Docklands News

In the current prime London property market, homes are being sold rapidly, particularly in Hampstead, where properties took an average of just 79 days to sell. This is in stark contrast to Bayswater, where homes lingered for 191 days. Notably, Hampstead saw significant price reductions, averaging £305,220 or 11.3%, which has driven quicker sales. Meanwhile, Fulham emerged as the second fastest-selling area, with homes selling in 87 days and experiencing smaller price cuts of 7.5%. The data suggests that buyers can find better value by considering nearby areas, as prime properties can be hundreds of pounds cheaper per square foot. 

The Standard  

House price growth in the UK has decelerated, with Nationwide Building Society reporting a 4.1% annual increase as of January, down from 4.7% in December. Despite rising average earnings, high mortgage rates are hindering buyers. The number of homes available is at a seven-year high, giving buyers leverage in negotiations. The average property price remains just below the peak of £273,751 reached in August 2022, at £268,213. Robert Gardner, chief economist at Nationwide, said: "Affordability remains stretched by historic standards," highlighting that first-time buyers now pay five times their salary for a home, down from 5.8 times in mid-2022. Nationwide predicts a potential price increase of 2% to 4% by year-end, but market caution persists due to the abundance of properties available. 

City AM (31/01/2025)   Financial Times (31/01/2025)   The Standard (31/01/2025)   The Times (31/01/2025)  

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)