Docklands News

More people now own their homes outright than have a mortgage or rent them. Figures show that 32.6% of dwellings were owned outright in England in 2021, up from 30.7% in 2011. Another 28% of properties are owned with a mortgage or loan, down four percentage points on a decade earlier. And 20% are privately rented, up 3.7%, the Office for National Statistics said. Overall the figures showed there were 24.9m dwellings across England in 2021, up 8.5% in a decade. The most common type of accommodation was a semi-detached house, accounting for 30% of all homes. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: "While it is good to see more people have paid off their homes, it is also important to note that the percentage of people renting also continues to rise and this shows the battle many people have getting a toehold on the housing ladder".

Daily Mail (01/04/2023)  

Tower Hamlets planning officers have recommended approval for a 46-storey co-living tower block designed by Rio Architects for developer Olympian and earmarked for a site south of Canary Wharf. The project would deliver 795 co-living studio units – each with its own bathroom and cooking facilities. Residents would also be able to use communal kitchens, dining areas and living areas. The 0.22ha development site in Marsh Wall currently houses a three-storey office building. The building’s ground and first-floor levels would have a café, co-working space, lounges, a gym, a fitness room and a cinema room. Additional lounges for residents are proposed for its top three floors. Recommending the scheme for approval, planning officers said the proposals were considered to be high quality, adding that the building would “respond positively” to the Canary Wharf cluster of tall buildings.

Building Design (04/04/2023)  

Barratt has partnered with TTL Properties (TTLP), the commercial property company owned by Transport for London (TfL), to develop a £365m residential project in Acton's Bollo Lane. The joint venture will see up to 900 homes, of which half will be affordable, built on the site. Barratt London's Gary Ennis said that the location was advantageous because of its proximity to three stations. The development is part of TfL's efforts to generate additional revenue, which will be reinvested in the transport network. The partnership could also lead to further collaborations on other West London land that TfL owns. Under the deal, TTLP and Barratt will share the profits generated by the joint venture. 

Evening Standard (04/04/2023)  

The price of the average London home stood at £680,806, with house prices in the capital rising 2.5% compared to 3% in Britain as a whole in the last 12 months. When looked at borough-by-borough, Camden residents saw their property rise 13.4% to reach an average of £1,121,609, while house prices in Kensington and Chelsea fell by 1.8%; although the west London enclave is still London's most expensive place to buy with the average property valued at £1,672,224. The capital's cheapest properties were in Barking and Dagenham where prices rose 1.8% to £370,289 during the year; even so they are still more expensive than the average price of property in the UK, £365,357.

City AM (24/03/2023)  

New childcare support announced by the Chancellor in his Spring Budget could add tens of thousands of pounds to the property budgets of new and expecting parents across the capital. Mortgage experts said the measures, which are due to be rolled out in stages from April 2024 to September 2025, could be transformational for prospective London home buyers with young families. Adrian Anderson, director at property finance specialist Anderson Harris, said the childcare pledge could allow many young parents to get on the property ladder having previously been locked out of home ownership. Others may be able to raise their sights in terms of space or location, while some families will be released from a status as “mortgage prisoners”. 

Evening Standard (27/03/2023)  

Mortgage approvals have improved for the first time since August, with the Bank of England’s Money and Credit report showing net mortgage approvals for house purchases increased to 43,500 in February from 39,600 in January. However, lending fell to its lowest level since April 2016, excluding the pandemic. The report shows that homeowners borrowed £700m in February, down from £2bn in January. Martin Beck, chief economic adviser to the EY Item Club, said: “The latest household lending data indicated continued weakness in housing market activity, albeit with signs that the worst may be in the past”. Karen Noye, a mortgage expert at Quilter, suggested people were still in "wait-and-see" mode as borrowing costs remained high – but added that the rebound in approvals meant "green shoots might be appearing" in the housing market. 

BBC News (29/03/2023)   City AM (29/03/2023)   The Daily Telegraph (29/03/2023)   The Times (29/03/2023)