+ How house prices are a hard thing to predict in 2024 Page 18
Jan 10-24, 2024 wharf-life.com
renting own for less than
Property in Canary Wharf, Docklands, east London buy - rent - invest - interiors - commercial
how Legal And General Affordable Homes is hosting an open day to showcase its East River scheme Pages 16-17
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£4,843
Minimum deposit on a 25% share of a one-bedroom home at East River Wharf
how Legal And General Affordable Homes is offering shared ownership apartments at East River Wharf by Jon Massey
L Homes come with fully fitted kitchens and Siemens appliances
All properties have outdoor space
egal And General Affordable Homes is set to host an open day aimed at showcasing shared ownership properties at its East River Wharf scheme. The collection of one, two and three-bedroom apartments, spread over two buildings at Ballymore’s Riverscape development in Royal Docks, will be the centrepiece of the January 27 event, with prospective buyers invited to book appointments between 10am and 4pm. Attendees will also have access to the John Lewis Home Design Team from the brand’s Westfield Stratford City branch, who will be on hand to offer advice on design trends and furnishing an apartment on a budget. East River Wharf is located beside Lyle Park, a few minutes’ walk from the Thames. Riverscape, the development the blocks sit within, is essentially an extension of the existing Royal Wharf development between West Silvertown and Pontoon Dock DLR stations. In addition to those transport links, which offer rapid access to the likes of Woolwich, London City Airport and Canary Wharf, the area benefits from having its own pier served by the Uber Boat By Thames Clippers river bus. Amenities already up and running in the area include restaurants, cafes, a pub, independent shops and the likes of Starbucks and Sainsbury’s Local. “We launched East River Wharf in July and the sales rate has been really good – there’s
What we’re seeing is that landlords have pushed prices up and that’s prompted people to look at alternatives Jen Cobley, Legal And General
a fantastic appetite for the scheme,” said Jen Cobley, head of sales at Legal And General Affordable Homes. “The key reason for that is because the area is very popular with renters. What we’re seeing is that landlords have pushed prices up and that’s prompted people to look at alternatives. “At East River Wharf some people will be moving into one-beds, having moved out of rented studios at Royal Wharf, for substantially less of a monthly outlay. “That also means, of course, that they have got a foot on the ladder.” Prices at the development start at £96,875 for a 25% share of a one-bedroom home. That equates to buyers needing a minimum deposit of £4,834.75. Even with mortgage payments, rent on the unowned share of the property and service charge, buyers are looking at just over £1,500 per month, which compares favourably with rental prices for similar properties in the area. Properties come with balconies, open-plan living areas and fully fitted kitchens including integrated Siemens appliances. Main bedrooms come with carpets and built-in wardrobes, while bathrooms feature tiling and white sanitaryware. Residents benefit from a 24-hour security service, a concierge service, gym, spa and swimming pool at the Royal Wharf Clubhouse and a 16th floor Sky Lounge with views over the Thames. Royal Wharf also boasts Community Dock, a communal venue that hosts clubs, events and activities. Shared ownership eligibility criteria apply including having a household income of less than £90,000 per year and not owning another property in the UK. Canary Wharf commuters can look forward to a 20-minute commute door-to-door. For more information or to book into the open day, go to landgah.com Scan this code to find out more about the event at East River Wharf
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Property + Interiors
style living
in
Homes at East River Wharf feature open-plan living areas and private balconies
The January sales event is being held in collaboration with John Lewis
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1.7%
Rise in UK house prices over the course of 2023. Various factors make forecasting over 2024 a challenge Falling mortgage rates could see a few more of these popping up as the year goes on
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Property + Interiors
why a mixed economic outlook and the prospect of an election make forecasting 2024 house prices tricky by Jon Massey
W
ith the surprise news that UK house prices actually rose over the course of 2023, predictions for the year ahead are fraught with complexity. On the one hand, inflation is falling and mortgage lenders have begun reducing their rates making it easier for people to afford a home. With rents continuing to rise, it looks very much as though 2024 could be an attractive time to buy. But a looming general election, now expected in the autumn at the earliest, adds to the uncertainty. With the strong, but not certain possibility of a change in government, buyers might wait to see what whoever eventually ends up in power is offering before committing hard cash. While Halifax – which registered the 1.7% rise in its latest house price index – is forecasting a drop of up to 4% in house prices over the year, it admits that it’s the current economic climate makes it tricky to predict the future. “The housing market beat expectations in 2023,” said Kim Kinnaird, director at Halifax Mortgages. “The average property price is now £4,800 higher than it was in December 2022. “While it’s encouraging that we saw growth in the last three months of the year, this was preceded by property price falls for six consecutive months between April and September. “The growth we have seen is likely being driven by a shortage of properties on the market, rather than the strength of buyer demand. “That said, with mortgage rates continuing to ease, we may see an increase in confidence from buyers over the coming months. “As we move through 2024, the UK property market will continue to reflect the wider economic uncertainty and buyers and sellers are likely to be naturally cautious when considering making a move. “While wage growth is now above inflation, helping to ease cost of living pressures for some and improving housing affordability, interest rates are likely to remain elevated for as long as inflation remains markedly above the Bank Of England’s target.” London is very much its own
The growth we have seen is likely being driven by a shortage of properties on the market rather than the strength of buyer demand Kim Kinnaird, Halifax
beast. Prices in the capital fell by an average of 2.3% over 2023, but estate agency Savills reports the average remains at eight times the typical salary across 75% of the city. Estate agency JLL reported the number of new homes started in the capital fell 50% between autumn 2022 and autumn 2023, with around 25% of schemes facing delays. The end of the Help To Buy scheme has also seen some developers switch projects to rental only rather than selling the properties they are building. This has allowed them to take advantage of seemingly insatiable demand from tenants in contrast to the unpredictable sales landscape. It’s not all doom and gloom, however. Lower prices and the recovery of wages in theory mean properties should be getting more affordable with developers keen to do deals to secure sales. Tower Hamlets currently has the largest crop of new homes on the market of any London borough, so those seeking to live close to Canary Wharf will at least have the greatest choice available in the capital. Barking And Dagenham and Greenwich also have comparatively large numbers of freshly built properties for those looking. Falling interest rates should also continue to help affordability with analysts predicting a gradual drop back to something in the region of 3.25%. On the rental front, increases are likely to be less pronounced than last year’s 17% rise, with Savills forecasting a 5.5% uplift on average for the capital. Go to halifax.co.uk for more
Scan this code to read Halifax’s latest house price index
Some developments have seen delays in construction as the London market weathers the storm of high inflation and mortgage rates
reading the
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Get on the property ladder in East London this New Year
A new door for 2024 with Shared Ownership Just imagine that feeling of opening your very own front door for the first time and walking into your new home. In the current economic climate, home ownership can sometimes feel like a goal too far. With Shared Ownership, it doesn’t need to be.
Discover East River Wharf Located a stone’s throw from the Thames, these new 1, 2 & 3 bed Shared Ownership apartments are available from £96,875 for a 25% share.
Book a viewing at landgah.com/east-river-wharf T&Cs apply. Subject to status and eligibility criteria. Pricing based on the 25% share value for a 1 bedroom apartment with a full market value of £387,500. Details and prices correct at time of print, December 2023.
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