Developers just won approval to turn this iconic London tower into luxury flats April 13, 2016 Just what London needed: more luxury apartments. Yes: at a planning meeting last night, billionaire property developers David and Simon Reubens won planning permission from Westminster City Council to turn London's iconic Millbank Tower into hundreds of luxury homes. The tower, which has previously housed the United Nations and the Office for National Statistics' predecessor, [...]
Property bubble shows no sign of popping yet as mortgage lending marches higher April 13, 2016 Mortgage lending grew by one-fifth over the last twelve months as the number of first time buyers, people moving homes, buy-to-let investors and remortgages all grew according to the Council of Mortgage Lenders (CML). In total, £8.7bn was taken out for new mortgages in February 2016, up 21 per cent on last year, while another [...]
Interserve joint venture walks away from £1bn One Nine Elms scheme as talks collapse April 12, 2016 A £1bn scheme to build twin luxury residential-led towers in Nine Elms faced a new hurdle yesterday after a construction deal with the contractors collapsed. CI-One Construction, Interserve's joint venture with China State Construction Engineering Corporation (CSCEC), said it has "mutually agreed to end negotations" with Dalian Wanda over its appointment as the main contractor at One Nine Elms, near Vauxhall. The [...]
London house prices actually fell last month – but Londoners need a six-figure salary to afford to buy a home April 12, 2016 Another day, another set of house price figures – but this time there's a bit of good news for those struggling to afford a home. Yep – house prices in the capital actually fell in February on the month before – dropping to £524,000, from £540,000 in January. But house prices can be volatile – [...]
Financial services company LV urges government to scrap stamp duty for pensioners looking to downsize April 12, 2016 A well-known financial services company is today urging government to scrap stamp duty for pensioners who are looking to downsize to help further fund their retirement. Research by LV has discovered that retirees are increasingly looking towards bricks and mortar as a way to finance their golden years, but many are unable to unlock the [...]
Lawyers and accountants are increasingly looking to property, not pensions, to fund their retirement April 11, 2016 What do the legal eagles and the bean counters have in common? Both lawyers and accountants are increasingly turning to property as a means of funding their golden years, research released today has discovered. The study by Bower Private Clients found that 29 per cent of lawyers and 34 per cent of accountants are planning to [...]
Trying to sell your house? A third of homes in some London boroughs have cut their asking prices April 11, 2016 Another sign London's housing market might have hit its peak – after new research suggested sellers of as many as a third of homes in some parts of the capital cut asking prices. The research, by property analysis firm Propcision, found sellers in Kensington and Chelsea were the worst-hit, with asking prices on a third [...]
Tube map shows most unaffordable areas to rent in London April 9, 2016 Everybody knows that renting in London is really, really expensive. But which areas require city-dwellers to cough up the most cash? The answer is most places, according to a tube map drawn up by housing charity Shelter which lumps areas into three categories – "unaffordable", "difficult to afford," and affordable." So it will come as no surprise [...]
Why rising London house prices have got parents buying homes for their school-age children April 8, 2016 Every week, City A.M. invites an industry professional to write about an emerging trend in the property market. Over the past few years, given the exceptional price growth London has seen, the role of “the bank of mum and dad” in house sales has evolved considerably. No longer restricted to parents helping their 20-something adult children finishing [...]
Another sign London’s ultra-high-end homes are losing their sparkle, as One Hyde Park designer Candy & Candy falls into a loss April 8, 2016 When the first homes were sold in 2012, its gleaming towers became the centre of a storm of criticism: now the interior designer behind controversial uber-prime residential development One Hyde Park have slumped into a loss. Figures filed with Companies House yesterday show interior designer Candy & Candy, which designed the communal areas and many of the apartments [...]