Docklands News

New data from Moneyfacts show the availability of low-deposit mortgages has reached its highest level since the 2008 financial crisis, providing a boost for first-time buyers. Rachel Springall from Moneyfacts explained: "A rise in product availability for aspiring homeowners is a healthy step in the right direction". Currently, there are 442 mortgage options for those with a 5% deposit and 845 for those with a 10% deposit. Chris Sykes, technical director at broker Private Finance, said: "The 5% deposit mortgages are an absolutely vital product for the buoyancy of the property market and to give mostly first time buyers the opportunity to get onto the property ladder". 

BBC News (14/04/2025)   Daily Mail (14/04/2025)  

The Royal Institution of Chartered Surveyors (Rics) has reported that the UK housing market is experiencing a downturn, exacerbated by potential US tariffs. The market saw a decline in activity following the end of the stamp duty break, with a net balance of only 2% of surveyors reporting price increases in March, down from 11% in February. Simon Rubinsohn, Rics chief economist, said: "The expiry of the stamp duty break was always going to lead to a pause in activity in the sales market." Demand from new house-hunters has also decreased, with a net balance of 32% of surveyors noting a drop in demand. Despite these challenges, the rental market showed signs of recovery, with a rise in tenant demand. However, the overall sentiment remains cautious as the impact of tariffs could further destabilise the property market. 

Daily Mail (09/04/2025)   The Independent (09/04/2025)   The Standard (09/04/2025)  

UK house prices fell by 0.5% last month to £296,699, marking the steepest decline since March last year, according to Halifax. The decline follows a record high in January, driven by a rush to complete deals before new stamp duty changes took effect. The market is now experiencing a return to normal demand, with new applications slowing. The Chancellor, Rachel Reeves, announced the end of temporary stamp duty cuts from April, impacting first-time buyers significantly. Despite the recent dip, analysts expect house prices to rise again this year due to constrained supply and stable demand, aided by falling mortgage rates. Amanda Bryden, head of mortgages, Halifax, said: "Looking ahead, potential buyers still face challenges from the new normal of higher borrowing costs, a limited supply of available properties to choose from, and an uncertain economic outlook." 

Daily Mail (07/04/1015)   Financial Times (07/04/1015)   The Standard (07/04/1015)   The Times (07/04/1015)  

Mortgage rates could drop more quickly than expected this year due to concerns that President Donald Trump's tariffs could trigger a global recession. City investors now predict a 95% chance the Bank of England will cut its interest rate in May to counter an economic downturn, up from a previous 77%. Trump's tariffs have caused significant losses in global stock markets, leading to lower borrowing costs for mortgage lenders. As a result, swap rates have fallen sharply, signaling that investors believe tariffs will negatively impact UK economic growth. However, the Guardian reports that as spring brings increased activity to the housing market, buyers and those remortgaging are facing higher costs than in previous years. The average new mortgage rate now starts at 5%, and borrowers must also contend with significant arrangement fees, which have risen by £81 over the past five years to £1,121. Separately, the FT reports that around £320bn in residential and buy-to-let loans will need refinancing in 2025, primarily due to homeowners reaching the end of five-year fixed terms taken during the mid-pandemic housing boom. 

Financial Times (04/04/2025)   The Guardian (04/04/2025)   The Times (04/04/2025)  

According to the Fairness Foundation's report, No Money, More Problems, Gen Z and young millennials are grappling with a "negative wealth" issue, where debts surpass assets. The report highlights that one-third of 25- to 34-year-olds in Great Britain have negative wealth, with figures reaching 47% in Wales. The average net debt has risen to £8,313 in 2022, a 25% increase since 2010, attributed to rising rents, student loans, and the cost of living crisis. The findings underline the divide between renters and homeowners, whose properties are usually worth more than their mortgage debt. 

The Observer (06/04/2025)  

SevenCapital, a Birmingham-based property developer, is set to invest £1bn in London's residential market, launching three significant projects that will deliver over 1,000 new homes. The three pipeline projects will be developed in Kensington, Islington, and the Isle of Dogs. The latter, at Klein's Wharf close to Westferry Road, will include 375 homes across three buildings, alongside a riverside café, a flexible multi-use community hub and over 50,000 sq ft  of high quality and green-led public realm with new public access from Westferry Road to the River Thames.  

Construction Enquirer (31/03/2025)   The Standard (31/03/2025)