Stirling prize: Damien Hirst’s street-length art gallery is the winner of this year’s prestigious architecture award October 6, 2016 The winner of this year's coveted Stirling Prize has been unveiled – and it's fitting that the coveted architectural award should, this year, go to an art gallery. Yep, this year the Royal Institute of British Architects' (Riba) prestigious award has gone to Vauxhall's Newport Street Gallery, built to house Damien Hirst's private art collection, which opened at the end of [...]
House prices in Chelsea have fallen by 10 per cent this year October 6, 2016 House prices in Chelsea have fallen by 9.8 per cent annually, according to Knight Frank. Overall, prices for high-end homes in central London fell by 2.6 per cent in September, the estate agents said. Read more: House prices under threat in Tower Hamlets due to rapid building and Brexit There were marked regional differences in prices [...]
Seven UK cities it’s cheaper to fly from than pay a mortgage in London October 6, 2016 We all know London's an expensive place to live – but this is just ridiculous. A study by online estate agent Emoov seen exclusively by City A.M. has found it would be cheaper to buy a house in seven of the UK's largest cities, fly down and stay in a budget hotel for a week, then fly back [...]
The City of London Corporation moves towards closing Bank junction to traffic by Spring 2017 October 5, 2016 Bank junction is set to be closed to all traffic apart from buses from Spring 2017. As part of the City of London Corporation's project "Bank on Safety", the six arms of the busy junction will be closed to traffic between 7am and 7pm on weekdays. The plan is to be put to the local planning and transport [...]
Commercial property investment in the UK dropped off in the first half of 2016 October 4, 2016 UK commercial real estate investment has dropped by more than a third in the first half of 2016, according to new figures from BNP Paribas. Investment into offices in the UK fell by 36 per cent in the first half of the year as compared to the same period last year – but BNP Paribas pointed out [...]
Housebuilder shares on the road to recovery after Brexit vote falls October 4, 2016 Housebuilders' shares are on the road to recovering the losses they sustained after the Brexit vote on the back of chancellor Philip Hammond's announcement of a £5bn stimulus package for the industry. Hammond said yesterday that he would be setting aside money to encourage developers to build on surplus public land and to fund more [...]
Government taxes to push likelihood of “rental supply crisis” in 2025, according to chartered surveyors October 4, 2016 The UK is grappling with a 1.8m shortfall in properties available to renters, chartered surveyors have said, due to tax changes for buy to let investors. According to the Royal Institute of Chartered Surveyors (RICS), due to rocketing house prices there will be 1.8m more households wanting to rent instead of buy by 2025. But [...]
The government’s IT crowd is moving into the “tech cluster” October 4, 2016 The Government Digital Service (GDS) – the team behind government websites and other services – is moving into Derwent London's The White Chapel Building. GDS has pre-let the top two floors of the building – 53,700 square feet – paying an initial rent of £2.8m per annum. The move from GDS is part of the government's plan to [...]
Value growth for properties in the Nine Elms development set to fall dramatically by 2020 October 3, 2016 Value growth for residential properties in the Nine Elms development is set to fall dramatically over the next three years. According to JLL, average value growth for residential property across Nine Elms was nearly 35 per cent between 2011 and the end of 2015. However, this is set to drop to growth of just six [...]
Tritax Group partners take a stake in the world’s first property exchange planned for 2017 October 3, 2016 The City has come one step closer to becoming home to the world's first securities exchange for commercial property. The International Property Securities Exchange (IPSX) will be the first exchange for trading stakes in companies that own single commercial properties. It is set to launch in 2017. Four Tritax Group partners have now invested in the [...]