London Property Headlines (May 8th, 2019)

The latest property headlines in London, UK.

The awe of communal gardens in London and why properties with access to such green spaces are the most coveted. – “If one were to count communal gardens that are not called ‘squares,’ ‘crescents,’ etc., I expect the number would be closer to 600 to 700. Some of the newer ones are merely street widenings and excuses for the builders to inflate the asking prices that surround them, as it is still very desirable in London to live on a square.” Todd Longstaffe-Gowan, author of the London Square states. A property unit costs around £2,000 a month without a garden whereas it would cost £2,500 if a communal garden was accessible. Eaton Square in the Belgravia district comprises of six gardens, where apartments can fetch an outstanding $10 million. Each June, these breathtaking spaces are open to the public at the Open Garden Square Weekend event. — THE NEW YORK TIMES

Kew Gardens, Southwest London
Kew Gardens, Southwest London

Besides Mayor Ed Holder and six councilors, all other politicians voted in favor of 10 principles for building on the lands surrounding Victoria Park, London. Since January the public has raised concerns over controversial plans to ring Victoria Park with high-rise towers. City hall in a series of meetings has been debating on plans of how tall developments around Victoria Park edges should be. Zoning laws allow for towers to be 35 storeys tall with bonusing on two sides of the park and nearby on a third. An Auburn Developments proposal for a 17-storey building at Wolfe and Wellington remains undecided until full plan with rules for intensification is solidified in June. Last night (Tuesday 7th May 2019), the council narrowly approved guidelines for Victoria Park development in an 8-7 vote. — THE LONDON FREE PRESS

Zoning laws allow for towers to be 35 storeys tall with bonusing on two sides of the park and nearby on a third
Courtesy Orchard Design Studio INC

According to the Estate Agents Network and data provider LonRes, huge drops have been witnessed in the prime London property market. Prices were down 9.7% compared with a year ago, while new instructions were down 27%. The prime London locations surveyed comprised of the most expensive postcodes in London, including Kensington and Chelsea. It revealed that new instructions were down by 38% compared with the first quarter of 2018. “The lack of activity within prime central London over the last four years has created a significant pool of pent-up demand.  Those who have tried to sell failed and withdrawn, together with those would-be sellers who have never even brought their home to market (instead of holding out for signs of improvement) will, we expect, re-enter the market as conditions improve.” A recent article by LonRes stated. — PROPERTY INDUSTRY EYE

The 1,000-foot Tulip Skyscraper building which was approved by planners last month evokes mixed feelings among Londoners – A survey by YouGov states.  The building which will serve as a multi-deck viewing platform when it opens in 2025, is considered to improve London’s skyline by 37% of people whereas 32% think it will have a negative effect on the city. Pensioners add up the majority of people who seem to hate the idea of the Tulip skyscraper, with as few as 14% saying it will make the skyline better. “It would seem, however, that the classics really are still the best: 70% of Londoners think St Paul’s Cathedral has changed London’s skyline for the better. A mere 1% think it has done so for the worse,” YouGov reported. — CITY A.M

Tulip Skyscraper in London
Tulip Skyscraper

Innovative lettings platform, Howsy reveals areas across the UK where one can find the best value rental spots when considered in context with the cost of buying a house in their latest research. They achieved this by comparing the average annual rent to the average house price in each surveyed area. These places were then ranked by the lowest percentage ratio to highlight the sought-after homeowning hotspots offering the lowest rental barriers. “The affordability of living anywhere in the UK is always relative to the place itself, the wage on offer and the cost of living and of course these tend to be higher in more desirable areas.” Calum Brannan, Founder, and CEO of Howsy stated. Kensington and Chelsea have the lowest rent as a proportion of house price with an average annual rent of £38,076 which is 2.63% of the average house price (£1.4m). For people who can afford to rent in the prime London borough, it offers the best value to rent while faking the high-class homeowner lifestyle. — ESTATE AGENT NETWORKING

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.