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12th December 2014
The second phase of the Royal Wharf scheme has just been put on the market, with 760 homes due to be finished by the beginning of 2018. Prospective purchasers shouldn’t be lulled into a false sense of security by the three-year gap though; the first phase sold out in days when put on sale in March. Prices for the second scheme of the development, a joint effort from Oxley and Ballymore, range from £250,000 to just over £1millon.
Source: The Wharf (10/12/14)
12th December 2014
Apartments in the 36-storey Stratosphere Tower in Eastern Street, Stratford, have been on the market for just six weeks; yet already, 90% of the 307 on offer have been sold. Developer Telford Homes claims it has seen record levels of interest in the properties, a mix of one, two and three-bed apartments and penthouses. David Campbell, Telford Homes’ group sales and marketing director, said “We are delighted with the sales success that we have seen at Stratosphere, a development which has generated exceptional demand due to the high quality build and unique design we have implemented as well as the abundance of amenities within Stratford”.
Source: Newham Recorder (08/12/14)
12th December 2014
The Evening Standard looks at what is in store for London’s property scene in 2015.. It predicts that Zone 3 will become the new hot area, as buyers, priced out of central districts, will continue to push into cheaper areas beyond the West End and City fringes, while purpose built rental villages will spread across the city, as more 20-35 year-olds shut out of home ownership accept that renting will become the norm in their lifetime. The paper also forecasts that new forms of “intermediate housing” will be introduced for those who cannot afford to buy but whose income is too high for them to qualify for housing benefit, making them reliant on private landlords. Finally, it tips Canary Wharf Group, Peabody and St William as three developers to watch in the New Year. Elsewhere, a panel of property experts tell the paper that low interest rates and good mortgage rates will make 2015 a great time to buy.
Source: Evening Standard (10/12/14)
12th December 2014
According to the Bank of England, buy-to-let lending rose to £8bn in the third quarter, the highest quarterly amount since 2008 and up from £5.9bn for the same period last year. The growth also contributed to the quarterly rise of 0.5% in all residential loans outstanding in the three months to £1.256bn. Jonathan Harris, managing partner of Anderson Harris, said: "There is a general feeling that buy-to-let lending is a viable option again, although it is not the free-for- all of 2006/07. The rigours of the mortgage market review, introduced in April, and the capping of the number of high loan-to-value mortgages, have restricted the money coming into the lenders hence the focus on buy-to-let".
Source: The Daily Telegraph (10/12/14)
12th December 2014
London Mayoral hopeful Diane Abbott has backed proposals drawn up by Generation Rent for a 50% levy on rents above a local cap in the capital. Money raised from the levy would go on affordable housing. Ms Abbott commented that businesses would benefit from rent controls because London would become affordable for staff. Generation Rent director Alex Hilton said: “This rent slavery, where people are ground down working to build their landlords’ buy-to-let empires, is untenable.”
Source: Evening Standard (09/12/14)
28th November 2014
A Malaysian property investment group has emerged as a potential partner for a £2bn London residential joint venture with Ballymore. Eco World Development Group is understood to be the frontrunner to team up with Irish developer Ballymore on developments that will deliver 3,000 homes as well as 250,000 sq ft of commercial space. The deal would see Eco World funding projects and Ballymore retained as development manager. The schemes would be at Arrowhead Quay in Canary Wharf, phase two of London City Island on the Leamouth Peninsula, and phase two of Embassy Gardens in Nine Elms, SW8.
Estates Gazette (24/11/14)