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13th January 2017
New research reported in the Evening Standard has identified the London neighbourhoods which have seen the most significant increase in asking prices in the past 10 years. Wapping leads the way, with an average asking price of £901,031, an 154.8% increase. The area’s resurgence is epitomised by the £1.5bn transformation of the 15-acre site that once hosted News International’s headquarters, into London Dock, which will eventually provide 1,800 new homes, along with a new arts and shopping quarter. The east London enclave is followed by Brockley (£528,016); Clapton (£639,861); St John's Wood (£1,473,962); Notting Hill (£1,689,501); New Cross (£488,981); South Lambeth (£901,035); South Tottenham (£494,528); Camden (£1,130,722); and Whitechapel (£642,420).
Evening Standard (11/01/2017)
13th January 2017
London Mayor Sadiq Khan has announced that all parts of the City Hall group will offer employees help with renting a flat and urged businesses to follow suit. The campaign, Fifty Thousand Homes, calls on employers to offer staff housing advice and help to buy through mortgage guarantees or loans, preferential lending terms for mortgages and to consider providing quality rental accommodation. More than 100 employers including Mace Group and Grant Thornton UK LLP have signed up, and the campaign is backed by business groups, including London First, and housing charity Shelter.
Evening Standard (10/01/2017)
13th January 2017
House price growth has hit its highest level since March, according to the Halifax house price index, as a lack of supply propped up the market since the EU referendum. On a monthly basis, the index showed prices increased by 1.7% last month, up from 0.6% in November, with the three-month average of year-on-year house price growth hitting 6.5% last month, up from 6%. The figures show that the average house now costs £222,484. Halifax's data showed Luton recorded the highest year-on-year growth, at 19.4%, followed by Barking and Dagenham in east London, where house prices increased 18.6% last year. Martin Ellis, Halifax's housing economist, has voiced a belief that 2017 will see "reduced housing demand" due to rising inflation and squeezed wages.
The Independent (09/01/2017)
13th January 2017
The Guardian analyses research from consumer body Which? that shows most under-30s in London can't afford the minimum sum required for shared ownership homes. Researchers looked at 525 shared ownership properties within a 20-mile radius of central London last November and found that those buying a minimum share using a 95% mortgage would need to earn at least £37,300 a year - considerably more than the average £27,900 earned by under-30 Londoners. Across the capital, no homes in Zone 1 were affordable for the average person under 30, while 10% were in Zone 2. Zone 4 proved a better option, with 42% affordable.
Source: The Guardian (07/01/2017)
6th January 2017
Tower Hamlets Council has given planning permission for a 24-storey tower in Poplar, designed by BUJ Architects. The 30,186 sq m scheme, known as Orchard Wharf, include 338 flats, a cafe and 376 sq m of flexible floor space, and is based on the site of a former Esso petrol station on Leamouth Road. Work is expected to start on site in the first half of 2017, with a completion date scheduled for 2019 or 2020.
Architects’ Journal (05/01/2017)
6th January 2017
The Government has confirmed that its Starter Homes scheme will offer 20% discounts to first-time buyers in 30 local authority areas in England. Housing Minister Gavin Barwell said the move is the “first wave of partnerships shows the strong local interest to build thousands of Starter Homes on hundreds of brownfield sites in the coming years.” Prices will be capped at £450,000 in London and £250,000 elsewhere.
The Times (03/01/2017)