Docklands News

According to a report by Skipton Group, only 11.5% of potential first-time buyers can afford to purchase a home independently, highlighting a significant reliance on family financial support. Stuart Haire, chief executive of Skipton Group, warned that the "chronic lack of affordability is about to get even worse" due to upcoming changes in stamp duty, which will increase costs for first-time buyers. He urged the government to maintain the current nil rate stamp duty threshold of £425,000 and adjust it annually for inflation, saying: "We know the public finances are tight, but we urge the government not to move the goalposts." 

The Times (18/02/2025)  

Data from Halifax shows that UK house prices hit a record high in January, climbing 0.7% month-on-month and 3% year-on-year to hit an average of £299,138. House prices rose in all areas of the UK compared to last year, with Northern Ireland seeing a 5.9% increase over the past 12 months. In England, the northeast was the region with the highest annual property price growth, up 5.2% from last January. Scotland experienced the slowest growth but still saw a 2.4% rise. Amanda Bryden, head of mortgages at Halifax, commented: "Affordability is still a challenge for many would-be buyers, but the market’s resilience is noteworthy." She noted that the "strong demand for new mortgages and growth in lending" may be driven by first-time buyers trying to complete deals before an increase in stamp duty in April. The reform will mean buyers will start paying stamp duty on properties over £125,000, instead of the current threshold of £250,000. While first-time buyers currently pay no stamp duty on homes up to £425,000, this will drop to £300,000 in April. 

BBC News (07/02/2025)   City AM (07/02/2025)   Daily Mail (07/02/2025)   The Standard (07/02/2025)   The Times (07/02/2025)  

A Royal Institution of Chartered Surveyors (RICS) poll found that agreed sales and inquiries from new buyers were flat in January compared to December. The proportion of agents reporting an increase in new buyer enquiries has fallen in each of the past five months, suggesting "demand growth has lost impetus" since last summer. However, estate agents and surveyors remain more optimistic for prospects further ahead, with most believing sales will pick up over the spring, partly inspired by further potential interest rate cuts. House prices rose again in January, with prices forecast to remain fairly flat over the coming months. 

Financial Times (12/02/2025)   The Times (12/02/2025)  

The government will digitalise data sharing in property sales in order to tackle delays in transactions and speed up the homebuying process. Labour has initiated a 12-week project to establish rules for data exchange among conveyancers, lenders, and other stakeholders, aiming to modernise the process. Housing and planning minister Matthew Pennycook stated: "We are streamlining the cumbersome homebuying process so that it is fit for the 21st century." 

Sunday Express (09/02/2025)   The Mail on Sunday (09/02/2025)   The Observer (09/02/2025)  

Bridget Jones's iconic fictional flat in Borough could have nearly tripled in value since the first film depicting the character was released in 2001. The property website found that the average asking price for a one-bedroom flat in the area has risen by 195%, from £186,150 in 2001 to £549,143 in 2025. Across Britain, typical first-time buyer property prices have increased by 155% over the same period, while in London, they have surged by 196%, reaching £496,789. 

The Independent (08/02/2025)  

In the current prime London property market, homes are being sold rapidly, particularly in Hampstead, where properties took an average of just 79 days to sell. This is in stark contrast to Bayswater, where homes lingered for 191 days. Notably, Hampstead saw significant price reductions, averaging £305,220 or 11.3%, which has driven quicker sales. Meanwhile, Fulham emerged as the second fastest-selling area, with homes selling in 87 days and experiencing smaller price cuts of 7.5%. The data suggests that buyers can find better value by considering nearby areas, as prime properties can be hundreds of pounds cheaper per square foot. 

The Standard