Docklands News

The Royal Institute of British Architects (RIBA) has awarded the title of House of the Year to Six Columns, a four-bedroom property in south-east London designed by 31/44 Architects. RIBA President Muyiwa Oki praised the home, saying: "Six Columns is a beautifully crafted family home that cleverly incorporates Brutalist references and creative flourishes while retaining a strong sense of suburban belonging." The property triumphed over other contenders, including Peckham House and Eavesdrop in Sussex. Oki highlighted the design's adaptability, noting: "This is a home that can evolve with its occupants' changing needs over time." Je Ahn, chair of House of the Year, emphasised the uniqueness of one-off houses, saying: "Your home is not a static slice of time, but continuously evolves with you." The award showcases innovative design within tight suburban spaces. 

BBC News (03/12/2024)  

House sales in the UK are projected to increase significantly over the next four months, driven by impending tax breaks set to expire in April 2025, according to Zoopla. This comes after Chancellor Rachel Reeves announced that the zero-tax stamp duty threshold will decrease to £125,000 from £250,000 - and from £425,000 to £300,000 for first-time buyers. Zoopla, which reported a 1.5% rise in prices over the past year, expects a further 2.5% increase next year and a 5% jump in transactions. Zoopla forecasts 1.1m sales in 2024, a 10% rise from 2023, influenced by pent-up demand and changing demographics. However, the north-south divide in price growth is expected to persist due to ongoing affordability pressures in London and the southeast. Richard Donnell, Zoopla's executive director, noted: "Higher income growth and lower mortgage rates have helped reset housing affordability faster than many expected."

The Guardian (29/11/2024)  

London Mayor Sadiq Khan has initiated a consultation aimed at making housing more affordable for Londoners, proposing that rents be set at 40% of key workers' average household incomes. Currently, key workers spend approximately 74% of their income on rent for a median one-bedroom property, according to Generation Rent. The London Mayor unveiled plans for at least 6,000 new rent–controlled properties, known as Key Worker Living Rent (KWLR) homes, in the city by 2030. Khan said: "I am determined to do everything in my power to make housing more affordable for Londoners." But critics of Khan's proposed policy suggested his record on building affordable homes has been poor. Just over 3,100 affordable housing builds began across Greater London between April 2023 and March of this year, down from 26,386 starts in the previous 12 months, according to the Office for National Statistics.

City AM (26/11/2024)  

Research indicates that London homeowners will incur significant costs when buying and selling properties in 2024, with upfront expenses reaching £30,048. This figure is more than double the national average of £13,978. The situation is set to worsen next April when Stamp Duty thresholds are reinstated, pushing costs to a record £32,549. First time buyers will be particularly affected, facing a 245% increase in moving costs, from £2,551 to £8,801. Rob Houghton, founder and CEO of reallymoving, explained: “Raising over £30,000 to finance a home move is a major challenge for most people.” The report highlights that the average time to save for a first home in London is nearly 8 years and 7 months, which will extend to 9 years and 9 months after the April changes. 

Evening Standard (28/11/2024)  

Recent data from Halifax indicates that buying a home in London has become more affordable, with the proportion of earnings spent on monthly mortgage repayments decreasing from 42.1% in 2023 to 35.7% this year. Matt Thompson, head of sales at Chestertons, noted: "London's property market has recently seen an uplift in activity," as buyers respond to lower interest rates and more attractive mortgage products. However, despite this improvement, the average house price in London remains £539,238, nearly double the UK average of £292,508. First-time buyers are particularly affected, as the upcoming stamp duty changes will limit their options, with only 8% of homes in London valued under £300,000. Analysts at Knight Frank warn against over-reliance on falling interest rates, predicting a slowdown in transaction levels next year.

Evening Standard (29/11/2024)  

The number of affordable homes constructed in London has dramatically decreased by 88% from April 2023 to March 2024, with only 3,100 builds initiated compared to 26,386 in the previous year, according to the Office for National Statistics. Mayor Sadiq Khan's ambitious target of 35,000 new affordable homes under his 2021-26 programme now seems unattainable, as this year's figures represent less than 10% of the promised total. Khan has attributed the slow progress to “Tory town halls” obstructing development and the government's failure to meet housing targets. He said: “I'll not hesitate to act to boost the number of new homes for London families.” The government has pledged over £5bn to address the housing crisis, aiming to build 1.5m homes during this Parliament, while also increasing the Affordable Homes Programme by £500m. A spokesperson from the Ministry for Housing emphasised the need for collective action to resolve the housing crisis. 

City AM (25/11/2024)