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Housing Demand Expected to Boom with Stamp Duty Holiday

By Investment Advice No Comments

In a bid to revitalise the pandemic-stricken housing market, Chancellor Rishi Sunak announced the suspension of stamp duty on the first £500,000 of all property sales on the 8th of July 2020, effective immediately until the 31st of March 2021. The change affects around 90% of buyers and London investors are chomping at the bit for substantial tax discounts in the capital. Overseas investors are not only incentivised by these cuts but also the looming stamp duty surcharge next April, the favourable currency fluctuations and London’s resilience in crisis. Investors from Hong Kong in particular will see this as a further incentive to buy, given that the BNO passport and exchange rate currently sits in their favour.

Pandemic Effect

COVID-19 and the UK’s lockdown put a hold on property sales across the country, with the number of properties coming to market down by 90% in May compared to 2019 (Rightmove), and the number of transactions down by 50%. With the market reopening in May, activity started to increase but is expected to plateau as demand waivers.

With the chancellor’s announcement, traffic to Rightmove immediately increased by 22%. The suspension raises the nil-rate stamp duty threshold from £125,000 to £500,000, saving buyers up to £15,000.

Above £500,000, buyers will pay 5% between £500k and £925k, 10% between £925k and £1.5m, and 12% above that.

Who will benefit?

First-time buyers will not have to pay the 5% stamp duty on purchases between £300k and £500k, encouraging a number of buyers to enter the market and generate a ripple effect for the rest of the housing market. Home-movers will free up necessary housing stock for first-time buyers and movement to areas with stronger employment markets will also boost the economic recovery. Market researchers believe that Sunak’s temporary changes will revive the housing market and consumer confidence, triggering a knock-on effect for the economy as a whole.

The London housing market will see considerably favourable effects as new stock is snatched up this year and affordability for first-time buyers, home owners and investors will improve as demand is boosted by the stamp duty suspension.

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What about investors?

Although investors and second home buyers will still have to pay 3% of the property value, they are still saving on stamp duty – in London, one in five landlords pay over £500,000 for an investment, meaning their average stamp duty bill will decrease by £7,240. Aneisha Beveridge, head of research at Hamptons International, has said that the savings “might be enough to lure those investors teetering on the edge of whether to invest, particularly in London and the south”.

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Stamp Duty Examples from Savills UK

Foreign investors are already snapping up UK property ahead of the stamp duty surcharge in April 2021, with property firms seeing a rise in enquiries from overseas. Investors from Hong Kong are seeing the chancellor’s announcement as a golden opportunity to invest in a “safe haven” for property investment. Nearly three million BNO passport holders in Hong Kong have been offered the right to live and work in the UK, and currently 1HKD can buy 0.10GBP in comparison to 0.096GBP at the end of 2019. The combination of incentives is driving demand and buyers will be looking to take advantage of the rare opportunity.

Eligibility

The SDLT holiday is effective immediately until the 31st of March, 2021. This means that property transactions must be completed before March next year to reap the benefits, even if exchanges are made prior to the deadline. Buyers are therefore showing demand primarily for newly built flats, those completed before the deadline in March, or second-hand properties.

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As we trudge along with dwindling hope in the midst of a global pandemic, the property world is ready to flourish with an onrush of demand as a result of the decision to suspend stamp duty by Chancellor Rishi Sunak. The capital in particular is expected to benefit greatly from the temporary change and the UK economy should see a knock-on effect from increased consumer confidence. Overseas buyers are using this opportunity to invest in safe haven assets and strike while the iron is hot.

For more information or to see our available properties, visit www.fct-property.com or contact Freddie at freddie@fct-property.com.

 

 

Sources:

https://www.theguardian.com/business/2020/jul/08/stamp-duty-holiday-revive-housing-market-summer-statement-property

https://www.savills.co.uk/insight-and-opinion/savills-news/302206/what-the-stamp-duty-holiday-means-for-the-housing-market

https://www.rightmove.co.uk/press-centre/house-price-index/may-2020/

https://www.forbes.com/sites/garybarker/2020/07/08/who-benefits-from-the-stamp-duty-holiday/#543f6a477711

https://www.lettingagenttoday.co.uk/breaking-news/2020/7/typical-buy-to-let-investor-set-to-save-almost-2k-thanks-to-sunak?source=newsticker

https://www.buyassociation.co.uk/2020/07/09/stamp-duty-cut-how-it-affects-buy-to-let-second-homes-and-limited-companies/

Images:

https://www.willpearson.co.uk/london-begins-a-london-sunrise/

https://www.willpearson.co.uk/london-from-the-south/

https://www.willpearson.co.uk/sunlit-london-panorama/

Will London adapt to life after COVID19 and remain one of the most attractive cities for work and leisure?

By Investment Advice No Comments

“Post-COVID life” still seems utopian at this point, with businesses grappling for work-from-home policies and a universal panic that the global economy is crashing harder than in 2008. Those working from home are realising what they really want out of their property and living area, whether it be more indoor and outdoor space for the possible extension of lockdown, or an everything-on-your-doorstep area to avoid travel and transport in the future. But, if offices are becoming redundant and people are looking for more open space, why is London still the hot topic in the property world?

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Stability

At the risk of sounding like a broken record among other articles on London real estate, London is known for its resilience to economic downfalls and remains a reliable investment as a result. There is no denying that COVID-19 will have a considerable effect on the UK economy, but if you are seeking capital retention then London is your city, as the attraction of its political and legal stability for both domestic and overseas buyers will remain consistent.

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Consumer Confidence

While London remains attractive from the perspective of long-term stability, the current economic situation poses as a worry for potential buyers, but we should recall the strong rebound London made after the credit crunch, with a 73% increase in house prices over the last ten years. Real estate trends often align with consumer confidence, which plummeted in 2008 as banks were insufficiently capitalised and the US housing bubble burst. The current situation differs from the financial crash in that health sits at its core – those negatively affected by the present state of the economy are obliged to accept that the government is having to find the balance between physical and economic health. This acceptance, along with the deployment of financial safety nets to avoid history repeating itself, will allow consumer confidence to recover sooner than in 2008 and the housing market will bounce back.

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Post-COVID Checklist

Economic worries aside, lockdown and work-from-home culture are changing what we want from our property and surrounding area, leading to many seeking new homes in more rural areas. On top of this, companies are rethinking their need for office space as working culture shifts to accommodate for post-COVID changes. However, businesses still view London as the best location for their base, with many looking to downsize their offices outside of the capital to move back to the centre, particularly with the view to attracting young talent who will not want to commute from afar. London provides an international business hub in a time zone that allows for communication with US and Asian markets during the day. Its connectivity with the rest of the world, both virtually and physically with its plethora of transport hubs, is what makes London so desirable. Young people are flocking to live where their work and social life can flourish in the vibrancy of London’s city landscape and they are within reach of everywhere and everyone once lockdown restrictions ease.

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Demand from Hong Kong

Overseas buyers are also attracted to London’s range of assets, particularly as countries deal with COVID-19 in a variety of ways and politically divide their residents. Amidst the pandemic, Hong Kong residents have had to consider their long-term future residing there as China tightens its grip on security measures.

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The recently enforced National Security Law in Hong Kong by Beijing has provoked the UK to open a route for nearly 3 million Hong Kong residents with British National Overseas (BNO) passports to live and work in the UK. This has triggered a surge of potential buyers, with Midland immigration consultancy experiencing 100 enquiries per day at the start of June. For many of these, London provides a similar vibe to living in Hong Kong, with its vibrant city atmosphere and hub of international business.

To sum up, nothing is putting a dent in people’s desire to buy, rent and live in London property, even as we endure a global pandemic and economic crisis. The capital city’s long-term capital retention and general vibrancy as a place to live will shine through the present struggles and prove to us that London’s property market is indestructible.

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To learn more about the future of the London property market or to find out about our properties, visit our website fct-property.com or contact us today at

contact@fct-property.com.

Sources:

https://life.spectator.co.uk/articles/why-you-should-think-twice-about-moving-out-of-london/

Image sources:

https://secretldn.com/best-things-to-do-london/

https://www.willpearson.co.uk/bishopsgate-rising/

https://www.bloomberg.com/amp/news/articles/2020-07-01/u-k-to-give-hong-kong-nationals-way-out-after-china-crackdown

https://www.willpearson.co.uk/londons-new-skyline/

Weak Pound Guiding Hongkongers’ Contingency Plans

By Investment Advice No Comments

Protests persist in Hong Kong following Carrie Lam’s failure to formally withdraw the extradition bill, leading to political and social uncertainty for the future of the city. Citizens are looking for a “plan B” in cities like London, especially whilst the pound is currently weakened by Brexit uncertainty, where they can migrate to in order to avoid what may end up as a complete deterioration of Hong Kong’s freedom and legal system as it is now.

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Source: https://www.scmp.com/news/hong-kong/politics/article/2157756/what-british-national-overseas-passport-and-what-holder

Hongkonger Contingency Plan

Ongoing demonstrations and anger towards the extradition law and crumbling of Hong Kong’s freedoms are causing Hongkongers to rethink a long-term future in the city and make plans for migration.

A secondary school teacher speaking to South China Morning Post said, “Given that the environment in Hong Kong is not very promising … we want to have another choice if things go very bad here.”

Those not wanting to witness Hong Kong’s diminishing freedom are considering their options elsewhere, with the UK being a top candidate amongst Canada, the US, Singapore and Malaysia. Hongkongers who have previously considered emigrating are seizing the opportunity before the political situation worsens and begins to affect everyday lives, and whilst the pound sterling is at a weak point in the UK, investors are taking advantage of this critical time to form a contingency plan. There has also been talk of the British government granting citizenship rights to Hongkongers, illustrating the desire for Britain to help its former colony without intervention.

Since June, Hong Kong has seen its citizens stand up against an extradition law that would potentially see criminal suspects in Hong Kong extradited to China, which many protesters believes undermines Hong Kong’s legal freedom and marks the beginning of the loss of all other Hong Kong freedoms. The Hong Kong police began using teargas and rubber bullets, sparking anger in peaceful protesters and triggering some of the worst violence Hong Kong has seen in decades. Despite Carrie Lam’s announcement that the law was “dead”, protesters were not satisfied with the lack of formal withdrawal and the demonstrations across Hong Kong persist.

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Source:https://www.scmp.com/news/hong-kong/politics/article/3020416/beijing-respond-social-unrest-hong-kong-after-more-violent

Gillem Tulloch, founder of GMT Research, became one of the first Hong Kong finance professionals to say that he might relocate to Singapore or the UK due to concerns that his firm’s often-critical research reports into mainland Chinese companies make its staff vulnerable to false allegations in China that could be used as a pretext for extradition.

With the risk of a gradual deterioration in the political and social freedoms of the Hong Kong, the UK and London in particular offer a dependable legal and education system whilst also having historical and cultural ties to Hong Kong.

The Weak Pound and Johnson’s EU Rejection

In July, the sterling dropped to its lowest point against the dollar in two and a half years following the new prime minister’s talk of a no-deal Brexit. In recent news, Johnson was confident that EU leaders would change their position on the Northern Ireland backstop in the withdrawal agreement, yet his confidence was shown to be futile as the European Union rejected his request to remove the backstop, and the possibility of a no-deal Brexit is seemingly ever more of an inevitability.

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Source:https://news.sky.com/story/weak-pound-more-to-falling-sterling-than-no-deal-brexit-fears-11772929

The Independent have said “the pound is set to fall even further as the likelihood increases of a no-deal Brexit”, meaning investors are seizing opportunities in the UK while prices are low.

On Tuesday, Angela Merkel made comments on finding a solution to the backstop problem, which triggered a sharp rise in the pound. Boris Johnson will talk about his new plans in Berlin and Paris this week, which could prove to be important for the sterling if Angela Merkel and Emmanuel Macron are open to his suggestions.

The prime minister insists that Britain will be leaving the European Union on the 31st of October, with or without a deal, and until then, it is unlikely that the pound will fully recover but may experience the effect of reactions to headlines as decisions are being contemplated.

Investors

During the current trade war between the US and China, investors are seeing this opportunity with the weak pound and tech firms in particular are flooding into the UK whilst prices are low and investments can grow in the long term.

“In total, Asia invested $1.8bn into the UK tech sector in the first half of this year, compared to $0.6bn the year before,” says BBC News, demonstrating the confidence investors are placing in the UK, triggering a domino effect for other investors.

Some investors are worried about what impact Brexit will have on the UK’s tech talent pool if EU nationals aren’t able to work in the UK in the event of a no deal Brexit, however with the possibility of Hongkongers migrating to London, Britain could see an increase in highly skilled professionals from its former colony. The UK may also make the immigration process for overseas workers easier and more welcoming in the future in order to combat the potential issue with EU workers.

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What’s to come?

Asking prices in London have increased for the first time in two years, showing signs of renewed confidence as Johnson assures Brexit’s definite completion. Fears that Hong Kong life will become increasingly more affected by its political upheaval will drive Hongkongers towards migration in Europe, Singapore and Canada. Whilst the pound is weak, the UK is attracting Asian investors and provides an opportunity for Hongkongers to form a contingency plan in the case that they wish to abandon their hope in a future solution to the political struggle that is currently taking place.

 

 

 

 

 

 

Sources:

https://www.theguardian.com/politics/2019/aug/20/donald-tusk-rejects-boris-johnsons-bid-to-remove-the-backstop-brexit

https://www.poundsterlinglive.com/gbp-live-today/11906-gbp-to-eur-and-usd-johnson-letter-to-tusk

https://www.scmp.com/week-asia/politics/article/3019392/portugal-new-home-those-who-fear-hong-kongs-fate

https://www.bbc.com/news/business-49413186

https://www.bloomberg.com/news/articles/2019-06-12/stock-researcher-spooked-by-extradition-bill-may-leave-hong-kong

https://www.homesandproperty.co.uk/property-news/house-prices-in-london-asking-prices-see-growth-for-first-time-in-two-years-a132806.html

https://www.independent.co.uk/news/business/news/pound-live-dollar-euro-exchange-rate-brexit-no-deal-gbp-usd-a9046456.html

Long-Term Capital Growth from Crossrail 1 and HS2

By Investment Advice No Comments
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At the end of February, FCT Developments presented our breakdown of Crossrail 1 and HS2 and how infrastructure like these provide long-term capital growth in particular areas of London property. In this article we will cover all the main points from the presentation for anyone who missed out.


What are Crossrail 1 and HS2?

Crossrail is a 118 kilometre railway line under development in London and will connect Reading and Heathrow in West London with Shenfield and Abbey Wood in East London. Crossrail is Europe’s largest construction project and one of the largest single infrastructure investments undertaken in the UK. It is set to increase Central London’s rail transport capacity by 10%, carrying 200 million passengers per year, bringing a further 1.5 million people 45 minutes closer to Central London. It is also expected to increase the UK’s economy by £42 billion per year.

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HS2 is a 530 kilometre high-speed railway under construction, which will link London to Birmingham and Birmingham to Manchester, Leeds and the East Midlands, connecting around 30 million people. At speeds of up to 400 kilometres per hour, HS2 outcompetes all other current operating speeds in Europe and would run as often as 14 times per hour in each direction. To give an example of its speed, the journey time between London and Birmingham will be cut by 32 minutes – just a 49 minute journey – and there will be 18 trains every hour between Old Oak Common and the North, which means passengers will be able to reach Birmingham airport in just 31 minutes. It is scheduled to open in phases between 2026 and 2033.

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The MTR Effect

Let’s bring an example closer to home – in Hong Kong, MTR opened two new lines in 2016: the Kwun Tong extension line to Ho Man Tin and Whampoa, and the South Island line. The 7 stations along the two railways house a population of approximately 350,000.

MTR Effect of the Kwun Tong Extension Line – According to JLL, the ‘MTR Effect’ led to an upsurge of 90% and 85% in residential property prices at Whampoa and Ho Man Tin respectively from the development’s announcement in December 2009 to the official opening of Kwun Tong Extension Line.

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MTR Effect of the South Island Line – The Land Registry’s records showed the average sales price of South Horizons flats in Ap Lei Chau increased from HK$13,320 per square foot in January 2016 to HK$17,000 per square foot in July 2017.


A General, Two Phases of Growth as a Result of Crossrail and HS2

Phase 1:  The station location will be announced and there will be a surge in land purchase activity within a mile radius of these stations and buy-to-let investors will be looking  to hedge their bets on growth. This is otherwise known as “Hope Growth”. Major estate agents also report that this stage is also attractive to first-time buyers and around 70% of buyers in 2008/09 were indeed first-time buyers, suggesting that attitudes in the UK have shifted from home-buying to property-investing.

Phase 2:  The stations will go live, commuters will start to feel the benefits of the stations, foot traffic will increase, demand will deepen and the area will develop and flourish. This growth involves lifestyle changes and increased population, which leads to higher prices. The areas with the greatest drops in journey times to Central London will see the greatest changes and growth.

Below is a table to demonstrate some Phase 1 growth statistics. For example, growth in Reading in the last 7 years has been twice the UK average. More central areas such as Whitechapel and Acton have seen a “double growth effect” with a bounce back from the 2009 crisis and Phase 1 of Crossrail growth. Highlighted in red is the anticipated five year growth as a result of Crossrail 1.

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Old Oak Common – Set to become London’s Busiest station by 2026

Old Oak Common is an enormous renovation project opening in 2026, a project that forms part of the UK’s largest station building programme since the Victorian era. Old Oak Common Station is set to undergo a £1.3 billion renovation designed by WSP UK, who have previously worked with projects such as the Shard. The super hub will provide connections between HS2, Crossrail, the Great Western Railway and London Overground and is expected to bring as many as 25,500 homes and 65,000 new jobs to the surrounding area, which will fuel the UK economy with £7.6 billion each year. Due to be ready by 2026, the station will be one kilometre in length, 20 metres below ground and will host 8 platforms. The station is also an essential part of Heathrow Airport’s plans for expansion, as it will connect major cities with the Elizabeth Line.

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FCT Strategy for Long Term Capital Growth and Assurance on Returns

  1. Don’t follow the herd without prior research. Investing by imitating the behaviour of other investors is far riskier than educating yourself on the necessary facts and figures specific to the property in which you wish to invest.
  2. Prime location within a radius of transport links, restaurants, green space, shops, as well as the style of neighbourhood in which a property is based will all impact how well an investment will fare in the long-term. This can include proposals for future additional elements to a location, such as infrastructure plans.
  3. Fundamentals – Take note of sentiment but focus on the fundamentals that are unlikely to change, such as supply and demand, focusing on long-term capital growth and yield, and a prime location. It is unwise to jump into an investment because of personal emotions connected to an area or a property itself as opposed to a logical, detached perspective that focuses on the investment fundamentals.
  4. Infrastructure hotspots – Crossrail and HS2 are investment strategies that should not be missed – infrastructure hotspots like the surrounding areas of Old Oak Common are set for future growth. You only need to look at historical trends to see the potential long-term yield from infrastructure projects like these.
  5. Do your due diligence – It is really essential to best inform yourself when information about the property market is so easily accessible. Check prices of surrounding properties to get a feel for the general price mark in the location. Ask the vendor for their professional opinion on which properties are best to compare to one another. At the end of the day, it is you who is purchasing the property, meaning you are at the greatest vantage point when you have all the possible information – be certain that you are happy with everything that the property offers.

Golden Opportunity for Foreign Buyers Ahead of Speculated Stamp Duty and Expected Currency Changes

By Investment Advice No Comments

Following the outcome of a huge majority Conservative win in December’s election, the uncertainty of Brexit and the future of the British economy is subsiding and optimism for the year ahead is fuelling a rush of overseas buyers keen to snap up on London property before the proposed 3% surcharge on stamp duty and probable strengthening of the pound.

The government has set the 11th of March as the date for the budget when Chancellor of the exchequer, Sajid Javid, will announce the changes in stamp duty. At the end of last year, Boris Johnson proposed an additional 3% for foreign buyers of UK property, so now may be the window for overseas investors to grab their properties ahead of the change to avoid this surcharge. The 3% increase is estimated to affect up to 70,000 transactions a year and raise £120m in revenues that could help address the problem of homelessness in the UK.

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The massive win for the Conservatives in December with their pro-Brexit leader has caused a surge in optimism in the property world. Simon Lyons from property development group Enstar Capital says:  “We now have stability and that counts a lot with foreign investors as they know they are not in for any surprises over the next decade.”

The London property market remains a reliable and relatively stable option with regard to capital appreciation over the long-term, and the subsidence of political uncertainty is expected to boost the market and work as a catalyst for Central London house prices over the next five to ten years. This, in addition to a currently favourable exchange rate, is urging foreign buyers to make their move in the limited time window before prices rise and the pound increases again now the uncertainty has passed.

Lucian Cook, director at Savills Residential Research, predicts a major influx of foreign investors looking to purchase property before the budget’s changes, believing that the value of the pound is an added incentive.

The pound’s volatility has been directly linked with Brexit negotiations, with the immediate aftermath of the referendum seeing the pound decline sharply and the Conservative win in December 2019 caused a surge. The expectation, therefore, is that the pound will fully recover as we reach milestones in the Brexit process. With new control in Parliament and the potential for a 3% increase in stamp duty by April, buyers are abandoning the wait-and-see approach necessary during Brexit uncertainty and making a rush for London stock in this window of opportunity.

That all being said, London’s 3% stamp duty surcharge is still more accessible for foreign investors than a vast number of other cities in the world, including Hong Kong with its hefty 30% total tax for foreign buyers, and Ontario with a 15% ‘non-resident speculation tax’. And with a surge in foreign investment, London property prices will continue a steady, reliable growth, providing buyers with a worthwhile and secure investment for the long-term, particularly with other future plans like Crossrail set to open in 2021.

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Sources:

https://www.ft.com/content/0a27712a-0d2b-11ea-b2d6-9bf4d1957a67

https://www.buyassociation.co.uk/2020/01/09/overseas-buyers-to-snap-up-uk-property-ahead-of-stamp-duty-changes/

Holborn Central: An FCT Area Guide

By Area Guide No Comments

Holborn is London’s historic law district, located close to the centre of London, well-connected to the rest of London with transport links by train, bus and underground and within walking distance of the City of London. The area radiates culture and style with a lively community made up of all-aged people: lawyers working in London’s legal quarters, students from London School of Economics, families with children at the area’s primary and secondary schools. Sandwiched between the vibrance and culture of Covent Garden and the business and city vibes of Farringdon, Holborn combines the best of the two. Gastropubs, international restaurants, rooftop bars and cosy cafes cater to a mixture of office workers and students from nearby universities.

History

The name “Holborn” is derived from hol and bourne meaning “hollow brook,” referring to the River Fleet that was later covered by Farringdon Street.

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Property

Average property price: £978, 009 (63.5% above the London Average of £598,340)

The average sold price in Holborn has increased by 57.1% between 2016 and 2019 and the average flat selling price has increased by 485% between January 1995 and October 2019.

Average property prices from September 2000 to September 2019:

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Source: Foxtons

Property price range: £485,000 – £2,800,000

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Source: Foxtons

Average rental value: £811 per week (10.5% above the London Average of £734 per week)

Rental price range: £445 – £1,500 per week

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Transport

Holborn’s nearest London Underground stations are Chancery Lane and Holborn. The closest mainline railway station is City Thameslink. All stations are in Zone 1 and an annual travelcard costs £1,296.

Underground stations:

➔   Holborn (Central and Piccadilly lines)

➔   Covent Garden (Piccadilly line)

➔   Chancery Lane (Central line)

➔   Russell Square (Piccadilly line)

➔   Tottenham Court Road (Central and Northern lines)

Overground stations:

➔   Charing Cross

➔   Farringdon

➔   City Thameslink

➔   St. Pancras

➔   King’s Cross

 London’s legal quarter

Holborn is home to two of London’s four Inns of Court – Lincoln’s Inn and Gray’s Inn (pictured below) – historic courts that train barristers in England and Wales.

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Education

  • Christopher Hatton Primary School (ages 4-11)
  • City of London School and City of London School for Girls (ages 7-18)
  • Queen’s College London (ages 4-18)
  • London School of Economics (university)

Shopping

Holborn continues to grow, with new shops, cafes and restaurants open where there previously were not any. Estate agent Guy Passey of CBRE says that shops and restaurants are staying open over the weekend, which shows that people are putting down roots in Holborn. As well as hosting Sainsbury’s headquarters, there are four Sainsbury’s supermarkets, a Waitrose and an M&S Food in Holborn.

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Things to do

  • Waterloo Bridge (13 min walk from Holborn Station)
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  • Radio Rooftop Bar (8 min walk from Holborn Station) – cocktails and panoramic views of London.
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  • Bleeding Heart Restaurant (13 min walk from Holborn Station) – French restaurant named “most romantic restaurant in London” by The Times.
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  • Espresso Room (2 min walk from Holborn Station) – specialty coffee, evening cocktails and all-day dining.
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  • Sir John Soane’s Museum (3 min walk from Holborn Station)
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Our Development – 19 John Street, Holborn WC1

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FCT Property Group are delighted to present five luxury apartments at 19 John Street in the Holborn. This unique trophy asset is nestled in the heart of Holborn and exemplifies the high standard of properties available in the area with grade A specification finishes and original Georgian features.

Just 8 minutes walk from Chancery Lane and Russell Square Station where the entire scope of Central London is a matter of stops away.

 

No alt text provided for this imageAll units include:

999 year leasehold

NHBC Build Warranty

Grade A Specification throughout

2 x 2 bedroom

3 x 1 bedroom

Priced between £977,466 and £1,997,408 March 2020 completion

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For more information, please contact us at freddie@fctdevelopments.com 

 

 

 

 

Sources:

https://www.homesandproperty.co.uk/area-guides/camden-borough/holborn/living-in-holborn-area-guide-to-homes-schools-and-transport-links-a109736.html

Whitechapel: An FCT Area Guide

By Area Guide No Comments

 

Whitechapel is an exciting up-and-coming district in East London and the future administrative centre of the London borough of Tower Hamlets. Situated a stone’s throw from the Tower of London, this district is set to flourish under the hands of Tower Hamlets with their Whitechapel Vision. The arrival of the Elizabeth Line, opening in 2021, will transform Whitechapel Station into a stunning new transport hub with connections to Reading, Heathrow Airport, Essex and Abbey Wood, making it one of the best-connected areas in London. E1, its postcode, also includes most of Aldgate, Spitalfields, Shoreditch and parts of Stepney and Mile End. A diverse and vibrant area, Whitechapel is destined for a bright future.

History

The district became part of the County of London in 1889, before which it was part of the ancient parish of Stepney, Middlesex. Whitechapel also has its spine-chilling history of the Victorian serial killer, Jack the Ripper, in 1888, and the Ronnie Kray’s murder of George Cornell in the Blind Beggar pub on Whitechapel Road in 1966. The pub was also the site of William Booth’s first sermon that led to the creation of the Salvation Army in 1865.

Vision

Whitechapel is set to become a key destination and hub for London with renovations in the next five years. The vision includes:

  • 3,500 new homes by 2025 including substantial amounts of new family and affordable homes
  • 5,000 new local jobs
  • 7 new public squares and open spaces
  • New streets and public routes
  • New 21st century civic hub for Tower Hamlets
  • Globally significant research campus
  • Creative industries including new local media hub
  • New cultural centre and community facilities
  • Shopping and Leisure experience on Whitechapel Road
  • Expansion and improvement of street market
  • Thriving evening time economy
  • Reduced crime with safer and cleaner streetsThe Masterplan involves various transformations:
  • Revitalising Whitechapel Road – easier pedestrian movement
  • New Civic Hub – improved range of public services in the towncentre
  • Durward Street Gardens – new high quality urban quarter
  • Med City Campus – expansion of health, bio-tech and life sciencesresearch

• Raven Row – residential-led development with improved links to town centre

• Cambridge Heath Gateway – redevelopment of the Sainsbury’s site with a new larger store and residential and community facilities

Property

Average property price: £703,612 (17.6% above the London Average of £598,340).

The average sold price in Whitechapel has increased by 39.12% over the last year.

Average property prices from 2000 to 2019:

Source: Foxtons
Property price range: £285,000 – £2,00,000

Average rental value: £573 per week (24.9 % below the London Average of £763 per week)

Rental price range: £445 – £1,500 per week

Source: Foxtons

Transport

Whitechapel is in Zone 2 and an annual travel card to Zone 1 is £1,364.

Stations:

  • Whitechapel Station
  • Liverpool Street Station
  • Shadwell Station
  • Stepney Green Station
  • Limehouse StationTrains:
  • District line
  • Hammersmith & City line
  • Circle line
  • London Overground
  • TfL RailWhitechapel Crossrail Station:The arrival of the widely anticipated Crossrail Station at Whitechapel at the end of 2020 will be great news for commuters into The City, Canary Wharf & Heathrow. The only station on the central line to interchange as far west as Reading and both Eastern parts of the Line in Shenfield and Abbey Wood. It is little wonder then that Whitechapel Crossrail Station was ranked 1st for potential price growth forecast due to Crossrail in JLL’s investment report case.

  • Step-free from street to platform
  • Bright underground spaces with curved sweeping corners to ease passenger flow
  • Full height platform screen doors to separate people from tracks
  • 99,000 passengers per day on the Elizabeth line (peak) 24 trains per hour (peak, each way)
  • Interchange: District, Hammersmith & City, London Overground

 

 

Commuter Buses

  • 25 – to Oxford Circus via Cheapside and Holborn
  • 205 – to Paddington via King’s Cross and Baker Street

Education Primary Schools:

  • Canon Barnett Primary School
  • Harry Gosling Primary School
  • Stewart Headlam Primary School
  • Thomas Buxton Primary SchoolSecondary Schools:
  • London Enterprise Academy
  • Swanlea School
  • Madani Secondary Girls’ School
  • London East Academy

Things to do:

Whitechapel Gallery – a public art gallery that opened in 1901 as one of the first publicly funded galleries for temporary exhibitions in London. 2018 hosted a solo show for Mark Dion and the first major UK survey of artist duo Elmgreen & Dragset.

• Street art – beyond the gallery, Whitechapel suburb has become a vibrant exhibition of its own.

  •  Brick Lane Food Market – an array of colourful, delicious cuisines ranging from Spanish paella and empanadas to fresh Japanese sushi and okonomiyaki.
  • Vintage shopping experience – weekend pop-up markets and permanent vintage shops to explore.
  • Old Spitalfields Market – a market place for over 350 years, the market hosts almost 50 shops and stalls, focusing on local artisan products and with food and drink options too.

 

Our Exclusive Development –The Liberty, 116 Jubilee Street, Whitechapel, E1

We still have some last remaining opportunities at our exclusive new development in the up- and-coming area of Whitechapel owing its name to Whitechapel Bell Foundry, which was where Robert Charles ordered the Liberty Bell to be made in 1752. Sitting in the heart of East London, The Liberty is in the perfect location to make the most of the Elizabeth Line and all other Whitechapel renovations.

9 units:

  • 1x studio
  • 4x 1bed
  • 3x 2bed
  • 1x 3bedPriced between £502,695 and £893,350
  • 8 minutes walk to Whitechapel Station (Hammersmith & City, District & Overground)
  • 8 minutes walk to the future Whitechapel Crossrail Station
  • High Specification Boutique New Build
  • Completion Aug/September 2020. Flexible payment structureavailable
  • Leasehold, 10 year build warranty attached

 

 

 

For more information, please contact us at freddie@fctdevelopments.com

 

 

 

 

 

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