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21st November 2014
House price growth rose to 12.1% in the year to the end of September, according to official figures from the ONS. The statistics show there was an 18.8% annual rise in prices in London. The ONS said the average home cost £272,000, with prices rising faster year-on-year than at any time since 2007.
Financial Times (18/11/14)
14th November 2014
Tower Hamlets’ Strategic Planning Committee has given its approval to three residential towers at South Quay, near Canary Wharf, meaning 1,644 new homes will soon be coming to the area. Councillors gave the green light to the 220m-high South Quay Plaza scheme, which will create 888 apartments across two towers, one of 68 floors and the other of 36. They also backed the Arrowhead Quay development – two towers of 55 and 50 storeys, containing 756 homes. However, plans for Quay House, a 233m-high tower, were rejected on the grounds that the site is in danger of overdevelopment.
The Wharf (07/11/14)
14th November 2014
Considering criticism of apartments in Battersea Power Station which went up for sale last month, the Express suggests that investors should look to east London if they want a more authentic environment in which to invest in property. The regeneration of Greenwich is discussed for those looking to escape fears that Battersea will become a “rich man’s enclave”.
Sunday Express (09/11/14)
14th November 2014
A study published by Aviva has found that 3m households living in rented accommodation believe they will never own their own home. However, 15% are saving for a deposit on a house, with one in five aspirational homeowners having been saving for over 10 years. A total of 28% say they are happy renting, and wouldn’t want to own a home
The Independent (10/11/14)
14th November 2014
A new report suggests that next year the collective value of buy-to-let properties could exceed £1tn in the UK, with a rise of £109.5bn being registered in the last year alone.. Since 2009, the market’s value has risen by £302bn, to now stand at £930.7bn. The report, from lender Kent Reliance, added "Rapid London house price growth has a much bigger effect on the private rented sector than it does in the wider housing market”.
Financial Times (08/11/14)
7th November 2014
London house prices are set to rise by almost a third over the next five years, according to a report from JLL. The report says: “There are still many very good reasons to buy and invest in London.” For the capital as a whole, JLL predict that prices will be 29.4% higher by 2019 — with the outer boroughs seeing growth of more than 30%. Adam Challis, JLL’s head of residential research, said potential buyers of more expensive properties were holding back until after the election. Elsewhere, JLL reports that the "bank of mum and dad" has replaced easy credit and high loan to value mortgages following the 2008 crash, giving people the ability to get on the property ladder. The report suggests that, in combination with the UK's housing supply crisis, this level of equity in the system is "keeping house prices high".