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12th December 2014
According to the Bank of England, buy-to-let lending rose to £8bn in the third quarter, the highest quarterly amount since 2008 and up from £5.9bn for the same period last year. The growth also contributed to the quarterly rise of 0.5% in all residential loans outstanding in the three months to £1.256bn. Jonathan Harris, managing partner of Anderson Harris, said: "There is a general feeling that buy-to-let lending is a viable option again, although it is not the free-for- all of 2006/07. The rigours of the mortgage market review, introduced in April, and the capping of the number of high loan-to-value mortgages, have restricted the money coming into the lenders hence the focus on buy-to-let".
Source: The Daily Telegraph (10/12/14)
12th December 2014
London Mayoral hopeful Diane Abbott has backed proposals drawn up by Generation Rent for a 50% levy on rents above a local cap in the capital. Money raised from the levy would go on affordable housing. Ms Abbott commented that businesses would benefit from rent controls because London would become affordable for staff. Generation Rent director Alex Hilton said: “This rent slavery, where people are ground down working to build their landlords’ buy-to-let empires, is untenable.”
Source: Evening Standard (09/12/14)
28th November 2014
A Malaysian property investment group has emerged as a potential partner for a £2bn London residential joint venture with Ballymore. Eco World Development Group is understood to be the frontrunner to team up with Irish developer Ballymore on developments that will deliver 3,000 homes as well as 250,000 sq ft of commercial space. The deal would see Eco World funding projects and Ballymore retained as development manager. The schemes would be at Arrowhead Quay in Canary Wharf, phase two of London City Island on the Leamouth Peninsula, and phase two of Embassy Gardens in Nine Elms, SW8.
Estates Gazette (24/11/14)
28th November 2014
A joint venture between Galliard, Frogmore and investment firm Cain Hoy Enterprises has announced plans for a new project at 2 Millharbour on the Isle of Dogs, having acquired land with the potential to build up to 900 luxury apartments with ancillary facilities.
The Wharf (24/11/14)
28th November 2014
Places for People and Balfour Beatty have reportedly been selected as preferred bidders to create up to 1,500 new homes at East Wick and Sweetwater in the Queen Elizabeth Olympic Park. The developments, which will include a “substantial element” of private rented sector housing, as well as affordable homes, is scheduled to be finished in 2023 – six years ahead of the original masterplan.
Property Week (27/11/14)
28th November 2014
Knight Frank says that “super prime” sales of London homes worth over £10m were up by a third between January and October to around 150, almost double the number of transactions in 2012. Sellers have reportedly been lowering their asking prices by up to 10%, triggering the flurry of activity.
Financial Times (26/11/14)