November/december 2021
Spotlight Feature
Housing and the Autumn Budget
We thought, at Franklyn James, it might be useful to give you a rundown of the latest budget and how it affects the housing industry, in both the London area
Read our November/December Issue
Astell House, City Island, E14
Commercial Road, Limehouse, E14
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Docklands
Ocean Wharf, London, E14
Duckman Tower, London, E14
Limehouse
657 Commercial Road, London, E14
Vickery's Wharf, Stainsby Road, E14
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For once, it was a relatively low-key affair for housing. Too often, in recent years, the chancellor has used the opportunity to announce one tax rise after another for the sector. No doubt, to the relief of all our landlords and second-home owners, there were few mentions of stamp duty and capital gains tax. There were, though, some important issues hidden within the detail of Rishi Sunak’s speech. Here’s a summary of the key points:
New homes
The centrepiece of Sunak’s housing budget was a promise to invest nearly £24bn to help stimulate the building of new homes. Sunak claimed it was the “largest cash investment in a decade” into housebuilding which will “turn Generation Rent into Generation Buy”. The money will be divided up into a number of different initiatives, including: 1) £1.8bn to be spent on the development of 1,500 hectares of brownfield land - part of the government’s £10bn commitment to help facilitate the building of more than a million new homes. 2) A £11.5bn investment in the Affordable Homes Programme. This is a fund from which housing associations, developers and local authorities can borrow to build affordable homes. Unlike social housing, these can then be rented or sold but only at affordable prices. The fund is expected to deliver 180,000 new homes, two thirds of which will be outside London.
Cladding
The chancellor announced a £5bn fund for removing dangerous cladding from high rise blocks. The figure includes contributions from a new Property Developers’ Tax - a 4% tax which will be levied on developers’ profits over £25m. The fund is considered woefully insufficient by many experts and, controversially, is only available for buildings of over 18 metres. Those between 11m and 18m have, instead, been offered loans to pay for the work. Since the budget, new House Secretary Michael Gove has waded into the argument, putting on hold any plans to make leaseholders pay for making cladding safe and questioning why they should pay "at all".
Help to Buy coming to an end
It has not been a good budget for developers. On top of the new Property Developers’ Tax, Rishi Sunak also confirmed the Help to Buy scheme would come to an end in 18 months’ time. It is a significant blow to developers - in 2020-21 alone, 55,600 people used the scheme to get them onto the property ladder. In response, Bellway, one of the UK’s largest housebuilders, has said it will be scaling back some of their activity.
Green funding
With Cop26 in Glasgow, many were expecting some big announcements for green housing. In addition, many landlords were hoping for some financial help to get their properties up to an EPC ‘C’ rating, which will be a legal requirement in 2025. Rishi, sadly, disappointed them all, announcing a £3.9 billion fund for de-carbonising homes - an almost insignificant figure compared to the estimated £500bn it will cost to do so to the UK’s ageing housing stock.
Stamp Duty
There was some considerable pressure from within the housing sector to continue the stamp duty holiday, but with the government’s coffers emptied by the pandemic, the chancellor showed no signs of doing so, nor of reducing it in any way.
CGT
There were fears Rishi might increase Capital Gains Tax for second and BTL homes. Instead, he extended the grace period for paying any CGT on property sales from 30 to 60 days after the completion date.
Rates
In good news for our local high streets, shops will be given a 50% discount on their rates for 2022-23.
Council tax
The government claims council tax will need to rise by 3% to fund their pledges. Many independent commentators believe the figure will be closer to 6%.
60 Westferry Road, London E14 8JE
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Apartment / Flat
Price £2,000
A beautiful sixth floor, two double bedroom apartment situated in the popular Ocean Wharf development. The property comprises entrance hall with secure entry phone, ample storage, extremely spacious open plan reception room with fully fitted kitchen and access to private balcony with park views and two modern bathrooms. The apartment is light and airy which boasts impressive space throughout. An allocated parking space is also included. Ocean Wharf is a gated development on Westferry Road which has a daytime porter and is within a short walk to Canary Wharf offering easy access to the Jubilee Line or DLR.
Key Features
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key features
Gated development Concierge Two bathrooms Private balcony Allocated parking
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Price £2,100
Franklyn James are pleased to introduce this 17th floor, one-bedroom apartment within the very sought after Lincoln Plaza development. The apartment comprises of a fully fitted kitchen with an open plan living room & dining area, large family bathroom, beautifully styled double bedroom and a private balcony. The residents of Lincoln Plaza have access to a stunning roof garden, sky lounge, and 24 hours concierge. Lincoln Plaza is a luxurious development located within close proximity to South Quay DLR and Canary Wharf.
One double bedroom 17th floor Furnished 24 hour concierge Private balcony Roof garden Excellent decorative order Parking available at separate negotiation
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Price £799,999
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Franklyn James are proud to be sole agents of this luxurious riverside three bedroom, dual aspect apartment located within the prestigious brand new City Island development. Situated on the 3rd floor, this property boasts approximately 1000 sq ft of internal living space and features entrance hall, open plan reception room with modern, fully fitted kitchen, three double bedrooms, two bathrooms and a private balcony with great open views towards Canary Wharf, overlooking the outdoor pool and the Thames river.
Three double bedrooms Dual aspect Private balcony with River views Third floor Very close to local transport links No onward chain Private facilities Furniture can be included Lease length: 998 years remaining Service Charge: £5000 per annum (approx.)
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What the vendor says...
I purchased a property through Antony. Throughout the process, Antony was very accommodating and always went the extra mile to ensure I got what I needed. There were complications along the way (out of Franklyn James’ control) and Antony was calm and pragmatic and I can thankfully say kept everyone in the chain happy resulting in me obtaining my dream property. I’ve been in the property a week now and can honestly say Antony that it is even better than I remembered! Thank you so much.
City Islands residents enjoy a range of fantastic private facilities that include a clubhouse (including pool table & table tennis and meeting/relaxation area), a 24 hour concierge service, dry cleaning service, a grocers shop, restaurant, and 2 coffee shops ( 1 is located on the ground floor of the English National Ballet Centre), gymnasium, spa & treatment rooms, heated outdoor swimming pool and communal gardens and and access to the indoor pool, spa and leisure facilities of the neighbouring Ballymore development which also houses a residents roof top sky bar.
An onsite Tesco metro and and selection of other retail shops/cafes are also planned to be opened over the coming months to compliment the art gallery that is already open. Finally, transport links could not be better. Canning Town Jubilee line station & Canning Town DLR station are both within 3 mins walk from the flat via the private bridge that links the tube to the development, as well as local bus routes. Crossrail will also arrive soon which will be located at Custom House. Viewings are highly recommended!
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We are award winning
Price £1,700
This fantastic two bedroom apartment offers good living space, exposed brickwork and air conditioning! Located within a small block on Commercial Road and offered on a furnished basis, this two bedroom apartment consists of a large living area, separate fitted kitchen and modern bathroom. Located very close to Limehouse DLR station.
Two bedrooms Two bathrooms Separate fitted kitchen Air conditioning
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Fully refurbished two bedroom apartment set within the popular Vickery’s Wharf. The apartment comprises a large open-plan reception room with a modern fitted kitchen, access to a private balcony, two well-proportioned double bedrooms and a separate modern bathroom. Vickery’s Wharf is a gated development and benefits from an on-site porter and a secure entry system. The property comes unfurnished. The Limehouse Cut is moments away and the local area offers excellent local amenities with a Tesco Express and Lidl close by. Langdon Park and All Saints DLR stations are both walking distance from the development, granting easy access into Canary Wharf, Stratford and the City.
Refurbished two bedroom apartment Painted throughout New flooring Unfurnished One bathroom Gated development Private balcony On-site porter Close to Langdon Park and All Saints DLR stations
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Price £550,000
Located in the popular ‘Zenith Building’ on Commercial Road is this superb two bedroom, two bathroom apartment that is suitably designed for London lifestyles. This spacious apartment offers excellent proportions throughout and has a wonderful sense of space. The living space is ideally set up to relax or entertain in, with an open plan kitchen and a fantastic, sunny terrace that is accessed through Crittal style patio doors. Both bedrooms comfortably house double beds, whilst there is also an en suite bathroom to the master. Additional benefits include a lease with well over 180 years remaining and a secure entry system.
Large, South-Facing Terrace Spacious Apartment Highly Convenient Location Views Towards Limehouse Basin Excellent Storage Bright, Neutral Décor Two Bathrooms
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My wife and I used Franklyn James to market and sell our property in Bow. We were very impressed with the service we received. Lee and Antony were very responsive, pro-active and diligent throughout. I would have no hesitation recommending the firm.
The Zenith Building is superbly positioned for what historic Limehouse has to offer. Narrow Street is within close proximity, offering ample bars and restaurants such as Gordon Ramsay’s ‘The Narrow’ and the Grapes pub that is part owned by Sir Ian McKellan. Limehouse DLR and National Rail station is within walking distance, granting easy access into Canary Wharf and the City.
Many local residents also enjoy connectivity to key parts of London through the extensive local cycle network, whilst the Thames Path and Limehouse Basin are also popular for riverside walks and runs.
Arranging a free, no-obligation market appraisal with Franklyn James couldn’t be easier. Just phone or email us using the details below, or complete the form and request an appointment with an experienced valuer at a time which works for you.
Alternatively, call into one of our high street offices where a member of staff will be happy to take all the necessary information. Our valuer will provide you with an up-to-date market valuation for sales, lettings, or both, and will advise you of current market trends and provide you with detailed information on how your property would be marketed. You can be confident that you will receive an honest and frank appraisal – we see no benefit in grossly inflating an asking price or setting unrealistic expectations.
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