Docklands News

The property market experienced a significant uptick in activity last month, with 108,250 sales recorded, marking a 13% increase from January and a 28% rise from February 2024. The surge is attributed to buyers rushing to complete transactions before the stamp duty increase on 1 April, which lowers the nil-rate threshold from £250,000 to £125,000. However, experts anticipate a potential slowdown in sales following the deadline, reminiscent of the post-stamp duty holiday dip in July 2021.

Daily Mail (28/03/2025)   The Independent (28/03/2025)   The Standard (28/03/2025)   The Times (28/03/2025)  

According to the Office for Budget Responsibility (OBR), mortgage rates are not expected to decline for at least five years, peaking at 4.7% in 2028. This forecast indicates that many homeowners on fixed-rate deals may face higher costs when remortgaging. Hargreaves Lansdown's Sarah Coles observed: "Clearly, millions of borrowers are facing a significant shock." The OBR's predictions reflect concerns over inflation and economic pressures, with the Bank rate expected to drop to 3.8% by 2030. Homeowners currently on low fixed rates may see their payments increase significantly, with those remortgaging facing an average rise of £146 per month. Aaron Strutt from Trinity Financial stated that the only way rates might decrease sooner is if the economy enters a recession.

The Sunday Times (30/03/2025)  

New data reveals that average UK house prices increased by 4.9% to £269,000 in the year leading to January 2025, according to the Office for National Statistics (ONS). This growth is attributed to a steady rise in stock levels, as noted by Jeremy Leaf, a north London estate agent. The North East saw the highest growth at 9.1%, while London lagged at 2.3%, for an average price of £563,899.

City AM (26/03/2025)   Forbes (26/03/2025)   The Standard (26/03/2025)   The Times (26/03/2025)  

Newham Council has approved Haworth Tompkins’ plans for 600 homes at Lendlease's Silverton scheme in east London’s Royal Docks area. Plot 78, the scheme has been designed by Haworth Tompkins and will include two pocket parks as well as commercial and retail space. Plans for this neighbourhood include restoring a grade II-listed former grain silo, Silo D, as well as a central public park that will connect to the existing Millennium Mills former flour mill building. “We’re making significant progress at Silvertown, and the site’s immense potential becomes more evident every day", commented Jesse Wallis, project lead for Silvertown at Lendlease. ”This latest plot of homes is a crucial part of that momentum as we work with partners to continue to prioritise the delivery of housing as early as possible in the scheme".

Building (21/03/2025)   Building Design (21/03/2025)   Housing Today (21/03/2025)   Property Week (21/03/2025)  

Housing affordability in England and Wales has returned to pre-pandemic levels, as wages have risen faster than property values, according to the Office for National Statistics (ONS). The median home price in England last year was £290,000, equating to 7.7 times the average earnings of £37,600. However, affordability remains a challenge, with only 9% of areas considered affordable, albeit a slight improvement from 6% in 2023. The most affordable local authorities in 2024 were Blaenau Gwent in Wales with an average house price-to-earnings ratio of 3.8, Burnley in North West England with a ratio of 3.9 and Blackpool, also with a ratio of 3.9. Sarah Coles, head of personal finance, Hargreaves Lansdown said: "Wages have risen faster than house prices in recent years, so would-be buyers are inching slightly closer to being able to afford a home of their own." 

Daily Mail (24/03/2025)   Financial Times (24/03/2025)   The Independent (24/03/2025)  

Homebuyers paid £1.1bn in stamp duty in February, a 24% increase from January's £848m, according to Coventry Building Society's analysis of HMRC data. The surge is attributed to buyers rushing to complete purchases before the stamp duty threshold drops from £250,000 to £125,000 on 1 April. This will see the tax bill on the average-priced home in England increase from £2,028 to £4,528. Jonathan Stinton, head of mortgage relations at Coventry Building Society, said: "Those who can't get the keys to their new house in the next ten days need to brace themselves for a hit, potentially amounting to thousands of pounds." 

The Guardian (22/03/2025)