London house prices have endured their 16th consecutive month of declines, taking average prices in the capital below where they stood on the day of the Brexit referendum. The average home in London lost more than £13,000 in value over the 12 months to June, to £466,824, according to Land Registry data. Prices in Wales are up 4.4% annually and those in Northern Ireland climbed 3.5%. Within England, the East Midlands showed the strongest growth in prices with a rise of 3.2% on last June's property values. Analysis by Savills indicates that 18 London boroughs still have prices higher than they were on the day of the referendum, though 14 and the City of London have seen falls. Prices in the City are 21.6% below June 2016, the worst-affected area, while the biggest Brexit falls in any borough were in Hammersmith and Fulham, down 11.4%. In Barking & Dagenham they remain 11% higher and, across Brit ain, prices rose 0.7% in the month of June to an average of £230,292 - up 0.9% on June 2018. Richard Donnell, research and insight director at Zoopla, said: "Signs of greater realism on pricing from sellers has resulted in a small but important increase in sales, but affordability and weak market sentiment are still the main constraints here."
The Times (14/08/2019)
A development boom in East Belgravia will see £1.4bn of investment in luxury homes and hotels, according to a new report. The plot of land between Upper Belgrave Street and Grosvenor Place has been earmarked for private mansions, penthouses and VIP clubs, earning it the moniker “billionaire’s strip”. “Currently the value of property within this enclave is underpriced relative to neighbouring addresses and this has attracted inward investment from both corporate and boutique developers, with the regeneration taking place likely to generate an uplift in property values in the location over the next two to three years,” commented Gary Hersham, founding director of Beauchamp Estates.
City AM (16/08/2019)
Residents in two east London tower blocks, Treves House and Lister House, are celebrating a Tower Hamlets Council U-turn that will save the buildings from demolition. Mayor John Biggs confirmed that plans to demolish the 1950s towers had been shelved. A new expert report into options for the blocks had proposed a £1.8m plan to refurbish them, with new roofs and windows being the main work needed.
Housebuyers are prepared to pay up to £15,000 for a garden when purchasing a property, according to Zoopla. The online platform found that prospective buyers put the importance of outside space on the same level as a top-end kitchen or bathroom, with a further 40% even saying they would consider hiring a professional garden designer in order to transform their outside space. Gardens are considered to be so important that 74% of homeowners have either already spent money on their outside space or would consider doing so in a bid to increase the value of their property.
Old Kent Road – the least desirable square on the Monopoly board – is at the heart of a £10bn makeover. A study of the area in south-east London has identified more than 40 major planned developments that will transform a two-mile urban stretch over the next decade. Chief executive Richard Kalmar said that while “it may be a while before Old Kent Road replaces Mayfair on the Monopoly board” the area has “unrivalled potential”.
Homes and Property (14/08/2019)
The Mayor of London is considering a radical overhaul of planning rules that would make green space as vital as access to water or energy. Sadiq Khan has signalled he will support a scheme by the Fabian Society that demands that future developments should guarantee that every resident is no more than 1,000m away from green land not covered in concrete or tarmac. A new report from the society shows that a fifth of London is more than a kilometre from areas of nature, despite the fact that green space accounts for nearly half of the city (47%).
The Independent (07/08/2019)