Docklands News

The impact of Brexit on London's housing market has been revealed in new research. Despite dire predictions of an 18% drop in house prices, real terms prices today are no higher than in late 2015. Central London neighborhoods have seen the most severe slowdown, with house prices falling since the Brexit vote. Meanwhile, outer boroughs have experienced growth, with Redbridge seeing a 30% increase in property values. The decline in London's property market is attributed to reduced interest from wealthy foreign buyers due to the uncertain economic climate following the Brexit vote. Experts also point out that stamp duty and other factors have played a significant role in shaping the housing market in the capital. 

London Evening Standard  

Housing Secretary Michael Gove has employed a panel of experts to review the London Plan and find where property building in the capital can be sped up. Gove accused Mayor Sadiq Khan of focusing too much on affordable housing, leading to delays in new developments. Christopher Katkowski KC, Bedfordshire Tory councillor James Jamieson, architect Paul Monaghan and town planner Dr Wei Yang will review the London Plan, and "identify where changes to policy could speed up the delivery of much needed homes in urban city sites the heart of our Capital", Mr Gove added. They will report their findings to the Department for Levelling Up, Housing and Communities early next year. However, City Hall argued that new analysis has revealed a gulf in the rate of housebuilding between London and the rest of England. Since Mr Khan was elected in 2016, London's devolved planning framework has achieved a rate of housing completions that's 20% higher than the rest of the country, a spokesman for the Mayor said. 

London Evening Standard  

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