Social home building falls
Social homes accounted for just 21% of the overall on-site starts in London in 2015 – the lowest proportion since EGi has been monitoring the market. Just over 7,600 social homes got under way in 2015 – 22% less than last year’s total – with 4,000 starts in the outer boroughs and 3,600 in the inner boroughs. This was in stark contrast to private homes in the capital, which increased by 16% year-on-year to almost 30,000 individual unit starts. For more residential analysis email nigel.evans@egi.co.uk
Resi plans for Manchester mill
Urban Splash is to redevelop the 45,000 sq ft Brownsfield Mill in Manchester’s Northern Quarter as 26 homes. The regeneration company will work with mill owner Town Centre Securities. The mill was formerly home to aviation company Avro. The canalside flats will include some of the biggest in the city, with lofts of up to 4,000 sq ft.
European investment falls 12%
European investment activity decreased by 12% in the first half of 2016 as the UK’s year-on-year growth dropped by 35% to €32bn (£27.5bn), according to research by Cushman & Wakefield. Investment was up 3% to €77bn in continental Europe, with central and eastern Europe seeing a 60% rise to €4bn. Germany’s volumes fell by 26% to €18bn, while activity in France rose by 2%.
House price growth slowing
House price growth continued to slow in July, according to the RICS UK Residential Market Survey. A net balance of 5% of respondents said prices were rising, the lowest in three years. In London a net balance of 33% said prices were falling. A net balance of 12% expected declines over the next three months. Interest from new buyers also waned for the fourth consecutive month with a net balance of -27%.
