London Development Sites
Property development opportunities in London
Essential news affecting the world of property
11 May 2023
The Bank of England's Monetary Policy Committee (MPC) voted by 7-2 to increase the Bank Rate by 0.25% to 4.5%. The two members that voted against the rate rises preferred to maintain the rate at 4.25%. The Consumer Prices Index (CPI) inflation was 8.7% in the 12 months to April 2023, which is down from 10.1% in March.
2 May 2023
The Nationwide House Price Index showed that annual house price growth was -2.7% in April, however the monthly figures showed a 0.5% increase. This is the first rise after seven consecutive declines.
19 April 2023
Savills research points to a significant reduction in London land transactions over the last six months. Central London residential land values have declined 5.5% annually but have remained stable over the last quarter, however Outer London values have declined by 9.5% in the six months to March 2023 taking the annual decline to 16%. The Outer London market has been disproportionately impacted by build cost inflation, slowing sales rates, the end of Help to Buy and rising mortgage rates. For the six months to March 2023 office land values have declined by 17.6% in Central London and 22.6% in Outer London.
6 April 2023
On an annual basis the Halifax House Price Index shows that house prices were 1.6% higher this March, however this is the weakest increase since October 2019. The typical house price is now £287,880, 2% below the peak last August. London prices are just 0.1% higher than a year ago at £537,250.
1 April 2023
The Nationwide House Price Index reports that house prices in the UK were down 3.1% this March compared to a year ago, and this is the largest annual decline since July 2009. Mortgage approvals were also weak at 43,500 cases in February, almost 40% below the same time last year.
23 March 2023
The Bank of England's Monetary Policy Committee voted 7-2 to increase the Bank Rate by 0.25% to 4.25%; two members preferred to keep the rate at 4%. The MPC will adjust the Bank Rate as necessary to return inflation to the medium term target of 2%. Inflation unexpectedly rose to 10.4% in February.
22 March 2023
The ONS UK House Price Index for January 2023 shows that average houses prices rose 6.3% to £290,000 in the 12 months to January 2023. This is down from 9.3% in December 2023. London saw a rise of 3.2% to £534,000, which is the lowest rise in the UK.
20 March 2023
On the site of the Forum and Basilica in the heart of Roman London, the City of London Corporation have approved plans for a 32 storey tower featuring ground floor retail, a fifth floor heritage garden and 27,000 sq m of office space. The development at 85 Gracechurch Street EC3 will also reopen a historic pedestrian route between Gracechurch St and Lime Street.
16 March 2023
A CBRE report 'The effects of regeneration on local property values', analysed 11 regeneration zones in London and concluded that locations within a 10 minute walk benefitted from an average additional 2% increase per annum in residential property prices. The locations analysed were Canary Wharf, Colindale/Burn Oak, Elephant and Castle, Greenwich Peninsula, Kings Cross St Pancras, Nine Elms, Paddington, South Bank, Stratford, Wembley and Woodberry Down. Paddington benefitted the most with a 5.8% increase per annum. The research attributes this to many factors including improved transport links, enhancements to the area's heritage, retail and green space.
9 March 2023
The Royal Institute of Chartered Surveyors (RICS) Residential Market Survey in February 2023 reports falling house prices based on their House Price Balance. The House Price Balance is a figure based on the difference between RICS surveyors reporting an increase in house prices and the number of surveyors reporting a decline. Although negative, the figure has improved from -45% in January to -29% in February. With the rental market, the RICS report rent rises due to continued supply and demand imbalance.
7 March 2023
The City of London Corporation is the first planning authority in the country to ask developers to carry out carbon impact studies for buildings over 1,000 sq m before submitting an application. The aim is to encourage reuse of existing structures thereby reducing the Square Mile's carbon footprint.
2 February 2023
The Bank of England's Monetary Policy Committee voted 7-2 to increase the Bank Rate to 4% from 3.5% with the aim to achieve the 2% inflation target while maintaining growth and employment. Two members preferred to keep the rate at 3.5%.
31 January 2023
The remodelling of Fleet House in New Bridge Street EC4 will create and an additional 1,800 sq m of office space and a public rooftop garden. Almost three quarters of the existing structure will be retained, substantially reducing the carbon footprint compared to a new build. The project is designed by HOK for Atenor.
18 January 2023
The London Legacy Development Corporation (LDDC) is seeking a JV partner for the development of the 5.1 hectare site at Pudding Mill Lane. Outline planning permission allows for 948 homes (45% affordable) and a minimum of 30,000 sqm of employment, retail and community space, valuing the scheme at £675m GDV. Pudding Mill Lane DLR is situated at the heart of the development, with Stratford Station, the London Stadium, the London Aquatic Centre, ArcelorMittal Orbit and the UCL East campus being in close proximity. Image Gort Scott Architects. Queen Elizabeth Olympic Park
15 December 2022
At the December meeting of the Bank of England's Monetary Policy Committee the members voted 6-3 to increase the Bank Rate by 0.5% to 3.5%. Two members preferred to keep rates at 3% and one member preferred to increase the rate to 3.75%.
22 November 2022
The City of London Corporation have approved plans from the Museum of London to create a world class cultural destination within the historic buildings in West Smithfield. The museum will be rebranded The London Museum. Photo Secchi-Smith.
3 November 2022
The Bank of England's Monetary Policy Committee voted 7-2 to increase interest rates by 0.75% to 3%. One member preferred to increase the rate by 0.5% and one by 0.25%.
1 July 2022
The City of London Corporation have approved a 10 storey 12,102 sq ft office building at 3-4 Holborn Circus EC1. The building is designed by WilkinsonEyre architects for Evan Randall Investors and features retail at ground floor, a pocket park and a BREEAM pre-assessment rating of 'outstanding'.
8 March 2022
The City of London Corporation has obtained an Article 4 Direction removing the development right to convert offices to residential in the 'Square Mile' from the 1st of August 2022.
11 March 2022
Plans to transform London's oldest public park, Finsbury Circus Gardens, have been approved by the City of London Corporation. The scheme is designed by Architecture00 + Studio Weave and includes an 'urban forest' and a 100 capacity pavilion café built of low carbon concrete and Portland stone.
29 July 2021
The City of London Corporation have received planning consent for a Maccreaner Lavington and Erect Architecture designed scheme of 91 affordable homes. The development includes apartments in three villas along York Way N7.
6 May 2021
The City of London Corporation has released updated images of how the City will look in the mid 2020s. The images include projects approved in the past 12 months notably 50 Fenchurch Street, 55 Gracechurch Street, 60 Aldgate High Street, 70 Gracechurch Street and 2-3 Finsbury Avenue. Key proposals in the City Plan 2036 include more animated ground floor spaces with pedestrian spaces through tall buildings and urban greening. Photo Didier Madoc.
24 February 2021
The City of London Corporation has approved an office led 38 storey development by British Land and GIC. The building, designed by architects 3NX, will provide more than 83,000 sq m of office space and over 700 sq m of retail space. A new north south pedestrian route will connect Finsbury Avenue Square to Sun Street. Photo 3XN
16 December 2020
The Housing Secretary Robert Jenrick has announced measures to allow cities and their high streets to recover from the damage caused by the pandemic. The measures will enable the council to support the delivery of 300,000 homes, encouraging family homes while prioritising brownfield sites and urban areas.
16 December 2020
The City of London Planning & Transportation Committee has approved architect ACME's next phase of 4C Hotel's Minories Masterplan. The Masterplan includes a refurbished 342 bedroom hotel, a new 250,000 sq ft office building and 87 new homes, together with a landscaped park and urban squares.
14 December 2020
Assael Architecture and Montreaux Developments have secured planning permission for 204 homes in two buildings hidden by woodland. The proposed development is located in Colney Hatch Lane, close to New Southgate station and represents 10% of Barnet borough's annual housebuilding target.
12 November 2020
The RICS October 2020 survey of chartered surveyors who operate in the residential sales and letting markets shows increased buyer enquires, agreed sales, new instructions and prices.
5 November 2020
A Knight Frank survey of 40 leading investors with £62 billion invested in student accommodation, purpose built rented accommodation and senior living, expect to invest a further £10 billion in these sectors in 2021 and £42 billion over the next five years. This seems to indicate a diversification of investment covering all age groups. 70% of survey respondents expect these sectors to outperform others over the next 5 years.
3 November 2020
The Mayor of London, Sadiq Khan, announced the relocation of City Hall from its location at More London near London Bridge, to the GLA owned Crystal building on the Royal Victoria Docks. The move is expected to save £61m over the next 5 years and also act as a catalyst for the regeneration of the Royal Docks.
28 October 2020
Planning content has been granted for the Perkins & Wills designed Stage Visitor Centre in Shoreditch as part of a £750m mixed use scheme. The scheme showcases the recently excavated Elizabethan theatre, the Curtain Playhouse, and features a glass stage that floats above the archaeology find.
26 October 2020
Camden Council has given planning consent for a new pedestrian bridge linking Pancras Square and Coal Drop Yard. The 25m bridge, designed by Moxon Architects and structural engineers Arup for KCCLP, takes inspiration from the lost railway bridges over the canal.
23 October 2020
Knight Frank have identified property hotspots in the UK with future growth potential. The hotspots are based on existing house prices, house price to earning ratio, housing shortages, and access to services. The resulting locations are Surrey Heath, Fareham and East Herts with either fast trains or proximity to London, Tameside with close proximity to Manchester and Chesterfield, the gateway to the Peak District.
23 October 2020
The Oxford-Cambridge Arc encompasses a concentration of knowledge intensive industries supported by world class universities. A Lambert Smith Hampton report identifies opportunities in the region in the post-COVID economic recovery. The National Infrastructure Commission has suggested that one million new homes could be created in the region by 2050; the report discusses how the opportunity should benefit local residents and the UK economy.
20 October 2020
The City of London Corporation, in partnership with Oliver Wyman and Arup have published London Recharged: Our Vision for London in 2025. Its recommendations include the need to create spaces to innovate, citing start up incubators such as Station F in France and Level 39 in London. Pilot transformation of London's office spaces to support new uses has been suggested together with the need for affordable work space for artists and SMEs.
20 October 2020
The Thames Barrier Park in the Royal Docks has won the Green Flag Award for the third year running. The award recognises well managed parks and green spaces.
20 October 2020
Branded residences are those affiliated with a well known brand, usually hoteliers such as Ritz-Carlton and Four Seasons, but increasingly non-hotelier brands such as YOO, Baccarat, Missoni and Aston Martin. According to Savills research the branded residence sector has grown 170% over the last 10 years, achieving an average 31% premium over non-branded developments, however this varies substantially according to location.