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10th June 2016
London Mayor Sadiq Khan has told the Standard that he cannot solve the capital’s housing crisis overnight, adding that in the short term the city will be delivering homes that predecessor Boris Johnson gave permission for – “and they are not affordable.” Mr Khan says he wants to create diversity of homes in the capital with “first dibs for Londoners,” adding that this will include “a role for council homes, a role for a new type of rental property called a London living rent [in new builds where the rent will be capped at a third of the average local earnings] and a role for shared ownership”.
Evening Standard (08/06/2016)
10th June 2016
Research from JLL shows it is possible to buy a home in London’s Zone 1 for less than £600,000, and in Zone 3 for under £215,000. Nick Whitten, residential research associate director at JLL, said the capital’s affordability issues are “well documented,” but suggests “the good news is that there are still relatively affordable one-bedroom flats on the market."
Evening Standard (09/06/2016)
10th June 2016
The Standard highlights a London Tube map compiled by Totallymoney.com which details the average cost of homes, per square foot, within half a kilometre of every Tube stop. At Canary Wharf, the average cost is £658; one stop to the west on the Jubilee Line, the price drops to £625, while two stops to the east, at Canning Town, it drops even more significantly, to £435. Joe Gardiner from Totallymoney.com says: “Across London we see smaller properties, such as flats, offering the worst value for money with an average price per square foot of £913. This is 22% more than the average semi-detached home”.
Evening Standard (09/06/2016) Totally Money
3rd June 2016
Just six minutes from Canary Wharf and 16 minutes from Bank, Bow currently offers a number of attractive new developments for property hunters, such as the St Paul’s Square project. Countryside has just put a new phase of homes on the market, a mixture of one- to four-bedroom apartments offering fitted kitchens, bathrooms and en suites, with balconies and terraces overlooking communal landscaped gardens. Close to Mile End tube station and Devons Road DLR, the Queen Elizabeth Olympic Park and Westfield shopping centre at Stratford are also within easy reach. One-bedroom apartments start at £420,000, with two-beds from £475,000. Elsewhere, M&G Real Estate and Telford Homes are working on a £69.3m development near Langdon Park DLR, comprising 150 new homes spread across two five-storey buildings and one 22-storey tower. The homes are primarily aimed at the rental market, and should be complete by September 2019.
The Wharf (02/06/2016) City AM (31/05/2016)
3rd June 2016
Khan: Londoners should have first option on new homes
London mayor Sadiq Khan has called for the city’s residents to have the first option on new homes, partly to prevent London becoming “the world’s capital for money laundering”. Mr Khan told ITV's Peston On Sunday that developers may be obligated to market new property in the capital to Londoners for the first six months in order to receive planning permission. He added: “We shouldn't be embarrassed of saying our homes are homes, not gold bricks for investment for investors in the Middle East and Asia".
Evening Standard (30/05/2016)
3rd June 2016
House price inflation slowed in May to a rate of 4.7% a year, according to Nationwide Building Society, but it added that a more prolonged slowdown is unlikely. The monthly increase in May was 0.2%, the same as April, helping to cut the annual rate from 4.9%. The average price for a home in the UK is now £204,368. Investors in the buy-to-let and second home sectors rushing to beat April’s stamp duty increase drove up demand in March, which has since dropped substantially, Nationwide said. Meanwhile, house prices in Greater London have breached £600,000 for the first time – 14% higher than a year ago and an increase of 7.9% on the previous quarter, according to analysis of Land Registry data by wealth manager London Central Portfolio. It claimed record low mortgage rates and decreases in the cost of stamp duty on properties costing less than £937,000 are helping to push up demand.
The Times (01/06/2016) Daily Mail (03/06.2016)