Docklands News

Developer Art Invest Real Estate has submitted new plans for a commercial scheme in Canada Water, and now wants to build a 26-storey tower and a nine-storey block on Block B of the Dockside Canada Water. Initial plans for the land were for it to be wholly devoted to office buildings. TP Bennett’s new scheme for plot B would provide 742 student bedrooms and 326sq m of community space in the tower building, and 75 affordable homes and three retail units in the smaller building.

Building (09/01/2025)  

Developer AIRE rethinks Canada Water scheme
Developer Art Invest Real Estate has submitted new plans for a commercial scheme in Canada Water, and now wants to build a 26-storey tower and a nine-storey block on Block B of the Dockside Canada Water. Initial plans for the land were for it to be wholly devoted to office buildings. TP Bennett’s new scheme for plot B would provide 742 student bedrooms and 326sq m of community space in the tower building, and 75 affordable homes and three retail units in the smaller building.

Building (09/01/2025)  

Halifax anticipates "modest house price growth" in 2025, following a slight dip of 0.2% in December after five months of increases. The average UK house price now stands at £297,166, reflecting a 3.3% annual rise. In London, they rose 3.3% to £547,614. Amanda Bryden, head of mortgages at Halifax, noted that the housing market remained steady at the start of 2024, with growth expected to resume in the summer. Changes to stamp duty, reducing the nil rate band for first-time buyers, are expected to motivate more buyers. 

BBC News (07/01/2025)   Financial Times (07/01/2025)   The Daily Telegraph (07/01/2025)   The Standard (07/01/2025)  

Mortgage approvals decreased to 65,720 in November, down from 68,129 in October, according to data from the Bank of England. Analysts attributed the decline to rising mortgage rates and a general easing in demand. However, they anticipate a surge in approvals as buyers rush to secure properties before stamp duty thresholds change in April. Pantheon Macroeconomics noted that "mortgage approvals could run ahead of expectations" as households aim to avoid higher costs. From April, the threshold for stamp duty on property purchases will drop from £250,000 to £125,000, and for first-time buyers, it will decrease from £425,000 to £300,000. The Bank of England is expected to lower interest rates at least twice this year from 4.75%, which is likely to drive up demand in the housing market.

City AM (03/01/2025)   Daily Mail (03/01/2025)   The Independent (03/01/2025)   The Times (03/01/2025)  

The average two-year fixed mortgage rate has decreased from 5.93% in January 2024 to 5.48% at the start of 2025, but many are still feeling the pinch. With 1.8m fixed mortgage deals expiring in 2025, homeowners are hoping for more aggressive rate cuts from the Bank of England. However, inflation remains a concern, currently at 2.6%, above the Bank's target of 2%. Bank of England governor Andrew Bailey anticipates four rate cuts in 2025, potentially lowering the Bank Rate to 3.75% by year-end. While some relief may be on the horizon, experts say borrowers should prepare for a slow recovery in mortgage affordability. 

The Daily Telegraph (06/01/2025)  

New analysis by MPowered Mortgages reveals that cash buyers are securing significant discounts when purchasing properties, paying an average of £28,189 less than those using mortgages. This equates to a discount of 9.3% on the asking price, which has increased by 12.4% since September 2022. Stuart Cheetham, chief executive of MPowered Mortgages, remarked: "As the property market heats up and interest rates fall, the number of house hunters using a mortgage is surging and cash buyers are becoming relatively rarer." Cash buyers now represent only 22.4% of transactions, enhancing their negotiating power. The largest discounts are found in North West England, where cash buyers pay 13.4% less. In contrast, cash buyers in London paid £15,344 more than mortgaged buyers, highlighting the unique dynamics of the capital's property market. 

The Mail on Sunday (05/01/2025)  

UK house prices rose 4.7% in 2024, ending the year with an average price of £269,426, according to Nationwide. Northern Ireland saw the fastest price growth, with prices up 7.1% over the year. Values also rose faster in northern England than in the south, although all regions saw an increase. Experts predict the number of property sales will increase over the next few months, ahead of the stamp duty changes scheduled for April, before falling away afterwards. Nationwide's chief economist, Robert Gardner, commented: "Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers." But he also noted that high property prices relative to earnings and record rental growth have made saving for deposits especially challenging for first-time buyers. Expectations of a gradual reduction in interest rates, potentially starting in February, could ease mortgage costs. However, Bank of England governor Andrew Bailey has warned that "the world is too uncertain" to predict precise rate cuts. 

BBC News (02/01/2025)   City AM (02/01/2025)   The Standard (02/01/2025)   The Times (02/01/2025)