May 2019 Newsletter
Here is our latest round up of the current talking points in the London property market.
New Stamp Duty proposed for non-residents – The government is currently consulting on a proposed additional 1% stamp duty tax on non-residents who buy residential property in England or Northern Ireland. At present there is no timetable for implementation. The test for residency will be different to existing residency tests. Under the new system, if the purchaser was in the UK for 183 or more days in the last 12 months, immediately preceding the purchase, they will be classed as resident. However, if you are classed as non-resident but then spend 183 days or more in the country in the 12 months following the purchase then the 1% can be reclaimed. (FT)
All change at London train stations – With car use in decline, more and more people are expected to use the train in the future. With this in mind, Network Rail has plans afoot for residential developments at several major stations including Euston, Clapham Junction, Victoria and Waterloo.
St John’s Wood could soon see a new residential home for the over 55s. Plans have been submitted to demolish Dora House next to Lord’s Cricket Ground and replace it with two towers, one 12 and the other 14 storeys high. The latter will comprise 170 homes for people over 55. (PW)
Farringdon has been an area we have championed for a long time. The prices per square foot have remained relatively low (£900-1200/sqft) given its central location, buzzy atmosphere, unique buildings and importantly it will be a stop on the soon to open Elizabeth Line. When the station does open a quarter of the UK’s population will be able to reach the neighbourhood within 45 minutes and more than 140 trains an hour will pass through the station. The area has over 900,000 sqft of commercial space due to be built over the next 3 years (PW).
Hammersmith finally has the go-ahead to transform the townhall on King Street. There has been an ongoing debate for several years as to how best to renovate the site. The development will include a new 4 screen cinema, 204 new homes, a new community art and an event space.
Victoria Coach Station is on the move. The Mayor of London wants to identify a new location for Victoria Coach Station. Although several sites are being considered, one of the front runners appears to be a strip of land along the railway tracks by Royal Oak, from Lord Hill’s Bridge to Westbourne Bridge. Several pre-planning meetings have taken place already and a planning expectation is anticipated mid-2019.
Chiswick Development – One of West London’s last DIY stores is to be redeveloped. B&Q at the end of Chiswick High Road, will be called Hudson Square. Although the plans have not yet been approved, a letter sent out to local residents and councillors from the developers said “Our proposal will deliver the world’s first fully integrated customer-centric car showcase, exhibition, gaming and technology experience. At the heart of the scheme will be a new public square surrounded by restaurants, retail, a hotel and residential units. It is envisaged that the scheme will become London’s hub for automotive technology generating high-value employment that will revitalise this strategically important location.”
Old Kent Road, probably most famous for its spot on the Monopoly board, is set for an overhaul. Planning was finally granted in March for a £600m project to regenerate the old retail park into a mixed-use scheme, including what will become London’s fourth largest tower with 48 storeys. This will be a residential tower and it will be set on a new public square with a new park. (ES)
Did you know that 3,000 people a day pass through the dance classes at Pineapple studios in Covent Garden?! Often associated with the decade during which it was founded, the 1980s, the iconic studio is located in one of the most popular shopping locations in town. Good residential units are limited in the area, with top end apartments selling at over £2000/sqft. (PW)
Transaction volumes have picked up since Easter. Some estate agents are seeing increases higher than in any of the past four years. (PW) Certainly we have seen quite a few good properties come to market and go under offer within a week, with other properties that had been overpriced being snapped up once prices have been reduced to a sensible level. This trend has been seen particularly in period rather than new build properties.
We very much hope that you find this update concise and informative. However please do let us know if you would rather we did not send this to you.