Docklands News

The tower block from Only Fools and Horses has a confirmed demolition date and is set to be replaced by £850m flats. Nelson Mandela House, actually named Harlech Tower and located in South Acton Estate, London, has now confirmed that it is set for demolition in 2027. Ealing Council have plans in place to replace the aging "shabby" tower blocks with high-quality homes that can accommodate a larger number of residents. A spokesperson from Ealing Council said: "As it is nearing the end of its life expectancy, the South Acton estate is currently undergoing an £850m rejuvenation to become Acton Gardens, which will eventually provide around 3,500 brand new high-quality, safe, and energy-efficient homes alongside a community hall, youth centre, and other facilities.” 

Daily Express (06/05/2024)  

House prices in April fell at the sharpest rate since last summer as a recent rebound in mortgage rates put a dampener on demand. Prices retreated by 0.4% last month, the second monthly fall in a row and the largest Nationwide has recorded since August 2023. Robert Gardner, Nationwide's chief economist, stated that the slowdown likely reflects ongoing affordability pressures, with longer-term interest rates rising in recent months. Nationwide estimates that the average price of a house in the UK is £261,962, or about 4% below the peak in the summer of 2022. Mortgage rates fell sharply over the winter but have started to rise again, impacting first-time buyers. Half of prospective first-time buyers have delayed their purchase due to high house prices and higher mortgage rates. Affordability is expected to improve as the year progresses, leading to a rise in house prices again. 

Daily Mail (01/05/2024)   The Daily Telegraph (01/05/2024)   The Guardian (01/05/2024)   The Times (01/05/2024)  

The Independent looks at which areas in the UK have been the worst hit by rising mortgage rates. It come after over 1.4m households in the UK had fixed-rate mortgages up for renewal last year, with more than half coming off rates of less than 2%. The Office for National Statistics estimates that areas like Kensington and Chelsea saw the biggest rise in monthly mortgage payments. The area was followed by Camden with a £924 monthly increase, Islington with a £803 rise and Hammersmith with a £776 increase. 

The Independent (27/04/2024)  

The price of flats is rising at a higher rate than houses as mortgage costs jump and workers are ordered back to the office. According to data from lender Halifax, the average price of a flat rose by 2.7% in the year to February, while the prices for semi-detached and detached homes increased by 1.7% and 2% respectively. Buyers have been adjusting their expectations to compensate for higher borrowing costs and the general cost-of-living squeeze. The return of workers to the office has also pushed up the cost of flats in big cities. "As interest rates have stabilised and buyers adjust to the new economic reality of owning a home, one way to compensate for higher borrowing costs is to target smaller properties," said Amanda Bryden, head of Halifax Mortgages. 

Daily Express (29/04/2024)   Evening Standard (29/04/2024)   I (29/04/2024)   The Independent (29/04/2024)  

The Chancellor is considering raising the stamp duty threshold to exempt the first £300,000 of a property's value from tax, according to the Sunday Times. Stamp duty is currently paid by buyers in England and Northern Ireland, with rates ranging from 5% to 12% based on the property's value. The proposed threshold increase could save buyers up to £2,500, with those in the south of England most likely to benefit from the cut. Some £11.7bn was paid in residential stamp duty in the 2022-23 tax year. Homebuyers in London paid £4.5bn, compared with the £70m paid in Northern Ireland. 

The Sunday Times (28/04/2024)  

The London Property Alliance (LPA) has called on the next mayor of London to ease planning constraints to realise central London’s potential for growth. It wants the winner of next month's mayoral election to adopt a "balanced" approach to planning across the Central Activities Zone, which includes most of Westminster and the City of London, along with Canary Wharf and its neighbouring districts. “There is a huge opportunity to unleash growth in central London by adopting a more flexible and balanced approach to planning", said LPA chief executive Charles Begley. "This would accelerate the delivery of the modern, sustainable office and research space demanded by leading businesses and their employees – as well as unlocking billions of pounds in developer contributions to help address the generational challenges we face around affordable housing and sustainability".

Property Week (24/04/2024)