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Silvertown, the former industrial hub just south of the Royal Docks, is undergoing something of a renaissance, with a £3.7bn investment programme bringing a business park, shops, restaurants and even a floating village to the area. Development is already well underway, and a one-bedroom apartment at Royal Albert Wharf can be had from as little as £385,000. However, Jon Hall, of developer Mount Anvil, says that prices are rising quickly, with average inflation 1.7 times higher than the surrounding E16 postcode. The company’s Royal Docks West project, a 19-level tower of 105 studio, one-, two- and three-bedroom homes, is due to be completed in the autumn; a two-bedroom apartment in the building starts at £590,000.
Evening Standard (23/07/2018)
The Rics quarterly poll of surveyors has indicated that construction growth in the second quarter of 2018 virtually matched that of the previous two quarters in London, despite evidence of constraints in finance and labour. Eleven per cent more chartered surveyors in London and the south east reported that their workloads had risen rather than fallen. Financial constraints, such as the difficulty of obtaining credit, were reported by 80% of national respondents to be the most significant impediment to building activity.
City AM (25/07/2018)
The number of residential property transactions dropped 3% between May and June to 96,370, according to data from HMRC, as the UK's stagnant property market shows little sign of picking up. House sales completions were 5.7% lower in June, compared with the same month last year. Kevin Roberts, director, Legal & General Mortgage Club, said: “Barriers to moving, such as stamp duty and the high price of property in our urban areas, means that for many the maxim remains ‘improve, not move’, as they seek to renovate or develop their homes, rather than move up the housing ladder.”
City AM (24/07/2018) Daily Mail (24/07/2018)
British banks approved lending for 40,541 house purchases in June, the highest since September last year and a 2.6% increase on May, according to UK Finance, which also said value of approved loans for house purchases had risen to over £8bn for the first time since February. A 3.4% year-on-year increase in remortgaging, the trade body added, made up for a 4.7% reduction in house purchase lending in June - compared to the same month last year.
City AM (25/07/2018) Daily Mail (25/07/2018)
Living the Docklands high life
Galliard Homes has unveiled two vast penthouses at the peak of Baltimore Tower, overlooking Millharbour Dock Basin, minutes away from Canary Wharf. The 45-storey tower has risen from the ruins of the London Arena; the two homes at the top have 2,622sq ft of internal double-height living space, along with expansive terraces offering majestic views of the capital’s landmark buildings. The interiors were designed by Nicola Fontanella, whose client list includes Madonna and Naomi Campbell, using water-like colours and natural finishes such as bronze, marble, leather and wood. The properties are priced from £3.85m, but for those with more modest budgets, other apartments in the building start at £695,000.
Evening Standard (19/07/2018)
Research shows that a drop in demand from individual buyers is seeing developers sell luxury London homes in bulk to corporate landlords, with 39% of London new-build sales in Q2 2018 bulk deals. The research from the Molior London consultancy notes that “the number of unsold new homes in London continues to rise beyond previous records".
The Times (18/07/2018) Financial Times (18/07/2018)