London Markets in Real Estate
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Sadiq Khan has published the final version of his affordable housing and viability supplementary planning guidance (SPG). This was consulted on earlier in the year. The final document has remained very similar to the draft but with a number of subtle differences. It sets out the Mayor’s approach to strategic applications that are referred to him, noting that Local Planning Authorities (LPAs) are encouraged to follow the same approach for all schemes providing 10 or more homes.
The London Mayor has published a new CIL Preliminary Draft Charging Schedule for consultation. The consultation period ends on the 7 August.
Broadening the Composition of London’s housing supply
I attended the excellent London Planning & Politics conference recently and joined a panel debating the key policy interventions to tackle London's housing crisis. My theme was the need to broaden the composition of housing supply in order to achieve the 50,000 per annum new homes that London needs.
In publishing "A City for all Londoners" the Mayor of London has reaffirmed many of his manifesto pledges (https://www.london.gov.uk/sites/default/files/cfal_oct_2016_fa_rev1.pdf). The document, known in GLA circles as "Towards a London Plan", acts as a prospectus for how to deliver the Mayor's pro-development vision for meeting London's ever growing housing, economic and infrastructure needs, while protecting the things that Londoners value and trying to meet as much of the city's growth demands within London itself.
The latest edition of our UK Property Handbook has just been sent out, containing the usual wealth of easy-to-digest detail on the domestic market. Here’s a quick look at a few of the top-level themes…
There has been no let-up in the wave of foreign capital steadily flowing into the UK property sector this year but one sector in particular seems to be standing out from the crowd. Although central London offices continue to dominate activity in the investment market, the volume of student housing transactions is also making headlines. Has the sector finally been accepted as a mainstream investment?
Deloitte’s latest Consumer Review analyses the mass-personalisation of consumer goods – a fast-growing trend that has significant implications for the real estate within retailers’ supply chains.
Earlier in the year we released the third report in our London Business Footprint series in which we looked at the growth of the serviced office sector within London. Since then it feels like we are seeing weekly announcements of serviced office operators and co-working space specialists taking more office space, and not just in second-hand buildings. This is an occupier type that is now targeting new developments.
I recently sat down to read Richard Horton’s (Deloitte, Head of Finance Research) latest piece of research, entitled ‘The robots are coming’. I was immediately disappointed to learn that robots are not the walking, talking auto-bots we know and love from 1980s sci-fi films, but rather invisible bits of software. Having recovered from that news, I soon realised that Richard’s report on the growing automation of boring back-office chores actually has some pretty significant implications for the way firms might use office space.
The intense marketing and sale of 30 St Mary Axe, EC3 , commonly known as ’The Gherkin’ is now firmly fixed in last year. Whilst we look forward into 2015 and fully engage ourselves in new instructions, it is worth taking stock of a journey that resulted in the sale of one of London’s most iconic building for a record price.