Below we highlight the latest trending real estate news and property headlines in London.
House prices decline in London amid Brexit uncertainty. Currently, the average property price in London is £ 654,730. Zoopla, a UK mortgage comparison firm notes that this is a decline of 1.11% since November 2018 and a fall of 0.96% in the past one year. Property buyers are taking caution before arriving on a purchase decision and are choosing to rent while waiting for the final verdict on Brexit. — THE GUARDIAN
Plas Dinas, Princess Margaret’s and former husband Lord Snowdon’s weekend mansion has been listed for sale. The residence is situated on 15 acres in North Wales. It prides itself of having a grand piano in the living room in addition to a courtyard garden, and ten bedrooms. The listing price of £ 375,000will grant the buyer a 23-year lease on the residence and a payable annual fee of £ 34,450. – YAHOO NEWS
The Queen’s new neighbor, U.S. billionaire Ken Griffin sparks tax debate between the central and local government after buying two luxury houses in London. The billionaire who has lately been on a global shopping spree for stylish luxury homes will only pay an estimated £ 2,842 of property tax to Westminster council as compared to a £ 30 million one-time stamp duty paid to the central government. The billionaire may also pay additional charges of an annual tax on enveloped dwelling (ATED) of £ 232,000 per property if he purchases the homes via a company. — MSN
A proposed 13-story residential building in an old North London neighborhood evokes concerns on congestion. The 122- unit apartment tower is proposed to be constructed at 112 St. James Street between Gibbons Park and Richmond Street. The neighborhood which mainly comprises of green space and single-family homes, argues that the proposed development will contribute to further congestion of the area that is already experiencing heavy commuter traffic. – THE LONDON FREE PRESS
South-west London estates marked for demolition to pave way for £1.4billion project scheme. Winstanley and York Road estates are set to undergo a major regeneration initiative. The development will involve 110 flats for social rent, private homes and houses deemed to be affordable. The project slated to be approved by late summer is as a result of more than six years of consultation between the developer Taylor Wimpey Central London and Wandsworth council. — HOMES&PROPERTY
Man Group, one of the world’s largest publicly traded hedge fund manager seeks to build low-income homes. The London based hedge fund will join other investors who are tapping into the social housing sector that currently constitutes of low-interest rates. The hedge fund will start a fund to finance construction of subsidized homes set to fill the shortage of affordable housing for low-income families. – THE BUSINESS TIMES
Damac Properties PJSC, the Dubai developer, is looking forward to investing $1.3 billion into the London real estate market. The developer is facing a tough property market in Dubai since last year and an approximate debt of $500 million. It’s focused on taking advantage of the weak pound and other international acquisitions to substitute for the situation in Dubai.– BLOOMBERG
British construction firms record a reduction in the construction of properties. Property construction in London was down by 10% in 2018 heading into 2019. The National House Building Council (NHBC) which handles around 80% of new homes built in the U.K states that stamp duty changes, political and economic uncertainty promulgated a decline in property construction in London. — REUTERS
Lloyd’s bank reveals their “Lend A Hand” deal that facilitates a 100% mortgage for first-time buyers. This is a £ 30 billion commitment by the bank which is aimed to help first-time home buyers acquire loans of up to £ 500,000 to purchase a new home without a deposit. The only catch is that the property buyers must have a family that can stand behind the loan. The average deposit for a first-time home buyer in London is £ 110, 182. – MORNING STAR
London’s Mayor Sadiq Khan Advocates for rent control policy. A survey conducted by YouGov portrays that 68% of residents in London welcome the policy. The policy could have a major impact on London’s housing market should it be approved. It is aimed to curb the private rental sector by ensuring an end to irrational evictions by landlords, exploitation of London renters and that tenants have secure tenure. – CITYLAB
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.