Docklands News

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)  

UK house prices remained unchanged at £271,316 in March, with an annual growth rate of 3.9%, according to the Nationwide Building Society. London experienced the lowest annual growth of all the regions, at 1.9%, with an average price of £529,369, while Northern Ireland surged to 13.5%, the highest since 2021. Robert Gardner, Nationwide's chief economist, commented: "The market is likely to remain a little soft in the coming months", following the end of the stamp duty holiday. Despite the current stagnation, Mr Gardner anticipates a gradual recovery in activity as summer approaches, supported by low unemployment and rising earnings. However, the increase in electricity, water, and council taxes, among other family expenditures, which started on April 1st, will put additional strain on household budgets. 

Daily Mail (01/04/2025)   Financial Times (01/04/2025)   The Guardian (01/04/2025)   The Standard (01/04/2025)  

The property market experienced a significant uptick in activity last month, with 108,250 sales recorded, marking a 13% increase from January and a 28% rise from February 2024. The surge is attributed to buyers rushing to complete transactions before the stamp duty increase on 1 April, which lowers the nil-rate threshold from £250,000 to £125,000. However, experts anticipate a potential slowdown in sales following the deadline, reminiscent of the post-stamp duty holiday dip in July 2021.

Daily Mail (28/03/2025)   The Independent (28/03/2025)   The Standard (28/03/2025)   The Times (28/03/2025)  

According to the Office for Budget Responsibility (OBR), mortgage rates are not expected to decline for at least five years, peaking at 4.7% in 2028. This forecast indicates that many homeowners on fixed-rate deals may face higher costs when remortgaging. Hargreaves Lansdown's Sarah Coles observed: "Clearly, millions of borrowers are facing a significant shock." The OBR's predictions reflect concerns over inflation and economic pressures, with the Bank rate expected to drop to 3.8% by 2030. Homeowners currently on low fixed rates may see their payments increase significantly, with those remortgaging facing an average rise of £146 per month. Aaron Strutt from Trinity Financial stated that the only way rates might decrease sooner is if the economy enters a recession.

The Sunday Times (30/03/2025)  

New data reveals that average UK house prices increased by 4.9% to £269,000 in the year leading to January 2025, according to the Office for National Statistics (ONS). This growth is attributed to a steady rise in stock levels, as noted by Jeremy Leaf, a north London estate agent. The North East saw the highest growth at 9.1%, while London lagged at 2.3%, for an average price of £563,899.

City AM (26/03/2025)   Forbes (26/03/2025)   The Standard (26/03/2025)   The Times (26/03/2025)