Docklands News

A slew of banks and building societies have stopped offering new home loans as lenders rush to reprice mortgages following a steep rise in UK gilt yields. The Chancellor’s mini-Budget sent the pound down sharply and it hit a new record low of $1.035 against the dollar after Kwasi Kwarteng pledged further tax cuts at the weekend. The Bank of England has pledged to step in but has so far ruled out an emergency rate rise, sticking instead with its scheduled November 3rd review. 

Financial Times (26/09/2022)   The Daily Telegraph (26/09/2022)   The Guardian (26/09/2022)   The Times (26/09/2022)  

A new study from Tapi, a carpet and flooring company, has shared the home assets that add the most value to a property. A good garden took the top spot with more than half claiming they would increase their offer on a home for this feature. The study revealed 54% respondents said a nice garden was their top asset, 50% said a nice kitchen, 44% said good parking or garage space, 36% said a nice bathroom and 29% said natural light. A further 26% of Britons also said they would increase their offer on a home with double or triple glazed windows. Flooring is also important to buyers with 20% of respondents claiming they would increase their offer on a home with carpets or flooring that didn't need replacing.

Daily Express (29/09/2022)  

Clerkenwell-based architects Patel Taylor has become one of London’s most in-demand mid-sized practices, with a portfolio including schools, skyscrapers, and the Crossrail Place Roof Garden at Canary Wharf. The firm is currently helping develop London Dock in Wapping, a 15-acre site through which cargoes of spices, coffee, cocoa, wine, wool and ivory were once imported into the capital. It will eventually contain 1,800 new homes within a short walk of the Tower of London and St Katharine Docks, plus shops, restaurants, cafés and workspaces. Patel Taylor is also contributing to the development, with Cashmere Wharf, a 28-storey steel-and-glass tower containing 144 apartments. Prices at London Dock start from £760,000 for a one-bedroom apartment, and from £1.22m for a two-bedroom apartment

Evening Standard (20/09/2022)  

House sales increased by 7.5% in August, according to HM Revenue and Customs figures. An estimated 104,980 housing transactions took place across the UK in August, which was 1.1% higher than in July and 7.6% up compared with August 2021. A stamp duty holiday, which ended last year, distorted the year-on-year figures. Peaks in house sales were recorded in June and September last year as the “nil rate” stamp duty holiday bracket was gradually reduced, as the break was phased out, and home buyers rushed to complete deals to maximise stamp duty savings. The HMRC report said: “August 2021 was between two transaction peaks in June and September 2021, causing unseasonal patterns during that period.” 

Daily Mail (21/09/2022)  

Mortgage brokers have reported banks and building societies passing on higher interest rates to new borrowers, while keeping remortgage rates for existing customers the same. Loyal borrowers can currently benefit from interest rates up to 1.2 percentage points lower than those offered to new customers by the same lender. Lenders have been flooded with borrowers desperate to lock in new deals before further rate rises in the coming weeks. However, existing customers are being prioritised as banks already know their financial information and track record of paying back their loan, making applications easier to accept. Chris Sykes, of broker Private Finance, said: “There are longer wait times for mortgage applications and higher ‘fall-through' rates amongst borrowers as many rush to lock in a new rate. This has made it more expensive for lenders to bring in new business and makes it even more beneficial to retain existing clients." 

The Daily Telegraph (17/09/2022)   The Sunday Telegraph (18/09/2022)   The Sunday Times (18/09/2022)  

Tens of thousands of first-time buyers are expected to be locked out of the housing market after the Help to Buy scheme closes in October, experts have warned, leaving a “void” of support for entry-level purchasers just as the cost-of-living crisis worsens. Help to Buy officially ends on March 31 2023 – however, this is the deadline for all sales to complete. The deadline for first-time buyers to register is five months earlier, at 6pm on October 31. This means first-time buyers have six weeks to house hunt, reserve a home that is supported by the scheme and submit a Property Information Form. After the deadline, first-time buyers will have few options to get on the housing ladder without financial support from their parents.

The Daily Telegraph (19/09/2022)