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15th May 2015
New figures suggest that forecasts for population and jobs growth in London made by Mayor Boris Johnson were too cautious and that the average cost of a home in London is on course to reach £1m by 2030 as house building struggles to keep pace with a rapidly rising population. Oxford Economics has warned that house prices in the city could more than double over the next 15 years if its housing supply issue is not solved while its population continues to increase and that affordability problems in the capital would intensify even further if the expected increase in demand for housing coincided with a widening of the gap between rich and poor.
The Times (15/05/2015)
15th May 2015
The latest figures from Experian's Property Index show that in the first three months of the year the number of homes that came on to the market for sale hit their highest level since the start of 2010, totalling 229,939.
The Independent (15/05/2015)
8th May 2015
A new survey has found that the borough of Newham has seen the steepest rises in house prices in the UK, with the average cost of a home increasing from £243,209 in March 2014 to £291,364 12 months later – a 19.8% jump. The boom has been driven by the regeneration of Canning Town, and investment in new developments such as the showpiece Hoola project at Royal Docks and the restoration of the Millennium Mills. Greenwich, where the average house now costs £353,926, followed in second place, with growth of 18.8%. In a sign that prices may be stabilising amid the uncertainty wrought by the general election, Tower Hamlets and Hackney have both dropped out of the top ten
The Wharf (01/05/15)
8th May 2015
The FT looks at measures to develop the residential offering at Canary Wharf. Canary Wharf property prices rose by 4.2% in the year to March, compared with 14.9% across Greater London, and are set to rise even more following the completion of Crossrail in 2019. The Canary Wharf Group has begun work on a new development that will see 3,610 new homes go up on the peninsula’s eastern fringe, with the first phase due to go on sale in the next few weeks. South Quay Plaza, designed by Foster + Partners, is also due to go on sale later this year - while those looking for an immediate buy need look no further than Baltimore Tower, where a two-bedroom apartments start at £800,000, rising to £4.25m for a five-bedroom, four-bathroom triplex penthouse.
Financial Times (01.05/15)
8th May 2015
The Evening Standard’s Rosamund Urwin assesses the property related policies of parties vying to make up the next government, citing a National Housing Federation poll which shows that 63% of 18-34 year olds would be influenced by housing policy when voting in the general election. The Conservatives intend to expand the right-to-buy scheme and want 200,000 cut-price starter homes to be built for first-time buyers. Meanwhile, Labour has pledged a three-year exemption of stamp duty for first time buyers, a mansion tax, and a rental cap linked to inflation and three-year tenancies.
Evening Standard (06/05/15)
8th May 2015
Ian Hawksworth, chief executive of the developer Capital & Counties, has downplayed fears over uncertainty caused by the election and insists London remains the world’s most attractive market for property investment. Mr Hawksworth said: “The rentals, retail, offices market is very strong in London and although the residential market is quieter than it was a year ago we are still seeing positive demand”.
The Daily Telegraph (02/05/15)