Docklands News

House sales in England and Wales are facing significant delays, with the average transaction taking 152 days to complete. This prolonged process creates stress and uncertainty for buyers and sellers, increasing the risk of fallthroughs. In 2022, the average time from "instruction to completion" was 133 days, a stark contrast to just 75 days in 2007. The inefficiencies stem from slow local authority searches and overburdened conveyancing solicitors. To mitigate these delays, the Telegraph's Anna Clare Harper says sellers can prepare a sales pack and apply for searches early. Choosing a responsive solicitor can also expedite the process. The author adds: "price is what you pay, and value is what you get," emphasising the importance of selecting a reputable solicitor. 

The Daily Telegraph (30/11/2024)  

The Bank of Mum and Dad is increasingly influencing property ownership, with 36% of first-time homebuyers in England receiving financial assistance in 2022-23, up from 27% the year before.  

Financial Times (30/11/2024)  

The Royal Institute of British Architects (RIBA) has awarded the title of House of the Year to Six Columns, a four-bedroom property in south-east London designed by 31/44 Architects. RIBA President Muyiwa Oki praised the home, saying: "Six Columns is a beautifully crafted family home that cleverly incorporates Brutalist references and creative flourishes while retaining a strong sense of suburban belonging." The property triumphed over other contenders, including Peckham House and Eavesdrop in Sussex. Oki highlighted the design's adaptability, noting: "This is a home that can evolve with its occupants' changing needs over time." Je Ahn, chair of House of the Year, emphasised the uniqueness of one-off houses, saying: "Your home is not a static slice of time, but continuously evolves with you." The award showcases innovative design within tight suburban spaces. 

BBC News (03/12/2024)  

House sales in the UK are projected to increase significantly over the next four months, driven by impending tax breaks set to expire in April 2025, according to Zoopla. This comes after Chancellor Rachel Reeves announced that the zero-tax stamp duty threshold will decrease to £125,000 from £250,000 - and from £425,000 to £300,000 for first-time buyers. Zoopla, which reported a 1.5% rise in prices over the past year, expects a further 2.5% increase next year and a 5% jump in transactions. Zoopla forecasts 1.1m sales in 2024, a 10% rise from 2023, influenced by pent-up demand and changing demographics. However, the north-south divide in price growth is expected to persist due to ongoing affordability pressures in London and the southeast. Richard Donnell, Zoopla's executive director, noted: "Higher income growth and lower mortgage rates have helped reset housing affordability faster than many expected."

The Guardian (29/11/2024)  

London Mayor Sadiq Khan has initiated a consultation aimed at making housing more affordable for Londoners, proposing that rents be set at 40% of key workers' average household incomes. Currently, key workers spend approximately 74% of their income on rent for a median one-bedroom property, according to Generation Rent. The London Mayor unveiled plans for at least 6,000 new rent–controlled properties, known as Key Worker Living Rent (KWLR) homes, in the city by 2030. Khan said: "I am determined to do everything in my power to make housing more affordable for Londoners." But critics of Khan's proposed policy suggested his record on building affordable homes has been poor. Just over 3,100 affordable housing builds began across Greater London between April 2023 and March of this year, down from 26,386 starts in the previous 12 months, according to the Office for National Statistics.

City AM (26/11/2024)  

Research indicates that London homeowners will incur significant costs when buying and selling properties in 2024, with upfront expenses reaching £30,048. This figure is more than double the national average of £13,978. The situation is set to worsen next April when Stamp Duty thresholds are reinstated, pushing costs to a record £32,549. First time buyers will be particularly affected, facing a 245% increase in moving costs, from £2,551 to £8,801. Rob Houghton, founder and CEO of reallymoving, explained: “Raising over £30,000 to finance a home move is a major challenge for most people.” The report highlights that the average time to save for a first home in London is nearly 8 years and 7 months, which will extend to 9 years and 9 months after the April changes. 

Evening Standard (28/11/2024)