Docklands News

St William, a subsidiary of Berkeley Group, has been granted full planning permission to regenerate the derelict Stratford Gasworks site and create a 245-home mixed-tenure neighbourhood. The design responds to the nearby Grade II* Listed Abbey Mills Pumping Station and a group of Grade II Listed mid-19th Century houses, both designed by Sir Joseph Bazalgette. The development will now need Gateway 2 approval from the Building Safety Regulator before St William can start on site. 

Construction Enquirer (20/01/2025)  

The London property market is experiencing significant price reductions, with discounts reaching up to 50% in some cases. According to Becky Fatemi, partner at Sotheby's International Realty: “London currently offers the biggest ‘January sale' the real estate market has seen in a long time.” The median discount has increased from £2,000 to £5,000 in just a few months, reflecting a shift in seller expectations. Factors contributing to these reductions include unrealistic pricing, high interest rates, and increased supply, with 10.7% more homes on the market compared to last year. While some properties are seeing drastic cuts, others in desirable areas remain stable. Fatemi notes that motivated sellers are adjusting their prices to attract buyers, remarking: “The lower a seller dares to go, the higher their chances are of attracting more interest.”

The Standard (22/01/2025)  

The Financial Conduct Authority is set to review mortgage lending rules to potentially ease borrowing restrictions, responding to calls for economic growth. In a letter, the FCA will announce it is exploring the simplification of regulations established after the 2008 financial crisis. Prime Minister Sir Keir Starmer and other officials have urged regulators to consider reforms that could stimulate the economy. The FCA will also consider removing the £100 limit on contactless payments, aiming to encourage spending while balancing consumer protection and growth objectives. 

BBC News (18/01/2025)   Daily Mail (18/01/2025)   The Daily Telegraph (18/01/2025)   The Guardian (18/01/2025)  

With less than 11 weeks until the 1 April deadline, first-time buyers are hurrying to secure homes before the stamp duty threshold drops from £425,000 to £300,000. The change means that a buyer purchasing a home worth £625,000 will see their stamp duty bill increase from £10,000 to £21,250. The average conveyancing process takes 12-16 weeks, making it crucial for buyers to act swiftly. Those purchasing leasehold properties may face additional delays due to complex paperwork, while freehold purchases are more likely to complete in time. Buyers are advised to engage solicitors and mortgage brokers early to improve their chances of meeting the deadline.

Daily Mail (18/01/2025)  

The Tower Hamlets Strategic Development Committee has approved Ridgeback Group's proposals to build 307 new homes on 1 Selsdon Way on the Isle of Dogs, 35% of which will be classified as "affordable" housing. "For a number of years, we have been working to bring forward this complex but important regeneration site", commented Ridgeback development director Chris Allen. "The site is currently a 1980s car park and a vacant office building that attracts lots of dangerous and antisocial behaviour, including drug use. Our proposals seek to transform this into an exemplar tall building that delivers 307 much needed new homes on an allocated housing site in the Local Plan".

My London (16/01/2025)  

House sales in the UK experienced a decline in November 2024, with 92,640 transactions recorded, an 8% drop from October but a 13% increase compared to November 2023, according to HMRC. Mortgage approvals also fell, with 65,700 recorded in November, down by 2,400 from the previous month. Experts such as Iain McKenzie from the Guild of Property Professionals expressed optimism, stating that the housing market finished 2024 strongly and is in a better position for 2025. 

Daily Mail (11/01/2025)   The Independent (11/01/2025)   The Standard (11/01/2025)