A huge new development at Bishop’s Place in Shoreditch has been approved by Hackney’s planning subcommittee, after changes to the original plans.

The 1.5 million sq ft project, designed by Foster + Partners, includes high quality offices, residential, a hotel, serviced apartments and a mix of retail space. The site will also accommodate 50 affordable housing units, comprising a mix of shared ownership and rental properties.

As well as including 233 Shoreditch High Street, the revisions to the scheme also see an increase in public open space, with 48% of the scheme’s footprint now allocated for public realm.

Martin Jepson, Managing Director, London Group, commented: “Bishops Place is an important catalyst for further investment within Hackney and the unanimous support of members demonstrates their commitment to regeneration in the area. The scheme is a vital part of Hammerson’s ongoing commitment to Shoreditch and we are looking forward to working with the Council in helping to deliver its long-term vision for the borough.”

Bishops Place

Bishop's Place

The London Olympics site is dramatcially taking shape and many of the buildings are nearing completion.

The roof of Aquatics Centre (designed by celebrity architect Zaha Hadid) has been successfully lifted and lowered into place. The design of the roof is inspired by the fluid geometry of water in motion

The first of 11 residential plots in the Olympic Village has been structurally completed and the Olympic Stadium is looking very impressive

The euro zone economy jumped out of recession in the third quarter, data showed today, but with slightly less spring than expected after the area’s top three economies fell short of market forecasts.

Gross domestic product in the 16 countries using the euro rose 0.4 per cent quarter-on-quarter after five consecutive quarters of shrinking output, but was 4.1 per cent lower year-on-year.

Economists polled by Reuters had on average forecast quarterly growth of 0.5 per cent and a 3.9 per cent annual decline.

Germany, France and Italy all reported a third-quarter increase in economic output, but the German 0.7 per cent quarterly growth was below expectations of 0.8 per cent, the French 0.3 per cent increase only half of what was expected and the Italian 0.6 per cent fell short of the 0.7 per cent consensus.

The growth ends the deepest economic downturn in Europe since World War Two, brought on by a global financial crisis, but economists say recovery is likely to remain fragile.

The European Commission forecast on November 3rd that fourth-quarter growth would slow to 0.2 per cent quarter-on-quarter in the last three months of 2009 and then to 0.1 per cent in the first two quarters of 2010.

Growth is seen accelerating steadily from the third quarter of 2010 to reach 0.5 per cent in the second quarter of 2011.

Source: REUTERS

Poor interest rates and falling property prices have left wealthy investors looking for alternative asset classes to put their money into. A weak dollar yesterday pushed the gold price to a record high of $1,072 an ounce. Shoppers at department store Harrods are now able to buy the ultimate luxury accessory – gold bars.

Have these shoppers not heard of high yield buy-to-let investments with good capital growth potential in Central London? You could go to Harrods, or you could go to Findlay.

Some gold

Some gold

The “ideal” time to buy a London home and cash in on price rises is the end of next year, housing economists said today.

Property prices in the capital are on track to fall 4.1 per cent again next year, wiping out this year’s recovery from January’s low.

But from 2011 they are expected to soar for the following five years by 31 per cent, researchers at estate agent Savills predicted.

Source: Savills

The New York Times has run a story on signs that British and Irish buyers, once the leading foreign players in several hot property markets, are starting to invest again after a long spell on the sidelines…

Read more here: New York Times

The London Times has published a feature on how Hackney has experienced huge price rises especially in Dalston and London Fields with prices up 18 per cent between October 2006 and October 2008, according to the Land Registry.

So, The Times asks is it too late to bag a bargain and are there further large price rises to come?

Nope! Findlay Property are still finding bargains for its clients. Call us on +44 20 7254 9444 to discuss.

Source: The Times

The population of the UK will rise from 61m to 71.6m by 2033 if current trends in growth continue, the Office for National Statistics (ONS) has said.

Just over two-thirds of the increase is likely to be related directly or indirectly to migration to the UK.

If the projected increase materialises, the population will have grown at its fastest rate in a century.

Source: BBC

According to estate agency Knight Frank, house prices will end this year 2% higher than they were at the beginning of the year led by the recovery in London and the South-East.

But the agency predicts that throughout next year prices will fall 3% nationally — the classic “W”-shaped recession — although London will continue to grow with prices rising by 3% next year and by 9% in 2011. Five years out, by 2014, London prices will be 38% higher than today while the national gain will be just 19%.

Source: Evening Standard

The European Central Bank signaled a cautious approach Thursday to withdrawing its unprecedented monetary stimulus for the European economy, as both it and and the Bank of England kept their benchmark interest rates steady. The Bank of England left its key rate at 0.5 percent, as some economists grow increasingly concerned that the British economic recovery could slow or even stall.

Source: International Herald Tribune