Docklands News

London's property market is experiencing a surge in sales of £10m-plus homes, with almost 200 properties sold in the past year, according to research by Knight Frank. The number of high-end sales is the highest since 2014, when stamp duty changes were introduced. The super-rich are opting for luxury homes in the capital over country retreats, spending over £3.4bn on "super prime" properties. Mayfair, Kensington, and Belgravia are the most popular locations for these transactions. While London's property market thrives, sales of expensive homes in the countryside have declined. The enduring appeal of London as a global "super city" and its relative affordability compared to a decade ago are driving the strong performance. 

The Guardian  

Grosvenor Square in Mayfair has been named Britain's most expensive street, boasting an average price tag of over £20m. According to Halifax, the top ten most expensive streets in the country are all in London, with Clarendon Road in Notting Hill and Knightsbridge taking second and third place respectively. The most expensive street outside London is in Weybridge, Surrey, with an average price tag of over £9m. However, even in the most expensive region outside of London, the top ten most expensive streets are still £10m cheaper on average than their London counterparts. In Wales, the most expensive residences are found in Pwllheli, with an average price of £1,345,000. 

The Times   Daily Mail  

Homes in Britain have fallen in value by an average of only £3,000 or so over the past year, according to the official measure of house prices. The average price of a house in the UK fell to £287,782 in October, down by 0.7%, which is 1.2%, or £3,411, below the £291,193 recorded in the same month of 2022. In England, prices fell by 1.4% to £306,000, on average, with the northeast the only region to generate a rise, with prices increasing 0.2%. Meanwhile, prices in London fell the most, down by 3.6%. Prices of detached houses were unchanged year-on-year, while semi-detached homes declined in value by 0.3%. Terraced house prices also fell by 2% and flats fell by 2.5%. Anthony Codling, at RBC Capital Markets, said the relatively small drop was "testament to just how robust the UK housing market is." 

Financial Times   The Times   Daily Mail   The Independent  

Approvals for new homes in the UK have reached a record low, prompting accusations against Housing Secretary Michael Gove of "surrendering to nimbys" (not in my backyard). The Home Builders Federation (HBF) reported that planning permissions for 2,447 projects in Q3 2023 amounted to 50,316 housing units. These figures reflect a 3% decrease from the previous quarter and a 19% decline from the same period last year. Overall 245,872 units received planning permission in the year to September, the lowest since 2015. Experts say it calls into question the Government's target of delivering 300,000 new homes a year and could mean fewer than 200,000 are completed in 2024. The HBF believes the drop is a consequence of anti-growth policies, and further changes to planning regulations, expected to be announced by Gove, are criticised for appeasing NIMBY concerns at the expense of necessary housing development. 

The Times   Daily Mail  

The number of new homes put on the market on Boxing Day has nearly tripled since before the pandemic. Rightmove reported a 173% increase in new homes listed by estate agents last year compared to 2019, and a 46% increase compared to 2021. Buyer demand also rose by 250% from Christmas Day to Boxing Day. The holiday period and the start of the new year are popular times for sellers to consider a move. Rightmove highlighted that two of the busiest days for sellers contacting estate agents to value their homes were in January 2023. Tim Bannister of Rightmove expects an upturn in buyer activity and advises sellers to take advantage of the renewed interest. Estate agents anticipate a significant increase in property listings on Boxing Day, as many buyers make decisions about where they intend to live in the coming year. 

Daily Mail  

Analysis by the Royal Institution of Chartered Surveyors shows that the property market saw signs of recovery in November. Its measure of new buyer enquiries rose to a net balance of -14 last month from upwardly revised -25 in October. This marked the strongest reading since April 2022. A measure of forecasted sales over the next three months rose to +6 in November, having come in at -17 in October. Agreed sales were up to a net balance of -11% in November, from -23% in October. Analysis measuring the gap between the share of surveyors seeing rises and those seeing falls rose to -43, up from a revised reading for October of -61. Only a net 10% of agents think prices will be lower in a year's time than they are now. Simon Rubinsohn, chief economist at the Rics, said the survey results were “further evidence that sentiment is a little less negative than previously was the case”, although he accepted that many agents are “still quite cautious”. 

Daily Mirror (13/12/2023)   Financial Times (13/12/2023)   Reuters (13/12/2023)   The Times (13/12/2023)