London Luxury Homes Suffer Worst Rental Slump in Over a Decade

(Bloomberg) — It’s a pretty good time to be renting a posh London pad.

The price to lease a home in the capital’s wealthiest areas slumped by an annual 8.1% in September, the steepest in more than 10 years, according to broker Knight Frank. Landlords are flooding the market with short-term rentals as tourists stay away from the capital, and more owners are opting to rent out properties amid the pandemic uncertainty.

The pain for owners in London’s priciest districts will likely continue into the current quarter, with Knight Frank forecasting a 9% decline for the whole year. Step outside the capital, though, and it’s a different story: nationwide rents are going in the other direction as renters search for homes with more space and larger gardens.

chart, histogram: London's Falling

© Bloomberg
London’s Falling

Rents also slipped as international students snubbed high-end properties in central London, the report said. Less interest from corporate

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45,000 new homes for sale in west London

Gallery: The abandoned streets from around the world (Lovemoney)

Europe’s largest regeneration zone, Old Oak Common and Park Royal in west London will see the transformation of an industrial wasteland of old logistics sheds, goods yards and piecemeal buildings into new neighbourhoods with up to 45,000 new homes.

© Provided by Evening Standard Homes & Property

This challenging placemaking project is being powered by the promise of Crossrail.

This is where the Elizabeth line will connect to HS2 at the beginning of a 15-mile development corridor that leads out to Hayes.

According to new research by Savills and Molior, close to 25,000 new homes are under construction or in planning for the strip that runs either side of the A40.

Meanwhile, London Mayor Sadiq Khan has called for another 20,000 homes to be delivered as part of the Old Oak Common and Park Royal local plan, which is due to

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Social Distance In Style In This Luxury Former Cold War Bunker In London

Do unusual homes require a different kind of sales marketing? The owner of this converted Cold War bunker in northwest London clearly thinks so.

The sales particulars for this 10,000-square-foot concrete house describes it as a “pandemic refuge”, and says that it anticipates buyers from the following categories: “a secretive businessman, celebrity avoiding paparazzi, young or old playboy, trophy hoarder, car collector, original thinker, eccentric intellectual.”

The owner, rather than the selling agent, came up with the quirky description, according to a spokesperson for FW Gapp, the estate agency selling the grade II listed property, which is on sale for $12.9 million and lies in the suburb of Mill Hill.

The Cold War relic, once part of

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U.K. Demand for Homes Jumps, Though London is Muted

Demand for new homes across the U.K. jumped in the third quarter of 2020, powered largely by stamp duty savings, but the country’s capital city of London failed to capture the hearts of potential buyers, according to a report Monday from estate agent comparison site

At 51%, current levels of buyer demand are at their highest point since early 2019 and are up 9% on the same time last year and 8% on the last quarter.

The metric is measured as the proportion of stock listed as sold, subject to contract or under offer, as a percentage of all stock listed for sale, according to the report.

“The meteoric uplift in U.K. homebuyer demand in the third quarter of this year demonstrates a market that has well and truly bounced back from pandemic paralysis,” Colby Short, founder and CEO of, said in the report.

“An 8.5% quarterly increase

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After dodging foreclosure, Westside’s London Townhomes bound for $40 million revamp

By Sean Keenan

After bailing out a Westside co-op community threatened with foreclosure, a public-private development partnership aims to restore the complex’s 200 residences to the tune of $40 million — and the vast majority of them will remain affordable.

In 2017, the London Townhomes complex, nestled just inside the Perimeter’s westernmost reaches, seemed bound for foreclosure.

But now, thanks to a team comprised of Atlanta Housing, Invest Atlanta and developer The Benoit Group, those homes, many of which are occupied, are slated to be preserved and primped. Project officials announced that the team had closed on sale of the community on September 15.

“Without this deal, almost 200 affordable housing units would have undoubtedly been lost and redeveloped as market-rate apartments,” AH CEO Eugene Jones said in a prepared statement.

Once the renovations are complete, the development is expected to provide 200 homes, 180 of which would be priced

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