Docklands News

Landlords are racing to exchange contracts on property purchases to avoid a sudden increase in stamp duty, which has risen by 2 percentage points to 5%. According to analysis by Savills, a landlord buying a property worth £500,000 will incur an additional £10,000 in tax, while a £1m home will see an extra £20,000. Rachel Reeves stated: "This is expected to result in 130,000 additional transactions over the next five years by first-time buyers." However, critics warn that this could lead to a significant reduction in rental properties, with a Capital Economics report predicting that 540,000 properties could vanish from the rental market within a decade. Ben Beadle, chief executive of the National Residential Landlords Association, remarked: "This will not help the many tenants for whom home ownership is a distant dream." The Office for Budget Responsibility estimates the tax increase will generate only £400m by 2029-30, while overall stamp duty is projected to raise £14.1bn in 2024-25. 

The Times  

Sales in London's luxury property market have significantly declined, with 314 transactions above £5m recorded in 2024, representing a 23% drop compared to the previous year. However, this figure is still over 50% higher than in 2019, according to analysis by Savills. Notably, nearly 100 properties sold for £10m or more, maintaining last year's levels. The total value of properties sold for over £5m reached £3.28bn, down from £4.41bn in 2023. 

London Evening Standard  

According to Zoopla, approximately 306,000 homes are currently working their way through the buying process to completion, representing a £113bn sales pipeline. This is the highest number since autumn 2020, up 26% more than last year. The strong momentum in new sales is expected to continue into December. “It is positive to see the sustained increase in sales activity over 2024 which reflects growing confidence amongst buyers and sellers,” said Richard Donnell, executive director at Zoopla. The increase is being driven by first-time buyers, who are now expected to make up 36% of sales in 2024, with 31% for existing owners. Many first-time buyers are also keen to complete their purchases before potential changes to stamp duty relief, which could be addressed in the upcoming Budget. 

London Evening Standard   The Independent UK  

In September, the Bank of England reported a significant increase in mortgage approvals, with 65,600 loans granted, marking a rise of 700 from August. This figure represents the highest level since August 2022. Alice Haine, personal finance analyst for Bestinvest by Evelyn Partners, explained that “lower inflation, improving borrowing conditions and robust income growth have eased the affordability challenge for many buyers.” The report also highlighted a jump in remortgaging approvals, which rose by 3,100 to 30,800. As the Bank of England cut interest rates to 5% in August, the property sector is poised for further activity, although uncertainty looms ahead of the upcoming Budget statement, where Chancellor Rachel Reeves may consider changes to stamp duty. 

Sky News   Daily Mail   London Evening Standard   The Guardian   The Times  

After seven years on the market, London's most derelict house has been sold for £2m, despite its poor condition. Located in Maida Vale, the property was initially listed for £2.5m in 2017. Noah Pearlman, a consultant at Harding Green, stated that the new owners will likely need to invest around £750,000 in renovations, potentially increasing its value to £3m. He described the sale as a "particularly difficult" one, noting: "It was in really poor condition. It was terrible." The house, once home to Sid Vicious of the Sex Pistols, is situated in an area known for its Victorian architecture and proximity to Abbey Road Studios. 

Metro  

British Land and AustralianSuper have launched a 170-meter timber boardwalk at Canada Water, east London, inspired by the area’s historical ties to the timber trade. Designed by architect Asif Khan, this landmark links the community with the natural environment, transforming the former Surrey Docks into a wildlife-friendly space. As the development's first phase of homes, workspaces, and retail prepares to open, the boardwalk aims to become a community centerpiece, with cafes and restaurants planned along its southern edge. The London Wildlife Trust and Townshend Landscape Architects are collaborating on this ecological project to enhance biodiversity and support nature's recovery in the area.

London Evening Standard