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%.
MOREEssential news affecting the world of property
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%.
MORE26 January 2024
The City of London Corporation has approved a 14,000 sq m office scheme incorporating landscaped terraces and urban greening at 30 Minories EC3N in the east of the City, replacing a postwar building. A Victorian warehouse building known as 'Writers' House', will be retained and repurposed as a community hub featuring an archaeological and cultural centre, along with retail space and affordable workspaces above. Artefacts from the excavation will be housed in a public exhibition, and the car park at Sheppy Place will be transformed into a green public space. City of London Corporation.
MORE1 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'.
MORE8 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.
MORE11 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.
MORE29 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.
MORE6 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.
MORE24 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
MORE16 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.
MORE16 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.
MORE14 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.
MORE12 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.
MORE5 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.
MORE3 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.
MORE28 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.
MORE23 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.
MORE23 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.
MORE20 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.
MORE20 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.
MORE20 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.
MORE24 September 2020
Galliard Homes are marketing a development located above the new Tottenham Court Road Crossrail entrance at Dean Street W1. The apartments are located in London's Soho, just off Oxford Street and feature private external spaces in the form of winter gardens, balconies and terraces.
MORE24 September 2020
Property agents Savills expect an increase in the need for flexible office space, with flexible office space replacing excess retail space on high streets and shopping centres. This could lead to an increase in demand for office space close to homes in rural and suburban areas.
MORE16 September 2020
Joseph Edmund developers have appointed RED Construction and architects Darling Associates to transform Audiology House to create 19 apartments. Audiology House is a Victorian Villa situated in a conservation area in Clapham, and was originally owned by the engineer George Jennings.
MORE3 September 2020
Savills confirm that London applicants viewing property in London in June and July this year have been 37% higher than in January and February. However this rises to 97% for London applicants looking for property outside of the capital. Savills' applicants for prime rental property increase by 60% by the end of July compared with the 12 weeks prior to lockdown. The same research also shows the desire for extra space such as a garden, and also an increase in 'try before you buy' tenants.
MORE1 September 2020
The Bank of England July 2020 Money and Credit report confirms that 66,300 mortgages for house purchases were approved in July, up from 39,900 in June. Approvals are still below the 73,700 reported in February 2020.
MORE25 August 2020
Norman Foster's architecture practice Foster + Partners has proposed plans for a temporary reusable building to house Parliament while the Palace of Westminster undergoes major restoration. The glass and steel building is inspired by the Crystal Palace built in Hyde Park to house the 1851 Great Exhibition.
MORE19 August 2020
The Land Registry has resumed publication of its House Price Index, with the April 2020 data showing prices falling in London by 1.6% for the period March to April 2020, however confirms an annual rise of 2.3% to April 2020. The Nationwide House Price Index showed annual growth for the UK of 1.5% in July 2020, and a monthly rise of 1.7%, reversing the previous month's fall.
MORE7 August 2020
Keystone London and GLA Land and Property are to gain outline consent for the redevelopment of the West Silvertown area of the Royal Docks. The scheme masterplanned by Foster and Partners will be know as Thameside West and includes 5,000 homes, 19,000 sq m of workspace, 7,000 sq m of leisure and retail, a new riverside park and a new DLR station.
MORE6 August 2020
The UK government announced its plans to overhaul the planning system, categorising land for growth, renewal or protection. The aim is to protect green spaces and speed up the delivery of new homes on brownfield sites. Good design is to be prioritised with a fast-track for 'beautiful buildings'. Section 106 agreements and the Community Infrastructure Levy will be replaced with a levy based on the value of the development. The government also announced the First Homes scheme offering 30% discount to first-time buyers, key workers and local people. Update 6 August 2020: Comment by CBRE.
MORE29 July 2020
Hackney Council have approved the demolition of an existing building and construction of a 6/7 storey building comprising of flexible working space and co-living accommodation at 305a Kingsland Road E8. The developers are Pause and the scheme was designed by PH+ Architects.
MORE27 July 2020
Southwark Council planning committee has approved an application to redevelop Dulwich Hamlet Football Stadium creating a new stadium and 219 residential dwellings. The application was submitted by Dulwich Hamlet Football Club and Meadow Residential and the scheme was designed by Alan Camp Architects.
MORE21 July 2020
The UK government has announced changes to the Use Class Order that will come into effect from 1 September 2020. A new Class E (Commercial Business and Services), will replace the existing Classes A1, A2, A3, B1, D1 & D2, with some exclusions. There will also be new Classes F1 (Learning and Non-residential Institutions) and F2 (Local Community). The government's aim is to allow the high street to adapt to changing demands.
MORE8 July 2020
In a 'Plan for Jobs' speech the Chancellor Rishi Sunak announced that the threshold for stamp duty was being raised from £125,000 to £500,000 resulting in no stamp duty being paid for transactions below that level. This is a temporary cut effective immediately and running to 31st March 2021. Update 7 August 2020: Savills predict increased demand where finance is not a barrier.
MORE2 July 2020
Architects Roger Stirk Harbour + Partners have submitted plans, on behalf of Transport for London and Native Land, to overhaul South Kensington Station. The proposals, extending to 12,000m2, include a four storey building incorporating retail and workspace, with the surrounding land providing 50 additional homes.
MORE3 June 2020
The City of London Corporation has submitted a planning application to develop a 42 acre site at Dagenham Dock, the former site of Barking Reach power station. If successful, London's historic food markets, Smithfield, Billingsgate and New Spitalfields will move to the site in 2025, creating a world class wholesale food location.
MORE21 May 2020
HMRC estimates that UK residential property transactions in April 2020 were down by 53.4% over April last year, and 46.1% lower than March 2020. Non residential transactions were 45.2% lower than April 2019 and 22% lower than March 2019. Such low transaction levels were last evident during the 2008 global financial crisis.
MORE13 May 2020
The government has announced that from 13th May 2020 house moves can how go ahead, subject to restrictions. Estate agents' offices and show homes can open and viewings can go ahead as long as guidelines are followed. To support safe housebuilding the government has allowed more flexible working hours. A charter for safe working practices has also been published, in conjunction with the House Builders Federation to ensure that works are carried out safely during the coronavirus epidemic.
MORE21 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.
MORE16 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.
MORE24 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.
MORE19 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.
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