Jane Wood & Associates

20/08/2021

The latest six-monthly figures show the highest number of property sales and achieved prices for 7 years - in the £5m plus market in London http://ow.ly/JWqP50FRiTc. I am not convinced that the explanation of “buyers looking for larger homes and gardens post lockdown” is the main reason – given that many international buyers are still absent from the market, we surely have to note that it could be the fear of inflation that is driving some of the demand and price increases. As interest rates remain low and inflation is creeping up, for some property can seem like a safer bet than other asset classes.

Savills data shows sales of £5m-plus properties at highest level in seven years.

14/08/2021

I am constantly being asked what I think is going to happen to property prices, and whilst I am always able to talk with authority about where the market is relative to last year, the year before, 5 years ago and more, I am always hesitant to predict the future. I don’t have a crystal ball and we know that it is practically impossible to call a market. It is for this reason that I found this recent article, in Money Week, so interesting. In brief, it talks about an 18 year economic cycle that has been seen over the last 200 years, and it predicts that we are heading for a 5 year property and stockmarket boom. http://ow.ly/nmnO50FQYNu

18/06/2021

With recent reports that property prices are falling in London it is very much a case of the devil is in the detail. We are eagerly anticipating Q2 figures but Q1 figures from the industry database, Lonres, show that across 20 different areas in London, prices rose year on year in 7 areas by as much as 9.4% but fell in 13 areas by as much as 12.6%. A differential of 22%. If you are buying a property, it is important to know what is happening in your area before you start negotiating.

03/06/2021

For those of you who live in an apartment block, have you ever considered selling the “airspace” above it? We raised this in our Sept 20 newsletter, when we commented on the July 20 change in permitted development rules, allowing up to two storeys to be added to certain blocks, without the need of planning permission. Since then, freeholders and developers have become increasingly interested in investigating the option of adding a floor or two to existing blocks. If you own the freehold, it can be a lucrative business and a good way for freeholders to raise money for ongoing remedial works. For many it is also a sensible and potentially carbon saving approach to solving the urban housing crisis - in a recent survey in Southwark it was estimated that 2000 homes could be built in airspace across the Borough. It would be wrong to underestimate the logistics of such a development, not least the disruption to existing tenants. Having said that, industry momentum has led to the launch of The Association of Rooftop and Airspace Development (ARAD) https://www.arad.uk/blog . Watch that space!

Rashida Salemahomed 6/3/21 Rashida Salemahomed 6/3/21 ARAD in the news The launch of ARAD has been covered by key industry media titles. Read More Rashida Salemahomed 5/27/21 Rashida Salemahomed 5/27/21 Leading airspace developers join forces to launch Association of Rooftop and Airspace Development...

28/05/2021

Borough & Shad Thames was for years the cool east London place to be, until Shoreditch tried to take over. However, Borough Market has remained a firm favourite and property prices in the area have remained steady over the last 5 years – impressive given that many other areas have experienced a 10-15% price drop. The area has arguably fallen behind on the retail side of things and so we have been eagerly awaiting the opening of Borough Yards – the restored railway arch development on Stoney Street. Yesterday saw the opening of the first shop – Paul Smith - the first of 50 planned shops. www.boroughyards.com

Borough Yards is the capital’s most exciting cultural and retail-focussed regeneration. This unique social, cultural and shopping hub is woven from historic urban fabric. A lost medieval street system has been revived. Once-forgotten warehouses and railway arches house dramatic, double-height reta...

11/05/2021

Off market properties have always been one of our specialities and in this article the FT points out, more properties than ever are being sold off market. In the first quarter of this year, 1 in 5 properties in London were sold off market. If you want to get ahead of the game, do call! http://ow.ly/vwwa50EJGE0

Shortage of stock gives Londoners the confidence to sell discreetly

05/05/2021

It is exciting to see that the old Earls Court Exhibition Hall site could be taking a new direction, since it was acquired by Delancey. A traditional mix of residential and commercial property had been planned by previous owners but in a recent interview with the group's founder, Jamie Ritblat, nothing was ruled out. The merits of a life sciences park, a logisitcs hub, and urban farms was discussed. Whilst these ideas will no doubt take time to come to fruition, last week planners did approve a nine-storey residential scheme on the very edge of the site, on the Old Brompton Road. http://ow.ly/luhv50EF8ZL

The first homes at the Earls Court development site in west London have been given the green light.

14/04/2021

We all thought, hoped, that things may calm down slightly once the end of March stamp duty deadline was pushed to the end of June. It seems this has only spurred more people to try and buy before the end of June. It is no exaggeration to say that in some parts of London flats and houses are coming to market and going under offer within hours. We are seeing this particularly in SW London from Clapham to Wimbledon and everything in between including Tooting, Streatham and Earlsfield. There is no doubt that prices have increased since the beginning of the year. Prices per sqft have been historically lower in these areas than north of the river and so perhaps it was time for a slight readjustment. In other areas prices are being pushed due to a severe lack of good stock – think family houses in Hampstead and Notting Hill. There is however, a real contrast in Marylebone and Clerkenwell for example, where there is little new stock coming to market and it is taking time for properties to go under offer. If you are currently looking to buy, it is more important than ever to have a solid understanding of the market you are searching in so that you can make appropriate offers, either to ensure that you don’t lose a property or that you don’t offer too much when demand is limited.

27/03/2021

There is a reason that I have had no words of wisdom to impart over the last three weeks - I haven't had a second to spare! As the FT notes today "more homes were bought and sold last month than in any February for 15 years". For many there was a rush to meet the end of March stamp duty deadline, with this now extended there has been a big sigh of relief for those that need more time. Another end of March deadline for non-UK residents also contributed to the rush - from April 1, non-UK residents will need to pay an additional 2% stamp duty on any property purchase in England and Northern Ireland.

The indications are that this heat in the market will continue for at least the short term with Covid restrictions still causing pent up demand - March has been a record month for us in terms of new enquires. This demand is leading to price increases in some neighbourhoods. The good news is that prices for prime property are still way down on the 2014 peak, particularly if you are buying in $ - see today's "Million-dollar question" article in the FT.

03/03/2021

We're pleased to see that the stamp duty holiday has been extended, in the Budget today, until the end of June. This is good news for all our clients who are struggling to complete by the original 30 March deadline. It will hopefully give impetus to those still looking (do call!). The extension will mean an ongoing saving of £15,000 on all purchases over £500,000.

There will still be a limited saving of £2,500 between 1 July and 30 September, as the nil rate band will reduce from £500,000 to £250,000.

http://ow.ly/yR7f50DP2kB

You pay Stamp Duty Land Tax (SDLT) when you buy houses, flats and other land and buildings over a certain price in the UK

11/02/2021

Who would have thought that a CGI of the future Olympia would lead an article in The Wall Street Journal this week http://ow.ly/GoTX50DxvxR. As we reported in our December 2017 newsletter, the iconic venue is undergoing as £1.3bn makeover. Hammersmith and Fulham council announced in December, that in addition to four-screen cinema, 1,500-seat theatre, 40 restaurants and cafes, there would also be a new music venue at the site with 4,400 seats - 1,000 seats more than the nearby Hammersmith Odeon http://ow.ly/p3M450Dxw5O. The development is due to be completed by Christmas 2024 and we are excited to see the positive impact it will have on the area.

01/02/2021

We are very much looking forward to hearing from the House of Commons this afternoon on two items: 1) A Select Committee meeting on whether to extend the stamp duty holiday beyond the end of March. 2) The House of Commons Opposition motion on cladding: "This House calls on the Government to urgently establish the extent of dangerous cladding and prioritise buildings according to risk; provide upfront funding to ensure cladding remediation can start immediately; protect leaseholders and taxpayers from the cost by pursuing those responsible for the cladding crisis; and update Parliament once a month in the form of a Written Ministerial Statement by the Secretary of State." https://commonsbusiness.parliament.uk/document/45020/html

Contents Part 1: Business TodayPart 2: Future Business Part 1: Business TodaySummary Agenda: Chamber 2.30pm Prayers Afterwards Oral Questions: Defence 3.30pm Urgent Questions, Ministerial Statements (if any) Until 10.00pm Opposition Day (16th allotted day): Protecting tenants and leaseholders from u...