Docklands News

Tower Hamlets Council has given permission for Criterion Capital's 30-storey residential tower in east London, after architect Carey Jones Chapman Tolcher (CJCT) added a second staircase. Just east of Canary Wharf and north of Poplar dock basin, the development will contain 169 one, two and three-bed homes, of which 52 will be affordable, across a three-part building bordered by Aspen Way and Docklands Light Railway (DLR) tracks. The original single-staircase design raised concern from the Health & Safety Executive. The addition of a second set of stairs within the central core came after the start of a government consultation on compulsory second staircases for tall buildings last December. Planning officers said they were impressed by the 'biodiversity-led' landscaping plans for the space underneath the DLR line, which include 'native woodland-style planting, wildflower meadows and species-rich lawns'.

Architects' Journal (11/04/2023)  

Halifax has revealed that the average UK house price increased by 0.8% month on month in March to £287,880, which followed rises of 0.2% and 1.2% in January and February. The increase defied economists’ expectations of a 0.3% fall. However, the annual rate of house price growth eased to 1.6% in March, its weakest level in more than three years. Kim Kinnaird, director of Halifax Mortgages, said the market had been helped by the easing in borrowing costs since the “sudden spike” in November and December which was caused by the chaos following the disastrous mini-budget of Liz Truss and Kwasi Kwarteng. Kinnaird said that “overall these latest figures continue to suggest relative stability in the housing market at the start of 2023”. She added there had been a “partial recovery in activity and transactions, especially when compared to the significant drops seen at the end of last year, with latest Bank of England data showing mortgage approvals rising for the first time in six months”. 

Financial Times (07/04/2023)   The Guardian (07/04/2023)   The Independent (07/04/2023)   The Times (07/04/2023)  

Data from analyst TwentyCi shows that sales of new-build properties fell by 24% year-on-year in February, while sales for second hand homes were down 18%. Experts noted that many new-builds are geared toward first-time buyers, who are heavily reliant on mortgages as they have smaller deposits. Moneyfacts data shows that the average two-year fixed mortgage rate has nearly doubled from 2.85% to 5.35% in the past year. The Help to Buy scheme has also ended, making it harder for first-time buyers with small deposits to buy.

The Daily Telegraph (12/04/2023)  

Mortgage holders who have come to the end of their deal recently have faced a tough choice: lock in to a more expensive fix or wait it out on a variable rate in the hope that the Bank of England's base rate will fall. A growing number of borrowers are choosing to gamble, and some are now paying variable interest rates of up to 8.85%. “The rationale seems to be that borrowers will move to a fixed rate in a few months because they hope that fixed rates will start to reduce,” said Charles Roe from UK Finance. “Taking a punt on Bank rate falling later this year is not for the faint-hearted if you are paying the lender's standard variable rate,” said Graham Cox from the Bristol-based broker Self Employed Mortgage Hub.“Inflation could fall sharply, but that doesn't necessarily mean that the Bank rate will.” 

The Times (11/04/2023)  

House prices see biggest annual fall since 2009 House prices fell at their fastest annual pace for 14 years in March, taking the average value of a home in the UK down to £257,122, according to figures from the Nationwide. Prices fell 3.1% year-on-year, with this the steepest annual decline since July 2009. March’s reading means prices have now fallen for seven months in a row. Nationwide said the housing market hit a "turning point" last year, with activity remaining “subdued” following the market turbulence which followed the mini-Budget. In London, prices fell by an annual 1.4% to an average of £511,293 for the first quarter. Robert Gardner, Nationwide's chief economist, said: “It will be hard for the market to regain much momentum in the near term, since consumer confidence remains weak and household budgets remain under pressure from high inflation".

BBC News (31/03/2023)   Evening Standard (31/03/2023)   The Daily Telegraph (31/03/2023)   The Times (31/03/2023)  

London homeowners have been warned to brace for a 10% drop in property prices by autumn as higher interest rates send mortgage payments soaring. Leading City forecaster Samuel Tombs predicts that the capital is particularly vulnerable to a slump due to buyers taking on such large loans to get on the property ladder. UK Housing Watch analysis revealed that prices nationally would fall 8% “peak to trough, with the bottom coming in the autumn”. The capital is expected to see a bigger fall of around 10%, as higher mortgage rates will have a bigger impact on affordability in London due to high loan-to-income ratios. It comes as Rightmove found the percentage of London properties reduced in price has increased from 29% last year to 38% now. Meanwhile demand is 22% lower than this time in 2022, and the average time to find a buyer in London is up to 70 days, from 57 days last year. 

Evening Standard (07/04/2023)