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The London Borough of Tower Hamlets has granted planning permission to Rockwell Property for a hotel-led development at 82 West India Dock Road in Westferry. Located at the gateway to Canary Wharf, and next to Westferry DLR station, the 30-storey building will host a 400-room hotel and 66 new apartments, of which 35% will be affordable for local families; it has been designed by Simpson Haugh & Partners, the architects responsible for One Blackfriars and Circus West Village at Battersea Power Station. Construction is due to start on the site in the summer next year.
Property Week (26/10/2018)
The world’s most luxurious houses have fallen to their lowest annual growth levels for almost six years, according to new Knight Frank data, climbing just 2.7% in the last 12 months. London’s luxury values dropped 2.9% in the last year. "A combination of uncertainty surrounding Brexit, rising interest rates across major economies, a tighter regulatory environment and the remnants of high supply in some markets is impinging on price growth,” Knight Frank said. However, a separate report from JLL predicts that the average price of a new-build home in Zones 1 and 2 will rise 17.6% between 2019 and 2023, boosted by a combination of an incremental rise in GDP, a 4% rise in earnings, and moribund growth in new housing stock.
City AM (29/10/2018) Evening Standard (31/10/2018)
House prices are growing at the slowest annual pace since May 2013, Nationwide has announced, due to uncertainty about the economy and dampened demand from squeezed household budgets. Growth fell from 2% in September to 1.6% in October, putting the average UK house price at £214,534, down from £214,922 last month.
The Daily Telegraph (01/11/2018) Evening Standard (01/11/2018)
The Help to Buy equity loan scheme, which offers a 20% government loan (40% in London) to buyers of new-build properties, has been extended to 2023 and the upper price cap for a property to be eligible for the scheme will increase. The Government will have lent £22bn under the scheme to 360,000 homeowners by April 2021. Budget documents said: "The Government does not intend to introduce a further Help to Buy Equity Loan scheme after March 2023". For the final two years of the scheme, the government will invest another £7.2bn in equity loans to homebuyers, but will restrict the scheme to first-time buyers and cap the prices of the homes that can be bought using its state-backed equity loans.
The Daily Telegraph (29/10/2018)
Upton Gardens, an 842 unit mixed-tenure development of private sale and affordable housing has been launched on the site of West Ham’s former Boleyn Ground in East London. Part of the wider regeneration of the Newham area, the architecture of the site fits the layout of the stadium that hosted West Ham for over 110 years before the club’s move to the London Stadium in Stratford. Prices start at £325,000 for a one-bedroom apartment, rising to £399,000 for a two-bed and £490,000 for a three-bedroom property.
Planning & Building Control Today (22/10/2018)
House sales in central London have dropped to a record low as buyers are deterred by high stamp duty, according to an analysis by London Central Portfolio. Just 70 properties are being sold each week – down 16.8% on last year. There are now fewer homes selling than at the height of the financial crisis in 2009. Experts blamed steep hikes to stamp duty for putting off buyers, who are unwilling to fork out hundreds of thousands of pounds in tax.
Daily Mail (22/10/2018)