UNITED KINGDOM - Edinburgh Council’s property development and investment business has submitted plans for a 687,000 sq ft mixed-use development in Edinburgh’s Fountainbridge area.
The plans include 350 housing units, a 130-bedroom hotel, offices and 48,175 sq ft earmarked for retail and food and drink, including a 23,000 sq ft supermarket.
There are also two arts venues planned for the area.
The 8.2 acre site, to the south of Fountainbridge, borders the Union Canal and has been out of use since 2004.
Showing posts with label United Kingdom. Show all posts
Showing posts with label United Kingdom. Show all posts
Friday, July 11, 2014
Tuesday, July 8, 2014
Foreign Buyers Boosting U.S. Housing Market Recovery
The U.S. housing recovery continues and international buyers are a big reason, with the Chinese leading the charge. Chinese buying is up more than 70% to $22 billion -- nearly 1 in 4 dollars of all foreign purchases, according to the National Association of Realtors.
Canadians are No. 1 in total homes bought, but the Chinese buy more expensive homes: An average price of $591,000.
The Chinese also bring a lot of cash to the table: More than three-quarters of their purchases were all-cash buys.
California is the biggest market for the Chinese, accounting for a third of their purchases.
Washington State, however, is coming up quickly, accounting for 9% of buys. It's followed by New York, Pennsylvania and Texas.
Why are they buying? Only 39% of Chinese buyers said they intended to use their purchases as their main home.
Some may buy condos for their children attending U.S. colleges. They hope that, in addition to saving on dormitory fees, they can make benefit from home price appreciation by the time the students graduate.
Others are becoming landlords, buying cheap homes in distressed economic pockets, like Detroit, and renting them out.
Still others use the homes as vacation properties a couple of weeks a year and rent them out the rest of the time.
In addition to the Chinese buyers and the Canadians, Mexico, India and the United Kingdom filled out the top five list. India also had a notable jump in money spent -- 48% growth.
Canadians are No. 1 in total homes bought, but the Chinese buy more expensive homes: An average price of $591,000.
The Chinese also bring a lot of cash to the table: More than three-quarters of their purchases were all-cash buys.
California is the biggest market for the Chinese, accounting for a third of their purchases.
Washington State, however, is coming up quickly, accounting for 9% of buys. It's followed by New York, Pennsylvania and Texas.
Why are they buying? Only 39% of Chinese buyers said they intended to use their purchases as their main home.
Some may buy condos for their children attending U.S. colleges. They hope that, in addition to saving on dormitory fees, they can make benefit from home price appreciation by the time the students graduate.
Others are becoming landlords, buying cheap homes in distressed economic pockets, like Detroit, and renting them out.
Still others use the homes as vacation properties a couple of weeks a year and rent them out the rest of the time.
In addition to the Chinese buyers and the Canadians, Mexico, India and the United Kingdom filled out the top five list. India also had a notable jump in money spent -- 48% growth.
Sunday, June 29, 2014
UK Economists Fear Real Estate Bubble Amid Housing Boom
LONDON—The U.K.'s two chief financial-policy makers warned Thursday of a potential real estate bubble as the government moved to enact new powers to curb mortgage lending amid a gathering boom.
Britain's concerns highlight a central challenge to policy makers in the era of low interest rates: how to curb bubbles without slowing economic recovery.
The U.S. and euro zone have also established new bodies to keep watch over the financial system, but the U.K. has gone furthest in equipping its central bank with specific tools to tackle housing-market risks.
The U.K. is trying to control housing prices without resorting to raising interest rates.
The BOE will have wide new authority to restrict lending by limiting how much home buyers can borrow relative to their incomes and how much they can borrow as a proportion of a property's value.
The International Monetary Fund warned Wednesday the U.K. was one of many countries that need to guard against housing-market booms, for fear a bust could lead to a systemic banking crisis.
Australia, Canada and France were also highlighted as countries where housing markets appear overvalued in relation to average incomes.
Britain's concerns highlight a central challenge to policy makers in the era of low interest rates: how to curb bubbles without slowing economic recovery.
The U.S. and euro zone have also established new bodies to keep watch over the financial system, but the U.K. has gone furthest in equipping its central bank with specific tools to tackle housing-market risks.
The U.K. is trying to control housing prices without resorting to raising interest rates.
The BOE will have wide new authority to restrict lending by limiting how much home buyers can borrow relative to their incomes and how much they can borrow as a proportion of a property's value.
The International Monetary Fund warned Wednesday the U.K. was one of many countries that need to guard against housing-market booms, for fear a bust could lead to a systemic banking crisis.
Australia, Canada and France were also highlighted as countries where housing markets appear overvalued in relation to average incomes.
Thursday, May 16, 2013
London Office Construction Hits Four-Year High
Office construction in the capital has hit 9.7m sq ft, a four-year high, a report has found.
Construction activity has more than tripled since 2010, when it reached its post-recession low.
The amount of space under construction has reached 4.5m sq ft, up 10% since November 2012.
In the first quarter of 2013, 33% of the space under construction in the capital had been pre-let. The figure is a big increase on the same period in 2011, when only 1% was pre-let.
Leasing activity has almost doubled from six months ago – good news for landlords, who are gaining the upper hand as the lowest levels of Grade A space for five years means occupiers are in heavy competition for space.
This year will see 1.6m sq ft of completions, the highest level for seven years. Mayfair will see the largest influx of space for several years, with 400,000 sq ft completing this year.
However, the primary focus for new development in the West End is outside Mayfair: the report found that north of Oxford Street and Victoria are emerging as attractive locations, with developer confidence driving construction activity and occupier demand driving rental rises of 74% and 51% respectively.
Less popular London markets have also seen a surge: at King’s Cross, where 800,000 sq ft is under construction, floorspace is up by 68% since the previous survey. Midtown has 722,000 sq ft under construction; while the Southbank has 982,000 sq ft under construction.
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