Docklands News

The Chancellor is considering raising the stamp duty threshold to exempt the first £300,000 of a property's value from tax, according to the Sunday Times. Stamp duty is currently paid by buyers in England and Northern Ireland, with rates ranging from 5% to 12% based on the property's value. The proposed threshold increase could save buyers up to £2,500, with those in the south of England most likely to benefit from the cut. Some £11.7bn was paid in residential stamp duty in the 2022-23 tax year. Homebuyers in London paid £4.5bn, compared with the £70m paid in Northern Ireland. 

The Sunday Times (28/04/2024)  

The London Property Alliance (LPA) has called on the next mayor of London to ease planning constraints to realise central London’s potential for growth. It wants the winner of next month's mayoral election to adopt a "balanced" approach to planning across the Central Activities Zone, which includes most of Westminster and the City of London, along with Canary Wharf and its neighbouring districts. “There is a huge opportunity to unleash growth in central London by adopting a more flexible and balanced approach to planning", said LPA chief executive Charles Begley. "This would accelerate the delivery of the modern, sustainable office and research space demanded by leading businesses and their employees – as well as unlocking billions of pounds in developer contributions to help address the generational challenges we face around affordable housing and sustainability".

Property Week (24/04/2024)  

Analysis by the data company TwentyCi shows that pricier properties are proving hard to sell this spring, with demand for homes above £1.5m increasing by only 7%. In contrast, demand for mid-market homes valued between £260,000 and £749,999 is up 18% year on year. The research also reveals that the proportion of properties being sold decreases as prices rise, with only 16.6% of homes priced at £5m-plus selling in the first quarter of 2024. Buyers are prioritising value for money and are willing to move further to find affordable properties, the analysis shows. Londoners, in particular, are prepared to move the furthest, with an average distance of 7.9 miles. The easiest areas to sell property are found in Glasgow, while the most challenging areas include parts of London and Birmingham suburbs. 

The Times (20/04/2024)  

More first-time buyers are expected to be helped onto the property ladder by building society reforms backed by MPs. The Building Societies Act 1986 (Amendment) Bill has moved closer to becoming law after it received an unopposed third reading in the Commons. The Government-backed Bill aims to modernise societies by expanding their lending capacity, with Labour insisting the changes would support “more working people to become homeowners”. The proposed reforms were moved after a Government consultation considered how to allow building societies to “compete on a more level playing field with banks” and to promote competition within the financial services sector. 

Daily Mail (20/04/2024)   Evening Standard (19/04/2024)   The Independent (20/04/2024)  

Leading lenders including Barclays, HSBC, NatWest, Accord Mortgages, and Leeds building society have increased rates on their fixed mortgage deals in response to market uncertainty. Money market swap rates have slightly risen due to Bank of England interest rate expectations, prompting lenders to reprice some deals. While some lenders such as Accord have increased selected rates by up to 0.4 percentage points, others such as NatWest have opted for smaller rises. It has lifted some of its two and five-year "switcher" deals for existing customers by 0.1 percentage points. Nicholas Mendes, the mortgage technical manager at the broker John Charcol, said lenders had "adjusted their positions in response to market uncertainty," though borrowers "are unlikely to experience the same volatility and high rates as last year". 

The Guardian (23/04/2024)   The Independent (23/04/2024)  

Fairview New Homes has applied to Greenwich Council to build a development featuring 352 homes and 340 student rooms on an old newspaper distribution yard that is currently being used as a worksite for the Silvertown Tunnel. The plot is next to the Studio 338 nightclub and the site of the East Greenwich No 1 gasholder, which disappeared from the skyline in April 2020. Fairview wants to build two towers of 26 and 21 storeys facing Millennium Way, along with a 19-storey student block, a self-storage unit, and a nine-storey block facing a public square. 

Greenwich Wire (16/04/2024)   South London Press & Mercury (15/04/2024)