The brand new show home at Nord One launches on the 18th May. Only two houses remain at Nord One, offering the final chance to buy in this exclusive collection of just five freehold houses.

Nord One is situated in a desirable Islington location on Copenhagen Street, within close proximity to Angel and King’s Cross St Pancras. Just a short walk away from the development is the busy hub of Upper Street, packed with a selection of high street and boutique shops and a wide selection of bars and restaurants.

Beautifully designed interiors at Nord One

Beautifully designed interiors at Nord One

The houses have been decorated to an incredibly high specification throughout. There is real attention to detail, creating beautifully designed interiors and layouts. Each of the properties also benefits from an area of outdoor space.

Three bedroom: £1,450,000

Four bedroom: £1,695,000

Contact us now to book a place at the launch on 020 7226 6611 or newhomes@currell.com

Canonbury Cross is a stunning new development of apartments and townhouses in the heart of Islington, close to Highbury Corner.

The final phase of 1, 2 and 3 bedrooms apartments are now available to purchase, priced from £575,000.

9 Lewis House-8

9 Lewis House-9

Canonbury Cross is bordered by the handsome mews houses of Edward’s Cottages and Compton Avenue, with the Grade II listed Union Chapel and elegant Canonbury Square nearby. Most of the properties at Canonbury Cross benefit from a private terrace or balcony, while all properties are finished with high-quality contemporary interiors.

For more information contact our New Homes team now on 020 7226 6611 or email newhomes@currell.com

At the end of April, the First Time Buyer Readers’ Awards 2016 Awards took place at the Waldorf Hilton hotel and Currell was there to sponsor the Best Urban Regeneration Award.

The awards are organised by First Time Buyer Magazine and celebrate housing providers who are providing well-designed, affordable housing options to aspiring homeowners. Now in their seventh year, the awards give the industry an opportunity to showcase their successes from the past year.

Winners were chosen by readers of First Time Buyer magazine, after a handful of finalists were rigorously selected from hundreds of entries by a panel of judges. On the day all 15 awards were presented by TV presenter and property guru, Nikki Chapman. Best Urban Regeneration, sponsored by Currell, was won by Catalyst for their development Portobello Square.

Anne Currell congratulates winners of Best Urban Regeneration - Catalyst

Anne Currell congratulates winners of Best Urban Regeneration – Catalyst

The event was a great afternoon and a brilliant opportunity to meet like-minded people in the industry who are passionate about improving the affordable housing sector. If you want to discuss the affordable sector and shared ownership with our team, contact usc now at sharedownership@currell.com or phone 020 7704 5618.

For more info visit ftbawards.com

‘Portrait Trouvé’, an exhibition by local photographer and Currell employee David Gwinnutt, is currently on display in our Islington office and was celebrated by a launch evening at the end of April.

The exhibition is a selection of portraits taken in Islington and east London from the 1980’s through to the present day. The images portray some of the most iconic people of our time and reflect an interesting contrast between different eras.

David was inspired to become a photographer while working as an assistant to Brian Moore, to whose studio David Bailey was a frequent visitor. David started taking photos of his contemporaries on the (now notorious) club scene of the time, producing documentary like photographs of his subjects in intimate settings.

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David’s work has been exhibited in national galleries in London, New York, Canberra, Toronto and Santiago…and now Islington!

For more information on David’s work visit davidgwinnutt.com or visit the exhibition at 321 Upper Street, N1 2XQ.

‘Portrait Trouvé’ an exhibition by David Gwinnutt

MIPIM

MIPIM is the largest property EXPO in Europe with some 23,000 delegates attending. Held in sunny Cannes in the south of France, the event is a fantastic opportunity for networking that is not available in the winter here in the UK.

MIPIM 2016 was this year attended by Chris Currell (Group Chairman), Simon Davidson (Commercial CEO), Adrian Plant (Director Head of New Homes) and Iain Currie (Head of Land).

This year it was widely expected that there would be a note of caution in the discussions, with Brexit looming, the European migration crisis and an economic slowdown in many areas of the globe.

However, we found the tempo much more upbeat on a number of levels. Most significant was the strong message on how the public and private sectors can work more closely, with the joint aim of alleviating the housing shortage.

There appears to be unlimited amounts of equity and debt finance looking to back residential development aimed at the domestic market but there are insufficient opportunities to utilise all the funds available.

Local authorities are widely seen as the key stakeholders in bringing forward new sites on both small and large scales, on which the private sector can partner to provide much needed new housing across all tenure types.

Nowhere is this more apparent than in east London. The boroughs that everyone seemed to want to discuss were Barking & Dagenham, Haringey and Waltham Forest. All offer the scale, underlying price points and most importantly, desire from the councils to bring forward new place-making opportunities on a level not seen for many years.

We continue to work closely with a number of local authorities, housing associations and the private sector, forging partnerships and providing agency and professional services from our niche teams.

To get in touch with a member of our team click here

MIPIM 2016 – What did we learn? 

The Currell Collection, a privately owned collection of modern art has launched a new, revamped version of currellcollection.com.

CC homepage

The Currell Collection website showcases work from artists including Grayson Perry (above)

The artworks in Currell Collection are selected to create a complex dialogue exploring themes of identity politics, including gender, race, ethnicity and culture. The collection embodies British and International talent with a particular focus on Latin American artists.

The constantly expanding collection has resulted in over 100 pieces of contemporary and 20th Century art across the mediums of painting, drawing, sculpture, photography and tapestry.

Visit currellcollection.com to find out more about the collection.

All apratments at Rufford Mews have their own unique layout

All apartments at Rufford Mews have their own unique layout

Rufford Mews is a private gated development of refurbished apartments and townhouses. This boutique scheme sits among residential, commercial and industrial buildings close to the King’s Cross development area.

Four 2 bedroom apartments remain, all finished to a high specification with bright modern interiors and spacious layouts. Secure parking is also available to purchase by request.

Rufford Mews offers a private, tranquil location in the heart of the city

Rufford Mews offers a private, tranquil location in the heart of the city

King’s Cross is fast becoming one of the most desirable London destinations for buyers, attracted by the exceptional transport links and the increasing number of outstanding shops, restaurants, bars and cultural institutions which have migrated to the area.

Prices start from £799,950.

All enquiries to newhomes@currell.com or 020 7226 6611

Move to a mews in King’s Cross, N1

West Elms Studios SW8 is a collection of 22, 1 and 2 bedroom apartments, in this modern development moments away from Battersea Power Station and the Nine Elms regeneration area.

Six 1 bedroom and four 2 bedroom apartments remain, with most benefitting from outside space. Each apartment is finished with sleek modern interiors and benefits from underfloor heating, integrated Bosch kitchen appliances, engineered timber flooring and secure video entry system.

Living space at West Elms Studios

Living space at West Elms Studios

Clean modern interiors run throughout the apartments

Clean modern interiors run throughout the apartments

West Elms Studios sits between Vauxhall, Battersea and Wandsworth, providing walking access to all the amenities these popular areas have to offer. The development will benefit hugely from the changes taking place in the area, in particular the arrival of two new underground stations, Nine Elms and Battersea, scheduled to open in 2020.

The regenerated Nine Elms area is predicted to be one of the most desirable new neighbourhoods to live in London and has already brought huge investment into the Battersea area. West Elms Studios provides the perfect opportunity to invest in these historic changes.

Prices from £420,000

Contact the New Homes team now on 0207 226 6611 or email newhomes@currell.com

Constrained by forecasts from the Office of Budget Responsibility (OBR) for lower than expected growth and higher than expected government borrowing, George Osborne’s budget was largely a matter of give and take, with much of the giving in the longer term and the taking in the short term, especially in the property sector. It is not good news for property investors, who learned that there will be no exemption to the 3% Stamp Duty (SDLT) surcharge for owners of 15 properties or more, and that a cut in Capital Gains Tax (CGT) will not apply to property investments. SDLT reform for commercial property will benefit purchasers below £1.05m and hit purchasers above this level, overall yielding c£500m for the treasury.

THE ECONOMY

The OBR has cut growth forecasts for the next five years, with UK GDP growth now expected to be 2.0% this year (vs the previous forecast of 2.4%), 2.2% in 2017 and 2.1% in 2018. These reductions are due to weaker growth prospects for the global economy and considerably lower than expected UK productivity growth.

RESIDENTIAL PROPERTY

3% Stamp Duty surcharge for additional properties 

The 3% stamp duty surcharge on additional properties (second homes or buy to let investments) announced in the Autumn Statement will take effect from 1 April 2016. This will apply to all purchases completed on or after 1st April 2016, with the exception of properties where contracts were exchanged before 25 November 2015.

No exemption for owners of more than 15 properties

There will be no exemption for owners of multiple properties, contrary to the suggestion in the Autumn Statement that investors with 15 or more buy to let properties may be exempt from the extra 3% SDLT.

Grace period if replacing main residence

Purchasers will be allowed a 36 month ‘grace period’ period during which they can own two properties, if they buy a new main residence and sell their previous main residence. They will still pay the additional 3% SDLT, but will be able to reclaim this if the previous residence is sold within 36 months. This will also apply to owners of several properties if they are replacing their main residence.

For owners who sold their main residence prior to 25 November 2015, the 36 month grace period will start from this date.

The new SDLT rates are as follows;

Property Price Current Stamp Duty (SDLT) SDLT for additional properties
up to £40,000 zero
up to £125,000 zero 3%
£125,001 to £250,000 2% 5%
£250,001 – £925,000 5% 8%
£925,001 – £1.5m 10% 13%
remainder over £1.5m 12% 15%

Cuts in Capital Gains Tax (but NOT for investment properties)

Cut in CGT from 28% to 20% for higher rate taxpayers (and from 18% to 10% for basic rate taxpayers) but this will NOT apply to the sale of second homes and investment properties, which will still be charged at 28% or 18%. CGT does not apply to the sale of your main home.

COMMERCIAL PROPERTY

Cut in business rates relief 

There is a cut in business rate relief to zero for properties with a rateable value of up to £12,000 (currently £6,000) with tapered relief for properties worth up to £15,000.

Changes in Stamp Duty (SDLT) for commercial property

SDLT for commercial property is to change from a slab to slice system, as for residential property. The net effect is expected to be a gain for the exchequer of over £500m per year. Purchasers of commercial property up to £1.05m will pay less in stamp duty, so over 90% of buyers are expected to pay less tax, and an estimated 9% will pay more. There will also be a new 2% rate for leases with a net present value (NPV) over £5m.

The new SDLT rates (from 17 March 2016) for freehold commercial property are;

Property Price Stamp Duty (SDLT)
Up to £150,000 Zero
£150,001 to £250,000 2%
Remainder over £250,000 5%


Land
HOUSE BUILDING / HOME OWNERSHIP

Local authorities are to work with the government to find land for 160,000 new homes. This is in addition to the public sector land release promised for 160,000 new homes in the Autumn Statement. This will include land around rail stations.

Planning

New measures were announced to speed up the planning system; ‘reducing the number of stages developers have to go through to get permission’.

Garden Cities

The garden cities initiative will be expanded. There will be a ‘new wave of garden towns and cities’ with the potential to deliver more than 100,000 new homes, including the establishment of garden villages and market towns of 1,500 to 10,000 homes.

Starter Homes

The Help to Buy: Shared Ownership Prospectus is to be launched in April. This will invite local authorities to access the £1.2bn funding for the development of brownfield land for the delivery of Starter Homes.

 Community Led Housing

There will be £60m funding for community-led housing developments, including Community Land Trusts, in rural and coastal communities. Often adversely affected by the purchase of second homes. This will be funded from the 3% SDLT surcharge on additional properties.

Social Housing / Home Ownership

Further investigation was announced aimed at extending home ownership to social housing tenants (no details). It is estimated that only 10% of social tenants can afford to buy under current schemes.

There will be a strategic review of supported accommodation (social housing) sector. The government had already delayed until 1 April 2017 the imposition of local housing allowance caps to new social housing tenants. It is estimated that the introduction of caps could cost housing associations £5.2m to £14.3m pa.

Homelessness

£100m is to be invested in accommodation for the homeless ready to move on from hostels and refuges. A further £10m is to be spent on initiatives aimed at the reduction of rough sleeping, especially in London.

 

Nicola Almond, Investment & Development Analyst, BUDGET 2016 – Impact on the Property Sector