increasingly fearful of a sharp fall in house prices. The mortgage broker Private Finance said: "We have started seeing highly significant down-valuations despite increasing asking prices. It is quite possibly the case that valuers are being told by lenders to be cautious." Mortgage broker Magni Finance added: "In the last couple of months, 75% of our remortgage clients have had down valuations of around 10%. Normally I'd expect less than half to be down-valued and those valuations to certainly be less than 10%.” Arnold & Baldwin chartered surveyors said: "It is quite a bullish market. Estate agents are inflating prices trying to outbid one another.”

The Sunday Times (18/10/2020)

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