020 7538 0102
28th July 2017
The government is to consult on proposals to crack down on leaseholds on new-build homes and a dramatic reduction in ground rents. The trend for new-build houses being sold as leasehold has accelerated in recent years, with leaseholders often finding themselves caught out by clauses allowing for dramatic increases in ground rent. The Department for Communities and Local Government (DCLG) said its proposals aimed to make future leases fairer by reducing ground rents to zero so they "relate to real costs incurred".
The Daily Telegraph (24/07/2017)
21st July 2017
Tower Hamlets Council’s strategic development committee has rejected proposals for a part 18- and part 37-storey residential and hotel block in Limehouse. The plans, submitted by West India Property Investments Limited and architects Simpson Haugh and Partners, would have seen 320 hotel rooms and 202 residential flats, as well as retail and community floor space, built at 82 West India Dock Road, near Westferry DLR station. A conservation and design advisory panel meeting last October raised a number of concerns about the project, including the height of the building in comparison with its surroundings, the high density of homes within it, and the designation of just 34% of the properties as affordable.
The Wharf (18/07/2017)
21st July 2017
The state-owned Abu Dhabi National Exhibitions Company, owner of the ExCel London conference centre, has formed a venture with housebuilder Mount Anvil to deliver up to 1,000 apartments next to the venue. The company is yet to apply for approval to build on the land, about two miles east of Canary Wharf, which is currently used as a car park.
The Independent (17/07/2017)
21st July 2017
Analysis of the English Housing Survey shows that the average age of a first-time buyer during the past 20 years has only increased from 30 to 32, with the majority aged between 25 to 34. In the period, the number of first-time buyers aged between 16 to 24 has dipped from 21% to 8%, while the proportion aged between 35 and 44 is up to 21% from 11% two decades ago. The survey shows that the typical deposit is £48,831 across the country but £94,088 in London.
Daily Mail (14/07/2017)
21st July 2017
A report from PwC forecasts that average UK house prices could reach £302,000 by 2025, up from last year’s £212,000. The report suggests average prices will climb by 3.7% this year, hitting £220,000, with a similar rate of growth taking average values to £228,000 in 2018. The study offers a focus on the London market saying economic and political uncertainty – coupled with stamp duty reforms – have hit the capital. It notes that the first four months of 2017 saw house price inflation of around 4% in London, down on the 13% seen in the same period of 2016. PwC forecasts that average prices for London homes will climb 2.8% this year and 3.8% in 2018.
The Guardian (17/07/2017)
21st July 2017
The Mail reports that Nationwide Building Society is planning a radical overhaul of its traditional savings and loans business in a bid to ease the nation’s housing crisis. CEO Joe Garner said he wanted to make housing “the focal point” of its business, while chairman David Roberts revealed it was looking at “practical ways” to increase supply. It is thought this could include pumping millions into building schemes, or taking part in sale and leaseback arrangements. Nationwide may also finance private rented sector housing schemes.
Daily Mail (20/07/2017)