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David Galman on the year just gone (finally) Page 16

how Vastint UK wants to attract a potent mix of commercial and residential tenants to its Stratford scheme between the waterways Live London - Page 16

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16

building the future

by David Galman

Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

1,200

Homes are set to be built on the Sugar House Island site

how Vastint UK’s Sugar House Island seeks to blend a range of uses to create a fresh and attractive neighbourhood

by Jon Massey

S David is optimistic for the property market and beyond despite the ongoing battle with Covid

H

ave any areas ever fluctuated in their fortunes more than Canary Wharf and the Isle Of Dogs? I think not. Boom-bust, boom-bust could have been written about our great location.

There’s no doubt 2020 was an incredible year for the country as a whole – possibly defining for an area like the Isle of Dogs and Canary Wharf.

All the chatter last January surrounded leaving the EU – the effect of the Boris Bounce and what the result of Brexit might be on financial services.

It seems a distant memory. Would we see vast swathes of empty office towers as the sector, devoid of passporting rights, decamped to Paris, Frankfurt or Rome? Business was brisk in the property world and the Galliard China team was beginning to make waves as residential towers neared completion back home.

Then the virus hit.

The world was on a war footing. Lockdown – an I am always glass unbelievable phenomhalf full – we have enon – saw the entire country closed apart to make sure we from hospitals and emergency services. bring the rest of We had daily briefthe population ings, shortages of toilet roll and pasta – and with us home schooling. ChanDavid Galman, Galliard Homes cellors and finance ministers the world over raided the mattresses and found trillions of pounds to rescue us. Millions have sadly died.

Many will suffer from Long Covid. Populations the world over will contend with mental stress and financial breakdown.

Where is the good news I hear you cry? Well, we will recover, billions are being poured into a vaccine and somehow we will learn to live with it. After the horse trading, a Brexit deal has been signed. In the property market, Help To Buy, stamp duty holidays, the weak pound and a shortage of stock has enabled continued construction and strong sales. I am always glass half full – we have to make sure we bring the rest of the population with us.

David Galman is sales director at Galliard Homes which is delivering developments including Orchard Wharf, Harbour Central and The Stage Go to galliardhomes.com or follow @GalliardHomes and @DavidGalman on Twitter

tand on the balcony of the show home for the first phase of Sugar House Island and it’s easy to see the role this 10-hectare triangle to the south of Stratford will play in the ongoing regeneration of the area.

The development, located at the meeting of the River Lea and Three Mills Wall River Weir, is all about connection. To the north there’s the increasingly high-rise bombast of Stratford itself. To its south, Three Mills Island, to the east, West Ham, and, to the west, Bromley-By-Bow. With three bridges planned over its adjacent waterways, Sugar House Island is set to be a point of confluence for these communities and Vastint UK, the company behind the project, is firmly focused on creating that flow of footfall.

Managing director Andrew Cobden said: “Here we will have 1,200 homes, 600,000sq ft of office space, a 350-bed hotel and we’ve taken the decision to build a two-form entry primary school.

“That wasn’t a planning obligation – we looked at the mix of housing around us, what was coming at the Queen Elizabeth Olympic Park and the fact 40% of our homes will be family-size units with three bedrooms, and decided we needed to have the facilities that were going to support that.

“We’re building that now and it should be operating from September 2021, run by the Big Education Trust, which operates School 21 in Stratford already and is rated outstanding by Ofsted.

“That’s the sort of thing that we’ll do to try and make our schemes successful – to think beyond what we’d normally do and what would normally be expected.”

Sugar House Island is the first project of significant scale in the UK for Vastint, which is ultimately owned by the Interogo Foundation – also the parent organisation of the Inter Ikea Group of companies. Active in countries across Europe, the developer also has schemes in Leeds and Cardiff.

But London is the focus here, and Andrew is keen to stress

his desire to make the Stratford plot an attractive place for those living and working there as well as people passing through.

“I feel there is a huge value in supporting independent retailers,” he said. “I think that that is what the average person wants to go and find.

“They want to discover people who are passionate about what they do and why they do it, who invest their lives in it and, by doing so, make it as good as it can be and as affordable as it can be to widen their market base.

“Most of our schemes are 50% or more commercial space. If we were to build a scheme that was just housing, then we’d be limiting that customer base to weekends, evenings and mornings.

“But, if you get your balance right and add in, for example, 3,000 employees who are arriving anywhere between 6.30am and leaving at anything up to 10pm and they’re active during the day, suddenly you’ve got a regular flow of custom that enables independent businesses on-site to work and to thrive.

“I’ve been here since 2011, when we first put the plans together, and I’ve been courted by many of the well-known national retailers but I’ve said I’m sorry, that’s not for us.

“It’s about trying to find those little nuggets of quality and say: ‘Hey, listen, come and talk to us’. I feel that adds value, and is the reason why people would choose to come and live or work here, rather than another scheme somewhere else.”

P

providing space for innovative companies such as recent arrival Phaidon Press, is only half the story. Sugar House Island’s first rental properties were unveiled in September as phase one – Botanical Mews – went on the market, offering a collection of studios, one, two and three-bedroom apartments and mews houses.

“We’ve always got to react to what the market is expecting,” said Andrew. “We have an approach here, where we want to find a balance between those units that we keep as rental units and those that we sell. That is agreed with our board on a plot-

I feel there is a huge value in supporting independent retailers.

I think that is what the average person wants to go and find Andrew Cobden, Vastint UK

Andrew says finding ‘little nuggets of quality’ to add to Sugar House Island makes the difference for prospective residents and workers

by-plot basis as we go, and we feel that our base specification is what people want.

“There are lots of people who want to share homes, not just families who want to occupy them, and sometimes there are small tweaks that we can do to make sure that there’s good communal space within the apartments, for example.

“In other words, we try to make things as generous as we can and that includes areas such as ceiling heights and balcony sizes.

“Most units have access to a garden courtyard of some

Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

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Property

Scan this code for more info about Sugar House Island

description and there will be semi-private spaces within that.

Our mews houses also have private roof terraces.

“We always wanted to try to replicate the Victorian London vernacular, but do it in a contemporary way, and we feel the mews houses in particular are really good in an area of the city that is dominated by apartments.”

T

east joining up the

Sugar House Island makes extensive use of relatively low-rise buildings, while retaining elements of the area’s industrial heritage

Images by Matt Grayson – find more of his work at graysonphotos.co.uk or @mattgrayson_photo on Insta

he show apartment at Botanical Mews has been fitted out as an example of how a home could look after the tenants have moved in and arranged all of their stuff.

“The standard unit as we finish it will have white-plastered walls and the basic furniture pack,” said Andrew.

“We are offering people who move in the opportunity to put their stamp on things.

“They might source a wallpaper product and we have a handyman who can hang it, for instance.

“Tenants could dress their apartment up in the colours and styles we’ve chosen for the show home, or they could start to play with a pink or grey, perhaps.

“The continental model for renting is to let the home unfurnished, so we’ve had regular conversations with our team about the need to offer furniture in London. Out of the 60 or so viewings, we’ve had one couple who didn’t need the beds.

“The kitchen is fitted out with integrated Bosch appliances and silestone worktops and there’s underfloor heating. We’re pleased with how it’s all come together.

“The feedback we’ve had so far has been extremely positive.

We have got quite a few deals done now and some residents in, having launched it only recently, but the take-up is slow because the market is slow.

“Lots of people have walked round and said that they really like it, and we’re really pleased with the feedback we’ve received.

“There are really good views from the apartments and the second phase of the development – Soapmaker Mews, also has great views. You’re really connected to the water and the green spaces, and you really feel part of it. Obviously, Sugar House Island is a big project. It is relativContinued on Page 18

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-ely low when you compare it to many developments going up, certainly across London and elsewhere, where there is certainly a drive for height from land-only developers, but also from local authorities wanting to strengthen their city centres.

“We took a stance that we wanted to create a lot of homes, so it’s still reasonably dense, but there are big courtyards, so there’s lots of natural light and the majority of the buildings are only four to six storeys high.

“Looking at the current situation, people don’t want to be in lifts and, if we’re building family-sized homes, we want then to be close to the ground.

“With that, the cooperation of independent operators and what will be beautifully crafted public areas, I think it will be a great success.

“When you plan something like this it’s an awful lot of work.

You’ve looked at it so many times in plan form – the CGIs and the vision of what it’s going to be in the end.

“The first day we could walk around the completed buildings in the first phase was the day before the first lockdown, which was surreal.

“I went for a quiet walk round on my own, when everything was sparklingly clean and beautifully finished – it was just one of those moments.

“I’d been working on this for nearly a decade and now we’d got something that was exactly what we thought it would be – it was great.

“I’m incredibly critical, but we’re very proud of what we’ve done. It was a big team effort by both the staff here and our colleagues in Europe.”

Rental properties at Botanical Mews start at £1,400pcm for a studio or one-bed, at £1,650pcm for a two-bed, £1,970pcm for a three-bed or £2,400pcm for a mews house.

Select apartments are pet-friendly, although prospective tenants should discuss this with Vastint well in advance.

For those who are able to sign a tenancy agreement of 24 months or more by January 31, the developer is offering the first three months for free subject to availability.

Images by Matt Grayson – find more of his work at graysonphotos.co.uk or @mattgrayson_photo on Insta

from Page 17

350k

Square footage of retail space that will be built as part of the Wood Wharf project

The show homes feature impressive views

Designed by Stanton Williams, 10 Park Drive is the first building in Canary Wharf to welcome residential owner-occupiers

A selection of show home interiors aimed at giving prospective tenants a feel for what life could be like living at Botanical Mews

Residents get access to a 13th-floor communal roof terrace at the building

I’m incredibly critical, but we’re very proud of what we’ve done. It was a big team effort by both the staff here and our colleagues in Europe Andrew Cobden, Vastint UK

Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

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Property

how a trio of show apartments at 10 Park Drive deliver calm and panoramic views across Canary Wharf and London

3

Show apartments available to view at 10 Park Drive on Wood Wharf

by Jon Massey

B

uyers interested in purchasing a home in the first private residential block to launch on the Canary Wharf estate can now tour three, fully dressed properties on site. June last year saw the first occupiers move into apartments at 10 Park Drive, located in the first phase of the estate’s expansive Wood Wharf development.

The three recently unveiled show homes feature interiors by Make architects, with design touches aimed at making the most of the natural light and views avaiable.

All apartments in the tower feature open-plan kitchen and living spaces and marble-inspired vanity blocks in their bathrooms. Buyers can choose one of two timber types in either a light or dark palette for their home. Prices for the remaining 70 properties at 10 Park Drive start at £830,000.

Canary Wharf Group sales director Brian De’ath said: “When you walk into these properties you are met with a sense of tranquil calm thanks to the abundance of natural light pouring in from the fulllength windows.

“What really makes the show apartments though, is the panoramic views across the landmarks of the capital and the bustling community of Wood Wharf below. The views are truly spectacular for watching the world-below go by.”

Make director Katy Ghahremani, said: “Our designs for the interiors of the apartments are inspired by the elegance of the architecture and materiality of the building at 10 Park Drive.

“This creates a holistic experience for the residents with warm and light spaces which are uplifting and relaxing.”

With people already living on the estate at both 10 Park Drive and nearby 10 George Street, the Wood Wharf project is taking shape in human form.

The recent opening of a boardwalk space and waterside park is the vanguard of more than nine acres of public spaces that will be created when building is

“

Our designs for the interiors of the apartments are inspired by the elegance of the architecture and materiality of the building at 10 Park Drive Katy Ghahremani, Make

interior The show apartments have interiors created by Make architects aimed at making the most of the natural light coming in

discover the

complete. Wood Wharf will eventually comprise more than 3,600 newly built homes and around 350,000sq ft of retail space as well as office space.

Residents at 10 Park Drive will also gain access to a 13th-storey terrace from which to survey the Isle Of Dogs and the Wharf as well as a private club with facilities to work and relax. Also included is membership of a newly constructed health club with a swimming pool, gym, jacuzzi, sauna and steam rooms. Obviously the commute to Canary Wharf is non-existent.

Appointments to view the show homes can be made by emailing the sales team on residential.sales@canarywharf.com.

Scan this code for more information about 10 Park Drive on Wood Wharf

Prices for the remaining properties at 10 Park Drive start at £830,000

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Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

15k how designer Dara Huang created her first furniture collection for Knight Dragon’s Greenwich Peninsula scheme

by Jon Massey

D

eveloper Knight Dragon has employed di erent designers to avour the interiors and roof terraces of its Upper Riverside buildings on reenwich Peninsula and the final block to be released continues that tradition.

Design aus iberty is the latest firm to be brought in on the pro ect, tasked with styling o ’s lobby and communal roof terrace. ut Dara uang’s studio has gone further. While she has populated the outdoor area with upholstered oblongs and wicker bucket seats alongside circular tables cemented into cubes of marble, she’s also announced the creation of her first furniture collection to coincide with the launch of the building’s penthouses. er pieces have been used to dress one of the top level apartments with the aim of enhancing its antecedent attractions.

There are nine penthouses available in all, with either two or three bedrooms. Prices for the o clutch start at 1,17 ,000. The cost of the furniture featured in the show home remains under wraps at present.

Dara’s pieces are described as being inspired by the Peninsula itself an increasingly urban location surrounded by water. er designs make much use of stone and wood, intended to recall the greenery in the nearby ecology park and the materials that lie along the banks of the Thames. ome of her pieces are modular, so they can both fit together with each other and be configured appropriately for di erent spaces.

Dara said y work always takes inspiration from the world around me, in the look and feel of our physical environments but also how we use and live in them.

As we spend more time in our

“

My work always takes inspiration from the world around me, the look and feel of our physical environments Dara Huang, Design Haus Liberty

homes, both the appearance and functionality of these spaces and, thus, the furniture within them is more important than ever. eauty and practicality do not need to be mutually exclusive a piece of furniture can act like a beautiful piece of art, but also be comfortable and durable even child-friendly.

A place to work or sleep can also serve as a stunning focal piece.

The future of designer furniture is in its duality.

The release of the penthouses at o pper Riverside towards the end of last year marked the completion of that phase of the reenwich Peninsula pro ect.

The last in a series of five towers others featuring design input from the likes of Tom Dixon and tudio Ashby the building sits on the area’s eastern bank. lose to recently created outdoor park The Tide, as well as the attractions of The O and orth reenwich station, the properties are within easy reach of anary Wharf and the rest of ondon via the ubilee line.

The development is also one stop from anary Wharf’s rossrail station, which will o er rapid connections throughout the capital when trains eventually start running later this decade. uture residents will be able to make use of the Peninsula’s extensive cycling facilities – historic reenwich is a short, riverside ride away as well as the nearby cable car to the increasingly vibrant Royal Docks and Thames lippers terminal.

When complete, night Dragon’s immense pro ect to transform reenwich Peninsula will see more than 1 ,000 homes built across the site.

The pro ect aims to bring 1 ,000 jobs to the area and provide 48 acres of open public space.

Included in the scheme is an extensive Design District a collection of 1 buildings designed by eight separate architects that will o er permanent workspace for firms operating in the creative industries. or more information about the penthouses at o pper Riverside call 0 0 71 1 or swipe your phone over the code below.

Scan this code for more details on Upper Riverside

Homes set to be built on Greenwich Peninsula by developer Knight Dragon

place and style

Above, Dara’s furniture for No 5 Upper Riverside’s communal roof terrace Left, an artist’s impression of Knight Dragon’s development

Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

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Property

contact Landmark Estates on 020 7515 0800 or email joshua@lmlondon.com for more about this property or similar homes on the agency’s books

This Isle Of Dogs property features large warehouse-style windows Burrells Wharf, E14 Guide: £580,000

Dara’s furniture makes use of stone and wood to reflect the penthouses’

Prices for her furniture are available on application

featured property

local environment

This two-bedroom, two-bathroom apartment is located within the Grade II listed riverside development of Burrells Wharf.

The property features an open-plan living, dining and kitchen space with large warehouse-style windows allowing a generous amount of natural light in.

The property features a split level design with Wi-fi enabled heating and lighting, a bathroom on every floor and easy access to Canary Wharf via frequent bus services or the DLR from Mudchute. There’s also a 24-hour concierge service and a gym, pool, sauna and function room for residents.

Go to lmlondon.com for more information

Scan this code for more info on buying this property

Residents will have access to a 24-hour concierge service and a gym, pool and sauna

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Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

84% how East Wick And Sweetwater is helping to continue the legacy of the London 2012 Olympic Games

by Jon Massey

I

t’s been nine years since London 2012 transformed Stratford. In that time, most of the former venues for the games have cemented themselves as cultural and sporting kingpins and a wave of regeneration and development has continued to spread out from the Queen Elizabeth Olympic Park.

Here East, perhaps more than any of the other fruits of that legacy, has always felt on the fringe of things.

Built as a base for the world’s media during the games, it’s been successful since attracting tenants such as BT Sport, Loughborough University and tech accelerator Plexal. ut even the significant footfall along the towpath of River Lea Navigation that serves its string of restaurants and bars, hasn’t quite connected things up.

That’s partly down to the previously vacant tract of land to its south, which has acted as a social and physical firebreak between its enormous buildings and the other more developed areas. But things are about to change.

The first phase of ast Wick And Sweetwater, a joint venture between Places For People and Balfour Beatty Investments, has recently been launched.

When complete, the scheme will provide more than 1,800 homes as well as office space, schools and community facilities that are set to fill that void.

Designed by six separate architects, the development promises homes to suit a range of prospective residents including properties available to buy, part-buy (through a shared ownership scheme) or rent.

The developers say anyone approaching their team will be greeted with a tenure-blind approach, dealing with the same people regardless of which product they are interested in.

“

We don’t want a community of the same type of people living here – we want to see all ages and backgrounds James Zamchick, East Wick

A similar system applies to the management of all property on the estate – both commercial and residential – which will be handled by a single entity.

For properties available at the time of going to press, rental prices at the development started at £1,700 per month for a one-bedroom home.

Shared ownership homes were available from £136,250 based on 25% of a two-bed valued at £545,000. One-bedroom properties to buy were on o er from 70,000.

Every property built will have private outdoor space in the form of balconies and terraces.

Residents will also have access to communal areas including play facilities for kids and public green spaces.

In addition, the Queen Elizabeth Olympic Park boasts a wealth of open air attractions and both Hackney Marshes and Victoria Park are also nearby.

O

ne of ast Wick’s aims is to serve as a connection between ackney Wick, ust over the canal, Fish Island and Stratford.

Part of the mission comes in the form of Hackney Bridge, a home for workspaces, public facilities, restaurants and bars that will host events and markets beside the canal.

This project has been delivered in partnership with Make Shift, the company responsible for creating Pop Brixton and Peckham Levels, backed by co-living developer The Collective.

Built on land earmarked for future development, Hackney Bridge gives the plot a purpose over the next decade rather than letting it stand vacant until more concrete plans emerge. It recently opened to the public.

Acting as an incubator space for small businesses, the partners in the project believe it is the ideal venue for entrepreneurs to kick start ideas, with the opportunity to scale up to one of the larger commercial spaces available at ast Wick And weetwater or at Here East, when appropriate.

With of its initial membership living in Newham, Tower amlets, ackney or Waltham Forest, it’s a positive start to bringing the existing community into the area. ast Wick And weetwater director James Zamchick said: “This development is built to be

How the development will look when work at the site is completed

Proportion of Hackney Bridge members living in either Newham or neighbouring east London boroughs

Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

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Property

the

building on legacy

The development is located adjacent to Here East and just across the canal from Hackney Wick

future proof

the legacy unfolds

An artist’s impression of a bedroom at East Wick And Sweetwater on the Queen Elizabeth Olympic Park

While much is made of East Wick And Sweetwater’s laudable ambition to provide homes for a wide swathe of society, from an investment point of view, Stratford has much to recommend it.

While the Olympics fade into history, the facilities they left behind are unrivalled, even in the cauldron of activity that east London offers. And, with serious cultural organisations – the BBC, Sadler’s Wells, UAL, UCL and the V&A – set to arrive at nearby East Bank, there’s every reason to suppose that homes, businesses and facilities will have a sizeable audience for the foreseeable future.

Looking at the English National Ballet’s relocation to Leamouth, a few minutes from Canning Town station, it’s easy to see the part such major organisations can play in creating a new community, with dancers and other creative folk attracted to its host – Ballymore’s London City Island.

There’s every reason to suppose that East Wick, in the coming years, will play a similar role at Here East – itself set to welcome one of two V&A branches in Stratford – as it continues to mature, perhaps with companies seeded at Hackney Bridge.

In addition, with the pandemic likely leading to increased home working, the abundance of local green space will also prove attractive to those unwilling to abandon the capital.

di erent. Our homes have been built to be lived in and we want to create a place that adds to the area’s already ourishing community. Our tenure-blind approach means visitors receive exactly the same service, whatever their circumstances.

We don’t want a community of the same type of people living here we know that is not sustainable in the long term we want to see all ages and backgrounds taking advantage of di erent tenures and en oying living and working in the area. Working with partners like ake hift means we can o er a range of business spaces, giving local entrepreneurs a genuine opportunity to work and collaborate with others from the area, helping exchange ideas and to see businesses grow. ackney Wick and ish Island are some of ondon’s most innovative, energetic communities, whilst tratford has more recently forged itself a reputation as a ma or business and transport hub serving the ity and anary Wharf. ast Wick And weetwater is a new piece in this east ondon igsaw bridging these communities and forming a new neighbourhood in its own right. urther community space is being provided at the larnico lub billed as a multi-purpose social hub and named after the sweets factory that used to occupy the site.

The developers plan to host events there ovid permitting . isitors can also access its facilities to learn more about the scheme, discover local businesses that have moved to the area or have a co ee.

Those considering a move to the area may be attracted by residents’ access to a selection of former Olympic venues, but one of the chief draws of the scheme is its transport links. The development is within walking distance of ackney Wick Overground station as well as tratford and tratford International, placing it s uarely in one of the most well-connected areas of ondon. ourney times to anary Wharf are around minutes via the ubilee line and access to the ity, the ast nd and the attractions of Docklands is similarly swift. or those who’d rather forego public transport, the cycle path along River ea avigaton o ers safe and secure connections to much of the capital. A ride to the Wharf takes about 0 minutes.

Those seeking more information can scan the code below or call 0 0 0 7 .

Scan this code for more details on East Wick And Sweetwater

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Wharf Life Jan 6-Feb 3, 2021 wharf-life.com

Canary Wharf

PROPERTY MARKET NEWS www.docklandspropertyblog.com

January 2021

Will the Docklands Property Market Crash in 2021?

...and the three reasons why it will not be the catastrophic scenario some are predicting.

I

Hello

I started my property career working for an independent estate agent in the Wapping area. Since 1994 I have been based in and around East London. I started my own company in 1995 and it has grown from humble beginnings to become a well respected sales, lettings and property management agency operating in the Docklands and East London areas. Then in 2007, I opened my first branch in the Medway area. I am proud that we now have three branches in Kent.

My operation is set to expand in 2020 and beyond.

I am a long term member of both the NAEA and ARLA and a former Regional Representative for the latter. As the owner of a growing residential and commercial property portfolio, I understand well the trials and tribulations that property owners go through. I have well over 20 years experience of regenerative Dock’s areas and specialise in new development reporting.

I am happy to advise you on all aspects of property. So, if you are looking at your first buy-to-let (even if it is with another agency), or have trouble with a tenant, feel free to contact me. I offer honest and impartial advice.

Spencer Fortag

n the last few months, the Docklands (and UK) property market has resisted and flouted every economist’s prediction. With the economy a shadow of its former self, unemployment set to hit 11.9%, the Government on track to borrow nearly half a trillion pounds to pay for Coronavirus support packages etc., all of this has had no effect on Docklands homeowner’s enthusiasm or capability to want to move home. It highlights the influence of both the emotional impact of lockdown and the enticing appeal of saving thousands of pounds on your Stamp Duty Tax bill.

For the last few months, the Docklands property market has been akin to a surfer, riding an unexpectedly large wave. The question is, will the surfer crash down (i.e. the property market) onto the rocks or will it calmly arrive at the beach unscathed? Well looking at house prices firstly …

UK house prices are 4.7% higher than they were 12 months ago according to the Land Registry, whilst in Docklands they are 2.8% lower Looking at the data over the country, things overall are looking good for property prices.

Yet it must be remembered the Land Registry data is on completed house sales and is always a couple of months behind, so this data is for house sales up to September that were agreed in the spring. Also, it does not take into account the prices being paid today on Docklands homes (as they will only show in statistics the Spring and Summer of 2021 when the sale completes).

Docklands house prices will inevitably ease in 2021 Anecdotal evidence over the last few months has suggested buyers are using their Stamp Duty savings on the price they are prepared to pay for the Docklands home of their dreams, so when the Stamp Duty holiday finishes in Spring 2021, we will see a reduction in the price Docklands properties sell for, as buyers will now have to hold back some of their cash to pay the Stamp Duty Tax.

Mortgage Approvals at a 13-year high A better statistic to judge the property market by are the number of mortgage approvals. As the vast majority of house buyers need a mortgage, that is another good place to look at the numbers as they are much more up to date than the Land Registry figures. The Bank of England recently stated 97,500 mortgages were approved last month, up from the longterm average of just over 65,400 per month.

This was the highest number of mortgage approvals since September 2007, and a whole third higher than mortgage approvals in February 2020 when we had the Boris Bounce in the property market.

As a country, we are due to smash through 2019’s 524,000 total number of mortgage approvals this month, despite the fact that the property market was closed for nearly three months in the spring. It’s vital to remember, that mortgage approvals do not equate to people moving home, as many of you reading this can attest to … property sales do fall through.

I do have apprehensions that many Continued on page 2

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25

Continued from page 1 Docklands people, buying and selling their Docklands homes and in a chain, may not be able to realise the move before the Stamp Duty rules change at the end of March 2021, as there is a massive backlog with mortgage lenders, local authorities’ and the searches, chartered surveyors surveying the property and solicitors with the legal work, all combining to slow down the house selling and buying machine.

If you are in chain at the moment, you must constantly be talking to all the parties involved and ensuring everything is focused on getting the sale complete by the end of March.

You have a responsibility to get information requested back in hours, not weeks ... because if you don’t, you might not get your Docklands home move through before the end of the Stamp Duty holiday, and without that discount, someone in your chain may pull out of the sale altogether and the chain will break.

The number of people moving home in Docklands is anticipated to drop sharply after the Stamp Duty holiday ends at the end of March 2021

Also, another important factor about the last property market crashes were the levels of interest rates and the amount borrowed.

Interest Rates are the key to the future of the Docklands property market In 1988, mortgage interest rates were an eye watering 11.5% and 6% in 2008, meaning mortgages were much more expensive compared to the 0.1% rate we have today. Also, with 77.2% of mortgagees with fixed rate mortgages, and only 1 in 21 mortgages owing more than 90% of the value of their home (and 1 in 303 mortgagees owing more than 95% of the value of their home), negative equity should not be so much an issue like it was in 1988.

This means most Docklands homeowners are in a much better place to weather the storm of 2021, than they were in 1988 and 2008

And that is probably going to be the biggest impact on the Docklands property market in 2021. Yes, there will be a slight readjustment in the prices paid after March 2021 (as mentioned above) yet, a reduction in the number of people selling their Docklands home does not inevitably lead to a house price crash.

I foresee many Docklands sellers will simply wait until activity in the Docklands property market picks up again before placing their property on to the market. This means fewer properties will be placed on to the market for sale in the later part of 2021, meaning Docklands house prices will tend to hold up.

The people that will be affected by less properties coming onto the market will be estate agents, solicitors and home removals people.

Yes, there will be a number of people who have to sell in 2021 because they have lost their jobs (i.e. ‘forced sales’). In the last two ‘Property Market Crashes’ of 1988 and 2008, there were a large number of forced sales in a short period of time (because business owners had to sell their home as their business had gone bankrupt because of the Credit Crunch, as well as people who had lost their job), increasing the supply of properties coming to the market in 1988 and 2008.

I also believe there will be ‘interesting investment opportunities’ to be had for Docklands buy to let in the latter half of 2021 with the potential changes in Capital Gains Tax regulations, although those won’t go on the open market, so do keep your ear to the ground and build relationships with all the letting agents in Docklands so you get to hear of the property portfolios coming up for sale (as they tend to sell ‘off market’). Again, if that’s something that interests you – do drop me a line.

This in turn pushed Docklands house prices down as the property market was flooded with lots of property to sell in a short period of time. Yet this time, we have had the cushion/ parachute of Bounce Back Loans, Furlough and Mortgage Holidays over the last 9 months.

Well, the Docklands property market (aka our “surfer”) has seen a house price growth of 57.5% since 2009 ... and this has been fuelled on the back of …

So, where is the Docklands property market heading in 2021?

SCAN ME TO READ THE FULL ARTICLE AND READ MORE ARTICLES AT... www.docklandspropertyblog.com For more Dockside Property News check out www.docklandspropertyblog.com

One place for more information is my Docklands Property Market blog. If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Docklands property market together with regular postings on what I consider the best buy to let deals in the Docklands area, then it is well worth reading. You can also email via spencer@lmlondon.com If you are in the area feel free to pop into the office which is based at Landmark Estates, 264 Westferry Road, London, E14 3AG

Would you like to know how much your property is worth without having to speak to a pesky estate agent?

We are offering a FREE and INSTANT online valuation service. Simply and enter your address CLICK HERE and hey presto, a current rental and sales valuation.

Spencer Fortag Sales Director

T: 020 7515 0800

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