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28th October 2016
The most popular Airbnb properties in London are in the East End, a new survey shows, with flats and houses in Tower Hamlets let through the website occupied 94% of the time they are available for rent. The average nightly rate for accommodation for four people in Tower Hamlets is £151, compared with £172 for London as a whole and £226 for Westminster, the survey shows. The second most popular borough is Hackney, with Kensington and Chelsea third.
Evening Standard (24/10/2016)
28th October 206
Figures from the British Bankers' Association show that September saw 38,252 mortgage approvals, a 14.9% drop year-on-year from the 44,941 in September 2015. The figures mark an improvement on a 21% decline in August, when approvals hit 37,241 - the lowest level since January 2015. The first nine months of 2016 have seen approvals 3% down on the same period last year, although remortgages in the first three quarters are up 15% year-on-year, with 24,841 approved in September. BBA chief economist Rebecca Harding said: “Mortgage approvals picked up slightly this month but the housing market continues to shows signs of underlying weakness”.
The Daily Telegraph (26/10/2016)
21st October 2016
Construction work is now well underway on a residential tower just a few minutes’ walk away from Canary Wharf. LBS Properties and Make Architects are behind The Madison, a 53-storey structure that will house 423 high-specification apartments when finished in late 2019, along with an array of exclusive amenities, all set within a landscaped public garden. Residents will have access to the Highline Club, set on the 16th floor, with a lounge, gym, and screening room; there will also be a spa area with 12m pool, sauna, and steam room. South Quay DLR station offers easy access to the City, while the Canary Wharf Crossrail station will provide a direct link to the West End and Heathrow Airport from 2018. Prices start at £573,000 for a studio apartment, rising to £1.41m for a three-bedroom property.
World Property Journal (19/10/2016)
21st October 2016
The Standard looks at the new developments sprouting up in the Royal Docks, just around the river bend from Canary Wharf, many of which are suitable for first-time buyers looking at part-ownership as a way of getting on the area’s property ladder. Highlights of the regeneration efforts include the 1,500 homes at Royal Albert Wharf, where two-bedroom flats start at £175,000 for a 40% share; Royal Dock Gardens, near Custom House DLR, where a 35% share in a one-bedroom apartment can be had from £115,500; and Royal Wharf’s Corsair House, a development offering shared ownership that launches this autumn.
Evening Standard (21/10/2016)
21st October 2016
Figures from the Office for National Statistics indicate that house prices grew an average of 8.4% in the 12 months to August - higher than the 8% rate in the year to July and the nineteenth consecutive month of growth. House prices in the east of England grew at 13.3%, faster than the south-east and London, where the rate of growth was 12.2% and 12.1% respectively. Newham saw the strongest growth in the capital, with annual price increases of 23.7% taking the average to almost £373,000. The average UK house price was £219,000, which is £17,000 more than a year ago.
The Times (19/10/2016) Evening Standard (19/10/2016)
21st October 2016
Buying even the smallest London home for £120,000 or less will be impossible by the end of the year as prices continue to rise. Only a handful of studios on the eastern and southern fringes of the capital are still on the market at that price, 3.3 times workers’ average pay of £36,258. The sub-£150,000 band is expected to disappear from the market by 2020.
Evening Standard (17/10/2016)