On 28 March, Savills reported that London’s prime housing market had seen a notable slowdown in the fall of property prices since the start of 2017. Central London properties, which average £4 million, saw their value slip by -0.8 per cent compared to -2.1 per cent last quarter. Savills also found that at the top end of the market where properties tend to reach £10 million and above,
values seem to be stabilising – in part due to foreign buyers attracted by the struggling pound. Elsewhere in the country, marginal price growth was recorded for the first quarter with all regions seeing small increases in property values.
Brexit negotiations unlikely to hamper UK property market
Brexit is unlikely to cause significant upset to the UK property market during the two year divorce negotiations according to Property Wire (30 March). Experts are in fact suggesting that a slow in price growth could have benefits for first time buyers as homes become more affordable and interest
and borrowing rates remain low. And in London, which is arguably most vulnerable to the impacts of Brexit, it is thought that demand for homes and lack of supply will outweigh any uncertainty that results from ongoing negotiations
The UK’s regions are constructing more than double the number of build-to-rent homes being achieved by London, according to new research published on 31 March by the British Property Federation (BPF). The research
for the BPF,conducted by Savills shows that while the regions currently have more homes under construction, London still has the most amount of homes in the future pipeline.
The road to repair: One in six local roads will need fixing in the next five years
17 per cent of local roads in England and Wales are in a “poor” condition and are in such a bad state that they must be repaired in the next five years, according to the Asphalt Industry Alliance’s (AIA) Annual Local Authority
Road Maintenance survey (ALARM). Alan MacKenzie, chairman of the AIA has called on a “significant increase in funding” to clear the backlog of work needed
Competition launched for access to £100m pot for CAV testing
Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy, has announced plans for the first phase of £100 million investment in connected and autonomous vehicles (CAV) testing, to 400 industry leaders at the Society of Motor Manufacturers and Traders Connected Conference
in London (30 March). The government hopes this investment will cement the UK’s position as the leading destination for the development of CAV technology..
The UK Government should publish a strong ‘Clean Growth Plan’ to include new polices to reduce emissions from homes and offices, according to 30
construction, heat and energy efficiency organisations in a letter sent to Greg Clark, the Secretary of State for Business, Energy and Industrial Strategy
Consent for the start of construction of a twin European Pressurised Reactor (EPR) nuclear power station at Hinkley Point C in Somerset has been granted
by the Office for Nuclear Regulation (ONR). It will be the first nuclear plant to be built in Britain in a generation.