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Property giant British Land has been given planning permission for a £3.3bn project to create a new town centre in Canada Water, just across the Thames from Canary Wharf. Southwark Council approved the plans, which include 3,000 homes and will accommodate 20,000 jobs across a 53-acre site that includes a shopping centre, leisure park, the Printworks event venue and the former Dock Offices courtyard. Around 35% of the new homes will be considered affordable or for social rent. The project is expected to take 15 years to complete, with construction anticipated to start in the middle of next year. The scheme’s first phase includes a 34-storey tower.
Financial Times (01/10/2019) The Times (01/10/2019) City AM (01/10/2019)
House price growth in London is lagging behind the city average for the UK, edging up just 0.2% in August, compared to the 20 city average of 1.9%. However, data also revealed that mortgages for home purchases in London have been increasing slowly following the lower numbers seen since late 2014, suggesting that the decline in London housing sales has bottomed out. “We do not expect house price growth to increase but builders and agents in London will welcome any improvement in market activity,” the House Price Index report said. August was the first time since 2012 that no big city saw annual property growth rise above 5%.
City AM (27/09/2019)
UK homes have increased in value almost three times faster than their occupants' salaries over the past decade, according to new analysis. The average UK home has risen around 43% in value between 2008 and 2018, from £160,954 to £229,861. But over the same period the average salary has only increased by 15%, from 24,606 to £28,860. If wages had increased at the same rate as house prices over the period, the average annual UK salary would now be £35,187, according to the research by mortgage broker Private Finance. The firm’s managing director Simon Checkley said: "Over the past 10 years, as homeowners worked hard to earn an income, their home has done the same - arguably even more successfully."
City AM (01/10/2019) Daily Express (01/10/2019) Daily Mirror (01/10/2019)
London has moved out of "bubble-risk" territory for the first time in four years, according to a new UBS report, which however warns that the heady days of soaring house prices in the capital - which are around 10% below their mid-2016 peak - are long gone. Claudio Saputelli, head of real estate at UBS Global Wealth Management, said: “Many households simply lack the funds required to meet the banks’ financing criteria, which we believe poses one of the biggest risks to property values in urban centres.”
City AM (01/10/2019)
Knight Dragon has abandoned plans for a 500,000 sq ft film studio at Greenwich Peninsula, following the news that approval has been granted for another major film studio in Dagenham East. The developer will instead devote the space to more housing space; the number of homes has been increased from 15,730 to 17,487, with the amount of affordable housing increasing from 3,930 units, or 25% of the total housing, to 4,884, or 30%. Knight Dragon said the increase in housing provision was in line with the draft London Plan’s revised requirements for the area. Greenwich Bourough Council is expected to make a decision on the revised masterplan early next year.
Property Week (20/09/2019)
House price growth in the UK is at its slowest since 2012 at 0.7%, with London affecting the overall picture with a 1.4% drop over the past year alone. However CBRE’s new Borough by Borough report shows four of its top five locations for house-price growth in the capital in the past five years were in east London: Barking & Dagenham (51%), Newham (49%), Waltham Forest (44%), Bexley, in southeast London (42%), Redbridge (41%) and Havering (40%). CBRE attributed the boost to post-Olympic regeneration, the redevelopment of industrial sites, emerging tech hubs and young professionals looking for greater affordability.
The Sunday Times (22/09/2019)