Docklands News

Home buyers seeking affordable mortgages should consider energy-efficient homes, as over half of lenders now provide 'green' rates. Properties with an Energy Performance Certificate (EPC) rating of A or B qualify for these better rates. According to the Mortgage Advice Bureau: "Just over half of mortgage lenders now offer better rates to those with A or B EPC ratings." With 751 out of 6,776 mortgage deals featuring green incentives, buyers can save significantly. For instance, Barclays offers a leading 3.96% five-year fixed rate for new builds with an A or B rating, compared to a 4.06% rate for non-green options. Additionally, Halifax provides cashback for energy-efficient purchases, while Nationwide offers green borrowing advances for improvements.

Daily Mail (10/03/2025)  

According to Nationwide, the average price of property in the UK increased by 0.4% to £270,493 in February, marking the sixth consecutive month of growth. Robert Gardner, Nationwide's chief economist, noted that “housing market activity has remained resilient in recent months, despite ongoing affordability challenges.” The annual growth rate stands at 3.9%, slightly down from 4.1% in January. The upcoming changes to stamp duty, effective from 1 April, are expected to create a surge in transactions as buyers rush to complete purchases before the new rates take effect. Gardner warned that this could lead to a “jump in transactions in March, and a corresponding period of weakness in the following months.” 

Daily Mail (01/03/2025)   Financial Times (01/03/2025)   The Standard (01/03/2025)   The Times (01/03/2025)  

Home buyers are racing to complete purchases before the impending stamp duty changes on 1 April, which could cost them thousands. First-time buyers, already facing affordability issues, are particularly at risk. Currently, homes under £250,000 are exempt from stamp duty, but this threshold will revert to previous levels soon. It is estimated that around 25,000 first-time buyers and 74,000 home movers may miss the deadline. Analysis by the Skipton Group indicates the proportion of areas in England in which the average first-time buyer home falls into the scope of stamp duty will rise from 8.4% to 32% on April 1st.  

BBC News (05/03/2025)  

The number of planning permissions granted in England has reached its lowest level since 2014, with only 242,610 homes approved in 2024, a 2% decrease from the previous year. It means that to meet Labour's target of 370,000 permissions, a 53% increase is necessary. Neil Jefferson, chief executive of the Home Builders Federation, commented: "The latest planning figures show that housing supply in the short and medium term is at critical crisis levels." Prime Minister Sir Keir Starmer has pledged to deliver 1.5m new homes over five years, but both the Home Builders Federation and the National Housing Federation believe that current reforms alone will not suffice to achieve this goal. Critics argue that commercial housebuilders are intentionally slowing down construction to control supply and prices, while the industry contends that buyer demand limits building rates. 

Financial Times (06/03/2025)   The Daily Telegraph (06/03/2025)   The Times (06/03/2025)  

Carol Lewis in the Sunday Times discusses the trend of adult children moving back home and its impact on the housing market. Lewis suggests that parents are increasingly purchasing larger homes to accommodate their grown-up children, driven by high living costs and the desire to support their children's financial stability. According to a report by the Institute for Fiscal Studies (IFS), the proportion of UK adults in their twenties and thirties living with their parents has risen by over a third in the past two decades. The IFS calculates that these "boomerang children" are 3.9 percentage points more likely to save £10,000 over two years than renters, averaging £560 a month in savings. Lower marriage and parenthood rates, along with increased ill health in the 25-34 age group, have coincided with the trend of children staying with their parents for longer. Since 2006, marriage rates have fallen from 39% to 29%, and the proportion with dependent children has dropped from 45% to 33%. 

The Sunday Times (02/03/2025)  

The Elizabeth line has transported 500m passengers since its opening in May 2022. The east-west cross-London railway now accounts for one in seven national rail journeys, significantly reshaping travel habits and urban development in the south-east. According to Transport for London (TfL), over 90% of users believe the line has positively impacted their areas. London's mayor, Sadiq Khan, said: "When you invest in high-quality transport infrastructure, it can provide huge benefits for increased jobs, growth and the new housing we need." 

The Guardian (22/02/2025)