Tag Archives: europe
London mayor gives approval for over 12,600 new homes in Greenwich
The Mayor of London has given his seal of approval for the city's largest single regeneration development in the Greenwich Peninsula which includes over 12,600 new homes. A revised masterplan on the previously disused gasworks will create an entire new district formed of five neighbourhood zones and 12,678 homes on the 80 hectare site. Developers Knight Dragon are already in the process of building a further 2,822 homes on the site, which will bring housing delivery on the Greenwich Peninsula to 15,720. Plans also include 220 serviced apartments, 24,000 square metres of retail use, 60,000 square metres of business use, two new schools and two new hotels. The development will also feature a 40,000 square metre film studio, a visitor attraction and increased green open space including an extension to the existing Central Park. In August, Greenwich council gave outline planning permission for the site, which runs along the River Thames, and the Mayor Boris Johnson has now also given the masterplan the go-ahead. The Greenwich Peninsula site is part of the Mayor's ambitious plans to release surplus public land to boost construction jobs, drive investment and deliver the additional housing to meet a growing population. Of the developable land taken on by the Mayor in 2012 some 99% is now in the development pipeline, while the Greenwich Peninsula is a key element of Johnson's City in the East masterplan, which looks to deliver at least 200,000 homes in east London over the next 20 years. ‘This gigantic site at Greenwich Peninsula has sat dormant for far too long, so I'm pleased that since City Hall took control of this land, we are already beginning to see construction underway. This will not only provide thousands of much-needed new homes for Londoners, but also bring jobs as part of the wider regeneration towards the east of the capital,’ said Johnson. Developers Knight Dragon has 2,882 homes already under construction as part of existing planning permission, of which 1,002 are affordable. The masterplan approved by the Mayor includes 2,928 affordable homes, while a review mechanism has been included in plans, which could deliver an additional 1,572 affordable homes. The affordable housing mix, which will be delivered in all five neighbourhoods in the new district, will be split between social rent and intermediate. Councillor Danny Thorpe, Royal Borough of Greenwich Council member for regeneration and transport explained that the Council has long held a vision to make the most of the huge potential offered by the Greenwich Peninsula. ‘The approval of this planning application makes it one of the most exciting developments in London, bringing huge long term regeneration benefits to the peninsula and cementing it as a new district for London,’ he said. ‘We are particularly proud that, at a time of critical housing shortage, this development will deliver so many affordable homes, of which more than two thirds will be for social rent, at no more than 50% of market rent…. Continue reading
New analysis shows that demand for property in the Alps is rising
Demand for Alpine property is rising, spurred on by a more resilient Eurozone, greater clarity over tax and the second home cap in Switzerland, as well as a weaker euro, says a new analysis report. The latest results of the Knight Frank Prime Ski Property Index underline a broadly stable market environment with only 13% percentage points separating the strongest and weakest performer. Val d’Isere and Meribel lead the 2015 Ski Property Index recording annual price growth of 5.8% and 4.5% respectively Prime sales activity in the French Alps is focussed between €1.5 and €2.5 million with resorts such as Chamonix and Courchevel 1550 increasingly popular . Indeed, the number of sales completed in Megeve in the first half of 2015 was double the number of sales agreed during the whole of 2014 while previous uncertainty in the Swiss market is giving way to renewed optimism as clarity emerges surrounding taxation and the second home cap. The report points out that currency movements have played a pivotal role in determining demand across the region. For many, having decided to buy a ski home, choosing where to buy and weighing up the pros and cons of the different ski resorts can be a challenging task. The report also points out that Swiss rules on who can buy what, and where, can be complex for even the most experienced property lawyer due to the rules for residents and non-residents according to Lex Koller and Lex Weber. Home to the world’s oldest ski resorts, the French and Swiss Alps attract in excess of 80 million ski visits per annum and account for a third of the total number of ski resorts worldwide. In the past year ski homes in Europe’s top resorts have continued on the same trajectory that they have been following since 2008 with no radical acceleration or deceleration just small single digit shifts year on year. Overall, the index proved largely static with only a marginal 1% fall recorded in the year to June 2015. Val d’Isere and Meribel lead the 2015 rankings with the price of a typical four or five bedroom chalet in each resort rising by 5.8% and 4.5% respectively in the year to June. The report explains that the length of Val d’Isere’s ski season explains its long- standing appeal, particularly with British buyers. Few other Alpine resorts can guarantee sufficient snow to ski during both the Christmas and Easter holiday periods. In Meribel’s case, a combination of its location in the heart of The Three Valleys and its pricing explains its 4.5% increase year on year. Meribel provides better value than Courchevel 1850, but can compete with 1550 and 1650 in terms of facilities. Investment in the form of new residential developments such as Olympe in Les Allues and Point de Vue in Meribel Village has also helped to build confidence amongst buyers, the report explains. In real price terms, the exclusive resorts of Courchevel 1850… Continue reading
Supply shortage pushing up property prices in the US
Shortage of supply is keeping house prices in the United States on the up across most of the nation but growth is slowing to a more healthy paces, according to the latest quarterly report. Overall prices increased during the third quarter of the year with the median existing home single family home price up in 87% of markets. Some 154 out of 178 metropolitan statistical areas (MSAs) showing gains based on closings in the third quarter compared with the third quarter of 2014, the data from the National Association of Realtors (NAR) shows. And 24 or 13% of areas recorded lower median prices from a year earlier. There were slightly fewer rising markets in the third quarter compared to the second quarter, when price gains were recorded in 93% of metro areas while 21 or 12% of metro areas in the third quarter saw double digit increases, a fall from the 34 metro areas in the second quarter. Some 16 or 9% of metro areas saw double digit increases in the third quarter of 2014. According to Lawrence Yun, NAR chief economist, there is no question the housing market had its best quarter in nearly a decade. ‘The demand for buying picked up speed in many metro areas during the summer as more households entered the market, encouraged by favourable mortgage rates and improving local economies,’ he said. ‘While price growth still teetered near or above unhealthy levels in some markets, the good news is that there was some moderation despite the stronger pace of sales,’ he added. The national median existing single family home price in the third quarter was $229,000, up 5.5% from the third quarter of 2014 when it was $217,100. The median price during the second quarter of this year increased 8.2% from a year earlier. Total existing home sales, including single family and condo, increased 3.4% to a seasonally adjusted annual rate of 5.48 million in the third quarter from 5.30 million in the second quarter, and are 8.3% higher than the 5.06 million pace during the third quarter of 2014. Yun explained that sales had the potential to be even higher last quarter given the decline in mortgage rates and favourable economic conditions. ‘Unfortunately, the lack of any meaningful gains in housing supply pushed prices in some areas above what some potential buyers, especially first time buyers, are able to afford,’ he added. The five most expensive housing markets in the third quarter were the San Jose, California metro area, where the median existing single family price was $965,000, San Francisco at $809,400, Anaheim–Santa Ana, California at $715,300, Honolulu at $714,000 and San Diego at $554,400. The five lowest cost metro areas in the third quarter were Cumberland, Maryland, where the median single family home price was $82,400, Youngstown–Warren–Boardman, Ohio, at $90,700, Decatur, Illinois at $101,400, Rockford, Illinois at $102,800 and Elmira, New York at $108,800. ‘Many of the metro areas with the fastest price appreciation over the past year… Continue reading
