Docklands News

House prices in the UK fell by 0.6% in April, according to Nationwide, marking the largest monthly decline since August 2023, as the rush to take advantage of the stamp duty relief ended. The average home now costs £270,752, with annual growth slowing to 3.4% from 3.9% in March. Robert Gardner, Nationwide's chief economist, commented: "The softening in house price growth was to be expected," following changes to stamp duty that now require first-time buyers to pay on properties over £300,000. Despite the current market softness, Gardner anticipates a gradual increase in activity as the summer approaches, supported by favourable conditions for potential buyers. 

BBC News (30/04/2025)   City AM (30/04/2025)   The Daily Telegraph (30/04/2025)   The Standard (30/04/2025)  

Of the 10 hardest postcodes to sell a house in, eight are in London, according to property analytics firm TwentyCi. Regionally, the South East edges London as the toughest to sell a house in, while Scotland ranked as the easiest. The firm used five criteria to rank how difficult it was to sell a property, such as the final sale price compared with the original asking price, how likely properties were to sell, and how quickly they sold.

The Daily Telegraph (01/05/2025)  

The number of new homes being built in London has fallen to its lowest level since 2009, with only 1,210 new starts recorded in the first quarter of 2024. Industry leaders cite post-Grenfell cladding and fire safety regulations, overseen by the under-resourced Building Safety Regulator (BSR), for causing major delays for housebuilders. London is now on track to deliver just 5.5% of the government's 2025 housing target. Without urgent reform to the regulator's processes, construction of high-rise buildings critical to the capital’s growth could grind to a halt. One industry source said: "We are now firmly into existential crisis territory on building safety regulator performance and impact on the housing sector". A BSR spokeswoman commented: "BSR has had to reject around 70% of applications as they don’t contain the information that’s required by law and/or they don’t demonstrate compliance with building regulations".

The Sunday Times (27/04/2025)  

Despite earning 40% more than the UK average, Londoners are finding themselves with less disposable income due to soaring housing costs. A recent report by the Institute for Fiscal Studies and the Economic Statistics Centre of Excellence highlights that, after paying an average rent or mortgage of £2,100, Londoners are left with limited funds for other expenses. Many young professionals report living hand-to-mouth, while those with disposable income are choosing to save rather than spend, impacting local businesses reliant on consumer spending. While the allure of London remains, the financial strain is prompting many to reconsider their living situation.

The Daily Telegraph (26/04/2025)  

In March, property sales surged by 50% compared to February, driven by buyers eager to avoid increased stamp duty costs, according to Barclays Property Insights. First-time buyers saw a 70% rise in completions, marking the highest volume since September 2021. The stamp duty threshold for first-time buyers decreased from £425,000 to £300,000, while for other buyers, it was halved to £125,000. Additionally, the average cost of buying a home has risen, with buyers needing an extra £13,530 to cover associated expenses. Jatin Patel, head of mortgages at Barclays, stated: "We experienced a blockbuster month for completions in March, as buyers raced to get ahead of the stamp duty deadline." Overall, housing costs now consume up to 28% of household income, increasing to 36% for renters.

City AM (22/04/2025)   The I (22/04/2025)  

Recent findings from a YouGov poll commissioned by the Building Societies Association (BSA) reveal a significant decline in confidence among potential homebuyers. Only 17% of respondents believe now is a good time to buy, a drop from 20% three months ago. The increase in stamp duty, which now affects more buyers, has been cited as a major barrier, with 30% of participants identifying it as a key obstacle. Paul Broadhead, head of mortgage and housing policy at the BSA, said: "It's not surprising that sentiment in the housing market has declined overall," as he highlighted the challenges faced by first-time buyers. Despite recent reductions in mortgage rates, affordability remains a pressing issue, with 61% of respondents indicating that high mortgage payments are a significant barrier to homeownership. Broadhead emphasised the need for "radical changes" to improve long-term affordability in the housing market. 

Daily Mail (22/04/2025)