London Property Headlines (May 3rd, 2019)

Below we explore the trending property headlines in London, UK.

The Westminster Council has approved application plans for a 42-storey residential tower dubbed the “Paddington Cucumber Tower”.  The 490 ft-tall building covered in a dark blue glazed terracotta cladding will feature a “crown-like peak” in addition to being the tallest tower at One Merchant Square. It will also consist of a sister building on the same basement podium, raised in height from 15 to 21 storeys. Even though the development was originally given consent eight years ago, the developers made changes and therefore needed fresh planning approval. As revealed by the planning documents, major changes involved the removal of a planned hotel so as to fit in flats. The development is however surrounded by controversies as only 67 of the two towers’ combined total of 426 flats will be classed as affordable housing. This is below Westminster Council’s own guidance for at least 30% to be affordable in addition to the Mayor of London’s 35% affordable target. — SECRET LONDON

42-storey residential tower dubbed the “Paddington Cucumber Tower”.
Paddington Cucumber Tower

‘The Loft Collection’ at Landmark Pinnacle has launched in London. The new studio and one-bedroom apartments are designed by architects Squire & Partners and comprise of neutral palettes with timber floors and floor-to-ceiling windows. Landmark Pinnacle is within walking distance of three DLR stations, and the Jubilee line at Canary Wharf Underground station. It was re-imagined by London developers Chalegrove Properties Ltd (CPL) and consists of 752 prime residential properties with over 70% of all available units sold to date. Rami Atallah, the project coordinator at Chalegrove Properties, said: “The Loft Collection is a premium upgrade to our studio offering, providing sophisticated living spaces for those looking for a prime apartment in London’s ever-growing financial district.” — BDAILY NEWS

‘The Loft Collection’ at Landmark Pinnacle has launched in London.
The Landmark Pinnacle

The UK witnesses an increase in the number of mortgages being taken out by first-time home buyers despite the Brexit environment. According toUK’s largest building society Nationwide, first-time home buyers seem to be benefiting from the weak house price growth as the country’s housing market continues to slump. Britain’s housing market registered a growth of less than 1%for the fifth month in a row. “While the ongoing economic uncertainties have clearly been weighing on consumer sentiment, this hasn’t prevented further steady gains in the number of first-time buyers entering the housing market in recent quarters. Robert Gardner, Nationwide’s chief economist stated. This trend follows a recent report by the Royal Institution of Chartered Surveyors which forecasted a modest improvement in Britain’s housing market over the next 12 months. — TELEGRAPH PROPERTY

Preliminary data for the first quarter on the UK property market has revealed two transactions worth almost $171 million from Saudi Arabia and Kuwait.  Despite the Brexit uncertainty these Gulf-based investors are atop the London commercial property investment leader board for 2019. Property broker, Knight and Frank expects the central London commercial property market to thrive estimating as much as £40 billion targeting real estate assets in London this year. “Despite the uncertainty thrown up by Brexit, there are bigger macro political considerations that are helping to cement London’s position as the number one global property investment destination,” added Faisal Durrani, an associate at Knight Frank. — ARAB NEWS

New market analysis reveals that property sellers remain cautious whereas property buyers in the central London market appear unbothered. The report reveals that demand far outweighs supply with most of these property buyers purchasing for family, work, and study in London. Dominic Agace, chief executive officer of Winkworth stated, “Despite some more challenging times in the central London market recently, we have every confidence that this year will see a return to positivity and now that the market is bottoming out, we expect activity to increase as the year goes on.’ He added, “People are more eager now to get moving, and those who had been adopting a wait and see approach are starting to move. It is now more crucial than ever for sellers to instruct a quality estate agent who can offer realistic advice based on years of experience.” — PROPERTY WIRE

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.