Docklands News

Research from the Building Societies Association reveals that the proportion of first-time buyers believing it is a good time to purchase property has doubled in the past year, rising to a third from 16% in December 2023. Despite upcoming increases in stamp duty costs, with the "nil rate" band for first-time buyers decreasing from £425,000 to £300,000 in April, affordability of monthly mortgage payments and deposit requirements remain the primary concerns for these buyers. The BSA's findings highlight a growing optimism among first-time buyers in the current market.

The Daily Telegraph (05/02/2025)   The Independent (05/02/2025)   The Standard (05/02/2025)  

Rowan Moore in the Observer debates six ways in which the Government could solve the housing crisis. He advocates for reforms such as an annual property tax to reduce speculation and the transformation of empty buildings into homes. Moore also calls for more public housing and recommends that the Government makes the most of underused locations. He lastly desires a holistic approach to housing that prioritises sustainability and community well-being, stating: "The prize is to make, through the places where people live, a better version of the society we have now." 

The Observer (02/02/2025)  

St William, a subsidiary of Berkeley Group, has been granted full planning permission to regenerate the derelict Stratford Gasworks site and create a 245-home mixed-tenure neighbourhood. The design responds to the nearby Grade II* Listed Abbey Mills Pumping Station and a group of Grade II Listed mid-19th Century houses, both designed by Sir Joseph Bazalgette. The development will now need Gateway 2 approval from the Building Safety Regulator before St William can start on site. 

Construction Enquirer (20/01/2025)  

The London property market is experiencing significant price reductions, with discounts reaching up to 50% in some cases. According to Becky Fatemi, partner at Sotheby's International Realty: “London currently offers the biggest ‘January sale' the real estate market has seen in a long time.” The median discount has increased from £2,000 to £5,000 in just a few months, reflecting a shift in seller expectations. Factors contributing to these reductions include unrealistic pricing, high interest rates, and increased supply, with 10.7% more homes on the market compared to last year. While some properties are seeing drastic cuts, others in desirable areas remain stable. Fatemi notes that motivated sellers are adjusting their prices to attract buyers, remarking: “The lower a seller dares to go, the higher their chances are of attracting more interest.”

The Standard (22/01/2025)  

The Financial Conduct Authority is set to review mortgage lending rules to potentially ease borrowing restrictions, responding to calls for economic growth. In a letter, the FCA will announce it is exploring the simplification of regulations established after the 2008 financial crisis. Prime Minister Sir Keir Starmer and other officials have urged regulators to consider reforms that could stimulate the economy. The FCA will also consider removing the £100 limit on contactless payments, aiming to encourage spending while balancing consumer protection and growth objectives. 

BBC News (18/01/2025)   Daily Mail (18/01/2025)   The Daily Telegraph (18/01/2025)   The Guardian (18/01/2025)  

With less than 11 weeks until the 1 April deadline, first-time buyers are hurrying to secure homes before the stamp duty threshold drops from £425,000 to £300,000. The change means that a buyer purchasing a home worth £625,000 will see their stamp duty bill increase from £10,000 to £21,250. The average conveyancing process takes 12-16 weeks, making it crucial for buyers to act swiftly. Those purchasing leasehold properties may face additional delays due to complex paperwork, while freehold purchases are more likely to complete in time. Buyers are advised to engage solicitors and mortgage brokers early to improve their chances of meeting the deadline.

Daily Mail (18/01/2025)