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Office-to-homes conversions: London blocks hold fresh allure since shift to home-working

www.theguardian.com 05-01-2025 03:37 1 Minutes reading

Interest has surged since relaxation of planning rules last March, but technical difficulties often loom large

On a busy high street in Balham, south London, stands a boxy, beige-fronted building. Built in the 1940s, for decades the four-storey office block was home to hundreds of civil servants until Department for Work and Pensions officials moved out in 2020.

Now, Irene House boasts 77 one- and two-bedroom upmarket apartments with seven more homes inside a roof extension. It still has its art deco entrance and other features inspired by the building’s original interior, and represents a growing trend: to convert office blocks into homes.

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Halifax says house prices dipped by 0.2% in December while annual price growth slowed to 3.3%

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

UK house prices finished 2024 up 3.3% over the year, with the average property value falling slightly in December, according to a major mortgage lender.

December 2024 was one of the busiest Decembers in years in terms of buyer demand. This was driven by first-time buyers who were keen to get on the property ladder before this year’s changes to Stamp Duty but also by second-steppers, including young families, wanting to upsize.

We believe that UK growth is likely to slow, as employer tax increases, and their potential impact on prices and employment, begin to filter through into the economy.

8.30am GMT: Eurozone, France, Germany, Italy HCOB Construction PMI for December

9am GMT: Italy Unemployment rate for November (previous: 5.8%)

10am GMT: Eurozone inflation for December flash (previous: 2.2%, forecast: 2.4%)

10am GMT: Eurozone unemployment rate for November (previous: 6.3%)

1.30pm GMT: US Trade for November

3pm GMT: US ISM Services PMI for December

3pm GMT: US JOLTs Job Openings for November

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