Docklands News

Nearly 469,192 homeowners who secured mortgages in 2020 are facing significant increases in their monthly payments as they transition from low fixed rates to higher standard variable rates (SVRs). The average interest rate for these fixed deals was 2.11%, but current rates exceed 4%. Homeowners with an average mortgage debt of £178,523 could see their monthly payments rise by £510, from £766 to £1,277, resulting in an annual cost of £15,319 compared to £9,195 previously. David Hollingworth, associate director at L&C Mortgages, commented: "Although many homeowners have had to deal with the payment shock of their ultra-low fixed deal ending, fixed rates have improved recently as the rate outlook has improved." Experts recommend that borrowers seek timely advice to secure new deals before the switch to avoid high SVRs. 

Daily Mail (29/05/2025)   The I (29/05/2025)  

James Daley, managing director at Fairer Finance, discusses the growing necessity of using property wealth to fund retirement, highlighting that "as many as 51% of people will need to use their housing wealth in retirement by 2040." As traditional pensions decline, owning a home is increasingly becoming a crucial asset, he claims. However, social stigma and regulatory barriers hinder this shift. Daley calls for collaboration among government and financial institutions to dismantle these barriers and promote the use of property in retirement planning. He emphasises the critical requirement for suitable retirement housing, stating that "retirement homes are in desperately short supply." By addressing these issues, the potential for increased consumer spending could exceed £20bn annually, concludes Daley.  

City AM (28/05/2025)  

The Crown Estate has taken a 50% stake in six "city-shaping" projects being developed by Lendlease, including the development of the Silvertown waterside neighbourhood, and three land plots in Stratford Cross. The other projects are based at Thamesmead Waterside, the High Road West next to the Tottenham Hotspur Stadium, the space above and around Euston Station, and Birmingham's Smithfield Market. The projects have a combined value of up to £24bn, and have the potential to create 26,000 homes and 100,000 jobs.

Architects' Journal (19/05/2025)   The Standard (19/05/2025)  

Homebuyers in London receive just 23.6 square metres of garden space for every £100,000 spent on a property, according to new research by Eurocell. In prime central boroughs such as the City of London and Westminster, the figure drops dramatically - buyers get as little as 2.1 sq m and 4.4 sq m respectively. Even in leafier areas like Kensington and Chelsea, outdoor space comes at a premium, with 4.6 sq m per £100,000 despite 85% of houses having gardens. Hammersmith and Fulham fares slightly better, offering 7.6 sq m per £100,000, but still falls short of the national average. Separate data from Eurocell this month revealed that Aberdeen tops the list of UK cities for garden space value. Homebuyers there receive 161.8 sq m of garden per £100,000 spent. 

Daily Mail (19/05/2025)  

The average UK house price rose by 6.4% annually in March, reaching £271,000, according to the Office for National Statistics (ONS). This increase follows 5.5% annual growth in February, driven by a surge of homebuyers eager to finalise purchases before the end of the stamp duty holiday. London saw the lowest annual price growth, at 0.8%. The average price in the capital was £552,000, the highest in England.

Daily Mail (22/05/2025)   The Standard (22/05/2025)  

London has been named the best city in Europe for 'liveability, loveability, and prosperity' for the third consecutive year, according to the Resonance Consultancy report. The report, which evaluated 182 cities, highlights that "London's magnetic appeal continues to draw a global audience," with international travel spending reaching nearly £16.3bn in 2024. London excelled in both loveability and prosperity metrics, and was praised for its transport, business sector, and community space, particularly its educational attainment and nightlife. 

Sunday Express (11/05/2025)