Docklands News

Notting Hill Genesis is offering first-time buyers an Black Friday deals when they buy a home at selected developments. Buyers who complete on a purchase of a selected home at its developments Goodluck Hope and Woolwich Reach in east London, as well as Heron Quarter at Woodberry Down in north London, will receive up to a £7,500 contribution towards their moving costs. Goodluck Hope is emerging as a new riverside neighbourhood for London. Residents at the development have access to sought-after amenities including a gym, state-of-the-art pool, private cinema, work space and a 24-hour concierge service. Elsewhere, just south of the Royal Docks in E16, one-, two- and three-bedroom apartments are available at Woolwich Reach, where buyers can make a home on the banks of the river Thames. The deal runs until Wednesday, 30th November on the first 20 reservations, on selected properties only. 

BDaily (11/11/2022)  

Property prices in London dipped 0.6% to an average of £544,113 in September, with this the steepest month-on-month decline since July 2021. The Land Registry data shows that year-on-year, growth slowed from 7.3% to 6.9%. Andy Sommerville, director at property data provider Search Acumen, said the figures are “further evidence of a turning tide for house prices, reflecting the same pattern of declining growth we have started to see emerge over the last two months.” 

Evening Standard (16/11/2022)  

New research reveals that younger homeowners are more likely than older borrowers to take a risk with their mortgage payments by not locking into a fixed deal. According to the comparison site Uswitch, 42% of borrowers aged 18 to 24 have a fixed-rate mortgage, this compares with 81% of 25 to 34-year-olds on a fixed rate, 80% of 35 to 44-year-olds, 71% of those aged 45 to 54, and 57% of those over 55. Analysis shows about 25% of those aged 18 to 24 are on a standard variable mortgage. A further 18% of this cohort are on tracker mortgages, which usually follow the Bank of England's base rate, and 15% are on discounted mortgages, which is a set percentage below the lender's SVR. Younger homeowners also have the highest average mortgage costs at £1,390 a month, nearly double the £764 paid by those aged over 55. 

The Times (12/11/2022)  

Estate agents say buyers are increasingly interested in the energy efficiency of homes. According to a recent study by NatWest, four in ten buyers now believe that the energy efficiency of a prospective home is a very important factor, up from less than a third a year ago.

Metro (14/11/2022)  

New data from UK Finance show home repossessions rose 15% between July and September this year compared to the previous quarter. Some 700 homeowner mortgaged properties were taken into possession in the third quarter of 2022 while the number of buy-to-let properties taken into possession rose 11% to 390. Inflation and rising borrowing costs are blamed for the rise. UK Finance's figures also showed that 74,440 homeowner mortgages were in arrears of 2.5% or more of the outstanding balance in the third quarter of 2022, 1% fewer than in the previous quarter. Within the total, there were 28,910 homeowner mortgages with more significant arrears, of 10% or more of the outstanding balance. This was broadly unchanged from the previous quarter. Meanwhile, 5,760 buy-to-let mortgages were in arrears of 2.5%, 2% more than in the previous quarter. 

Daily Mail (15/11/2022)   The Independent (15/11/2022)  

Southern Housing Group has agreed a deal to build 236 affordable homes at Fish Island in the London Borough of Tower Hamlets. The project, which will be completed in partnership with O'Shea Group and Galliard Homes, will be delivered over four phases and will complete in Spring 2026. “The surrounding area has already undergone such significant regeneration whilst maintaining its industrious tradition", said Rory O’Connor, managing director of O’Shea Group. "Wickside will be the largest development on Fish Island and most important in its regeneration with a strong focus on place making and community with the delivery of such mixed uses of residential and commercial, over three acres of landscaped gardens and a new pedestrian bridge".

Construction Enquirer (09/11/2022)