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1st July 2016
London’s deputy mayor for housing James Murray has tried to calm industry nerves amid fears the EU referendum result could slow down house-building long term, worsening the housing crisis. Mr Murray told the London Assembly that he hoped to boost confidence at a City Hall meeting with major developers and housing associations next week. He called for London to secure a "substantial" affordable housing settlement from government for new housing, and more control over property taxes and planning.
Evening Standard (29/06/2016)
1st July 2016
The Standard’s Sara Yates says any dips in house values following the Brexit vote could offer a boost for first-time buyers trying to get a foot on the capital's property ladder. She says a protracted cooling of prices could be the opportunity they’ve been waiting for, highlighting that mortgage rates are low, and unlike during 2008’s crisis, financing looks set to remain available.
Evening Standard (24/06/2016)
1st July 2016
Rents in London consume almost two fifths of household incomes. Charges in the private sector have soared to levels only seen before the 2008 crash. The Resolution Foundation think tank revealed that London renters spent 37% of their incomes. Analyst Lindsay Judge said: "Rising housing costs have dragged living standards down across the capital over the past two decades." Social renters spent more than a fifth of their incomes.
Evening Standard, Page: 27
24th June 2016
Britain has voted to leave the European Union in a referendum result which has sent shockwaves across the continent and triggered financial market turmoil across the globe. With all the votes in, 51.9% voted to end the UK’s 43-year membership of the EU, with 48.1% in favour of staying in. Shortly after the result was confirmed, David Cameron announced he would be stepping down as prime minister, commenting that the UK “requires fresh leadership” as it seeks to pull out of the union. Analysts immediately predicted a slowdown in transactions, and a halt to the steep price rises seen in recent times, with the long-term effect dependent on how severely Brexit impacts the economy. House price growth is expected to decelerate most in in London, with declines especially likely in high-value markets.
24th June 2016
Cubitt Property Holdings and Make has withdrawn a planning application for a 56-storey skyscraper at 225 Marsh Wall, shortly before it was due to be looked at by Tower Hamlets Council’s planning committee last week; planning officers had recommended it for refusal, despite having been approved by former London Mayor Boris Johnson on the grounds that the site sought to “maximise not optimise the development potential of the site”. The development, which would have housed 414 residential units along with office, retail and community space, was also criticised for having an unacceptable impact on the area’s skyline.
Building Design (19/06/2016)
24th June 2016
A new property map of London reveals that Barking & Dagenham is the only London borough to have no properties valued at more than £1m. The research shows that its neighbouring boroughs in East London - Newham, Bexley and Waltham Forest - are also low on million-pound properties, with 1% of homes costing £1m or more. The borough with the highest concentration of £1m properties is Westminster at 63%, followed by South Kensington & Chelsea at 62%.
Daily Mail (19/06/2016)