Tag Archives: construction
Property near London’s Crossrail could see price growth of up to 16% by 2020
The Crossrail train system in London, now due to open in less than three years, is likely to result in a 7% rise in average house prices at many locations along its route by 2020, according to new research. Many locations are already benefitting from higher property values, as well as new development and regeneration, and activity is expected to step up another gear in the run up to the line’s opening, the report from real estate services firm JLL says. The research shows that some Crossrail locations are expected to see house price growth of 16% above the Greater London average by the end of 2020 while on average, residential prices around Crossrail stations are forecast to see 7% greater uplift compared to non-Crossrail stations. Woolwich, West Drayton, Whitechapel and Ealing Broadway are the most advantageous locations to develop apartments for sale, the research also says. Woolwich is forecast to experience the highest house price growth along the Crossrail route, with prices expected to rise by 39%, while West Drayton, Whitechapel, Slough, Abbey Wood and Iver are all set to see prices rise by more than 33% over the next five years. ‘Crossrail continues to drive value growth right across its length. In the current market, what is becoming clear is the additional benefit it brings to some of the lower value locations along the route,’ said Neil Chegwidden, residential research director at JLL. ‘It is supporting regeneration through improved accessibility and, as a result, offers a longer-term capital growth potential that may be harder to identify in central zones,’ he added. Continue reading
Proposals released for 24,000 new homes in London’s historic Royal Docks
Surplus industrial land around the historic Royal Docks in London is to be released for new home building under proposals put forward for consultation by the city’s Mayor In the 19th and early 20th centuries, the Royal Docks in East London were at the very heart of London's commercial success, acting as a hive of industry and attracting trade and people from all over the world. The Mayor’s vision is to restore the Royal Docks to its former glory and the area is currently enjoying an incredible transformation. Chinese developer ABP has secured planning permission for a large financial and business district at Royal Albert Dock with work starting later this year alongside two new hotels which are already underway. The Silvertown Partnership has already started restoring the iconic Millennium Mills at Silvertown Quays and will eventually deliver a new development including creative workspace, exciting new brand buildings and over 3,000 homes. The Docks are also set to benefit from major transport infrastructure projects such as Crossrail and new crossings over the Thames, such as the Silvertown Tunnel. Now, the Mayor is building on that success by launching a consultation on proposals to transform further parts of the Docks and adjoining Beckton Riverside to become a world class business destination as well as 24,000 new homes. ‘This part of London was once a global standard bearer for trade and industry and we are already bringing about a new era of prosperity with exciting schemes transforming Royal Albert Dock and Silvertown Quays,’ said Mayor Boris Johnson. ‘Now we want to take that success to a new level and transform further parts of the Royal Docks, capitalising on the potential of Crossrail and other transport infrastructure improvements to deliver more of the homes and jobs London so urgently needs,’ he added. A planning framework for the Royal Docks and Beckton Riverside focuses on releasing surplus industrial land and intensifying other sites, which City Hall believes will open up further developable land on the north banks, potentially leading to the delivery of 24,000 homes and 60,000 new jobs. The plans also explores the need for new and improved transport infrastructure to serve key development sites and improve the capacity of the existing network, including proposing new routes, a river walk and a network of open spaces. ‘With careful planning, the potential exists to build on the work we have already done at Royal Docks and deliver tens of thousands more homes and jobs. I hope this consultation brings forward exciting ideas about how we can further regenerate this historic part of the capital,’ said Sir Edward Lister, Deputy Mayor for planning. The Royal Docks and Beckton Riverside Opportunity Area Planning Framework forms a major part of the Mayor's vision for East London. In October last year he launched 'City in the East' which is a visionary framework detailing how major development should take place from London Bridge to the Isle of Dogs and Greenwich Peninsula, right through to… Continue reading
Deal could see fast broadband for new homes in UK
A fast internet connection is one of the top must haves for home buyers in the UK and is set to become a standard for new homes, it has been announced. A new agreement between provider Openreach and the Home Builders Federation (HBF) aims to deliver superfast broadband connectivity to new build properties in the UK. The new deal will see fibre based broadband offered to all new developments either for free or as part of a co-funded initiative. It is estimated that more than half of all new build properties can be connected to fibre broadband free of charge to developers. As part of the agreement, Openreach is introducing an online planning tool for home builders. This will tell them whether properties in a given development can be connected to fibre for free, or if a contribution is needed from the developer to jointly fund the deployment of the local fibre network. The housing industry will have access to a ‘rate card’ from Openreach which details the fixed cost contributions required by home builders in those cases where joint funding is required. Openreach will make a significant contribution itself before seeking any funds from developers. HBF said that it will promote and support uptake of the co-funding offer amongst their members, and emphasise the need to plan for connectivity early in the development. ‘Broadband connectivity is just one thing that home buyers now expect when buying a new build, so this industry-led push to make superfast, or indeed ultrafast, broadband speeds available by default in new homes represents a very important step in meeting the UK’s digital needs,’ said Digital Economy Minister Ed Vaizey. Clive Selley, chief executive officer of Openreach, said it is an important step towards bringing fibre broadband to as many new build properties as possible. ‘We recognise that high speed broadband connectivity is a major factor for home owners when deciding to buy a house. That’s why we’re offering to deliver fibre to all new build developments either for free or as a co-funded model,’ he explained. ‘With the support of the HBF we’ve delivered a series of measures to give developers greater clarity, choice and more funding. This underlines Openreach’s commitment to further extend its fibre network, which reaches more than 24 million premises, to benefit even more communities across the country,’ he added. According to Stewart Baseley, executive chairman of the HBF, said it will help meet home buyers expectations. ‘House builders are constantly striving to deliver on and surpass the expectations of customers as we continue to see housing supply grow,’ he pointed out. ‘Broadband speeds are an increasingly important factor in the home buying process and this offer to developers will see more new build purchasers benefit from the very best connectivity to go alongside the many other advantages of purchasing a brand new home,’ he added. Continue reading
