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13th April 2018
The Silvertown Partnership is in talks with Indian conglomerate Essel Group, over the sale of its £3.5bn development in the Royal Docks. Existing plans to build 3,000 new homes on the brownfield regeneration site will still go ahead; however, Essel wants to build a 2.5m sq ft destination at the heart of the 62-acre project, celebrating India’s culture and history, including museums, a theatre, retail outlets, restaurants, a botanical garden, and a luxury hotel. HPW Architects will lead on the design while Mace, the developer behind the Shard, will take control of its construction. If the plans are approved by the Greater London Authority and the Silvertown Parnership, Essel Group’s proposed development could see the cultural centre open by 2023. A decision is expected this month.
Property Week (09/04/2018)
13th April 2018
House prices in London declined at their sharpest rate for nine years during the first part of 2018. Prices fell by 3.2% in the first three months of the year to an average of £430,759, the lowest since the end of 2015, according to a report by Halifax and IHS Markit. On an annual basis, London saw a 3.8% reduction, the worst drop since 2011. Most regions continued to show house price growth, but the South East was sluggish at just 0.3%. Leading growth was the East Midlands, at 7.3%, followed by East Anglia at 7.2% and Scotland at 6.7%. IHS Markit's Paul Smith said that as a result of the squeeze on real incomes, an undercurrent of Brexit-related uncertainty, and the likelihood of higher interest rates, "the market seems set to persist in a subdued state".
The Times (12/04/2018) City AM (12/04/2018) The Guardian (12/04/2018)
13th April 2018
Londoners pay at least four times more stamp duty, £27,232 on average, than the rest of the UK, according to London Central Portfolio (LCP), which said the capital contributed 39% of Britain’s stamp duty receipts, with the most expensive 10% of all properties contributing around 60% of receipts. Buyers in England and Wales paid around £7,161 on average.
City AM (09/04/2018)
13th April 2018
NAEA Propertymark research to mark National Home Improvement Month shows that UK homeowners have each spent an average of £1,875 doing up their property over the past five years. Mark Hayward, of NAEA Propertymark, comments: "If you're making improvements to add value to your home, it's important to not over-personalise the decor so it appeals to future buyers."
The Sun (06/04/2018)
13th April 2018
A growing number of Londoners are becoming less likely to object to building projects in their backyards as they are unable to get onto the property ladder, according to a poll. The YouGov survey showed 57% of adults in the capital now say “Yes” to more housing in their local area, with just 26% saying “No” – a change from 53% and 20% respectively in a similar poll in 2014. The “Yes In My Backyard”, or Yimby, attitude is particularly widespread in inner London, where 63% supported more local housing, while for outer London the figure was 54%.
Evening Standard (12/04/2018)
6th April 2018
Monday, April 9th will see the launch of three 32nd floor apartments in Canary Wharf’s flagship One Park Drive tower. The three Sky Lofts, at the intersection of two of the structure’s three distinct sections, have interiors by Bowler James Brindley, and include separate kitchen and lounge areas as well as five-piece bathroom suites, sculptured bathrooms and up to 1,300sq ft, wraparound terraces with access to all major rooms. Prices start from £2,750,000. The 58-storey One Park Drive, designed by Herzog and De Meuron, will eventually house 483 apartments across its Loft, Cluster and Bay sections, with residents having access to a lobby with concierge, a library and screening room, and a modern health and fitness suite, including a gym and 20m swimming pool.
The Wharf (06/04/2018)