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20th November 2015
London Mayor Boris Johnson has given the green light to an £8.4bn, 12,700-home development on the Greenwich peninsula. Developer Knight Dragon is to build a number of high-rise towers, with smaller buildings to host shops, schools, and other community facilities, all surrounding a narrow “Central Park” area, designed by architects Allies & Morrison. A specially laid-on ferry has also been mooted, to carry commuters back and forth from the Canary Wharf financial district.
Already, work has begun on the first 2,822 homes, although the entire scheme could take 15 to 20 years to complete.
Financial Times (20/11/2015)
20th November 2015
A new development in Mudchute on the Isle of Dogs is set to launch later this month, aimed at buyers on a budget. The Milport scheme will see one- and two- bedroom flats available on a shared ownership basis, starting from £143,000. A recent survey found that asking prices in the borough are now averaging £617,705. The apartments, directly opposite Mudchute DLR station, are only available to those living and working in Tower Hamlets, making them the perfect entry-level buy for workers in Canary Wharf, being just a 10-minute hop away on public transport.
The Wharf (14/11/2015)
20th November 2015
Stratford is to be reclassified from travel Zone 3 to Zone 2 in January, as part of the continuing bid to spur economic growth in the area, already revitalised since the 2012 Olympic Games. The move will have a massive bearing on property prices in the area; research from CBRE has shown that the average price jumps from £488,000 in Zone 3 to £723,000 in Zone 2. New homes are being added to the area in and around the Olympic Park all the time, such as Chobham Manor, Stratford Riverside, and the Manhattan Loft Gardens.
Evening Standard (16/11/2015)
20th November 2015
The average asking price for a London home has fallen £10,184 over the last month, or 1.6%, largely because sellers are keen to get sales wrapped up before Christmas. The property website also notes that this is an annual trend, with five out of the last six Novembers seeing price falls. With annual growth of 20%, Newham is the fastest-rising borough, while Barking and Dagenham is second. Waltham Forest - home to Leyton, Chingford and Walthamstow - is also on the up, possibly recording growth of 20% over the next five years.
Evening Standard (16/11/2015)
20th November 2015
Office for National Statistics figures show that house prices across the UK rose 6.1% in the year to September, compared with a 5.5% rise in the year to August. The average price for a house in the UK is now £286,000, up from £273,000 last year. London has seen average property prices exceed half a million pounds for the first time with an average value of £531,000. The ONS noted that the volume of mortgage approvals climbed 3.9% in Q3 2015 to reach its highest level since the first quarter of 2014.
The Daily Telegraph (17/11/2015)
20th November 2015
A study by the House of Commons library shows that some of the first-time buyers hoping to buy one of the government's new starter homes in London will have to earn £100,000 and offer a deposit of £96,000. Eleven boroughs including Camden, Hackney, and Southwark will require a six-figure salary, with average prices reaching caps on values within a decade. Across the country, buyers will need an average deposit of £47,000 and an income of £55,000.
The Times (19/11/2015)