Weekly Property Round Up
There have been some big events happening over the past week with the first Tory budget in over 20 years which George Osborne delivered on Wednesday; the ever closer deadline that Greeks creditors are imposing on the country's banks and the exciting Wimbledon news that there could be a double Murray tennis final.
Olympic dream continues
Contrary to what Dame Tessa Jowell claimed this week, the property prices close to the Olympic Park in London have out performed the entire country, rising on average of £1,500 a month since July 2005. The average price has risen from £206,191 to £378,884; an increase of a mind blowing 84%, when compared to the rest of England and Wales which increased 41% over the same period. It's not over yet Dame Tessa.
One of the largest private rented sector developers (PBS) in the US has stated that it is looking for it's first off-shore opportunity and is looking to London to invest £2bn. Casey Klein, the managing director for Crescent Heights, has announced that they are actively looking for properties in London and are expected to get their first purchase in the next three months. Earlier this week the company brought Vintners Place for a cool £160m and is expected to make further investments in the coming months as they begins their big push for buying up property in the UK.
UK Property prices on the up
The average house price in UK has surged over £200,000 for first time ever, resulting in a average of £200,2810 for June according to Halifax. This is good news for the UK property market as it shows great confidence in the market, with the conservative majority and a stronger economy over the first few months, people are feeling better about their finances and this has leaked into the property market.
RBC into Bishopgate
Canada's largest bank has decided that after almost a year of looking for a new home they have decided on 100 Bishopgate tower, it is in advanced talks with Brookfield about the property. This shows that the confidence has paid off for Brookfields who decided in May to build the city's tallest building, this new building is expected to be finished by 2018 and be a whopping 613ft tall.