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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)
6th January 2017
About 67,500 mortgages were approved in November, up from 67,301 during the previous month, data from the Bank of England shows. The November figure marks the highest since last March. Home purchase mortgages in November amounted to £12bn, up from £10.4bn in August but down from £13.4bn in January 2016.
The Daily Telegraph (04/01/2017)
6th January 2017
A survey from developer Hammerson shows that more than half of millennials who still live at home with their parents doubt they will be able to afford to buy a property without help from a relative. It also shows that almost a quarter of millennials who are not on the property ladder are not concerned about owning a home, saying they would be content to rent for life.
The Daily Telegraph (03/01/2017)
30th December 2016
Telford Homes and M&G Real Estate have launched a £48.6m project that will see 125 new private rental homes built at Upton Park. The Forge is scheduled for completion by September 2019, and consists of six blocks of one-, two- and three-bedroom homes. Close to Upton Park tube station, Canary Wharf is just 16 minutes away by public transport, with Stratford and Bank 11 and 17 minutes away respectively. The development is the second that Telford and M&G have embarked upon, following a £69.3m project for 150 new homes in Bow.
Property Magazine International (29/12/2016)