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No interest rates rise ‘until 2016’ – CEBR

Interest rates will stay on hold at their record low until 2016 according to the Centre for Economics and Business Research. Growth under or around 1% for years to come will force the Bank of England to keep the base rate at 0.5%, cut to that level in March 2009, for another four years, the CEBR predicts.

Olympic Park Legacy

Channel 4 ran an interesting story yesterday investigating the potential legacy of the Olympic Games on local businesses, it looks like international corporations stand to gain much more than local businesses.

UK High Speed Rail Given Green Light

A controversial new high-speed rail line between London and Birmingham is approved by the government, which says it will bring major economic benefits.

The first phase of the project would cut London-Birmingham journey times, on 225mph trains, to 49 minutes, Ms Greening said.

This would be followed by a second phase of Y-shaped track reaching Manchester and Leeds by about 2033.

Connections to existing lines should then cut journey times between London, and Edinburgh and Glasgow, to three-and-a-half hours.

Findlay Property Contacts over Christmas

Our offices will be closed from Thursday 22nd December until Tuesday 3rd January.

If you have a management problem then please email [email protected]/oldfind which we will be checking regularly. For emergencies call or text 07815 77 88 65.

Merry Christmas and Happy New Year.

Crossrail tunnelling to start in less than 100 days as first tunnel boring machine unveiled

Europe’s largest construction project has unveiled the first of eight, 1,000 tonne tunnel boring machines (TBM) that will construct the new Crossrail tunnels under central London.

The 140 metre long, fully assembled tunnel boring machine (TBM) is currently undergoing factory testing. The machine will shortly be dismantled and shipped to London where it will be re-assembled at Westbourne Park ahead of tunnelling commencing from Royal Oak in March.

To construct the 21km of twin-bore tunnel required for Crossrail, eight tunnel boring machines will be required and will undertake ten individual tunnel drives to construct the 6.2m diameter tunnels. At 140 metres, each TBM would just fit just inside the boundaries of a cricket oval.

The TBMs will bore the tunnelled section of the 118 kilometre rail line that will link Maidenhead and Heathrow in the west with Shenfield and Abbey Wood in the east. When completed, Crossrail will bring an extra 1.5 million people within 45 minutes journey of London and reduce cross London journey times.

South Hackney Moves Into Prime Bracket – Knight Frank

Top-end developments, new transport links, luxury retail and leisure facilities have pushed the City of London, London’s business district, and the surrounding half-mile ‘Fringe’ into the Prime bracket

The City and its surrounding area now join established Prime areas such as Mayfair, Knightsbridge and Belgravia, says Knight Frank. The estate agency says it will add the City and its Fringe to its monthly Prime Central London Index of property prices, which has been tracking luxury property values since 1976.

Gráinne Gilmore, head of UK residential research for Knight Frank, said, “Four main factors make an area stand out as a prime location in central London: good levels of top-end housing stock, a central location, good transport links and excellent retail and leisure facilities. This combination delivers a higher than average propensity for growth in capital values.

“The City Fringe is a less-developed market than the City, although the western fringe of Clerkenwell and Farringdon is more established. But there are signs that the eastern fringe of Shoreditch and Spitalfields is catching up, with growing demand for property by city workers keen to enjoy the wide range of nightlife and cultural opportunities the area offers

“The eastern fringe has already benefitted from the recently completed East London Line, and Crossrail will also be a boost to the area, as there will be new stations in both the eastern and western fringes.”

“The last, but arguably, one of the most important factors in the move to prime for the fringe is the new tech hub which has emerged around Old Street in the fringes. Referred to by David Cameron as “Silicon Roundabout”, the area now plays host to hundreds of tech start-ups,and to Google’s new office building. Workers in this industry who choose to live nearby, in one of the liveliest areas of the City, will drive demand for residential units in this neighbourhood.”

Trendy Shoreditch - Click image to go to article

Cost of rents in London at record high

London rents continued to grow over the past quarter, as an acute shortage of properties pushed up prices.

Desperate tenants are resorting to the job-hunting tactic of handing in their CVs amid fierce competition in the rental market.

London-based Ludlow Thompson reported a “growing number” of unsolicited CVs from prospective tenants, giving information ranging from detailed information about their relationships and pets to more prosaic job records.

Stephen Ludlow, director of Ludlow Thompson, said: “Fierce competition for properties in the London rental market is forcing tenants to go to extraordinary lengths to secure the property they want.”The latest trend is for tenants to send landlords a personalised CV, explaining why they would be a great tenant.

Source: PA

FT Feature: King’s Cross

The FT ran a feature on the regeneration of King’s Cross over the weekend. The statistics for King’s Cross Central come thick and fast: there will be 20 new streets, 10 major public spaces and 50 new buildings. Meanwhile, 20 historic buildings and structures are being restored and refurbished. There will be 8m sq ft of mixed-use space and 22 per cent of King’s Cross Central has even now been “taken” with staff and students from Central St Martins College of Art and Design having already moved in.

King's Cross - click to go to FT article