Docklands News

With less than 11 weeks until the 1 April deadline, first-time buyers are hurrying to secure homes before the stamp duty threshold drops from £425,000 to £300,000. The change means that a buyer purchasing a home worth £625,000 will see their stamp duty bill increase from £10,000 to £21,250. The average conveyancing process takes 12-16 weeks, making it crucial for buyers to act swiftly. Those purchasing leasehold properties may face additional delays due to complex paperwork, while freehold purchases are more likely to complete in time. Buyers are advised to engage solicitors and mortgage brokers early to improve their chances of meeting the deadline.

Daily Mail (18/01/2025)  

The Tower Hamlets Strategic Development Committee has approved Ridgeback Group's proposals to build 307 new homes on 1 Selsdon Way on the Isle of Dogs, 35% of which will be classified as "affordable" housing. "For a number of years, we have been working to bring forward this complex but important regeneration site", commented Ridgeback development director Chris Allen. "The site is currently a 1980s car park and a vacant office building that attracts lots of dangerous and antisocial behaviour, including drug use. Our proposals seek to transform this into an exemplar tall building that delivers 307 much needed new homes on an allocated housing site in the Local Plan".

My London (16/01/2025)  

House sales in the UK experienced a decline in November 2024, with 92,640 transactions recorded, an 8% drop from October but a 13% increase compared to November 2023, according to HMRC. Mortgage approvals also fell, with 65,700 recorded in November, down by 2,400 from the previous month. Experts such as Iain McKenzie from the Guild of Property Professionals expressed optimism, stating that the housing market finished 2024 strongly and is in a better position for 2025. 

Daily Mail (11/01/2025)   The Independent (11/01/2025)   The Standard (11/01/2025)  

Plans to ease mortgage rules could help first-time buyers enter the housing market by allowing lenders more flexibility in assessing "responsible risk-taking" by borrowers. Financial regulators are reviewing measures such as relaxing stress-testing rules and removing limits on lending, which currently cap 15% of mortgages at 4.5 times a borrower’s annual salary. Banks are also calling on the Bank of England to reduce the amount of capital they need to keep in reserve for 90% loan-to-value mortgages, to open up the market to first-time buyers. The move aligns with Rachel Reeves' efforts to promote a "pro-growth agenda" following a Treasury meeting with regulatory agencies, where the chancellor urged a shift towards fostering economic growth rather than focusing excessively on risk. Charles Roe, director of mortgages at UK Finance, said a review of mortgage lending rules would be welcome, noting that the number of homeowners in arrears on their mortgages was at "historically low levels". 

The Times  

Mortgage rates in the UK are showing mixed movements, with some lenders raising rates following increased government borrowing costs and a weakening pound, while others hold steady to avoid market disruption. Rising swap rates, which influence fixed-rate mortgages, are narrowing margins for lenders, making further rate increases likely. On Monday, the average 2-year fixed mortgage rate rose slightly to 5.48%, while the 5-year fixed rate increased to 5.26%, according to Moneyfacts. It means the rate gap between average two and five-year fixed-rate deals at the start of the year was the lowest since January 2023, when it was 0.16% percentage points. The average standard variable rate is significantly higher at 7.81%. 

The Independent (13/01/2025)   The Standard (13/01/2025)  

According to the Institute for Fiscal Studies (IFS), nearly half a million more young people aged 25 to 34 are living with their parents compared to two decades ago, with the proportion rising from 13% in 2006 to 18% last year. The report, titled Hotel Of Mum and Dad?, highlights that this trend is largely driven by soaring rents and house prices. Bee Boileau, the report's author, noted: "[The rise] has occurred alongside, and indeed has been fuelled by, increases in rents and house prices." While some young adults benefit from saving money by living at home, others face challenges such as relationship breakdowns or job losses. The data also reveals that men are more likely to live at home than women, with 23% of men compared to 15% of women in this age group. 

The Daily Telegraph (11/01/2025)