Construction group Lendlease and private investment firm Starwood Capital have announced plans to acquire The Silvertown Partnership, which holds rights to the Silvertown Quays, a major development project between Canary Wharf and London City Airport in London’s east end. With an estimated development value of £3.5bn, the project has approval for 7m sq ft of residential and commercial use, including 3,000 homes. The joint venture partners are now in talks with the Greater London Authority and Newham Council to develop detailed plans for the site; Property Week speculates that, given Mayor Sadiq Khan’s vision to make 50% of all housing in the capital affordable, it could be opened up to a greater number of residential units.
City AM (11/06/2018) The Times (11/06/2018) Property Week (14/06/2018)
Land Registry data shows the proportion of homes sold in London was lower than any other part of England and Wales last year. In total, 3.2% of all private London residential properties were sold in 2017, compared with the average of 4.1% for England and Wales. The London figure marked a decline from 3.6% in 2016 while the average for England and Wales was down from 0.2 points. The borough of Havering had the highest proportion of sales at 4.06%, while Brent had the lowest percentage at 2.15%.
City AM (11/06/2018)
Figures from the ONS show that house prices have reached a record high in the UK, but property inflation has slowed to its lowest level since March 2017. The average house price rose 3.9% to £227,000. London house prices staged a surprise bounce in the month, rising 2.4%, with annual property inflation in the capital returning to positive territory at 1%. However, this is the lowest rate of growth for any of the UK regions.
Daily Mail (13/06/2018)
The UK’s mortgage lending plummeted in the first quarter, with the number of new commitments agreed to by lenders down 5.9% from the previous quarter, reaching their lowest level since 2016, according to the latest Bank of England data. The share of lending to first time buyers also decreased 19.6% in the period, and there was a 9.6% drop in gross advances to £62.4bn. Meanwhile the share of buy-to-let lending increased, accounting for 13.9% of new lending, and remortgaging rose by 3.2 percentage points.
City AM (12/06/2018)
Over one-third of first-time buyers in London are changing the location of their property searches after stamp duty was scrapped for first-time buyers on the first £300,000 of any home costing up to £500,000.
Financial Times (08/06/2018)
London Mayor Sadiq Khan has unveiled revised plans for a new £1.1bn mixed-use cultural centre in the Queen Elizabeth Olympic Park, which will be home to the BBC’s live music facilities. Its Symphony Orchestra and Chorus and the BBC Singers will join a dance theatre for Sadler’s Wells, a campus for the University of the Arts London and a new venue for the Victoria and Albert museum at East Bank, former known as Olympicopolis. The Mayor also announced that at least 50%of new homes across the remaining development sites on the Park - Stratford Waterfront, Pudding Mill and Rick Roberts Way - would be affordable.
City AM (05/06/2018) Property Week (05/06/2018)