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17th October 2014
A total of 55,000 new homes – almost a third of the total planned for London – will be built in Newham, Tower Hamlets, Greenwich, and Barking and Dagenham over the next five years, thanks to lower average capital values. The key emerging areas include Canary Wharf, Canning Town and the Royal Docks, the Greenwich Peninsula, and Stratford.
Property Wire (14/10/2014)
17th October 2014
CBRE has reported that since its approval in 2008, Crossrail has increased the value of homes around its planned stations by over 20%. The consultant predicts that there will be a further 13% increase by its opening in 2018.
Evening Standard, Homes and Property (15/10/2014)
17th October 2014
A survey by Aviva reveals that London's renters are more optimistic about owning a home one day than anywhere else in the UK. The research showed that 40% of renters in London believe they will buy a house in the future, compared to a national average of 27%. Of the London would-be buyers, half said they were saving for a deposit, and the other half claimed they were waiting until they found the right house.
Evening Standard (14/10/2014)
17th October 2014
Neil Collins of the Financial Times defends planning policy changes which mean London office tenants can be evicted to allow residential conversions, arguing that new homes makes the capital a better place for both residents and workers. He comments that “A market force that replaces the daily tide of workers into the centre and out again with a multidirectional scramble will ensure a better use of London's crowded streets and trains”.
Financial Times (11/10/2014)
10th October 2014
Mayor Boris Johnson has intervened in the redevelopment of South Quay on the Isle of Dogs, in order to meet concerns that the number of tall buildings planned for the area could have an adverse effect on the capital’s skyline. He will work with Tower Hamlets Borough Council to create a masterplan for the area, offering a guide to developers as to what is deemed acceptable. Sir Edward Lister, deputy mayor for planning, said “what we cannot allow is a situation where planning is granted on a first-come-first-served basis with no overall strategy, as this could eat up valuable space, have a negative impact on the public realm and potentially cause other schemes to collapse”.
Source: Property Week (03/10/14)
10th October 2014
A consortium led by Dubai-based Arzan Wealth has purchased an 11-acre site at Crossharbour on the Isle of Dogs from Ashbourne Beech. Currently home to a branch of Asda, the site has planning approval for an 850-apartment development, although a new planning application is now likely to be submitted. Arzan’s chief executive Muhannad Abulhasan said the development would be aimed at meeting a shortage of “affordable and middle-income units for the general London population”, rather than at wealthier customers and speculators.
Source: The Wharf (07/10/14)