Docklands News

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)  

Super-prime apartments in London are set to become even more luxurious in the coming year, featuring hotel-like amenities such as spas, bars, and co-working spaces. With Knightsbridge's average price at £21.4m, the market remains exclusive, but prices have dropped over 20% since their peak in 2014, making it an opportune time for buyers. Notable developments include The Whiteley, which will house 139 unique homes and a Six Senses Hotel, and 60 Curzon Street, featuring a state-of-the-art spa and wellness centre. Prices for these apartments start at £1.5m and £3m, respectively, with penthouses reaching nearly £30m.

City AM (31/12/2024)  

London is experiencing a significant decline in affordable housing supply, with starts dropping 88% in the year to March, the lowest since records began in 2015. 

Financial Times (28/12/2024)  

PwC's predictions for 2025 indicate a significant rise in house prices, with the average price expected to surpass £250,000 in half of the UK. The firm forecasts a national increase of 3% to 4%, making home ownership increasingly challenging for first-time buyers. In London, average prices may reach £535,000, while the South East could see £380,000. Barret Kupelian, chief economist at PwC, commented: “This year, our predictions show that the UK will undergo subtle yet significant transformation in both its internal and external environment.” Labour has promised to build 1.5m new houses in order to help address the issue. However, by highlighting a persistent lack, PwC has raised questions about whether there are enough builders to support the ambitious aim. 

The Mirror (28/12/2024)  

Ballymore has submitted a pair of hybrid applications for riverside sites in east London to Newham Council. Proposals for the Thames Road and Knights Road schemes near the Royal Docks have been lodged for the second time, with Ballymore making revisions following the adoption of the second staircases rule for residential high-rise buildings. At Thames Road, close to the Thames Barrier Park and Pontoon Dock DLR, includes 1,658 new Howells-designed homes with 281 earmarked as affordable. Meanwhile, a total of 1,667 new homes, designed by Allies & Morrison, have been proposed for Knights Road, a short stroll away from West Silvertown DLR, 334 of which have designated as affordable. Both sites flank Ballymore's Royal Wharf development. “Royal Wharf has become a blueprint for successful brownfield development – completed back in 2020 yet to this day delegations from around the world visit to study the project", commented Ballymore managing director John Mulryan. “We look forward to a determination on the Knights Road and Thames Road proposals and hope to start construction next year".

Architects' Journal (17/12/2024)   Construction Enquirer (17/12/2024)   Property Week (16/12/2024)  

The UK housing market has experienced an unexpected surge, with average house prices reaching a record £298,083 in December, marking a 4.8% increase from £284,442 the previous year, according to Halifax. The growth has been attributed to a decline in mortgage rates, alongside wage growth outpacing inflation. However, Halifax warns that this trend may not continue into 2025, as the decline in interest rates is expected to be gradual. Amanda Bryden, head of Halifax Mortgages, said: "2024 was a year when UK property prices once again defied expectations." The report also highlighted that first-time buyers saw a 4.1% increase in property prices, while the highest annual inflation was recorded in Northern Ireland at 6.8%. The slowest annual growth was in Scotland at 2.8%. Halifax expects modest house price growth next year in the range of 0-3%, along with a further small increase in the number of transactions. 

Daily Mail (18/12/2024)   The Independent (18/12/2024)   The Times (18/12/2024)