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19th December 2014
House price growth in London is lagging behind some other British cities, with values falling up to 20% in parts of the capital, according to research from Hometrack.. London will "act as a drag" on the nation's house price growth next year, according to the report. Hometrack said that house-price growth has now moved out of London and into the wider South East region and key commuter routes.
Source: The Daily Telegraph (19/12/14)
19th December 2014
According to Zoopla, some 33% of the properties it has listed for sale have been discounted at least once, the highest proportion since August 2012. The average price reduction is 6.7%. In London, 29% of prices have been discounted. Lawrence Hall of Zoopla said: “The property market typically slows in December as buyers postpone their plans until the New Year and become preoccupied with the festive season, but these figures suggest that sellers may be being forced to become more realistic in order to secure a buyer".
Source: The Daily Telegraph (18/12/14)
19th December 2014
The Independent's Chiara Cavaglieri says that although the London property market is slowing down, according to the latest data, many experts see it as just reverting to a "normal" market. Adam Day of Hatched, says "There is certainly a slowdown of activity compared to the craziness of earlier in the year. But achieving 98% of the asking price is a 'normal' market. We also have to remember that there is a natural slowdown at this time of year. I believe January will be busy again". Ms Cavaglieri adds that many people believe the stamp duty shake-up announced in the Autumn Statement will help fuel a burst of activity, particularly among first-time buyers.
Source: The Independent on Sunday (14/12/14)
12th December 2014
Mayor Boris Johnson has granted approval for Canary Wharf Group’s 4.9m sq ft residential scheme at Wood Wharf. Completion of the first phase of the project is scheduled for 2018, coinciding with the arrival of Crossrail. Over 3,600 new homes will be created, with a 57-storey residential tower designed by Herzog & de Meuron sitting as the jewel in the crown of the scheme. Offices, retail units, parkland, a library, a GP surgery and a school for 420 children will also be built. A minimum of 25% of the new homes will be affordable, which could eventually rise to 40%. Mr Johnson praised the development, commenting “This is exactly the kind of scheme that we need to accommodate London’s booming population that is set to break through the nine million mark within the next decade”.
Source: Construction Enquirer (10/12/14)
12th December 2014
The second phase of the Royal Wharf scheme has just been put on the market, with 760 homes due to be finished by the beginning of 2018. Prospective purchasers shouldn’t be lulled into a false sense of security by the three-year gap though; the first phase sold out in days when put on sale in March. Prices for the second scheme of the development, a joint effort from Oxley and Ballymore, range from £250,000 to just over £1millon.
Source: The Wharf (10/12/14)
12th December 2014
Apartments in the 36-storey Stratosphere Tower in Eastern Street, Stratford, have been on the market for just six weeks; yet already, 90% of the 307 on offer have been sold. Developer Telford Homes claims it has seen record levels of interest in the properties, a mix of one, two and three-bed apartments and penthouses. David Campbell, Telford Homes’ group sales and marketing director, said “We are delighted with the sales success that we have seen at Stratosphere, a development which has generated exceptional demand due to the high quality build and unique design we have implemented as well as the abundance of amenities within Stratford”.
Source: Newham Recorder (08/12/14)