Docklands News

According to research by CBRE UK, new London home applications and construction starts in the first half of 2023 totalled just 21,918, the lowest figure in 13 years. It also found applications for new build homes lodged in the second quarter were just 2061 - the lowest quarterly figure recorded since 2010 when the data was first available. If the trend continues, the market could end the year with applications for approximately 11,800 homes, 47% below the previous trough in 2010. Julien Mills, the firm's head of new homes, said: “Planning regulations, inflated construction costs, the cost of debt, and buyer affordability on borrowing and purchase taxation have all influenced the new homes development and second-hand market places recently. However, we need to continue to build more homes to address the supply-demand imbalance that exists in London".

Evening Standard (11/09/2023)  

Experts say house price drops will continue this year and into 2024. Nick Mendes, of brokers John Charcol, said: "The market topped out in August last year, but I expect prices will now fall within the region of 10 to 15% from that point - and keep drifting lower for at least a year." David Hollingworth, of L&C Mortgages, agreed. "I think there could be falls of around 10%," he said. "Activity levels will remain subdued - I'd anticipate that those who were thinking of a move this year will be putting that on ice for now." Tom Bill, of Knight Frank, added: "We think house prices will be down 5% this year and 5% next year - roughly 10% over the two years." 

I  

Research by the National Housing Federation (NHF) shows that one in five households in England will have homes costing more than a third of their income, defined as unaffordable, by 2030. The NHF said that without a Government plan to solve the housing crisis an additional 55% of households (1.7m) will have unaffordable homes by the end of this decade. Analysis found the increase, to 4.8m households, includes 1.1m additional homeowners spending more than a third of their net income on mortgages, more than doubling from 800,000, and 600,000 additional households in unaffordable private rented homes. By 2030, 2.2m households will pay a third of their income to rent privately and 700,000 in social housing. Kate Henderson, chief executive of the federation, said: "Today's report shows that short-term, piecemeal decisions on housing have created an emergency that will continue escalating at a rapid rate but this is a crisis that can be solved. By committing to a long-term plan for housing that is properly funded and based on ambitious, measurable outcomes, politicians of all parties could begin to turn the tide." 

The Times (11/09/2023)  

A new coalition of legal, government, and business groups is working towards making 'e-conveyancing' a reality. The aim of achieving upfront information in property transactions was revealed at the Digital Property Market Steering Group's conference. The government, in collaboration with the Home Buying and Selling Group, is identifying key information that needs to be made upfront. However, concerns were raised about the phrase 'upfront information' during a breakout session, as it seemed to encompass different steps in the home buying and selling process. The conference highlighted the need to address who the upfront information is aimed at and who sets the rules. 

Law Society Gazette (12/09/2023)  

New homes are still up for grabs in the environs of Canary Wharf - including at the 239m-tall Landmark Pinnacle, Britain's tallest residential tower. The 752-home building includes the UK’s highest gym and highest private roof terrace, and even a tropical garden. Inspired by Kew Gardens, the 27th-floor setting is home to more than 3,5000 plants, with amazing views out across Canary Wharf. Prices for a studio start at £559,000, while two-bedroom flats cost from £986,750. Not far away, on the Leamouth Peninsula, Goodluck Hope offers 841 homes spread across a site of just under seven acres. Prices there range from £430,000 for a studio, to £550,000 for a one-bedroom flat and £699,000 for a two-bedroom apartment 

Evening Standard (07/09/2023)  

House prices fell by 5.3% in the year to August, according to Nationwide, the fastest annual drop in 14 years. The bigger-than-expected drop brings the average house price down £14,600 to £259,153 compared with a year ago. “The softening is not surprising given the extent of the rise in borrowing costs in recent months, which has resulted in activity in the housing market running well below pre-pandemic levels,” said Robert Gardner, the chief economist at Nationwide. The number of completions of house sales was down 20% in the first half of the year compared with 2019, and about 40% down on 2021. While the proportion of people buying with cash has remained strong, the number of completions by those requiring a mortgage has plummeted. There was also a 25% drop in first-time buyers in the first half of 2023 when compared with 2019, Nationwide said, while buyers turned their attention from detached homes to smaller, less expensive properties. 

Financial Times (02/09/2023)   The Daily Telegraph (02/09/2023)   The Guardian (02/09/2023)   The Times (02/09/2023)