Tag Archives: crisis
Proposals released for 24,000 new homes in London’s historic Royal Docks
Surplus industrial land around the historic Royal Docks in London is to be released for new home building under proposals put forward for consultation by the city’s Mayor In the 19th and early 20th centuries, the Royal Docks in East London were at the very heart of London's commercial success, acting as a hive of industry and attracting trade and people from all over the world. The Mayor’s vision is to restore the Royal Docks to its former glory and the area is currently enjoying an incredible transformation. Chinese developer ABP has secured planning permission for a large financial and business district at Royal Albert Dock with work starting later this year alongside two new hotels which are already underway. The Silvertown Partnership has already started restoring the iconic Millennium Mills at Silvertown Quays and will eventually deliver a new development including creative workspace, exciting new brand buildings and over 3,000 homes. The Docks are also set to benefit from major transport infrastructure projects such as Crossrail and new crossings over the Thames, such as the Silvertown Tunnel. Now, the Mayor is building on that success by launching a consultation on proposals to transform further parts of the Docks and adjoining Beckton Riverside to become a world class business destination as well as 24,000 new homes. ‘This part of London was once a global standard bearer for trade and industry and we are already bringing about a new era of prosperity with exciting schemes transforming Royal Albert Dock and Silvertown Quays,’ said Mayor Boris Johnson. ‘Now we want to take that success to a new level and transform further parts of the Royal Docks, capitalising on the potential of Crossrail and other transport infrastructure improvements to deliver more of the homes and jobs London so urgently needs,’ he added. A planning framework for the Royal Docks and Beckton Riverside focuses on releasing surplus industrial land and intensifying other sites, which City Hall believes will open up further developable land on the north banks, potentially leading to the delivery of 24,000 homes and 60,000 new jobs. The plans also explores the need for new and improved transport infrastructure to serve key development sites and improve the capacity of the existing network, including proposing new routes, a river walk and a network of open spaces. ‘With careful planning, the potential exists to build on the work we have already done at Royal Docks and deliver tens of thousands more homes and jobs. I hope this consultation brings forward exciting ideas about how we can further regenerate this historic part of the capital,’ said Sir Edward Lister, Deputy Mayor for planning. The Royal Docks and Beckton Riverside Opportunity Area Planning Framework forms a major part of the Mayor's vision for East London. In October last year he launched 'City in the East' which is a visionary framework detailing how major development should take place from London Bridge to the Isle of Dogs and Greenwich Peninsula, right through to… Continue reading
Residential rents in England and Wales rise for first time for several months
Rents in England and Wales increased by 0.1% between January and February, the first monthly rent since autumn 2015, according to the latest index. This took the average rent to £791 a month and could be the first of several rises as the private rented sector braces for anti-landlord policies such as tax changes. The data from the buy to let index from Your Move and Reeds Rains also shows that year on year rents are up 3.3%, or an extra £25 a month for the average tenant. Average rents are now rising on a monthly basis for the first time since September 2015, up 0.1% between January and February. Rents across England & Wales now stand at £791 per month as of February, 3.3% higher compared to this point last year – or an extra £25 per month for the average tenant. On a regional basis rent rises were led by the Midlands. In the East Midlands tenants have seen the fastest annual rent rises, up 7% over the last 12 months. This is followed by the West Midlands with 6.3% and the East of England with rents 6.2% higher than in February 2015. These three regions all stand ahead of London on this basis, with rents in the capital 4.8% higher than 12 months ago. As recently as November, London consistently led the field in terms of annual rent rises. Meanwhile, at the other end of the spectrum rents are lower than a year ago in three out of 10 regions. These exceptions are led by the North East where the average rent is now 2.5% lower than in February 2015, followed by Wales with rents down 1.5%, and the South East with a marginal 0.1% annual drop. Five out of 10 regions have now seen rents rising month on month. On this basis the East of England leads with rents in February 1.1% higher than in January 2016. The South East and the East Midlands are joint second on this measure with rents up 0.6% between January and February. By contrast, rents in Wales and the North East are now 0.9% lower and 0.7% lower than in January, respectively. On the back of the latest monthly increases, monthly rents in the West Midlands have set a new an all-time record high, at £596, alongside a new all-time record for Yorkshire and Humber rents at £559. The East Midlands, while home to the fastest annual rent rises in the twelve months to February, has seen rents remain just £1 short of the all-time record high set at £610 in November 2015. Adrian Gill, director of lettings agents Your Move and Reeds Rains, pointed out that rents are rising at a time when demand is growing. ‘Rent rises could now accelerate further. If government attacks on landlords bite, having worsened again in this week’s Budget, the flow of investment… Continue reading
Mortgage lending in UK fell in February month on month, no big change expected
Gross mortgage lending reached £17.6 billion in February, some 5% lower than January but 30% higher than February last year, according to the latest estimates from the Council of Mortgage Lenders. It is, however, the highest lending total for a February since 2008 when gross lending reached £24.1 billion. ‘Lending continues the year on a positive note, with our monthly estimate showing an increase of 30% in February compared to a year ago. This growth rate is in line with what we saw in the closing months of 2015,’ said CML economist Mohammad Jamei. He explained that the recovery is being underpinned by market fundamentals in the UK, as wages grow and unemployment falls, helped by government schemes and competitive mortgage deals but the CML thinks it is unlikely that there will be any significant acceleration in lending. ‘While there may be a slight current boost to lending as some transactions seek to complete before the 01 April tax changes in the buy to let sector, this is likely to be followed by a slight fall in activity. Affordability pressures continue to weigh on activity, as does the low number of properties coming on the market, though this has been improving very recently,’ he added. Andy Knee, chief executive of LMS, believes that apart from a slight dip in activity expected following the April tax changes, all factors are working in the mortgage market’s favour. ‘Despite a delay in the base rate rise, the remortgage market in particular is likely to continue unabated, with home owners sitting on record housing equity and capitalising on the hugely competitive rates currently available,’ he pointed out. According to Peter Rollings, chief executive officer of Marsh & Parsons, once the April deadline passes it will quickly revert to business as usual, and a subsidence in buy to let borrowing will likely water down the growth in the mortgage market. ‘The Chancellor is certainly laying the long-term foundations for future mortgage lending levels, with the Lifetime ISA announcement just the latest guise to help first time buyers save up for a deposit and get onto the property ladder,’ he said. ‘But these savers are a long way down the pipeline, and in the immediate term, borrowing is more likely to feel the brunt of measures affecting the buy to let market. Property investors were completely overlooked in the Budget, and the Chancellor’s move to exclude landlords from the tax break on capital gains seems at odds with the need for greater supply of property on the market. Any measure that discourages and disincentives selling homes is not helpful in the current climate, and for buyers trying to keep track of house prices,’ he added. Continue reading
