Docklands News

The average asking price for a house coming to market in London last month was £677,794, according to a recent analysis of sales data - a drop of £17,285 from June. While London asking prices are up 0.7% annually, data for individual boroughs varies widely. In Brent, the average asking price is now £616,308, with asking prices having dropped by 4.8% annually. In Westminster on the other hand, asking prices are up 5.4%, with average asking prices currently at £1,537,470. Barking and Dagenham is the least expensive borough, with an average asking price of £375,156, while Kensington and Chelsea is still the most expensive with an average asking price of £1,673,995. In Tower Hamlets, the average price was £607,107, a 0.7% annual drop, while in Newham, the average price was £472,518 - a 2.3% increase.

Evening Standard (19/08/2024)  

Mortgage rates in the UK have reached their lowest levels since the end of September 2022, providing relief for homeowners and potential buyers. NatWest is now offering a five-year fixed rate of 3.83%, the lowest since September 2022. Following a cut in the Bank of England's base rate from 5.25% to 5%, seven of the ten largest lenders have introduced fixed-rate deals below 4%. Mark Harris, chief executive of SPF Private Clients, noted: "With the base rate now cut and fixed rates falling, there is a greater desire to move." 

Daily Mail (20/08/2024)   The Daily Telegraph (20/08/2024)   The Times (20/08/2024)  

Council tax and stamp duty are "unfair and unpopular" taxes that should be abolished, according to economist Tim Leunig. Leunig, who advised cabinet ministers including Rishi Sunak, proposes replacing these taxes with proportional levies. The existing system is criticised for its unfairness, with a terraced house in Burnley paying more than a mansion in Kensington. In a paper for the centre-right Onward thinktank, Leunig suggests replacing council tax with a levy on home values up to £500,000, and introducing a national annual levy on homes worth more than £500,000 to replace stamp duty revenue. This would ensure that poorer areas pay for local services, while wealthier areas contribute more. Leunig argues that the current tax system undermines economic growth and makes it difficult and expensive to move house. 

The Observer (18/08/2024)  

Gaming experts from 1337.Games have ranked the streets featured on the Monopoly board from highest to lowest to see what the game would look like with modern property prices. It found that Mayfair remains the most expensive area, with an average value of £6,928,740. Trafalgar Square comes in second place, moving up seven spots at a value of £3,855,331. Leicester Square also features in the top three, moving up five places with an average value of £2,511,980. Park Lane, once the second most expensive area on the classic board, has moved down six places, with a current average home value of £1,924,142. Old Kent Road, Euston Road, and Whitechapel Road are now the cheapest areas on the board. 

Daily Star (19/08/2024)  

A 35-storey tower block that was planned beside the River Thames, on Telcon Way at East Greenwich, has been scaled back by two storeys amid concerns it would impact the nearby World Heritage Site. Developer Criterion Capital instead plans to build a 33-storey building, with the neighbouring blocks increased by one storey each, to 24 storeys. Greenwich Council will consider the revised scheme for Enderby Place at a planning meeting on a future date.

My London (12/08/2024)  

House prices rose for the fourth consecutive month in June, with the average price tag for a home increasing by 2.7%, taking the average cost of a home to £288,000, according to the Office for National Statistics. The market is expected to rebound further this year after the Bank of England cut interest rates for the first time since 2020. However, the rise in the inflation rate in the year to June could dampen buyer confidence. London remains the most expensive region, with average prices up 0.6% annually to £523,134.

Evening Standard (14/08/2024)   Inside Conveyancing (14/08/2024)   The Daily Telegraph (14/08/2024)