Docklands News

Ballymore has submitted a pair of hybrid applications for riverside sites in east London to Newham Council. Proposals for the Thames Road and Knights Road schemes near the Royal Docks have been lodged for the second time, with Ballymore making revisions following the adoption of the second staircases rule for residential high-rise buildings. At Thames Road, close to the Thames Barrier Park and Pontoon Dock DLR, includes 1,658 new Howells-designed homes with 281 earmarked as affordable. Meanwhile, a total of 1,667 new homes, designed by Allies & Morrison, have been proposed for Knights Road, a short stroll away from West Silvertown DLR, 334 of which have designated as affordable. Both sites flank Ballymore's Royal Wharf development. “Royal Wharf has become a blueprint for successful brownfield development – completed back in 2020 yet to this day delegations from around the world visit to study the project", commented Ballymore managing director John Mulryan. “We look forward to a determination on the Knights Road and Thames Road proposals and hope to start construction next year".

Architects' Journal (17/12/2024)   Construction Enquirer (17/12/2024)   Property Week (16/12/2024)  

The UK housing market has experienced an unexpected surge, with average house prices reaching a record £298,083 in December, marking a 4.8% increase from £284,442 the previous year, according to Halifax. The growth has been attributed to a decline in mortgage rates, alongside wage growth outpacing inflation. However, Halifax warns that this trend may not continue into 2025, as the decline in interest rates is expected to be gradual. Amanda Bryden, head of Halifax Mortgages, said: "2024 was a year when UK property prices once again defied expectations." The report also highlighted that first-time buyers saw a 4.1% increase in property prices, while the highest annual inflation was recorded in Northern Ireland at 6.8%. The slowest annual growth was in Scotland at 2.8%. Halifax expects modest house price growth next year in the range of 0-3%, along with a further small increase in the number of transactions. 

Daily Mail (18/12/2024)   The Independent (18/12/2024)   The Times (18/12/2024)  

According to a forecast by Nationwide Building Society, homeowners could see their property values increase by over £10,000 on average in 2025. The predicted growth ranges from 2% to 4%, translating to an increase of £5,363 to £10,725 for the average property currently valued at £268,144. Robert Gardner, chief economist at Nationwide, said: "Upcoming changes to stamp duty are likely to generate volatility, as buyers bring forward their purchases to avoid the additional tax." The forecast follows a significant monthly rise in house prices, with a 3.7% increase over the past year, marking the largest annual rise in two years. Gardner anticipates a strong start to 2025 as buyers rush to beat the stamp duty deadline, which will see thresholds drop from £250,000 to £125,000. 

Daily Mail (17/12/2024)   The I (17/12/2024)  

The UK construction industry is facing a significant shortage of workers, with industry leaders warning that the country lacks the necessary manpower to meet the Government's target of building 1.5m homes by 2029. The Home Builders Federation (HBF) and Barratt Redrow highlighted that tens of thousands of new recruits are needed across various trades, including 20,000 bricklayers and 8,000 carpenters. David Thomas, chief executive of Barratt Redrow, stated: "The short answer is no" when asked if there are enough workers to meet the demand. Factors contributing to the crisis include an ageing workforce, skills shortages, and the impact of Brexit, which has reduced the availability of skilled workers from the EU. Despite the Government's recent announcement of £140m funding for apprenticeships, local councils have deemed the housing targets "unrealistic." The HBF emphasised the need for a more pro-development policy to increase housing supply. 

BBC News (14/12/2024)  

Mortgage rates are expected to fall below 4% early next year, with experts predicting that five-year fixed rates will fall in early 2025 while two-year rates are likely to follow later in the year. Elliott Culley, director of Switch Mortgage Finance, said: “Provided inflation doesn’t have any abnormal figures we should see a return to rates under 4% around February-time,” while Nick Mendes of brokers John Charcol said: “Mortgage rates are expected to decline in 2025, but the extent and pace of this reduction will depend on several factors.” Aaron Strutt, a broker at Trinity Financial, said: “From speaking to banks it seems they want a more positive start to 2025, which means offering as low a rate as possible,” adding: “We’ve seen before mortgage rates can come down even if the base rate stays the same.” Data from UK Finance shows that an estimated 1.8m fixed-rate mortgages are set to mature in 2025. 

The I (16/12/2024)  

In his new ITV show, Martin Lewis shared effective strategies for winning at Monopoly. He emphasised the importance of acquiring as many properties as possible early in the game.Lewis highlighted that the light blue properties, such as The Angel and Euston Road, are particularly lucrative once hotels are built. He also advised players to aim for three houses on each property, as this maximises return on investment, with a jump from 26% ROI for one house to 110% for three. Additionally, he noted that players should avoid the expensive green properties, which are less beneficial in the long run. 

Daily Mail (17/12/2024)   Metro (17/12/2024)