HEKKTA’s Property Portal – Budget

In this week’s property portal, we take a look at how the budget will impact UK property, aswell as a round up of all the latest news stories concerning global property & architecture.

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This week, the Budget was announced where the country takes a collective breath in, in preparation for another inevitable squeeze. However, this year Hammond announced that we are in fact seeing an end to the period of austerity. So how will that affect the property world?

In last year’s Budget, Stamp Duty was abolished for first time buyers on homes worth up to £300,000, and now this has been taken further, with stamp duty also being abolished for first-time buyers of shared ownership properties – when someone buys between 25% and 75% of a home and then rents the rest of it.

The Help-to-Buy scheme, which is when the government loans money to first-time buyers, is being extended by 2 years also.

Hammond also spoke of the need for struggling High Streets to ‘adapt’, and how he sees empty, commercial buildings being turned into housing.

A further £500m has been allocated to the Housing Infrastructure Fund, which will hopefully enable a further 650,000 homes to be built, and more deals have been agreed with housing associations which should deliver 13,000 homes across England.

They are also abolishing the cap on councils that limits their ability to borrow money to build council houses, and money will also be provided to help up to 500 neighbourhoods allocate land for housing and sell the homes to local people at a discount.

SMEs (small and medium-sized enterprises) are also a point of focus for Hammond for building houses, so has announced up to £1bn of British business bank guarantees.

Is this truly an end to the Tory period of austerity, or is this simply an effort to inject some confidence into the UK?

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Foster + Partners’ $13billion Mexico City airport is to be scrapped, despite being partially built, after a public vote resulted in a majority vote against the project. Local architects are livid at the decision, saying it highlighted the internal “political issues and corruption” in Mexico.

F+P airport scrapped - HEKKTA - Budget

F+P airport scrapped – HEKKTA – Budget

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Heatherwick hopes his recently completed Coal Drop Yards can become the new heart of King’s Cross.

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A huge group of over 1,000 leading architects have written and signed a letter to the PM claiming there is “no good Brexit”. Architects that signed the letter include Norman Foster, Richard Rogers, David Chipperfield and other Stirling Prize winning architects such as Alison Brooks and Alan Stanton of Stanton Williams. Click here to read the letter.

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Wilkinson Eyre unveil their plans for a glass lift which will rise through one of the chimneys of the Battersea Power Station. Reaching as high as109 metres, when it reaches its peak, it will offer occupants 360-degree panoramic views across London.

Battersea Power Station - HEKKTA - Budget

Battersea Power Station – HEKKTA – Budget

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Recent evidence suggests that the North-South house price divide is set to narrow.

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Designs for the new V&A East project have been revealed by O’Donnell + Tuomey and Diller Scofidio + Renfro. The new outpost at London’s Olympic Park will feature a design museum, planned for the Stratford Waterfront, and a collection and research centre built within the Hawkins\Brown-designed Here East complex.

V&A East - HEKKTA - Budget

V&A East – HEKKTA – Budget

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Increasing numbers of rallies and demonstrations are occuring in Ireland’s capital in protest of the growing homelessness issue in Dublin. The number of homeless in Ireland has risen from 8,374 in September 2017 to 9,527 today, according to charity Focus Ireland.

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The saga of Santiago Calatrava’s ill-fated Chicago Spire continues as the SOM pair of skyscrapers, that was planned for the site, have been halted. The buildings were rejected by the vice mayor Brendan Reilly, citing several reasons such as security, the height of the podium base and the inclusion of a boutique hotel.

400 Lake Shore Drive halted - HEKKTA - Budget

400 Lake Shore Drive halted – HEKKTA – Budget

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House price growth at it’s slowest for five years.

House price graph – HEKKTA – Budget

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New lifts from company OTIS, which ‘self-climb’ the building as it’s being built, are being used to speed up construction on the City of London’s new tallest tower, Twentytwo.

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A new red, white and blue skyscraper for the French city of Marseille has been completed by architect Jean Nouvel. Sticking out among the other low-lying buildings, La Marseillaise was thought up by Nouvel having been given the task of designing a building that could serve as a “new architectural anthem for the region”.

La Marseillaise - HEKKTA - Budget

La Marseillaise – HEKKTA – Budget

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2018-11-05T07:37:36+00:00