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Newham Council has rejected plans to expand passenger capacity and flying hours at London City Airport, because of concerns about noise pollution. Plans to expand its capacity from 5m passengers to 9m, while also extending its operating hours beyond existing curfews, were blocked by councillors on Newham's Strategic Development Committee, following warnings that the extra flights would result in “materially new and substantial harm” in the form of noise pollution. Green Party councillor Nate Higgins said the airport was a “blight on residents” and that the expansion would have “exacerbated disruption and affected residents who are already unhappy about noise pollution caused by the airport”. |
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Property Week (11/07/2023) |
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House prices fell last month at the fastest annual pace since 2011, according to the Halifax, with the average UK property price in June down 2.6% year-on-year, or £7,500, to £285,932. The drop was more than double the fall of 1.1% in May, marking the largest such fall for twelve years. Prices have come under most pressure in the south of England, falling by 3% over the past 12 months. Prices in London are also down by 2.6% year-on-year to £533,057, the largest fall in the capital since October 2009. Kim Kinnaird, Halifax's director of mortgages, said: "With very little movement in house prices over recent months, this rate of decline largely reflects the impact of historically high house prices last summer supported by the temporary stamp duty cut." |
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BBC News (07/07/2023) Evening Standard (07/07/2023) The Daily Telegraph (07/07/2023) The Guardian (07/07/2023) |
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An under-resourced planning system is causing delays in home construction and discouraging foreign investment in Britain, according to developers. A survey conducted by CMS, the law firm, found that 90% of builders believe the planning system is slowing down development, while an even greater proportion of the 270 questioned said the delays were the result of a lack of planning officers around the country. Martin Evans, a partner in the CMS planning team, said Britain's planning process was “increasingly raised as an issue when inward investors are looking at the UK”. It comes as data from Barbour ABI, a construction analytics group that feeds figures into the Office for National Statistics, showed that planning applications for infrastructure projects had fallen by 45% between April and June. |
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The Times (10/07/2023) |
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Experts have warned that if the Bank of England pushes interest rates to 7%, it could have dire consequences for the housing market, causing average prices to plummet. Craig Fish, managing director at mortgage broker Lodestone, believes that a 7% interest rate would tank the mortgage market completely. Tom Pugh, an economist at consultancy RSM, predicts that house prices could fall by more than a fifth if the base rate reaches 7%. Riz Malik, director of mortgage broker R3 Mortgages, warns that further rate hikes could be the final blow for the housing market. The Bank of England is expected to increase the base rate above 6% by the end of the year, heightening fears for the UK economy and household budgets. |
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The Independent (11/07/2023) |
Crossrail's appeal amongst homebuyers could be diminishing, according to new figures analysing the annual rate of growth across each postcode home to a Crossrail station and how their performance compares to the wider local authority in which they are located. The research shows that topline Crossrail house prices have climbed by 2.4% over the last year, marginally higher than the 1.9% increase seen across the wider local authorities home to a Crossrail station. The best performing Crossrail station over the last year has been Romford. Not only have house prices within the RM1 postcode increased by 14% year on year. In contrast, house prices within the E14 postcode, home to the Canary Wharf Crossrail station, have fallen by 17% in the last year, while Whitechapel’s E1 postcode has seen a 1% reduction. As a result, both Crossrail stations trail the wider borough of Tower Hamlets where the average house price has increased by 10% annually.
Property Reporter (04/07/2023)
According to new research by market analyst PropCast, Walthamstow and surrounding areas have been named as the “hottest” markets for property sales in London. Some 60% of properties currently for sale in the E17 postcode are already under offer or sold subject to contract. PropCast's research also shows that 54% of London is now in a “hot” sellers market, with the capital becoming a seller's market overall in June for the first time since January. Other hot postcodes include E11, Woodfood, Stratford, and various areas in south-east London. On the other hand, Kings Cross and the W1 postcode are among the coldest markets, with only 8% and 12% of properties for sale already under offer or sold subject to contract, respectively.
Evening Standard (03/07/2023)