020 7538 0102
Balfour Beattyhas won a £102m contract to build the first phase of a redevelopment project at the Queen Elizabeth Olympic Park in Stratford. The East Wick and Sweetwater development is expected to bring around 1,500 homes; the initial phase, the first of seven, will see the delivery of four mixed-use buildings, including 302 apartments, townhouses and several associated commercial facilities including retail and leisure amenities. Ground preparation works has started with completion expected in spring 2021.
City AM (09/04/2019) Construction Enquirer (08/04/2019)
London’s Brexit-battered housing market is starting to show tentative signs of life, according to UBS group AG, even if the overall picture remains uninspiring. The bank’s London Residential Monitor showed the proportion of reduced-price home listings has fallen to 36% from 39% since its last report in January. The average reduction where the price has been cut has also declined, supply has tightened since the turn of the year and discounts are narrowing in cheaper boroughs, the bank said. “While signs point to stabilization, the market remains weak overall,” the analysts said. “Stretched affordability, high levels of supply at prime price points, and numerous changes to stamp duty have taken their toll.”
Bloomberg (09/04/2019)
New data from Halifax has shown that house prices across the UK continued to struggle last month, falling by 1.6% as the market continued to be “subdued” amid Brexit uncertainty. The lender said both buyers and sellers were being cautious, meaning that prices are unlikely to fall sharply in the coming months. The number of mortgages approved remains 40% below where it was prior to the financial crisis and first-time-buyers are finding it difficult to raise a deposit. “These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being”, said Russell Galley, managing director of the Halifax.
BBC News (05/04/2019) The Daily Telegraph (05/04/2019)
The gender pay gap, combined with high property prices in London, have left many women struggling to take the first step on to the capital’s property ladder. As a result of lower average earnings, it takes the average woman living in rental accommodation in London over two years longer than the average man to save a deposit to buy their first home, according to data from the website Compare My Move. “In areas where house prices greatly outstrip the wages of millennials, all first-time buyers find it particularly difficult to get on the property ladder,” the report says. “But the pay gap means a dire situation is compounded for female first-time buyers”.
Evening Standard (05/04/2019)
The Silvertown peninsula, with the Thames on one side and the Royal Docks on the other, currently offers some of the more affordable residential properties in the areas adjacent to Canary Wharf, with two-bedroom flats available for a little over £200,000. New neighbourhoods are planned for the area as it undergoes a £6.5bn transformation, including Thameside West, which will bring 5,000 new homes, along with shops, restaurants, bars, parks and schools. Shared ownership homes at The Refinery, close to West Silvertown DLR station, start at £120,750 for a 35% share of a one-bedroom flat, rising to £183,750 for a three-bed apartment.
Evening Standard (01/04/2019)
Tower Hamlets Council has approved developer Strong Drive’s plans to build almost 600 new homes on the Isle of Dogs. The Skylines Village project in Blackwall and Cubitt Town consists of five buildings ranging from three to 48 storeys in height, with 579 homes, a two-form entry primary school with nursery facilities, commercial space, car park and landscaped open space. Thirty-five per cent of the housing has been earmarked as affordable.
East London Advertiser (01/04/2019)