Below we highlight the latest trending property news in London’s real estate market.
Almacantar a property investment and development company, attracts wealthy property purchasers by unveiling Central London’s first 30-metre private swimming pool. This is the latest venture in the “aquatic arms race” waged by luxury property developers in the UK. This ambitious project is located at the Centre point tower. The pool is part of a spa area designed by Conran and Partners and is aimed to meet the needs of modern city dwellers with a primary focus on their self-care. Apartments at Centre point tower costs between £1.8 million to £55 million. — HOMES AND PROPERTY
‘No-fault’ evictions’– The British government has announced plans to abolish section 21 evictions in England. The announcement made by the Prime minister Theresa May, was cordially welcomed by housing campaigners. The proposal follows a campaign by renters supported by the Labor and Green party and was cited as one of the leading causes of family homelessness in the United Kingdom. Landlords seeking to evict tenants would now have to use the section 8 process unlike when they would prior evict tenants with as little as an eight weeks’ notice after a fixed-term contract has ended. Abolishing this will effectively create open-ended tenancies. — FINANCIAL TIMES
Astarte Capital Partners has established a £400m (€463m) real estate fund. This new platform named Astarte Special Opportunities Platform (ASOP) is the company’s lead discretionary co-investment vehicle focused on transforming potential investment opportunities in the hospitality, entertainment, healthcare, and education sectors into core real estate assets. “Our new platform will give global investors the opportunity to invest in the edge of prime, off-market, real estate in London, one of the most attractive markets in the world.” stated Teresa Farmaki, co-founder of Astarte Capital Partners. — CITY WIRE SELECTOR
A new report by The Royal Institution of Chartered Surveyors (RICS) unveils that it currently takes an average of 19 weeks to sell a home in Britain. This is the longest time recorded since 2017. The study also notes that the property market in the UK has slowed down since the Brexit vote back in June 2016. “Brexit remains a major drag on activity in the market with anecdotal evidence pointing to potential buyers being reluctant to commit in the face of the heightened sense of uncertainty.” Simon Rubinsohn, RICS chief economist stated. According to surveyors, house prices in London are expected to continue falling over the coming year. — HOUSE BEAUTIFUL
Is it time to look beyond the London real estate market? – According to property investment firm CBRE, the relative stability of London’s office market is reassuring even though the most bullish property investor would be wise to diversify outside of London. Real estate agent Savills recently noted that there has never been a better time to build new offices in Glasgow. Savills also stated that Glasgow offers good-quality offices at lower rents. The Scottish and UK government are also investing in the city in addition to notable expansion by large firms such as Barclays and Morgan Stanley. — MONEY WEEK
Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends. Follow him on Twitter.