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news Barratt to build £128 million Emirates scheme

Barratt London is teaming up with JV partner L&Q to build 375 new private homes on the doorstep of Arsenal’s Emirates Stadium as the final stage of the the nine-year Ashburton Grove regeneration project. The £128 million development will feature three residential towers designed by CZWG architects, with units ranging from studios to 1,000 square feet penthouses priced at more than £500,000. Barratt expects to start work on the site, on Queensland Road in London N7, in January 2012. This is the second JV Barratt has launched with L&Q – which is better known for its social housing developments – in the past year. There is no social component on this scheme, and L&Q will be acting as

a development partner and taking an equal share of the profits. Alastair Baird, regional managing director of Barratt London, said: “We are delighted to be delivering a second landmark scheme in conjunction with L&Q, who share our commitment to building the high- quality new homes which London desperately needs. The homes will be situated literally yards from the stadium and we expect them to become as sought after by Gunners fans as the properties at Chelsea Village are by Chelsea supporters.” Mike Johnson, development director at L&Q, said: “We are very pleased to be working in partnership with Barratt to delivery this landmark scheme, which will provide much-needed high quality new homes in a place which is especially important to many Londoners.”

Arsenal FC director Ken Friar said: “We are delighted to have signed with Barratt. This is the last piece of the jigsaw in our new stadium project which has delivered huge regeneration to the Borough of Islington. 2,500 new homes and 2,500 new jobs have been created over the past six years. I am proud that we stayed in Islington and proud that Arsenal has helped contribute to the local community in this way.”

100,000 first-time buyers priced out of the market in 2011

Up to 100,000 first-time buyers are to be excluded from the housing market in 2011, according to a recent report from the Chartered Institute of Housing (CIH) The UK Housing Review Briefing shows that “continued low levels of house building, combined with little improvement in the supply of mortgages and the barrier of high deposits will leave lower income families still unable to afford their own home”. The research, undertaken by academics Hal Pawson and Steve Wilcox, forecasts “a subdued housing market which is both a contributory cause and a symptom of a slow and uncertain economic recovery”. It also casts doubt on the prospects of the supply of rented homes meeting growing demand from both potential first- time buyers and lower income households waiting for social housing. CIH Chief Executive Sarah Webb said: “While people in all parts of the housing sector are working hard to try to provide new homes in all tenures, it is an uphill struggle. The new homes bonus is set to make a small difference and planning reforms will also help, but the time has come for more than incremental measures. We need much more focus on housing in economic policy, and we need politicians and practitioners to work together to find new ways to promote affordability, secure sufficient investment, and face up to the demographic timebomb.” Steve Wilcox, co-author of the briefing, said: “The housing market and policy challenges ahead for the government cannot be underestimated. Stronger interventions are required to improve the supply of mortgage finance, especially for first-time buyers without access to substantial deposits. The government also needs to reconsider its approach to dealing with housing costs within its wider welfare reforms. The current proposals are too complex, and fail to provide the transparency required for effective work incentives.”

08| July 2011 showhouse

HBF figures show continuing fall in planning consents

The Home Builders Federation’s latest Housing Pipeline Report has revealed that planning permissions granted in the first quarter of 2011 show a year-on- year fall and are now at around half the level of five years ago. Permissions for fewer than 34,000 new homes were approved in Q1 in England, compared with 40,000 in Q1 2010 and against a quarterly housing requirement of nearly 60,000 based on the government’s household projections. In Q1 2006 over 60,000 permissions were granted, the report complied for HBF by Glenigan shows. Stewart Baseley, executive chairman of the HBF, said: “The figures again make depressing reading as they suggest a continuing and significant undersupply of homes, adding to the already serious social and economic implications of our housing crisis. Government will soon consult on the most important planning proposals sinceWorldWar II. The figures we have published today clearly demonstrate why it has to get its planning framework right.” “Increasing housebuilding to sustainable levels would help millions of people currently staying with relatives, sharing flats or in substandard accommodation. It would also give the country a huge economic boost, creating hundreds of thousands of jobs. Housebuilders and hundreds of companies in our supply chain are ready to go to work and build the homes the country desperately needs. Government must stand firm on its commitment to be pro-growth and create a framework in which Local Authorities across the country encourage the housebuilding we need,” added Baseley. Allan Wilén, economic director at Glenigan, compilers of the HBF report, said: “The modest rise in planning approvals during the first quarter has interrupted the downward trend in approvals seen during the previous nine months. However, whilst welcome, the number of dwellings approved is still down 17 per cent down on the first quarter of 2010 and at 37,800 units only 58 per cent of the average number of approvals seen prior to the credit crunch.”

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