Docklands News

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)  

UK banks and building societies have announced new mortgage rates, including a best buy rate for first-time buyers. NatWest is offering a market-beating fixed rate of 4.68% for five years to new customers with a 10% deposit. The next-best rate is Virgin Money's 4.76% rate. NatWest is also launching a best-buy two-year fix for those buying a home with a 25% deposit, at 4.44% with a £1,495 fee. For new customers remortgaging with 40% equity or more, NatWest will offer a best-buy two-year fix at 4.34% with a £1,495 fee. Most major lenders have reduced mortgage rates in recent weeks. Santander and Leeds Building Society are also set to reduce some of their rates. 

Daily Mail (13/08/2024)   Evening Standard (13/08/2024)  

More young people than ever are considering moving in with a friend or sibling as housing costs continue to rise in the UK. With house prices approaching nine times the average salary, many young people are finding it increasingly difficult to get on the property ladder. Research from Lloyds Bank shows that just over half of young people would be willing to buy a home with a friend or sibling. This trend has been picking up in recent years, with more young people exploring non-traditional routes to achieve their housing goals. Shared mortgages have become a popular option, allowing individuals to split the cost of the deposit and make homeownership more affordable. The rental market has also become less appealing for some, prompting them to bypass it altogether and buy a home with a friend or sibling. However, experts recommend seeking legal advice before entering into a shared property purchase to understand the implications and protect future interests. 

The Independent (11/08/2024)