property News

Why Mortgage Changes Won’t Solve London’s Rental Crisis

The federal government’s recent decision to extend mortgage amortizations to 30 years for first-time homebuyers aims to make homeownership more accessible, but experts suggest this will do little to alleviate London’s tight rental market. With vacancy rates at a mere 1.7% and rental prices continuing to rise, industry analysts predict minimal impact on the overall rental supply. While the mortgage expansion now includes first-time buyers of any home type, along with those purchasing newly built homes, this change doesn’t address the root issue of housing affordability. Even with lower monthly payments, housing prices in London remain significantly high, making homeownership

September 27, 2024 No Comments

property News

Delays in London’s Affordable Homes Programme: 90% of Projects Must Begin in Next Two Years

New data from the London Assembly Housing Committee highlights a pressing challenge for the Affordable Homes Programme (AHP) 2021-26. According to the report, over 90% of the homes promised under this scheme need to start construction within the next two years to meet the programme’s goals. The AHP, designed to deliver between 23,900 and 27,100 affordable homes by March 2026, has seen limited progress. By March 2024, only 1,777 homes had begun construction. This delay has raised concerns, as completions for the current phase must be achieved by 2030. Several factors contribute to this delay. The ongoing impacts of inflation,

September 26, 2024 No Comments

News

Caltrans Property Sales: LA Residents Left Out of Homeownership

California’s transportation department, Caltrans, is selling over 500 properties it seized decades ago for a defunct highway project along the 710 Corridor. While this sale offers a unique chance for reparations to communities harmed by urban renewal projects, many local residents feel excluded from the process, sparking controversy and frustration. Historically, government projects often targeted Black and Latino neighborhoods, displacing families and depriving them of generational wealth. The recent property sales, intended to provide opportunities for homeownership, are failing to fully address these historical injustices. Many long-time tenants who live in the homes being sold are now struggling to secure

September 25, 2024 No Comments

property News

London’s Housing Starts Surge in August: A Positive Economic Indicator

The housing market in the London, Ontario area saw a remarkable surge in August 2024, with housing starts more than tripling compared to the same month in 2023. According to the Canada Mortgage and Housing Corporation (CMHC), 470 housing units were initiated in August, a significant jump from the 151 units recorded in August 2023. This 211% increase places London as the third-highest region in Ontario for new housing starts, trailing only Oshawa and Peterborough. Mayor Josh Morgan attributes this growth to improved economic conditions and strategic planning by the city council. He noted that, despite the economic challenges of

September 24, 2024 No Comments

Australia News

Navigating Sydney’s Property Market: Strategies for Aspiring Homebuyers

The Sydney property market continues to present daunting challenges for first-time buyers, with many feeling the weight of soaring prices. According to Sally Tindall, Canstar’s data insights director, the situation is becoming increasingly difficult for those without existing equity. “For many, the dream of homeownership seems to drift further away,” she noted. Tindall emphasizes that without substantial equity, securing a premium property in sought-after suburbs with a mere 20% deposit is becoming improbable. “Only those who have benefited from previous property gains can realistically consider living in areas like the eastern suburbs,” she explained. As buyers seek ways to enhance

September 23, 2024 No Comments

property News

LA’s Office-to-Residential Conversions Surge: CMCT Leads with Luxury Apartments in Mid-Wilshire

Creative Media & Community Trust (CMCT) has recently converted the top two floors of an office building in Los Angeles into 68 luxury apartment units. The property, located at 701 Hudson Avenue in the Mid-Wilshire district, is part of a growing trend of office-to-residential conversions in L.A. The building’s lower floors will still serve as creative office spaces, combining residential and commercial use within the same structure. This project was driven by incentives from L.A.’s Adaptive Reuse Ordinance, which encourages the repurposing of existing buildings to accommodate the city’s housing needs. The transformation of underutilized office space into residential apartments

September 22, 2024 No Comments

News

New JLL and Richmont Partnership Unlocks Lucrative UK Property Investment Opportunities for Thai Buyers

A new partnership between Jones Lang LaSalle’s (JLL) International Residential business and Richmont’s Co Ltd is opening fresh opportunities for Thai investors to venture into the UK property market. This collaboration promises a wide range of property types and price points in London and other global investment hubs, catering to both high-end buyers and those looking to diversify their portfolios with lower-price assets. James Puddle, head of International Residential for JLL in Southeast Asia, emphasized the significance of this agreement at a press conference. He highlighted that London remains an attractive market due to low global interest rates and a

September 21, 2024 No Comments

Hong Kong News

Beijing’s Residential Construction Soars 22.6% in Jan-Aug 2024

Beijing’s residential construction sector saw a significant surge in activity from January to August 2024, despite fluctuations in the overall real estate market. According to the Beijing Municipal Bureau of Statistics, the newly started construction area for residential buildings reached 5.299 million square meters, marking an impressive 22.6% year-on-year increase. This boost in residential construction underscores the city’s efforts to address its growing housing demand amid broader market challenges. During the same period, real estate developers in Beijing commenced a total of 8.571 million square meters of new housing projects, reflecting a 12% year-on-year growth. The majority of this expansion

September 20, 2024 No Comments

property News

New Costco with 800 Apartments Breaks Ground in Los Angeles

A groundbreaking mixed-use development featuring a Costco store and 800 residential units is set to transform the Baldwin Village neighborhood in South Los Angeles. Developer Thrive Living is spearheading the project, known as 5035 Coliseum, which will occupy a five-acre site. This innovative development will be the first of its kind in the country, combining a Costco with a large residential complex, offering a unique blend of retail and housing. The 800 residential units, built above the Costco store, will cater to a wide range of renters, with 184 of the units designated for low-income tenants. The remaining apartments will

September 19, 2024 No Comments

News

Step Up On Second Faces Lawsuit Over Failed California Motel-to-Housing Conversions

Step Up On Second, a once-prominent nonprofit in homeless services, is now embroiled in controversy due to the failure of multiple housing projects. The organization was instrumental in shaping California’s Project Homekey, an initiative aimed at converting old motels into affordable housing for the homeless. In partnership with real estate firm Shangri-La Industries, Step Up secured over $114 million in state grants to carry out seven motel-to-housing conversions across the state. However, the projects quickly ran into financial trouble. The properties went into foreclosure, leaving some vacant and incomplete. In response, the state of California has filed a lawsuit against

September 19, 2024 No Comments