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30th June 2017
London is the second-best city in the world to invest in property, despite impending Brexit, jumping up from 8th place in the last index produced by investment firm Schroders. The Schroders Global Cities 30 index, which looks at factors affecting especially commercial property, was dominated by big American cities with the top spot taken by Los Angeles. “We maintain that London has a competitive advantage in location, language, scale, infrastructure and cultural diversity,” said Hugo Machin of Schroders.
Daily Mail The Daily Telegraph (27/06/2017)
30th June 2017
Data from Barclays Mortgages shows that 51% of buyers who made their first property purchase in the last five years regret not negotiating on the price. It also found that a fifth paid an average of £8,000 over the asking price – with this hitting £13,000 in London. Barclays said a fear of missing out on a property may have driven the failure to haggle and the inflated prices. With this in mind, the Telegraph offers advice to new buyers, saying they should: avoid rushing in; use an independent survey to negotiate a discount; and exploit the fact they are not in a chain.
The Daily Telegraph (24/06/2017)
30th June 2017
Chinese property developer ABP has started the construction of a £1.7bn business district at Royal Albert Dock. The project will create 4.7m sq ft of buildings that will act as a gateway to Europe for UK and Asian businesses. Mayor of London Sadiq Khan said the commitment was "evidence that London is open to investment from around the world".
Evening Standard (29/06/2017)
23rd June 2017
Construction News looks at the Canary Wharf Group’s Newfoundland project, the first residential tower to be built on the Canary Wharf estate. On completion in the fourth quarter of 2018, the 60-storey building will reach 220m, not far below neighbouring One Canary Wharf, which stands at 236m, hosting 636 apartments and two basement levels, directly above the Jubilee Line tunnels. It will eventually be joined by a second residential area immediately to the east of the estate, the New District. Formerly known as Wood Wharf, the site will host over 3,200 new homes, alongside almost 2m sq ft of commercial space and 335,000 sq ft of shops and restaurants. The Canary Wharf Group anticipates that the entire development will be complete by 2023.
Construction News (21/06/2017
23rd June 2017
Newham Council has ramped up its investment in the regeneration of Canning Town and Custom House, committing £111m to speed up plans for around 5,000 new homes and improvements to shops, streets, squares and parks. Three new neighbourhoods have been created in Canning Town since 2010, providing 1,200 new homes, with another 1,200 on the way. Mayor of Newham Sir Robin Wales said: “We know that residents have been frustrated that it has taken so long for the regeneration to get started, especially in Custom House. However we’ve never lost sight of our ambition for whole area”.
The Wharf (20/06/2017)
23rd June 2017
House price momentum has stalled as the average price tag on a property coming to market has dipped by more than £1,000 month-on-month. Across England and Wales, the average asking price was £316,109 in June, a 0.4% or £1,172 fall compared with May, and the first fall seen in the month of June since 2009 - at the height of the credit crunch. The annual rate of asking prices also slowed, to 1.8%. Asking prices in London and the South East were down month-on-month by 2.4% and 0.9% respectively. By contrast, asking prices were up by 1.7% in Yorkshire and the Humber, by 1.3% in the North West and the East Midlands, and by 0.8% in Wales.
The Times (18/06/2017)