Docklands News

According to a forecast by Nationwide Building Society, homeowners could see their property values increase by over £10,000 on average in 2025. The predicted growth ranges from 2% to 4%, translating to an increase of £5,363 to £10,725 for the average property currently valued at £268,144. Robert Gardner, chief economist at Nationwide, said: "Upcoming changes to stamp duty are likely to generate volatility, as buyers bring forward their purchases to avoid the additional tax." The forecast follows a significant monthly rise in house prices, with a 3.7% increase over the past year, marking the largest annual rise in two years. Gardner anticipates a strong start to 2025 as buyers rush to beat the stamp duty deadline, which will see thresholds drop from £250,000 to £125,000. 

Daily Mail (17/12/2024)   The I (17/12/2024)  

The UK construction industry is facing a significant shortage of workers, with industry leaders warning that the country lacks the necessary manpower to meet the Government's target of building 1.5m homes by 2029. The Home Builders Federation (HBF) and Barratt Redrow highlighted that tens of thousands of new recruits are needed across various trades, including 20,000 bricklayers and 8,000 carpenters. David Thomas, chief executive of Barratt Redrow, stated: "The short answer is no" when asked if there are enough workers to meet the demand. Factors contributing to the crisis include an ageing workforce, skills shortages, and the impact of Brexit, which has reduced the availability of skilled workers from the EU. Despite the Government's recent announcement of £140m funding for apprenticeships, local councils have deemed the housing targets "unrealistic." The HBF emphasised the need for a more pro-development policy to increase housing supply. 

BBC News (14/12/2024)  

Mortgage rates are expected to fall below 4% early next year, with experts predicting that five-year fixed rates will fall in early 2025 while two-year rates are likely to follow later in the year. Elliott Culley, director of Switch Mortgage Finance, said: “Provided inflation doesn’t have any abnormal figures we should see a return to rates under 4% around February-time,” while Nick Mendes of brokers John Charcol said: “Mortgage rates are expected to decline in 2025, but the extent and pace of this reduction will depend on several factors.” Aaron Strutt, a broker at Trinity Financial, said: “From speaking to banks it seems they want a more positive start to 2025, which means offering as low a rate as possible,” adding: “We’ve seen before mortgage rates can come down even if the base rate stays the same.” Data from UK Finance shows that an estimated 1.8m fixed-rate mortgages are set to mature in 2025. 

The I (16/12/2024)  

In his new ITV show, Martin Lewis shared effective strategies for winning at Monopoly. He emphasised the importance of acquiring as many properties as possible early in the game.Lewis highlighted that the light blue properties, such as The Angel and Euston Road, are particularly lucrative once hotels are built. He also advised players to aim for three houses on each property, as this maximises return on investment, with a jump from 26% ROI for one house to 110% for three. Additionally, he noted that players should avoid the expensive green properties, which are less beneficial in the long run. 

Daily Mail (17/12/2024)   Metro (17/12/2024)  

London's housing market is expected to see an increase in 2025, despite years of muted price growth. Since 2019, house prices in the capital have risen by 12%, compared to 21% for the UK as a whole. Analysts expect 1.15m sales next year, 5% up on 2024, which will encourage sellers to increase asking prices. Mortgage lenders are also expected to be busy in 2025, as homeowners who took out a five-year fixed-rate mortgage during 2020's "race for space" remortgage are expected to be busy.

The Times (11/12/2024)  

Russian money laundering has driven up UK house prices, with an estimated £6.7bn of questionable funds invested in property since 2016, according to Transparency International. The organisation highlighted that £1.5bn of this comes from Russians linked to corruption or the Kremlin, with significant investments in Westminster (£430m) and Kensington and Chelsea (£283m). This influx of illicit wealth, particularly in London’s high-end market, has had ripple effects across the housing sector. Home Secretary Yvette Cooper and Foreign Secretary David Lammy criticised the use of London’s financial and property markets as tools for criminal activities. Writing in the Telegraph, they stated: "Britain needs to be making life as hard as possible for illicit finance," linking such activities to Putin’s regime, street gangs, and migrant smuggling operations. The Government has pledged to curb the exploitation of London’s financial system and mitigate its impact on housing affordability and crime. 

The Daily Telegraph (10/12/2024)