New findings from Dataloft and Mount Anvil, the developer behind Canary Wharf’s Royal Docks West project, show that new flats in regenerating areas in London are the best buy for the long term. Sales prices of apartments in large regeneration projects have risen by an average of 17% per year between 2012 and 2016, in contrast to non-regeneration schemes in inner London, the report found. “We have observed a fundamental shift in the mindset of owner-occupiers in the past 18 months… Capital growth potential has emerged as [a critical factor], particularly in light of stamp duty costs,” says Mount Anvil’s Jon Hall.
Evening Standard (02/11/2018)
House prices are enduring their lowest rate of annual growth since March 2013, according to Halifax's latest house price index, leaving the average price of a house at £227,869 in October. The rate of annual growth slipped to 1.5% in the three months to October, the lowest annual rate seen since 2013 and a drop in growth rate of 1% from September. Jeremy Leaf, former RICS residential chairman, said however that "listings are increasing and four out of five sellers are said to be buyers - so there are some small grounds for optimism when the Brexit fog finally clears."
The Daily Telegraph (07/11/2018)
Canary Wharf’s first ever residential development has topped out at 450ft above ground level, a year ahead of its first residents moving in. The building at 10 Park Drive in the Wood Wharf neighbourhood at Blackwall has 345 apartments, with 74 studio, 115 one-bed, 141 two-bed and 15 three-bed properties; part of a 3,600 home district that will also include 380,000 sq ft of retail space, a doctor’s surgery, hotel, new primary school for 420 children, community sports hall and four public open spaces. 10 Park Drive is 80% sold and is currently off the market; however, apartments at nearby One Park Drive are currently on the market, with homes available from £825,000.
Property Funds World (30/10/2018) East London Advertiser (30/10/2018)
The London Borough of Tower Hamlets has granted planning permission to Rockwell Property for a hotel-led development at 82 West India Dock Road in Westferry. Located at the gateway to Canary Wharf, and next to Westferry DLR station, the 30-storey building will host a 400-room hotel and 66 new apartments, of which 35% will be affordable for local families; it has been designed by Simpson Haugh & Partners, the architects responsible for One Blackfriars and Circus West Village at Battersea Power Station. Construction is due to start on the site in the summer next year.
Property Week (26/10/2018)
The world’s most luxurious houses have fallen to their lowest annual growth levels for almost six years, according to new Knight Frank data, climbing just 2.7% in the last 12 months. London’s luxury values dropped 2.9% in the last year. "A combination of uncertainty surrounding Brexit, rising interest rates across major economies, a tighter regulatory environment and the remnants of high supply in some markets is impinging on price growth,” Knight Frank said. However, a separate report from JLL predicts that the average price of a new-build home in Zones 1 and 2 will rise 17.6% between 2019 and 2023, boosted by a combination of an incremental rise in GDP, a 4% rise in earnings, and moribund growth in new housing stock.
City AM (29/10/2018) Evening Standard (31/10/2018)
House prices are growing at the slowest annual pace since May 2013, Nationwide has announced, due to uncertainty about the economy and dampened demand from squeezed household budgets. Growth fell from 2% in September to 1.6% in October, putting the average UK house price at £214,534, down from £214,922 last month.
The Daily Telegraph (01/11/2018) Evening Standard (01/11/2018)