Docklands News

UK housing stock falls short compared to other countries


The Resolution Foundation's housing outlook report reveals that the UK's housing stock is "expensive, cramped and ageing", offering the worst value for money among advanced economies. The report compares homes in England to those in the United States, Germany and France, highlighting the UK's lower average floor space per person. Additionally, the UK has a higher percentage of older homes, which are poorly insulated and prone to higher energy bills and dampness. Adam Corlett, principal economist at the Resolution Foundation, said: "Britain's housing crisis is likely to be a big topic in the election campaign, as parties debate how to address the problems of high costs, poor quality and low security that face so many households. It is decades in the making, with successive governments failing to build enough new homes and modernise our existing stock".

Daily Mail (25/03/2024)   The Guardian (25/03/2024)   The Independent (25/03/2024)   The Times (25/03/2024)  

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First-time buyers can now get on property ladder with only 1% deposit

First-time buyers can now enter the property market with as little as a 1% deposit, thanks to a new mortgage being released by Yorkshire Building Society (YBS). The five-year fixed-rate deal, with an interest rate of 5.99%, requires only a £5,000 deposit and can be used to purchase properties worth up to £500,000. It cannot be used on newbuilds or flats, and buyers will still have to pass the usual affordability checks. YBS believes this new type of loan will help first-time buyers save years in deposit savings. Previously, banks typically required a 5% deposit to protect against negative equity if house prices fall. 

Daily Express (26/03/2024)   Evening Standard (26/03/2024)   The Independent (26/03/2024)   The Times (26/03/2024)  

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Fixed-rate mortgage rates expected to dip below 4%

Experts have predicted that fixed-rate mortgage rates could to fall below 4% within weeks, following lower-than-expected inflation figures and an upbeat outlook from the Bank of England. David Hollingworth, of brokerage London and Country Mortgages, said: "We won't see sub 4% next week, but it's a case of weeks and months, assuming no more negative data comes up. The Bank of England is more open to the prospect of the Bank Rate coming down, which is driving optimism.” He added: "A lot of the anticipated Bank Rate cuts are already priced in [to mortgage deals], so it depends if we see improvement quicker than expected. Rates won't be slashed; there might be quite a few small rate cuts. If falls in the swap rate continue, we could easily see lenders cutting back, and five-year fixed rates heading back towards 4%." Riz Malik, of mortgage brokerage R3, said: "Better-than-expected inflation suggests cuts will come earlier. This will raise hope of this mythical Bank Rate cut that we're all desperate for." 

The Sunday Telegraph (24/03/2024)  

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Nearly 250 homes could be added to Wapping redevelopment

St George, part of the Berkeley Group, has submitted an application for an extra 248 new homes on its redevelopment of the 15-acre site it owns in Wapping, which formerly hosted the UK headquarters and printworks of News International (now News UK). The company already has planning permission for 1,800 homes, a new secondary school and 20,816 sq m of commercial floorspace. Tower Hamlets Council's strategic development committee has been recommended to approve the latest plans, which will be discussed at a meeting on Wednesday, April 3rd.

My London (26/03/2024)  

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House prices rise in January

House prices rose by 0.5% in January, with new-build homes leading the recovery. The average home value decreased by 0.6% compared to the previous year. The Office for National Statistics (ONS) data shows a significant price growth of 8.8% for new builds and a 2.4% annual drop for other properties. The typical home is selling for £282,000 as of January, which is £2,000 lower than 12 months ago. London experienced the largest monthly increase in prices at 2.5%, while the South West of England and Scotland also saw rises. However, prices fell in several UK regions, including in the East Midlands where prices fell 1.4% and in the North East where prices fell 1.75. The market shows signs of recovery, boosting buyer appetite and new-build sales. 

City AM (20/03/2024)   Daily Mail (20/03/2024)   Evening Standard (20/03/2024)   Sky News (20/03/2024)  

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Sadiq Khan launches re-election campaign with council homes pledge

Sadiq Khan has launched his re-election campaign, vowing to double the council homes target to 40,000 and highlighting the opportunity to ease London's housing crisis with a Labour government and mayor. Khan's first campaign pledge is to deliver 40,000 new council homes by 2030. It comes as Housing Secretary Michael Gove has ordered Khan to urgently address London's chronic under delivery of new homes. Gove criticised the Mayor for the low number of new home completions and warned that it must rise to meet growing demand. He directed Khan to review the planning framework and find ways to free up industrial land for housing development. Gove also called for increased building in opportunity areas that have the potential for new homes. 

Evening Standard (19/03/2024)   The Daily Telegraph (19/03/2024)  

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