London prices falling is areas- Chestertons’ research
Posted on November 5th, 2015 by admin
–– Average annual price growth in London continues to slow – from 8.3% in July to 6.6% in August, according to the Land Registry. London is now behind both the East of England and the wider South East in terms of house price inflation.
–– At borough level, prices are rising fastest in Newham (+15.5%) while in Camden (-1.7%) and Hammersmith & Fulham (-0.3%) they have actually fallen year-on-year.
“The wider market continues to struggle with affordability issues, despite low mortgage interest rates. The prime sector meanwhile is still suffering from the impact of Stamp Duty changes, the mismatch between buyers and sellers on price, and the overall shortage of properties available to buy. “
Nick Barnes, Chestertons’ Head of Research
London mayor approves 25,500-home west London plan
Posted on November 5th, 2015 by admin
A planning framework to deliver more than 25,500 new homes at Old Oak and Park Royal in West London has been approved by Mayor Boris Johnson.
Old Oak is set to become a transport hub with both a High Speed 2 and Crossrail Station opened by 2026, offering vast development potential for the area.
The Mayor believes the site could create tens of thousands of new homes and provide almost 14% of Greater London’s employment needs up to 2031, with early estimates of a £7bn annual contribution to the UK economy.
The Old Oak and Park Royal Development Corporation was launched in April and will drive the planning and regeneration of the site that straddles the London boroughs of Hammersmith & Fulham, Brent and Ealing.
Earlier this year, the Mayor published an Opportunity Area Planning Framework for consultation, which sets out his long-term vision for the area. Following the conclusion of that consultation, the Mayor has now approved the document which sets the strategic planning direction for the area.
Sir Edward Lister, deputy mayor for planning and chairman of the Old Oak and Park Royal Development Corporation, said: “London urgently needs new homes and commercial space to meet its ever growing population and there can be no doubt that the regeneration of Old Oak represents a real opportunity to meet those needs.
“This strategy will mean we can plan for the future of this vast site as we work to create a new, thriving and sustainable part of the capital, where people will love to live, work, play and visit.”
Planning framework
• Create a new urban neighbourhood at Old Oak, supporting a minimum of 24,000 new homes with an additional 1,500 in non-industrial locations in Park Royal.
• Plan for the new High Speed 2/Crossrail and National Rail interchange to regenerate the area and contribute significantly to London’s competitiveness.
• Support the creation of 55,000 new jobs at Old Oak and a further 10,000 at Park Royal.
• Protect and enhance Park Royal as a strategic industrial location.
• Ensure new development safeguards nearby amenity assets such as Wormwood Scrubs and the Grand Union Canal.
• Work with communities, residents and businesses to realise the strategy