Tag Archives: real estate
Special development corporation set up for strategic west London site
Plans for a major development in West London with up to 24,000 new homes have moved another step closer with the creation of a development corporation at a time when the city needs new housing. The Mayor of London has written to the Secretary of State for Communities and Local Government Eric Pickles confirming his plans to establish the Old Oak and Park Royal Development Corporation (OPDC). The Secretary of State will now lay an order before Parliament in early 2015 to create the OPDC. It is expected that the new body will come into existence with full planning powers over the entire site on 01 April 2015. A vast High Speed 2 (HS2) and Crossrail Station is due to be constructed at Old Oak Common by 2026. The new station will be the size of Waterloo, handling 250,000 passengers a day and acting as a super hub between London and the rest of the UK, Europe and the world. This represents an opportunity to bring unprecedented regeneration to the area and the Mayor believes that the OPDC is the best way to unlock the enormous potential of the site and deliver a £15 billion boost to London's economy over 30 years. The Corporation will act as a single, transparent and robust body to spearhead the regeneration of the 950 hectare site that straddles the boroughs of Hammersmith and Fulham, Brent and Ealing. ‘By 2030 the sprawling industrial land at Old Oak Common could be a thriving new district teeming with tens of thousands of new homes and jobs and a rail station the size of Waterloo. This is a once in a lifetime opportunity to transform this site and there is no doubt that a Mayoral Development Corporation is the best way to unlock its enormous potential,’ said Mayor Boris Johnson. The OPDC will look to emulate the success of the London Legacy Development Corporation that continues to lead the post-Olympic regeneration of Stratford and East London. The Mayor's Office believes that the regeneration opportunity could provide almost 14 per cent of Greater London's employment needs up to 2031. Five of the nation's airports will be linked to the high speed rail network for the first time through the Old Oak Common Station. Central London and Heathrow will be just 10 minutes away, Birmingham will be 40 minutes direct from Old Oak Common and Luton, Gatwick and City Airport will all be within 45 minutes. As well as promoting and delivering physical, social, economic and environmental regeneration, the Corporation will also safeguard and develop Park Royal as a strategic industrial location and attract long term investment to the area, including from overseas. Once established, the proposed OPDC would take on various statutory powers relating to infrastructure, regeneration, land acquisitions and financial assistance. It would also take on planning powers across the Old Oak and Park Royal area, including determination of planning applications. The Corporation will also be able to set a Community… Continue reading
Home sales fall in Miami after two months of significant growth
After two months of significant growth, home sales in Miami fell by 9.2% in November but prices are still rising, but at a slower pace than before. Miami has been one area in the United States that has been leading the real estate recovery but some properties are now seeing demand fall, according to data from the Miami Association of Realtors. While sales of single family homes decreased a negligible 1% compared to a year ago, condo sales were down 15.5% while combined sales were down 9.2%. ‘We are experiencing more moderate growth, which reflects a healthier market and more balance between buyers and sellers, in Miami sales remain strong compared to the record sales activity of the previous three years,’ said Liza Mendez, chairman of the board of the Miami Association of Realtors. Single family home prices, which again increased in November year on year, remain at affordable 2004 levels despite three years of consistent year on year increases. Condo prices also increased in November, marking 41 months of growth in the last 42 months. The median sale price for single family homes increased 5.4% to $245,000 from $232,000 in November 2013. The average sale price for single family homes increased 8% from $366,309 in November 2013 to $395,786 last month. Compared to November 2013, the median sale price for condominiums also increased 5.4% to $189,777 from $180,000 a year prior. The average sale price for condominiums increased 11.9% to $311,323 from $348,290 in November 2013. The data also shows that Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. The median number of days on the market for single family homes sold in November was just 47 days, an increase of 20.5% from November 2013. The average percent of original list price received was 93.9%, down a negligible 2.3% from a year earlier. The median number of days on the market for condominiums sold in November was 57 days, an increase of 29.5% compared to the same period in 2013. The average sales price was 93.9% of the asking price, a decrease of 2.6%. Cash sales in Miami continue to decline and the association said this is because more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening. In Miami-Dade County, 53.3% of total closed sales in November were all cash transactions, compared to 61.7% in November 2013. Cash sales in Miami are still double the national figure of 25%. All cash sales accounted for 41.7% of single family home and 63.8% of condominium closings, compared to a year earlier when cash sales were 46.7% of single family home sales and 73.2% of condominium sales. Since nearly 90% of foreign buyers in Florida purchase properties all cash, this continues to reflect the much stronger presence of international buyers in the Miami real estate market. While traditional sales continue to increase, distressed property transactions in November again declined in Miami-Dade due to fewer short… Continue reading
Annual house price growth slows across the UK, house price index shows
Most regions in the UK saw annual house price growth fall in 2014 taking the average price to £189,002, according to the latest Nationwide house price index. Across the UK as a whole prices rose by 1.1% in the final quarter of the year and are 8.3% higher than they were in the fourth quarter of 2013, the data also shows. This has fallen from 10.5%. The North of England was the only region not to see prices slow on an annual basis and London was again the top performing region for the second year running with prices up 17.8% over the last 12 months. It means that prices in London are now 35% above their 2007 peak with the price of a typical property in the city now at £406,730. Amongst the other English regions, the Outer South East and Outer Metropolitan areas continued to outperform, recording double digit annual growth rates. Yorkshire and Humberside was the weakest performing English region, with prices up 1.5% over the year while annual price growth in Scotland moderated to 4.2%. The Nationwide says that 72% of housing transactions in England should benefit from the new marginal stamp duty regime, based on the 2013/2014 pattern of transactions, with 27% paying the same and just 2% paying more. The data also shows that amongst England’s major towns and cities, St. Albans was the top performer, with prices up 24% year on year while Manchester was the worst performing city, with no price growth over the year. Northern Ireland saw an 8.1% increase in prices, although they are still around 47% below their 2007 peak. Wales was the weakest performing region in 2014 and saw annual price growth slow from 5% in the third quarter to 1.4% in the fourth quarter. A breakdown of the figures show that in Scotland Aberdeen was the best performing area, with prices up 12% on the previous year. Fife saw the weakest growth, with prices up 1%. In Scotland those purchasing properties above £254,000 between now and 01 April 2015 may benefit from the new Stamp Duty Land Tax (SDLT) regime ahead of the Land and Buildings Transaction Tax being introduced. Around 15% of purchases in Scotland in 2013/2014 were above this threshold, and the potential savings could be significant with the Nationwide estimating around £5,900 on average. It says this could encourage prospective buyers to bring forward their purchases. Wales saw a second consecutive quarter on quarter fall in house prices, with a 0.6% seasonally adjusted decline. The annual rate of growth slowed to 1.4%, making Wales the weakest performing region in 2014. Mid and West Wales was the best performing area, with prices up 7% year on year. Home buyers in Wales are set to benefit from the new stamp duty arrangements, with the tax payable on a typical home mover property currently £165,699 cut by around half to £814. While around 45% of transactions in Wales are exempt from stamp duty due to… Continue reading
