Essential news affecting the world of property
21 April 2019
A record 60 tall buildings were built in London in 2019, that is up 140% on the 2018 figure, according to the Annual Tall Buildings Survey published by New London Architecture and Knight Frank. 88% of the completed buildings are residential. Furthermore there are 525 buildings in pre-planning, planning and construction.
16 April 2020
In response to COVID-19 Barratt Developments, Britain's largest house builder, temporary closes all sales centres and construction sites and suspends all house buying activity. Furthermore 85% of their staff are to be furloughed on full pay. Activities are to recommence when it is appropriate to do so.
24 March 2020
The UK government has announced the Coronavirus Business Interruption Loan Scheme, offering businesses loans of up to £5m to help survive the disruption caused as a result of the COVID-19 outbreak. The scheme is operated by the British Business Bank via accredited lenders.
19 March 2020
The Bank of England's Monetary Policy Committee cut interest rates to a record low of 0.1% at a special meeting on the 19th of March. The aim of the cut is to help UK businesses and households cope with the economic disruption expected as a result of the measures necessary to contain the spread of the Covid-19 virus.
10 March 2020
The Bank of England reduced the Bank Rate from 0.75% to 0.25% and launched a Term Funding Scheme to assist households and businesses to cope with the disruption associated with Covid-19.
12 March 2020
The UK government is to streamline the planning process to speed up the decision making process. Housing Secretary Robert Jenrick MP announced proposals to encourage building upwards, above stations and the housing-led redevelopment of high streets. The government will also launch a register or brownfield sites to encourage development.
17 February 2020
Rightmove reports a 26.4% increase in sales in London compared to the same month a year ago. The average price of property coming to the market in London has also increased by 2.7% compared to last month and a 2.4% increase on the same month last year.
20 December 2019
Westminster Council have approved plans to redevelop the Grade II listed Whiteleys Shopping Centre in Queensway. The scheme will provide 153 apartments and town houses, a hotel and 75,000 sq ft of retail, while restoring the listed facade, central courtyard and dome. The architects for the scheme are Foster and Partners. Whiteleys Development
9 April 2019
Despite a softening of the retail market in London, Bond Street together with Marylebone High Street and Spitalfields remain robust. Zone A rents at Bond Street are currently £2,500 per sq ft. The number of international stores debuting in London, including smaller emerging retailers, increased substantially in 2018. Savills
4 March 2019
New Architecture London and G L Hearn's Annual Tall Building Survey shows that the number of tall buildings under delivery is the highest in history. In 2019, 76 buildings over 20 storeys will be completed, which is three times the number completed in 2018. The report shows that there are 541 towers in the pipeline, 90% of which are for mainly for residential use. NLA
27 February 2019
The Mayor of London has supported rooftop developer Apex Airspace by providing a loan of £10m to create new homes above existing buildings. The firm will use the latest technology, using offsite construction methods, to minimise disturbance to neighbouring properties. Apex Airspace
6 February 2019
Knight Franks' London Report finds that London retains the top position in the world for investment in commercial real estate, attracting £16.2bn in 2018. The next wave of technology firms are expected to create substantial demand in the future. Knight Frank
30 January 2019 Hammersmith and Fulham Council have approved planning for an update to the Olympia Exhibition centre. The project includes two new art venues, a four screen arthouse cinema, 10,000 sq ft of performance and rehersal space, 2.5 acres of pedestrianised public space and new cafes, hotels, restaurants and shops. Olympia London
October 2018
The Housing Futures survey carried out by Strutt & Parker identify 8 ideas that will shape the future of home ownership. The ideas include using blockchain to record transactions, driverless cars affecting the importance of public transport, peer to peer lending and crowdfunding to fund development and investment, on-site energy sources, and AI and machine learning to create intelligent homes. Strutt & Parker
27 June 2018 London's only Enterprise Zone, the Royal Docks in East London, has been given the green light for a £314 million regeneration. Detailed plans for the 112 hectare Royal Docks Enterprise Zone were signed off by the London Economic Area Partnership. The planned investment will be carried out over the next 5 years. Mayor of London
18 June 2018 Old Oak Common in West London is the only place in the UK where HS2 and Crossrail meet. The recent approval of three major private residential schemes will kickstart development in the £26 billion opportunity area. The Old Oak and Park Royal Development Corporation (OPDC) aim to create 25,500 new homes and 65,000 new jobs. Mayor of London
Stamp Duty Cut Saves First Time Buyers in London £4,300 27 April 2018 The government scrapped stamp duty for first time buyers for homes valued up to £300,000 and reduced the amount payable for houses valued between £300,000 and £500,000. As a result the average first time buyer in London saved £4,300. HMRC
Living Rooms in the UK are almost a Third Smaller than they were in the 1930s 8 April 2018 Using data from Rightmove and Zoopla, LABC Warranty have analysed data of 10,000 homes from the 1930s to the present. The results show that average size of homes peaked in 1970 at 58m2 and are now 46m2. There is a more substantial drop in the size of living rooms, which were on average almost 25m2 in 1970 and are now on average 17m2. LABC Warranty
19 March 2018 The first phase of the 740,000 expansion of Westfield London is scheduled to open on 20 March 2018 with John Lewis opening its doors to their 230,000 sq ft store. The expansion forms part of the £8 billion regeneration of the White City Opportunity Area. Westfield London
5 March 2018 The government has announced a major overhaul of the National Planning Policy Framework to encourage the construction of new homes. The overhaul aims to ensure that the right homes are built with increased responsibility for both local authorities and developers to ensure that homes are built. The housing secretary Sajid Javid is promoting the construction of homes above railways, based on claims that up to 250,000 homes could be built in this way in London alone. Gov.uk
Small Publicly Owned Land for Sale in London The Mayor of London is making available a number of small publicly owned sites in London for small developers, housing associations and communities. Land currently available for sale in London include: Albany Road, Edmonton N18 2DY; Aylesbury Street, Neasdon NW10 0AP; Beechwood Avenue, Finchley N3 3AU; Brent Mead Place, Brent Cross NW11 9LJ; Bridge View, Hammersmith W6 9DD; Cable Street, Shadwell E1 0DR; Christchurch Road Streatham Hill SW2 4AP; High Street, Colliers Wood SW19 2BN; Long Lane, Finchley N2 8JP; Portree Street, Poplar E14 0HT. The deadline for proposals is 23 March 2018. Mayor of London
London Mayor approves 21 Storey 'off-site' Building with 100% Affordable Housing 13 February 2018 The Mayor of London has approved architects Metropolitan Workshop's 21 storey building in Croydon which is to be constructed 'off-site' in factories and then placed on site. The developer Pocket Living has agreed to make all of the 153 homes affordable. Mayor of London
Crossrail Regeneration to Create 180,000 New Homes by 2026 30 January 2018 Research by the property consultancy GVA shows that 180,000 news homes will be created along the crossrail route by 2026, together with 4.4 million square feet of new commercial space by 2021. The research shows that the impact of the Elizabeth Line will be significantly greater than initially predicted. Crossrail
UK Housing Stock is Valued at £7.14 Trillion an Increase of 34% over Ten Years 19 January 2018 The total value of housing stock in the UK has risen by £1.82 trillion over the last 10 years, to £7.14 trillion. London accounts for a quarter of the total value, at £1.785 trillion, but only 12% of the homes. London and the South East account for 87% of the total housing value gain over the last 10 years, however house price growth last year was highest in Edinburgh, Birmingham and Barnet. Savills
28 December 2017 The image above shows City of London's skyline in 2026 following the construction of 13 new consented schemes. The buildings are to have off site consolidation for deliveries and six of the buildings are to have free public viewing galleries. As of September 2017 there were 1.37 million square meters of office space in construction which is up from 1.22m in March 2016. Photo GMJ/City of London Corporation. City of London
28 November 2017 A Deloitte survey shows that the development of new offices in central London is down 9% over the previous six months, but volumes are still high compared to the long term average. The west end market in contract shows a 20% increase in activity. Deloitte
October 2017 The final part of the track that forms the Elizabeth line has been completed at Whitechapel Station. This coincides with the completion of Abbeywood Station, one of the 10 new stations that form part of the Elizabeth Line. The £14.8 billion project enters its next phase with a continuous track from Plumstead in east London to Royal Oak in the west. Photo © Crossrail Ltd. Crossrail
17 August 2017 The London Mayor aims to increase the supply of affordable homes by offering a fast track planning permission for developments that offer a minimum of 35% affordable homes. Developments on public land need to provide 50% affordable homes to quality for the fast tract service. Mayor of London
Highest Number of New Homes Built Since the 1930s but London needs more Affordable Homes 4 April 2017 According to a report by Savills the there are record number of houses being built in London since the 1930s with indicators suggesting 41,000 in 2016, but these do not meet the demand for homes costing less than £450 per sq ft. Savills estimate that 58% of the demand is for such homes, but only 15% of homes to be built in the next five years are forecast to be at this level. Savills
Housing Affordability Declines Fastest in London 17 March 2017 Over the past two decades housing affordability has declined fastest in London according to the Office for National Statistics. Kensington and Chelsea was the least affordable local authority where house prices were 35.8 times annual earnings. In 1977 average homes in England and Wales were 3.6 times annual earnings but by 2016 the multiple was 7.6. Office for National Statistics.
City of London Corporation and the Mayor of London Contribute £180m Towards the New Museum of London at West Smithfield 24 January 2017 The Museum of London confirms that it has raised £180 million towards its target of £250 million to create a new Museum of London at West Smithfield. The funding is provided by the City of London Corporation and the Mayor of London, and follows the appointment of architects Stanton William and Asia Khan. The proposal will conserve this historic site at West Smithfield which is located adjacent to the new transport hub at Farringdon. Museum of London
10 November 2016 The Chinese developer ABP is to invest £1.7bn to develop the Royal Albert Docks over the next eight years. The investment in the 35 acre site was originally announced in 2013 and is expected to crease 30,00 new jobs. The outline planning permission for a 4.7m sf ft development was approved by Newham Council in June 2015. ABP
Mayor of London Approves 10,000 New Homes at Barking Riverside 6 September 2016 A masterplan to provide 10,000 new homes, on a site that previously housed power stations and landfill in Barking, has been approved. The 180 hectare site on the north bank of the River Thames will have a target of 50% affordable homes. Mayor of London
