Over 10,000 streets have an average property value of over £1m and 500,000 homeowners are now 'property millionaires'. Are you one of them?
A storage cupboard in West London has gone on the market for an eye-wateringly high price.
Homes in London cost an average of £42,000 higher if they are within five minutes' walk of a station, a survey has found.
London's house prices are expected to rise 16% in 2014, putting the price of a home in the capital at £466,000, £224,000 more than the average UK home, according to new Cebr forecasts.
A shortage of housing in London coupled with high demand to live in the capital is resulting in a boost to house prices.
New how that a typical house in the UK is expected to cost £242,000 in 2014, rising by 6.9% compared to 2013.
Traffic is stuck in a 13 mile queue on the M25 between Waltham Abbey and Enfield because of an accident between two lorries, a fuel spillage and recovery work.
Two lanes are closed anticlockwise between Junction 25 and 26 and cars are now stretching one mile beyond Junction 28.
Travel time is estimated at two hours.
– Boris Johnson, Mayor of London
The demand for new homes and jobs in the capital is such that we must be ready to start redeveloping Heathrow the moment it moves to its new site. And the sooner we start planning the better. We asked our architects to be as creative as possible and these designs illustrate strikingly different visions of a Heathrow of the future. However the key point is that all these scenarios would potentially create some of the many thousands of new jobs and homes this city will require given London is expected to increase in size by a fifth within the next 15 years. How we deal with that is something we need to be planning for and debating right now. Those discussions must not be delayed.
Designs, from three firms of architects, include proposals for new park land, scientific research centres and a factory for modular housing units to make it easier for people to build their own homes.
- Hawkins\Brown - This is the one that includes the factory-for-homes plan. Online customisation would allow Londoners to order homes to their own specifications as is common in a number of European countries, where 'self-build' is a popular way of creating new homes
- Rick Mather Architects - Their proposal would see the Heathrow site evolve to become a new hub city by working with the existing structure and using the terminals as generators to development. The former runways would define the structure of the city and connect 10 distinct local centres.
- Maccreanor Lavington - Their vision for Heathrow City aims to develop a fully functioning city within the metropolis, characterised by a rich mix of ecology, culture, employment and liveability. Existing buildings would be used to establish fresh development and new forestation is laid down.
Architects have come up with designs for 'Heathrow City', a 190,000-home town that would spring up if the west London airport closes. Supported by London Mayor Boris Johnson who backs a Thames Estuary airport to replace Heathrow, the redevelopment of Heathrow could potentially support 90,000 new jobs and add £7.5 billion to the UK economy.
For many Londoners struggling to get a foothold in the burgeoning property market, waking up to the news that property prices have risen again will feel like groundhog day. The likelihood of owning your own home is becoming an ever more distant dream for too many Londoners.
– Tom Copley, Labour member of the London Assembly
People are crying out for serious leadership on housing in London. Boris Johnson has utterly failed in this regard over the past six years of his Mayoralty. A key driver for the soaring property market is the fact that on his watch London is currently only building a third of the 62,000 new homes we need each year to keep pace with our growing city.
The annual increase for London house prices is the sharpest since records began in 2002.
– Office for National Statistics
House prices are increasingly strong across most parts of the UK, with prices in London again showing the highest growth.
- Prices rose by 9.6% in the South East
- 8.6% in the East
- Outside London and the South East, annual price increases averaged 6.4%
House prices in London rose by a record annual rate of 20.1% in May, according to the Office for National Statistics. It means the average home in the capital now costs £492,000, compared to £262,000 across the rest of England and Wales.
Since the Congestion Charge was introduced in 2003, TfL says more than £1.2 billion of revenue has been re-invested in transport, including:
- £960m on improvements to the bus network
- £102m on roads and bridges
- £70m on road safety
- £51m on local transport/borough plans
- £36m on sustainable transport and the environment