Docklands News

Interest rates in the UK are declining, prompting many mortgage borrowers to consider switching their deals. Currently, 7.1m households are on fixed rates, with 1.6m needing to switch this year, according to UK Finance. The Bank of England has cut rates for the fourth time since August, with forecasts suggesting further reductions could bring interest rates down to 3.5% by Christmas. Chris Sykes, a property finance specialist, remarked: "Trackers are worth considering; however, fixed rates are still by far the most popular choice." While tracker mortgages offer flexibility, they are currently more expensive than fixed rates. Borrowers must weigh short-term costs against potential long-term savings as they navigate their options.

Daily Mail (12/05/2025)  

New home registrations in the UK experienced a significant increase of 36% in the first quarter of 2025, with 29,356 new homes registered, according to the National House Building Council (NHBC). This surge indicates a promising rise in new home availability, particularly in the private sector, which saw a 62% increase. Steve Wood, CEO of NHBC, said: "Our figures for the first quarter of this year indicate growing confidence in the market." However, the rental and affordable sector faced a slight decline, with registrations down by 2%. The data also revealed that while detached homes saw a 63% increase, London was the only region to report a decrease in new build registrations, attributed to new safety regulations and reduced demand from housing associations. 

The Independent (13/05/2025)   The Times (14/05/2025)  

Uncertainty surrounding US President Donald Trump's tariffs has resulted in a slowdown in global property purchases. A decline in property transactions has been noted since April, attributed to tariffs imposed on imports. However, with recent trade deals between the US, UK, and China, there is hope for recovery. Conditions are expected to recover over the second half of 2025 as trade policy becomes more certain.

The Daily Telegraph (14/05/2025)   The Independent (14/05/2025)   The Standard (14/05/2025)  

The London Assembly has raised concerns about the increasing height of buildings in the capital. Developers have said they are compelled to construct taller structures to ensure profitability, with Stuart Baillie from Knight Frank explaining: "the land value itself to acquire the sites . . . pushes the height up." Despite this trend, the number of buildings over 20 storeys has declined, with only 18 completed in 2023, down from 44 in 2019. The committee has urged Mayor Sadiq Khan to assess the relationship between land values and tall buildings in the next London Plan, emphasising the need for clear design standards. Andrew Boff, the committee's chairman, noted: "There is a lack of understanding of what a successful tall building is." 

The Standard (06/05/2025)  

The Financial Conduct Authority (FCA) has launched a consultation on a potential overhaul of mortgage issuance and advice rules. The regulator said it wants to make it "easier, faster and cheaper for borrowers to make changes to their mortgage." Under the proposals, some homeowners could find it easier to lower the total cost of their borrowing by reducing their mortgage term. Emad Aladhal, the FCA’s director of retail banking, has called on the industry to take up “the gauntlet of innovation” and use improved flexibility "to make meaningful progress.” He suggested that lenders, developers, regulators and the government have a collective responsibility to address the "structural challenges facing the UK’s current housing market."

City AM (08/05/2025)