Keeping you in the know about important street plans affecting Belgravia

Planning & Development

property prices
Jonathan Hudson of Hudsons Property
comments on the current state of the market
T
he health of the London
property market is constantly
in the news. There are so many
different factors that can affect property
prices, not least buyers condence.
At the end of the rst half of 2014,
the market was still short of sales stock
for the most part, which helped to fuel
prices. However, due to tightening up
on mortgage lending criteria and the
news that interest rates will rise, more
stock has nally hit the market as
property holders have decided now is
the time to cash in on their assets.
Bank of England initiatives to curb mortgage lending
in April by capping the amount that lenders can loan
against their customers incomes or the value of their
property is a measured approach to help slow the market.
It is to be commended as it will help sustain growth at a
more gradual level and maintain the health of the market.
Statistics released by Rightmove in June indicate
that house prices in the capital fell by 0.5 per cent on the
previous month. This added another twist to the ongoing
debate surrounding the booming and subsequent cooling
of the London housing market. You can only really start
to see a pattern after monitoring the market over a three
month period, however, so we await further data on this.
Commentators also suggested that London asking
prices had hit an affordability cap. In July, a report by
Nationwide was released stating that UK house prices had
risen above their peak of 2007. The average value of a UK
property is 188,903, but in London it has surpassed an
average of 400,000 for the rst time.
So what are the implications of these revelations
and how should those entering the London market
mineeld navigate the ever-changing speculation from
the media?
The rst
thing to note
is people react
quickly to fear.
Much like in
the event of a
potential petrol
strike, sudden
changes in the
property market
are a catalyst for panicked decisions. As soon as the
government urges people not to panic, an hour later
there are queues half a mile down the street with people
wanting to ll up their tanks. The same applies to selling
houses and this goes some way to explaining the recent
inux of supply by sellers who perhaps think that the
market has peaked.
Depending on the mornings headlines, vendors
may think that they have already missed the boat or
decide that they need to get on the bandwagon. To put
it in perspective, Hudsons has recently experienced an
average 21 interested parties per property on our books,
which is an astonishing gure. That number has recently
dropped as buyers wait to see what will happen next.
Many consider this as a great opportunity to buy in a
more controlled and measured manner by being able to
view more properties before committing to a decision.
The condition of London property is still in ne
shape and we expect the market to remain rm with
smaller increases rather than huge surges like weve
witnessed in the last few years. Overall, this is a better
prescription for the capitals property market, one which
will help to preserve prices and avoid price falls.
(hudsonsproperty.com)
The nature of London
BE L GRAVI A RE S I DE NT S J OURNA L 027
Birdseye view
Land Securities has announced the
launch of four penthouses at Kings
Gate. Each comprises four bedrooms
and starts at 3,337 sq ft. Promising
to blend both traditional British
architectural design inuences with
a nod to the Italian renaissance,
Tom Eshelby, residential director at
Land Securities, commented: Built
at 15 oors above street level, with
high quality interiors and 920 sq ft
roof gardens, the penthouses provide
investors with a spacious, peaceful
oasis in one of Londons most exciting
new districts. Kings Gate is the
second signicant residential building
within Land Securities 2.2billion
regeneration of this historic area.
Designed by award-winning
British architect Patrick Lynch, the
development takes inspiration from
iconic London landmarks such as the
Houses of Parliament and Buckingham
Palace. Set to be completed in mid-
2015, investors at Kings Gate can
expect to pay upwards of 3.4million
for a pied a terre.
(kingsgatesw1.co.uk)
New highway into Belgravia
TfL is proposing a continuous, largely segregated two-way cycle track
between Oval and Pimlico. The proposed track would allow cyclists
and drivers to avoid each other and would offer major improvements
to safety and comfort for cyclists. There are three options for the route
between Pimlico and Belgravia (see map).
Vauxhall is difcult to avoid for many cycle journeys between south-
west and central London. Around 3,000 cyclists use Vauxhall Bridge in
the rush hour alone, but it can be a very intimidating location for cyclists,
requiring multiple manoeuvres in the middle of often fast-moving trafc.
Those interested in inuencing the proposed route can add their voice to
the consultations held by TfL, which run until 14 September.
Submit your views online at consultations.t.gov.uk
PLANNING APPLICATIONS
PLANNED ROAD WORKS
DATE RECEIVED
16 June
18 June
24 June
30 June
2 July
ADDRESS
St Barnabas Street
Chester Row
Eaton Terrace
Eaton Place
Eaton Square
PROPOSAL
Use of rst and second oor as a three
bed residential at and installation of new
entrance door
Excavation of new basement level,
construction of rear extension
Replacement of existing timber stair with
new stair with stone nish
Installation of replacement ooring in hall
and cloakroom
Installation of secondary glazing to three
sash windows
STREET
Bourne Street
Eccleston Place
Hobart Place
Grosvenor
Gardens
PLANNED WORK
Disconnect main in
carriageway
Installation of telecomms
chamber
Junction modernisation
Installation of telecom ducts
and chambers
DATES
1-8 August
1-14 August
1-22 August
Until
August 3
WORKS OWNER
National Grid Gas Plc
(0845 605 6677)
City of London
Telecoms
(0808 129 6000)
Transport for London
(0845 305 1234)
City of London
Telecoms