Tag Archives: london
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
Two sets of figures confirm improvement in sales and prices in Spain
Residential property sales and prices in Spain are rising year on year and more new mortgages are being granted, suggesting the market continues to recover from the economic downturn. The latest figures from the General Council of Notaries show that in September sales increased by 8.7%, house prices rose by 1.7%, and the number of new mortgage loans granted grew by 17.4%. Overall sales stood at 30,328 transactions in September but saes of new homes are not doing well. Indeed, while second hand homes sales increased by 13% year on year, sales of new homes fell by 19.7%. Sales of individual family homes also registered significant growth of 14.7% year on year. The data also shows that the average price per square meter was €1,242, a rise of 1.7% compared to September 2014. Apartments saw prices rise by 2.7% year on year and individual family homes were up 2.3%. A breakdown of the figures shows that new apartments are doing better than existing sales. The average price per square metre of second hand apartments was €1,359, a rise of 2% year on year, while the average price for new apartments was €1,632 euros per square metre, an increase of 13.6% year on year. The Notaires report also says that the home mortgage market in Spain is improving and mirroring the upturn in the real estate sector. The number of new loans approved increased by 17.4% year on year. The average mortgage value was €122,993, a rise of 0.1% compared to September 2014. The statistics also shows that the percentage of home purchases financed through a mortgage was 39.7%, with the average amount of the loan 77.1% of the property value. The latest quarterly data from property registrars confirms the good news. They show that prices increased by 6.6% year on year in the third quarter of 2015, and 2.2% quarter on quarter. It means that prices are now 28.4% below the peak of the market in 2007. The data also shows that sales increased by 6.4% quarter on quarter and 16.6% year on year but they also confirm that new home sales are not doing as well. Quarter on quarter existing homes sales increased by 8.8% while new home sales fell by 2.5%. There has also been an increase in foreign buyers. They bought 13.5% of properties sold in the third quarter compared to 12.8% in the second quarter of 2015. British buyers were the most prolific with 23% of sales to overseas buyers, followed by the French at 8.7%, Germans at 6.4%, Swedes also at 6.4% and Belgians at 5.5%. The number of Russian buyers continue to fall, down to 3.4%. Continue reading
Homes in a National Park in England and Wales cost on average 44% more
Buying a home in a National Park in England and Wales will cost an average of £100,000 more than other properties nearby, new research has found. The New Forest is the most expensive National Park with an average price of £531,162 but all properties in these areas are costly and prices have increased by £57,718 over the last decade. The research from Lloyds Bank shows that overall prices in the National s in 2015 are on average, £101,880 higher than their county average, a premium of 44%. Properties in the New Forest command the largest premium relative to the average for the surrounding area in both monetary and percentage terms at £258,042 and 94%. The Peak District at 89% and the Lake District at 72% have the next highest percentage premiums to the surrounding area. Snowdonia is the only National Park where property prices are actually below the average for the surrounding area at 3% less. Of the 12 National Parks included in the research, 11 have higher house prices than the average for their county, with four attracting a price premium of more than £100,000. Seven of the 12 National Parks surveyed have an average house price that exceeds £250,000. ‘Many home buyers are prepared to dig that bit deeper to benefit from the lifestyle associated with living in National Parks,’ said Andrew Mason, mortgages director at Lloyds Bank. ‘As areas of outstanding natural beauty, they are also prime locations for those seeking second properties. The combined impact of these factors is that house prices are typically much higher than those in surrounding areas,’ he explained. ‘When we take average local earnings into account, this situation can make it really tough for many of those living and working in National Parks to afford to buy their own home,’ he added. So it is no surprise that home affordability in National Parks is significantly worse than for the country as a whole. The average house price in a National Park of £332,755 in 2015 is, on average, 10.9 times higher than local average gross annual earnings. The New Forest is both the most expensive and the least affordable National Park with an average house price of £531,162 that is 14.2 times local gross average annual earnings. The South Downs, at 12.5 times average earnings, is the second least affordable National Park, followed by the Peak District at 10.3. Snowdonia is both the least expensive and the most affordable National Park with an average house price of £165,840, which is 6.2 times local average annual earnings. Snowdonia is the only National Park with an average price below £200,000. The average house price in National Parks across England and Wales has increased by £57,718 or 21% over the past 10 years, from £275,037 in 2005 to £332,755 in 2015. The biggest percentage increases were in the South Downs at 44% and the Pembrokeshire Coast at 29%. At the other end of the spectrum, the Broads Authority is the only… Continue reading
