Docklands News

As average UK house prices continue to rise, many individuals are opting to co-buy properties to overcome affordability challenges. A survey revealed that 40% of adults aged 18 to 45 believe they may never own a home alone. Co-buying offers benefits such as pooling savings for a larger deposit and sharing costs. However, understanding the legal implications is crucial. Lisa Parker from L&C Mortgages emphasises the importance of discussing future plans, noting: “The main potential challenges are if one person wants to sell up or move out before the other". Buyers can choose between joint tenants or tenants in common arrangements, each with distinct ownership rights. Mark Harris from SPF Private Clients notes that joint tenants is common among married couples, while tenants in common is preferred by friends or siblings. 

The Observer (16/03/2025)  

During his first visit to the MIPIM property conference, the Mayor of London Sir Sadiq Khan acknowledged the urgent need for improved housing delivery in London, stating: “We have got to do better.” He highlighted a 88% drop in new affordable homes, with only 3,156 starts last year. Khan plans to tackle planning delays and is prepared to intervene in council decisions that hinder community interests. He emphasised the importance of foreign investment, noting: “Now's the time to invest in London,” as he engages with international investors. The Government aims to build 88,000 new homes annually, a target not met since 1934, and Khan believes that with the right support, London can overcome current challenges in the housing market. 

The Standard (12/03/2025)  

The Financial Conduct Authority (FCA) has promised “swift action” on making mortgages more accessible, with the City watchdog set to launch a consultation on simplifying rules, as well as alternative approaches to stress testing. The FCA will look at options for making it easier to access options such as remortgaging with a new lender and reducing the term of a home loan. Nikhil Rathi, chief executive of the FCA, said: “We are taking swift action to support people in getting the keys to their own home.” He added: “Firms have the flexibility to help more people become homeowners and we want them to use it.” 

Daily Mail (08/03/2025)   Financial Times (08/03/2025)   The Independent (08/03/2025)   The Standard (08/03/2025)  

The number of planning permissions granted in England has reached its lowest level since 2014, with only 242,610 homes approved in 2024, a 2% decrease from the previous year. It means that to meet Labour's target of 370,000 permissions, a 53% increase is necessary. Neil Jefferson, chief executive of the Home Builders Federation, commented: "The latest planning figures show that housing supply in the short and medium term is at critical crisis levels." Prime Minister Sir Keir Starmer has pledged to deliver 1.5m new homes over five years, but both the Home Builders Federation and the National Housing Federation believe that current reforms alone will not suffice to achieve this goal. Critics argue that commercial housebuilders are intentionally slowing down construction to control supply and prices, while the industry contends that buyer demand limits building rates.

Financial Times (07/08/2025)   The Daily Telegraph (07/08/2025)   The Times (07/08/2025)  

Home buyers seeking affordable mortgages should consider energy-efficient homes, as over half of lenders now provide 'green' rates. Properties with an Energy Performance Certificate (EPC) rating of A or B qualify for these better rates. According to the Mortgage Advice Bureau: "Just over half of mortgage lenders now offer better rates to those with A or B EPC ratings." With 751 out of 6,776 mortgage deals featuring green incentives, buyers can save significantly. For instance, Barclays offers a leading 3.96% five-year fixed rate for new builds with an A or B rating, compared to a 4.06% rate for non-green options. Additionally, Halifax provides cashback for energy-efficient purchases, while Nationwide offers green borrowing advances for improvements.

Daily Mail (10/03/2025)  

According to Nationwide, the average price of property in the UK increased by 0.4% to £270,493 in February, marking the sixth consecutive month of growth. Robert Gardner, Nationwide's chief economist, noted that “housing market activity has remained resilient in recent months, despite ongoing affordability challenges.” The annual growth rate stands at 3.9%, slightly down from 4.1% in January. The upcoming changes to stamp duty, effective from 1 April, are expected to create a surge in transactions as buyers rush to complete purchases before the new rates take effect. Gardner warned that this could lead to a “jump in transactions in March, and a corresponding period of weakness in the following months.” 

Daily Mail (01/03/2025)   Financial Times (01/03/2025)   The Standard (01/03/2025)   The Times (01/03/2025)