Tag Archives: europe
London Mayor secures planning change for the city
The Mayor of London has welcomed the UK Government's decision to reconsider planning proposals that would have potentially seen valuable office space in the city turned into homes. Boris Johnson has been actively lobbying the Government to amend proposals that he believes would have put the capital's key business districts at risk by allowing office space to be converted into homes without developers applying for planning permission for the change of use. Now the Minister for Housing and Planning, Brandon Lewis, has announced that he will amend the original proposals to ensure London is able to maintain a stock of quality office space in existing key areas, and allow the city to continue to attract jobs and growth. Last year the Mayor successfully negotiated for defined areas of central London to be exempt from a Government policy that allowed office space to be converted into homes without developers applying for change of use planning permission. These areas covered the Central Activities Zone which incorporates the City of London, the South Bank, parts of Kensington and Chelsea, the West End, the commercial area north of the Isle of Dogs and London's Enterprise Zones in the Royal Docks, plus the part of the City Fringe in east London which makes up the emerging Tech City opportunity area. However new proposals announced by the Government would have removed these exemptions which Johnson believes potentially threatened London's internationally important business locations. Lewis said that the Government will allow local authorities to bring forward special planning regulations known as Article 4 directions if they wish to continue determining planning applications for the change of use. This will ensure that London's commercial heartlands will be protected from planning changes. ‘I am delighted that Government has put policies in place that will lead to the protection of our thriving business districts. Removing the planning exemption in those areas would have put the future economic growth of this city at risk, but by agreeing to amend their proposals the Government are ensuring we will be able to maintain the full stock of quality office space required for our city to continue to prosper,’ said Johnson. The Mayor is firmly on track to deliver 100,000 affordable homes over his two terms, with more than 94,000 already built. In the last year there were almost 18,000 affordable completions, the most in any year in London since 1991 and the equivalent of a new affordable home built every 30 minutes. Since the Mayor took on 670 hectares of public land in 2012 some 99% has been released for development, in line with the Mayor's 100% target by the end of his term in 2016. Land already released by the Mayor includes east London's Royal Docks, the Beam Park site in Rainham, and the former Cane Hill hospital site in Croydon. The current exemptions will remain in place until May 2019, providing time for these local authorities to make an Article 4 application to remove the rights… Continue reading
Asking prices till rising across most of the UK, latest data shows
Asking prices in England and Wales increased by 1% in September, led by the East of England, according to the latest index figures, while in Scotland they increased by 0.8%. Prices increased the most in the East of the country, up 2.3% month on month, but the South East continues to be the UK's fastest moving regional market with prices up 7% over the last six months. The data from the Home.co,uk index also shows that year on year asking prices in England and Wales have increased by 6.9% overall. While in Scotland asking prices are up 0.8% month on month and 3.8% year on year. Pries rises are being fuelled by lack of supply in many parts and this index shows that overall the supply of property for sale fell to a new record low in September, down 65% compared to the same month in 2007 before the economic downturn. ‘Surging demand coupled with lack of supply is driving home prices to new extremes in the East of England and the South East. Indeed, the uplift from these regions continues to drive the national average higher, thereby obscuring the poorer performance of several northern regions,’ said Doug Shephard, the firm’s director. He pointed out that the London and South East centred supply crisis is worsening, and September recorded the lowest number of properties entering these markets for that month since the onset of the financial crisis. Indeed, the data shows that the number of properties coming on to the market in Greater London, the East of England and the South East is down by 74%, 74% and 67% respectively vs. September 2007. However, home prices in the northern regions continue to stagnate. Annualised price changes for the North East, North West and Yorkshire of just 0.0%, 0.8% and 1.3% respectively indicate that the long awaited market recovery is still not apparent, according to Shephard. The Welsh property market also shows a distinct lack of vigour. Home prices there have risen by a mere 1.9% over the last year, a long way behind the mix-adjusted average price rise for England and Wales of 6.9%. Overall, the current mix-adjusted average asking price for England and Wales is now 20% higher than it was in September 2008. ‘We expect further upward pressure on this headline figure to be applied by London and its surrounding regions,’ said Shephard. The index also shows that the South East has been the fastest moving property market in the UK since February with the typical time on market for unsold property just 63 days, the same as it was towards the end of the last property boom in December 2007. This is much less than the national median of 96 days and the typical time on market in the North East of 136 days. In December 2007, the typical time on market in the North East was just 93 days. Continue reading
Swimming pool is top extra for prime properties, research suggests
People buying prime property in the UK want top notch sport and home leisure facilities with a swimming pool the most popular of such facilities, new research shows. Overall some 17% of high end estate agents have seen an increase in demand for swimming pools that can add up to 15% to a property’s sale price, according to the study from Direct Line’s Select Premier Insurance. In joint second place is tennis courts and home gyms with 9% of agents reporting demand for these kind of facilities, followed by 8% for a home spa, 6% for land, 5% for a home cinema, 4% for stables, and 3% for a luxury kitchen, a wine cellar and secure parking facilities. But the down side to a swimming pool is that potential buyers either love them or hate them and the upkeep and cost of maintenance can put them off even although they add 15% to the potential sale price. Designer kitchens can also add up to 15% to the purchase price, while dedicated home gyms and games rooms can add around 5% to the value of a home, the research also shows. However, some 17% of those surveyed said these sporting and home leisure facilities do not add value to a home, but they do increase its saleability, or attractiveness to potential buyers. Land was reported as a key selling point by estate agents, who stated customers would often prefer to have the space to build their own chosen facilities. The view from a property can have huge implications for the sale price, with one estate agent estimating when combined with a good location and road reputation, a beautiful view could double the value of a property. According to Nick Brabham, head of Select Premier Insurance, more home owners now want to embrace their favourite pastimes in the comfort of their own properties, including golf greens, squash courts and fully equipped gyms. ‘However, these high end facilities can be costly to install and maintain, so property owners should ensure they have sufficient cover in their home insurance policies to protect the items they value most,’ he said. Continue reading
