Property News: John Lewis Announces £500m BTR Deal
We're bringing you the latest updates in property news, from John Lewis entering the London rental market to 1 million tenants facing eviction.
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The Latest in UK Property News
John Lewis launches a £500 million joint venture with ABRDN to enter the London rental market
The collaboration hopes to construct 10,000 new houses over the next ten years.
Following the conclusion of a £500 million joint venture with investment firm Abrdn, John Lewis will enter the London real estate market.
A thousand new rental houses are expected to be delivered as a result of the multi-decade agreement across three local communities, including two in London. The alliance hopes to construct 10,000 additional houses over the next ten years, so the move fits into that plan.
Subject to obtaining necessary permits, John Lewis intends to renovate Waitrose stores in Greater London's Bromley and West Ealing to create new residences and better shops, while a defunct John Lewis warehouse in Reading will be turned into residences.
According to John Lewis, the sites, which have a combined area of 78,000sq ft, were picked for their strategic locations and closeness to transportation hubs. It is yet uncertain how many homes will be constructed on each property.
Shelter: 1 million tenants could face eviction
Approximately one in twelve private tenants face the possibility of eviction this winter, according to a recent survey commissioned by the charity Shelter, which fights homelessness.
According to the YouGov survey, 500,000 private tenants have received eviction notices in the previous month, putting 941,000 of them at risk of being evicted this winter.
Compared to the same time last year, there are 80% more renters who have received eviction threats.
The survey also showed that a quarter of renters—a number that is 24% more than it was the previous year—constantly have trouble paying their rent.
Of the impacted renters, almost 482,000 reported being behind on their rent already, increasing their likelihood of getting evicted.
YouGov also discovered that 6.9% of people, or 7.7 million people, stated they would find it difficult to find a new place to live this winter if they were to be evicted.
The National Residential Landlords Association (NRLA) requested that the government unfreeze housing benefit rates in response to a survey conducted by Shelter.
Greenwich house prices: Average house prices rise by £4,000
According to data from the Land Registry, the average cost of a house in Greenwich increased by more than £4,000 in September.
According to the most recent information from the government agency, Greenwich's average house price in September 2022 was £445,492.
This represented a 0.7% rise over the £440,600 in July. It has increased by 13.0% during the past year.
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