Older offices are being purchased for conversion into hotels due to hybrid working from home and net zero carbon neutral requirements. Solicitors in London have been dealing with change of use planning applications accompanying the regular freehold and leasehold transfer negotiations.
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The fall in the number of construction contracts has been evidenced by a 25% insolvency increase in building firms since the pandemic.
Escalating inflation, delays in significant infrastructure projects, a drop in the construction of new homes and the cost increments of materials are the chief culprits here.
Share This:- A large commercial property company in the West End of London has reported its tenants are generating sales in all sectors at a pace far in excess of pre-pandemic conditions. It has noticed a significant increase in lettings.
Share This:- Flat sales in London are up nearly a quarter compared to pre-pandemic conditions and house sales are showing a smaller yet still significant increase. In prime central London renters are being forced to pay more as there are fewer deals on offer, with particular demand in up to two bed properties. Suburban rents have increased even more so.
New leases and renewals are being reported by some of the commercial property mega corporations with rents holding firm even though foot fall remains slightly subdued due to hybrid working. Recent builds especially are of interest.
Share This:- Professional and financial services have led the way causing an increase in rents over the past five years to £125 per sq ft from £100. The opening of Bond Street Station on the Elizabeth Line can only serve as a catalyst.
Share This:- The residential property market is achieving price levels seen only once before since 2007. In London this was a 0.3% increase above the national average.
Share This:- Student housing has become an attractive investment proposition particularly in the north of England as it offers fast returns, high yields and is low risk. Student accommodation is now relatively luxurious and reflects the monetisation of higher education in recent years.
Share This:- If you’re buying a property in central London the air quality may be important to you. The postal areas from the highest to the lowest are:- W1K,SW1X,SW1W,SW1Y,SW1A,SW7,SW3,W1J,SW10,W8 and W1S.
Share This:- The Chancellor is reported to be extending the stamp duty holiday by three months until the end of June in next Wednesday’s Budget (3rd March 2021). Conveyancing solicitors are adjusting to the flow rates of new instructions.
Share This:- Freehold and leasehold warehouses are being snapped up due to the online shopping surge. Once at the derided end of the commercial property market they have now become the industry’s darlings.
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