London is to get two new housing communities with up to 20,000 homes alongside brand-new railway stations.
The sites are at Old Oak Common, near East Acton, in west London and at Brent Cross, in the north west of the capital.
The new stations are part of an expansion of the rail network, including HS2 and Thameslink.
Government funding of £250 million will go towards providing up to 13,000 new homes close to Old Oak Common with £320 million to be spent on the Brent Cross West Thameslink station, which will eventually include 7,500 new properties.
Communities Secretary James Brokenshire announced the investment, saying: “We are working to create homes, opportunities and thriving communities, especially in London, which faces the most severe and unique housing pressures in the country.
“The HS2 station at Old Oak Common will offer a new gateway to London, while a new station in Brent Cross can be the catalyst to build thousands more much-needed homes.
“Together this £570 million package of investments will allow thousands of families the opportunity to realise their dreams of home ownership. It will provide up to 20,000 new homes, support new jobs and benefit from new transport infrastructure.”
The new station at Old Oak Common is expected to be open by 2026 as part of the HS2 project, the high-speed rail link between London and Birmingham. When complete, an estimated 250,000 people per day will travel through the station.
Barnet Council will use the £320 million in funding to provide at least 7,500 homes at Brent Cross Cricklewood as part of the new Brent Cross West railway station on the Thameslink route.
The site will also feature offices and an extension to the Brent Cross shopping centre.
A third of all £1 million-plus properties for sale in the UK are located in just five London boroughs.
New research by online estate agent housesimple.com shows there are currently more than 20,000 properties on the market with a seven-figure or greater price tag, and more than 6,700 of those are in the capital.
The study looked at the areas that host the most expensive property in the country and also revealed the types of property that attract the highest prices.
Within London, the City of Westminster has 2,595 £1m-plus properties for sale; in neighbouring Kensington & Chelsea, there are 1,701; Camden has 969; Wadsworth 964; and 536 in Southwark.
Of those seven-figure-plus properties in Westminster, 84 percent are flats; 69 percent of those on sale in Kensington & Chelsea are also flats.
Housesimple.com revealed that 77 percent of the 21,484 properties on the market with an asking price of £1m upwards are in London or the Home Counties.
Further north, Cheshire (341), Greater Manchester (206) and North Yorkshire (133) are the next highest regions.
Outside of England, Edinburgh has 33 multi-million homes for sale, while Pembrokeshire has 23.
Sam Mitchell, housesimple.com’s CEO, said: “The capital remains a global city with property values to match. But for buyers who are lucky enough to have a budget of £1m plus, this is the market where you could negotiate a healthy discount.
“By looking beyond London and the south-east, wealthy buyers can maximise on space and special features, especially those looking to move from the city to the countryside … prices are still rising in counties like Yorkshire, so bargains in traditionally affluent areas such as Harrogate will be harder to come by.”
The 10 counties with the highest number of £1m-plus properties are:
Greater London 11,404
Homes England is to help fund the creation of two new neighbourhoods on the Queen Elizabeth Olympic Park in London.
More than 1,500 new homes will be built in the two communities, to be known as East Wick and Sweetwater. The development will include 450 affordable homes.
Also included in the project will be schools, green spaces, business and creative space, leisure and community facilities.
Homes England is providing a loan of £78 million to finance the scheme’s first four phases. It’s part of a joint venture with Balfour Beatty Investments and Places for People on land owned by the London Legacy Development Corporation (LLDC).
The Government has put 4.5 billion into a Home Building Fund to provide development and infrastructure finance to home builders, and the Homes England finance has come from this fund.
Housing Minister Kit Malthouse announced the funding, saying: “We have not built enough homes in the capital over the last 30 years, and it’s ordinary Londoners who are paying the price.
“Brick by brick we are turning that around, and this investment in the Queen Elizabeth Olympic Park will help get more than 1,500 properties built.”
The first phase of
the East Wick and Sweetwater development is expected to be completed in summer
2021 and the whole project done by 2028.
Work has already started and will include 130 new affordable homes and 105 for private rental.
Sir Edward Lister, chairman of Homes England, said: “Homes England is committed to helping ambitious partners build quality homes at pace in the areas of greatest need.
“We’re delighted to be supporting Balfour Beatty Investments and Places for People to create the homes and neighbourhoods people in London deserve.”