Docklands News

In November, the average house price in the UK reached a record high of £298,083, marking a 1.3% increase, the largest rise this year. Amanda Bryden, head of mortgages at Halifax, noted: “Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence.” Despite this positive trend, Bryden cautioned that many buyers still face affordability challenges, stating: "A changeable economic backdrop may test buyer confidence." Northern Ireland experienced the strongest annual growth at 6.8%, while London maintained the highest average price at £545,439, up 3.5% from last year. Overall, property prices are up 4.8% annually, the highest increase since November 2022. 

BBC News (07/12/2024)   Daily Mail (07/12/2024)   The Guardian (07/12/2024)   The Standard (07/12/2024)  

Deputy Prime Minister Angela Rayner has revealed that the Government plans to "revolutionise" planning rules by allowing mayors to drive forward Labour's promise to build 1.5m homes. Under the ministers' preferred model, mayors would be able to call in "significant" planning applications and assume responsibility for approving or rejecting them. They would take charge of devising larger-scale development plans covering wider regions, with councils ordered to take part. Councils in areas without mayors would be required to make big decisions across local government boundaries. Rayner will set out plans to modernise the approval process by allowing applications that comply with local development plans to bypass committee approval. She denied that the Government was removing democratic power from councils and said the new streamlined approach was essential to end delays in building new homes, cut costs for individual schemes, and provide more certainty to housebuilders

Daily Mail (09/12/2024)   Financial Times (09/12/2024)   The Guardian (09/12/2024)   The Times (09/12/2024)  

The London Legacy Development Corporation has formed a 50-50 joint venture with Vistry Group to develop 948 homes next to Pudding Mill Lane DLR station in Stratford. Construction work on the homes, which are expected to have a gross development value of £600m, will begin in summer 2026, with full completion scheduled for 2033. Forty-five per cent of the properties will be classed as affordable, and will sit adjacent to 30,000 sq m of non-residential floor space to accommodate a mix of workspace, retail, community and leisure uses. 

Construction Enquirer (05/12/2024)   CoStar (05/12/2024)   Housing Today (05/12/2024)   The Construction Index (05/12/2024)  

UK house prices last month experienced an unexpected growth of 3.7%, up from 2.4% in October, marking the fastest increase in nearly two years, according to Nationwide. The average price reached £268,144, just 1% below the record high. Robert Gardner, Nationwide's chief economist, said: “The acceleration in house price growth is surprising, since affordability remains stretched by historic standards.” Despite high prices and elevated interest rates, housing market activity has remained resilient, with mortgage approvals nearing pre-pandemic levels. Ruth Gregory, deputy chief UK economist at Capital Economics, expressed scepticism about the sustainability of this growth, citing stretched price-to-income ratios but noted potential relief from expected drops in mortgage rates. Nationwide indicated that recent figures were largely unaffected by Labour's first budget, as most mortgage applications were initiated prior to the budget announcement.

BBC News (02/12/2024)   City AM (02/12/2024)   The Standard (02/12/2024)   The Times (02/12/2024)  

House sales in England and Wales are facing significant delays, with the average transaction taking 152 days to complete. This prolonged process creates stress and uncertainty for buyers and sellers, increasing the risk of fallthroughs. In 2022, the average time from "instruction to completion" was 133 days, a stark contrast to just 75 days in 2007. The inefficiencies stem from slow local authority searches and overburdened conveyancing solicitors. To mitigate these delays, the Telegraph's Anna Clare Harper says sellers can prepare a sales pack and apply for searches early. Choosing a responsive solicitor can also expedite the process. The author adds: "price is what you pay, and value is what you get," emphasising the importance of selecting a reputable solicitor. 

The Daily Telegraph (30/11/2024)  

The Bank of Mum and Dad is increasingly influencing property ownership, with 36% of first-time homebuyers in England receiving financial assistance in 2022-23, up from 27% the year before.  

Financial Times (30/11/2024)