UK Property Recovery Predicted For 2012

The UK housing market will see a gradual recovery during 2012, according to the National Association of Estate Agents (NAEA)NAEA chief executive Peter Bolton King said 2012 believes that some people have been quick to be overly gloomy about the housing sector’s prospects in the next 12 months but was also keen to stress that, in contrast, things won’t blossom overnight either.

Indeed, he feels that home purchases will be at similar levels to this year but house values will increase on a gradual basis.However, he feels that lenders need to do more to drive the market for first time buyers as currently a lack of available finance means that people are finding it increasingly difficult to get a foot on the property ladder.

"Next year will see a continued lending barrier facing those entering the housing market for the first time, with major lenders sticking to tight mortgage policies,” Mr Bolton King stated.“Clearly, when the Stamp Duty holiday disappears in the second quarter of 2012 it will become even more difficult for first time buyers to access the market."

He also believes that regional variations will lead to what he terms ‘micro-markets’ across the country. This is where demand for property in some districts maintains a healthy market but creates a division from lesser desirable areas, which are left behind.He added: "Pressure for housing will increase in London and the South East throughout 2012. The top end of this market will also remain very resilient, and we believe that purchases from overseas investors will continue apace.

"Confidence in 2012 will be a key factor and this, to some extent, will be driven by the media." David Warren, senior sales negotiator at Paramount commented: “The West Hampstead housing market has been consistent since 2009 after the slow down at the end 2007/2008 and prices recovered fully in 2010. We have now seen prices raise by a further five per cent from the peak prices in August 2007.

"The local area is only affected slightly by the first time buyer Stamp Duty holiday as only studios and the odd one bedroom flat will get into this bracket but we can definitely see where the rest of the UK will suffer with no stamp duty holiday and FTB finding it hard to get deposits together and mortgages agreed”

Recently, the Building Societies Association (BSA) stated that consumer confidence is returning to the housing market and more people will be looking to purchase a property in next year than in 2011.

NAEA News

Mortgage Approvals Reach Highest Level In 2 Years

Demand for property rose yet again in November according to the latest UK Housing Market survey from the Royal Institution of Chartered Surveyors (RICS).

But the body warned that economic uncertainty is still holding the housing sector back from really flourishing.

Some seven per cent of surveyors said that they had seen a increase in the number of new buyer enquires last month, meaning that demand has continued to rise steadily for each of the past three months.

On top of this, newly agreed sales increased by 14 per cent and the average number of sales dealt with per surveyor or branch climbed by 15.4 per cent.

However, RICS warned that the market is still very subdued in many regions and, while the figures are certainly encouraging, they are still far short of those posted in the years prior to the start of the credit crunch.

RICS housing spokesperson, Alan Collett, said:"It is encouraging that buyer interest has edged upwards in the face of the endless diet of negative news from Europe and the turmoil in financial markets. However, a meaningful recovery still seems some way off.”

Despite these comments, e-surv revealed this week that mortgage approvals last month reached their highest levels in two years.

London Property Market News

Central London Parking Policy News

Westminster Council spent £400,000 preparing to charge drivers for weekend parking before consultations were complete, BBC London has learned.

The authority has faced protests over plans to charge for West End parking during weekends and evenings.

It has now emerged the six-figure sum was spent on signage despite residents' opinions still being sought.

Labour said residents had been treated with "contempt", but the Conservatives said the costs would be recouped.

Critics say the outlay on signage shows the consultation was meaningless in the first place and the council had already made up its mind to bring in the new charges.

'Total contempt'
It comes after a High Court judge allowed a Judicial Review into the scheme, saying it was possible the council's consultation period had been too limited.

The leader of Labour in Westminster, Paul Dimoldenberg, said: "Westminster's consultation has been shambolic and no wonder the High Court was so scathing of the council's efforts.

"The council has treated residents and businesses with total contempt with £300,000 having being spent on new parking signs even before the consultation period was over."

Mortgage Rate and Home Loan News For First Time Buyers

While borrowing for a property purchase is far from an easy thing, one mortgage broker believes that first-time buyers are now seeing a host of new opportunities becoming available to them.

Andy Pratt, chief operating officer at London-based Alexander Hall, says that there are some positive signs for those looking to make the first move onto the property ladder with more and more lenders now offering mortgages at high loan to values (LTVs).

However, he is keen to point out that the best interest rates on the market are still those available to people with the ability to put down a larger deposit.

“It is still a 20 per cent deposit to get a good mortgage,” Mr Pratt stated. “[But] there are positive signs in terms of high street lenders coming to the market with higher LTV products.

“There was one good sign when we saw the high street lender Woolwich come to market with a 90 per cent loan to value, although the rate is a bit higher."

He added that there are some bargain properties around for those prepared to look around carefully and potential first-time buyers should do all they can to ensure that the cost of Christmas does not knock back their ability to save a deposit.

And it’s a good time to have a mortgage for many as data released this month by the Council of Mortgage Lenders (CML) shows that monthly mortgage payments are now on average at their lowest levels for almost eight years.

Due to a sustained period of low interest rates, with many people benefiting from long term trackers following the Bank of England base rate, the proportion of household income spent each month on funding a mortgage is 12.3 per cent, the lowest it has been since the beginning of 2004.

Mortgage Rate & Home Loan News

Million Pound Property Sales News

Bloomberg business week reports that Britain had 11 percent more houses valued at 1 million pounds or more available for purchase in the third quarter than it did a year earlier, Investec Specialist Bank said in a report today.

About 21,982 such properties were for sale with a combined value of 48.7 billion pounds, up 4.8 percent, according to research from primelocation.com commissioned by Investec, which said the market is “holding up well,” with a “huge” increase in mortgage applications in the category. The average valuation was 2.22 million pounds, a year-to-year decrease of 5.1 percent.

“This market is very international, especially in London,” said Jack Jones, head of Investec’s specialized banking lending team. “This has resulted in some people deciding to opt out of the capital’s million-pound property market and move to the home counties, which is more affordable.”

About 105 of the properties were valued at more than 15 million pounds, Investec Specialist said. Of the total, 44 percent, or 9,704, were in London and had a value of 26.9 billion pounds, with 10 percent in Surrey and worth 4.47 billion pounds, according to the report.

First Time Property Buyers News: First time buyers appetite for homes is as strong as ever

Aspirations for home ownership are as strong as ever, says the Council of Mortgage Lenders (CML).

While getting a foot on the property ladder is far from easy, a new survey by the financial body had found that 85 per cent of young people still aspire to buying a home in the near future.

Raising a deposit is the most cited reason for difficulty in making the move, the CML stated. However, recent research showed that once on the property ladder first-time buyers now pay the lowest amount of mortgage interest in more than eight years.

The survey found that the average age of a first-time buyer is 33, not 37 as reported by some media outlets, and on average 36 per cent of all those buying a home for the first time do so without any financial help from friends or relatives.

Andy Pratt, chief operating officer at London-based Alexander Hall, said earlier this week that there are some positive signs for first-time buyers with more and more lenders now offering mortgages at high loan to values (LTVs).

First Time Property Buyers News

London Property Sellers Finish Early for Christmas!

Buyers in London looking for fresh choice of property may find their options more limited than usual at this time of year, with a 16% drop in the number of new sellers compared to the same period in 2010. This is the largest drop off seen in any of the regions of England. Average asking prices in the capital also dropped over the past month, down -1.2%, although prices are 6.6% up year-on-year.

Miles Shipside, director of Rightmove comments:

“London’s sellers seem to have finished early for Christmas this year, and decided to postpone their moving plans until 2012. Lack of choice to tempt them to trade up and high price gaps to the next rung up the ladder are more likely reasons, though the uncertainty in the Eurozone will be influencing some too”.

Markets like certainty, and so do people who are deciding whether to trade up in the property market and make a big financial decision. Agents report that many would-be sellers are postponing their marketing until the new year, influenced by the current wall-to-wall media coverage of the economic crises in Greece and Italy.

The current weekly run-rate of new listings is also down 11% compared to the previous month, highlighting the lack of suitable property to buy and consequent near record prices being asked. Following the setting of a new all-time high in asking prices in October, this month sees a fall from that peak of 1.2% (£5,486).

With the approach of the slower winter selling season, it is usual for there to be a drop in new sellers’ asking prices at this time of year. Last November saw a fall of just 0.4%. However, this November’s 1.2% fall is more muted than the rest of the regions in England, where the average reverse this month is 3.9%.

Shipside comments:

“Yet again the buoyancy of the London market leads the rest of the country. Whilst international buyers have helped pull prices up in the more select areas, the net effect has been that new sellers can ask prices on average 6.6% higher than a year ago. Given the unsettled nature of the Eurozone, and the off-putting uncertainty that it causes, bricks and mortar in the capital are proving to be one of the few inflation-busting investments around.

While the uncertainty in the economy will be putting off some Londoners from trading up, estate agents are filling their places by chasing buyers from Greece and Italy who see the capital as a safe haven”.

RLA Call for Support for London's Private Residential Landlords

One of the country’s leading bodies representing landlords in the private rented sector has today called on Boris Johnson and Ken Livingstone to do more to stimulate the supply of private rented housing across London.

As Labour’s candidate for Mayor of London today called for a system of effective rent controls, the RLA Chairman, Alan Ward responded:

“Ken Livingstone’s call for rent controls is an old idea which never worked in the past - until 1988 rent controls resulted in a shortage of supply and poorer conditions for tenants. Hardly a remedy for 2012. There is no doubt that rents in the capital remain far higher than anywhere else in the country but the answer lies in improved supply.

“With many, particularly young, people relying on the sector to provide housing to meet their needs, the RLA is calling on both Boris Johnson and Ken Livingstone to support efforts to reform the taxation system to stimulate growth in the sector.

“Standards in the sector are best upheld when tenants have genuine choices about their housing options. Until we see a boost in supply, those choices simply do not exist.”

Commenting on Mayor Boris Johnson’s plans for a pan-London accreditation scheme for landlords, Alan Ward continued:

“With over 10,000 landlords in London already members of the London boroughs’ accreditation scheme, it would seem a waste of time and money re-inventing the wheel in this way.

“The Mayor should focus on supporting and encouraging existing accreditation schemes, freeing his office up better to target the minority of landlords who bring the sector into disrepute.

“This should be matched by a programme of serious tenant education, providing tenants with all the information needed to better hold their landlords to account for the service they provide. It beggars belief that some people spend more time assessing the state of a car they wish to by then the homes they seek to rent.”

Residential Property and Buy to Let Sales Far from Subdued

It’s not all doom and gloomy in the mortgage market says leading broker John Charcol.

The mortgage advisory firm says that despite media reports of a subdued market place, purchase business for residential property and buy to lets is actually performing quite well and there is a glut of suitable products available.

Simon Collins, product and technical manager at John Charcol, said that it saw a ten per cent increase in the amount of mortgages agreed during October compared with the same month in 2010.

“Despite the approaching festive season, we have seen the number of good quality purchase enquiries hold up very well, so whilst the market’s not great, it’s not as bad as it’s being painted,” he stated.

Last week, the latest Mortgage Monitor from chartered surveyors e.surv found that mortgage approvals for property purchases during November reached its highest number since December 2009 and were up some 15 per cent on November 2010.

Mortgage Rate and Home Loan News

ARLA Verdict on QR Codes

ARLA reports on What is a QR code and as an Estate Agent, why should I care!?

So you've all got yourselves your mobile 'apps' and are frantically getting to grips with the wonderful world of 'social media', but what about the latest craze to hit the world of business? - The QR (Quick Response) code.

Put very simply, QR codes are a form of barcode that make the storing and retrieving of data very quick and simple, principally through use of an app on a mobile phone such as an iPhone or Android device. Simply open the app, point the camera at the QR code, and wait for the magic to happen.

Scanning a QR code can perform a number of different actions from displaying text, contact information, composing an email, or opening a web page in your mobile phones web browser. The later of these actions is probably what you will see most often - point your camera at a QR code and be taken to a web page with all the information the company using the code would like you to see.

The QR wave

QR Codes were created by Toyota subsidiary Denso Wave in 1994 to track vehicles during the manufacturing process, but have since burst onto the scene in 2011 with virtually all major global brands including Subway, Coca-Cola, and the BBC making use of them on a regular basis. The technology should not be ignored. The increasingly common use of so called 'smart phones' to access the internet means QR codes offers interesting opportunities for estate agents to direct people from offline media to online.

Take a simple scenario in the world of the property agent. A prospective client walks past a property you're marketing, scans the QR code you've added to the For Sale board and within 5 seconds is looking at a page on your website with all the information they need about the property. One more click and they're making a call to your office to arrange a viewing. Neat eh?

Here are some advantages to using QR codes:

Simple, fast, and inexpensive to create and distribute
Connects people with detailed product information
Smartphone's with QR code readers are becoming increasingly common
And here are some examples of what a QR code can include are:

URLs
Text
Phone numbers
Complete contact information
SMS text messages
Calendar events
An email address
A geographic map location

Sarkozy and Merkel Want you To Buy London Property

Forbes Magazine Reports; It’s true that President Sarkozy and Chancellor Merkel don’t in fact phrase it quite this way but that is indeed the implication of what they’re saying as they try to resolve this eurozone crisis. That you should go out and buy as much London property as you possibly can, as quickly as possible.

Germany and France said a City tax will be part of a new European treaty in an aggressive move that will force David Cameron to concede defeat or allow the eurozone to advance without Britain.

Angela Merkel and Nicolas Sarkozy defied the Prime Minister’s threats and announced a Financial Transactions Tax (FTT) will be part of the proposals for the EU treaty they want leaders to ratify on Thursday.

In an open letter to Herman Van Rompuy, Europe’s president, Ms Merkel and Mr Sarkozy said their demands should be “enshrined in the European Treaties” but warned without full EU support the eurozone “will have to go ahead”.

I’ve said before that the financial transactions tax is a dreadful idea: it will increase price volatility, the incidence will be on consumers and workers and we’ll all lose more than the tax will raise. Further, that it won’t even raise any money, for the losses from other taxes will mean a revenue loss overall.

However, what we’re seeing here is something really quite different. For what is now being said is that the FTT will come in: but that if Britain blocks it (or other non-eurozone states do) then it will be introduced in the eurozone alone.

Which would be absolutely fabulous for London as it would mean that the 20% of Europe’s wholesale finance which is not already in London would move to London. With all the implications that has for the price of decent property in the capital. Quite simply, the biggest obvious economic impact of such a scheme would be to boost London’s property prices.

And I, for one, if Sarkozy and Merkel are silly enough to do this, can only say “Bring it on!”.

The first leading residential legacy property development for London on the doorstep of The Queen Elizabeth Olympic Park has been unveiled.

East Village, London E20, is a joint venture between Qatari Diar Real Estate Development Company and Delancey (QDD) and Triathlon Homes and will be ready for residents to move into in 2013.

A key part of London’s Olympic bid was to create a lasting residential legacy for the east of London and Ralph Luck, director of property at the Olympic Delivery Authority, which is developing the Village, said it is the first stage of delivering on that promise.

‘The East Village will become a significant new community within London, surrounded by world class sports venues, enviable shopping facilities and excellent transport links. This is the first major step in bringing identity to this thriving new destination and establishing it as the place of choice to live in London,’ he added.

It will initially deliver 2,818 new homes of which 1,439 will be private homes mainly available to rent and 1,379 affordable homes offering the choice of buying or renting to people with a range of income levels.

Berkshire Council Demands Planning Consent for Property Boards

A Berkshire council's plans could force estate and letting agents to apply for consent before putting up signs, reports the BBC.

Reading borough said it was reacting to a petition from residents living in the university area about the amount of boards "littering" their streets.

The petition called for a complete ban on 'to let' and 'for sale' signs in east Reading, near the university.

Reading letting agent Adeel Rafique said the boards were "crucial advertising" for the student market.

The Redlands Neighbourhood Action Group handed in the petition in October and said that bans on property signs were in place in parts of London.

The petition also protested against boards being on display beyond the legal time limit.

'Walk around'
A council spokesman said as a result of the petition, it was seeking direction from the government about the idea of imposing a consent rule before boards could be put up outside properties.

He added the council was sending out "stern warning" letters to estate and letting agents about the "continuing proliferation" of boards in the university area.

However Mr Rafique, from Parkway Properties, said the planned rule would be bad for business.

"One in three properties here are student lets," he said.

"Students tend to walk around to look for properties, so the boards are crucial advertising for us.

"It would be extreme to have to get consent."

He added the council would "not be able to cope" with the thousands of applications in December, which he said was the time students started looking for accommodation for the following academic year.

West Hampstead Flat for Sale, Gondar Mansions

Gondar Mansions, Mill Lane, West Hampstead, London, NW6

A bright two double bedroom second floor flat set in an attractive three storey mansion block in West Hampstead.

The property is situated on Mill Lane close to the cafes, restaurants and shops and is within easy walking distance of West Hampstead's Thames Link, Silver Link and Jubilee Line Stations and the hustle and bussel of West End Lane.

The accommodation comprises a bright South facing 19' reception room with wood floors, high ceilings and stunning views of London; a modern open plan fitted kitchen with an integral gas hob and oven, space for washing machine/fridge freezer and a fitted breakfast bar; a bathroom incorporating a white three piece suite and a fitted storage cupboard and a front facing second double bedroom with high ceilings.

Further benefits include a 12' rear facing master bedroom with high ceilings, long lease, residents permit parking and no upper chain.

North London Flat for Sale

Private Rental Sector Not Enough to Boost Supply

London Lettings Agents: Private Rental Sector Not Enough to Boost Supply: The RLA report that the report on the private rented sector warns that current returns for landlords are very low once costs and inflation ...

Landlords Will Seek to Increase their Portfolios in 2012

The coming 12 months look set to be a boom time for buy-to-let investors, with many looking to significantly increase their property portfolios.

Research conducted by specialist mortgage provider Paragon found that landlords are practically falling over themselves to invest further funds in bricks and mortar at present despite the traditional market being subdued.

Indeed, more than a fifth of those surveyed said they will be making more property investments in 2012.

While in contrast, less than one in ten landlords claimed that they will be looking to reduce the size of their buy-to-let portfolios in the 12 months.

Thanks in part to a loosening of lending restrictions from banks and building societies, the number of properties owned by rental magnates has risen to an average of 13 this year and will continue to rise further in the next year.

Terraced property remains the most popular choice for landlords with 65 per cent of respondents saying that they owned at least one.

This was followed by flats or apartments, which are owned by 58 per cent. Semi-detached homes made up part of 48 per cent of landlord's existing portfolios while 24 per cent own a House of Multiple Occupancy (HMO).

Of those questioned 77 per cent stated that they were positive about being a landlord, while 57 per cent said prospects for the rental sector in 2012 were either "good" or "very good".

"This is an interesting time for the private rented sector as landlords are experiencing very high levels of tenant demand as other areas of the housing market come under increasing strain," John Heron, Paragon Mortgages managing director, said.

"I am pleased to see that landlords are expecting to add to their portfolios as there is no sign that tenant demand is going to slow in 2012."

Iqbal Hussain, property consultant at Knight Knox International, recently said that now is the best time to buy for anyone wanting to dip their toe into the property rental market.

Property News Magazine

London House Price News: Values rise again reveal Nationwide

The Nationwide's UK house price index shows that values have continued to creep up in November.The average property say a 0.4 per cent increase compared to figures posted at the end of October.It means that annual growth now stands at 1.6 per cent and a typical UK home is worth £165,768.

Robert Gardner, Nationwide's chief economist, said that despite an otherwise subdued economy, property is proving to be one area which can maintain value, but added that in part is due to a lack of houses on the market.

"Given the challenging economic backdrop, much of the current resilience in house prices reflects the lack of supply on the market at present. Indeed, the pace of building in recent years has fallen well below the pace of household formation, especially in England."

Ed Harris, managing director of EH Landlord Services, said recently that he expects house prices to continue to rise over the next ten years.

London House Price News

Stamp Duty Avoidance HMRC Clampdown

Her Majesty’s Revenue & Customs is declaring war on stamp duty avoidance.

It is to mount a court challenge to determine the legality, or otherwise, of stamp duty tax avoidance schemes.

Central to the challenge will be the use of limited companies to buy properties, and then sell them to individuals – something which does appear to be completely legal.

Essentially, the purchaser sets up a Special Purpose Vehicle, a company or a trust with a property as its sole asset. The purchaser then buys shares in the company and is subjected to a tax rate of just 0.5%.

There are many companies offering stamp duty tax avoidance: a Google search yielded over 3,200 results.

The taxman’s move follows this year’s Budget when Chancellor George Osborne announced that he would be clamping down on stamp duty avoidance, whilst law firms have also warned that HMRC is on the prowl.

HMRC estimates the tax avoidance schemes have cost it millions in lost revenue. It is investigating 1,200 people it suspects of having underpaid stamp duty by a collective total of £35m, whilst it will also go after others who have avoided the tax altogether.

The many schemes that claim to legally exploit stamp duty loopholes frequently charge fees of around half the amount that would have been paid in tax.

It is thought that a number of property investors have set up a limited liability company to buy the property to sell back to the individual.

An HMRC spokesperson said: “The schemes rely on an interpretation of law that produces an outcome different from that envisaged when the law was enacted, and that HMRC does not accept.”

London House Price News: Pre-1919 home values up 461 per cent in the past 25 years.

Traditional properties built before 1919 have seen the biggest price rises over the past 25 years.

Research conducted by the Halifax shows that properties older than 92 years have risen by 461 per cent from £33,619 in 1986 to £188,473 today. This means that they have risen by an incredible £516 each month.

In its Property Age Review, the bank said that properties built after 1960 have seen the next biggest price rises, going up by 348 per cent. Those constructed between 1919 and 1945 were close behind at 345 per cent.

But houses built between 1945 and 1960 didn’t fare as well, with rises of just 249 per cent. This could be in part due to the number of poorer quality properties built during the housing shortage which followed the Second World War.

Martin Ellis, Halifax housing economist, said: "Properties from the Victorian or Edwardian era tend to be in higher demand: there are fewer of them, they are often larger, situated in desirable locations, and have a popular style.

“It's easy to see why pre-1919 homes witnessed such a dramatic increase over the past 25 years".

Unsurprisingly, older properties in London are the highest valued nationally, with the average pre-1919 home worth an estimated £361,000.

However, over the past 25 years homes from that era in Scotland have seen the biggest increases with property values now 528 per cent than they were in the year that the Bangles walked like an Egyptian.

In that same quarter of a century pre-1919 London homes rose by 521 per cent while ones in Yorkshire and the Humber performed almost as well at 520 per cent. The smallest increase has been in the south-east at 408 per cent.

Overall, properties values rose by 0.4 per cent in the month of October according to the Nationwide’s latest house price index.

London House Price News

RICs Welcomes Government Housing Strategy

RICS welcomes the Government’s Housing Strategy and hopes that the proposals can go some way to boosting the stagnant housing market. Given its central role in driving economic growth, it is right that housing is now at the top of the political agenda.
"Better access to mortgage finance is essential to bring forward the new homes needed to help more achieve their aspiration of home ownership, particularly first-time buyers. The New Build Indemnity Scheme is to be welcomed but care must be taken to ensure it does not distort the market or lenders affordability calculations.

"The focus on new build will not free up chains and may reduce demand for second hand property, putting those who wish to move but have little equity at a disadvantage. Whilst any attempt to stimulate supply and demand will help both consumers and developers, limiting funding to niche areas of the market in this way does not solve the wider need for adequate levels of funding in all parts of the market. Any new scheme must be clear and easy to understand for the consumer.

"Small to medium-sized developers will particularly welcome the Get Britain Building Investment Fund and the recognition of the key role housebuilders will play in driving much-needed economic growth. Further steps to free up public land for developers are encouraging but care must be taken that the land is in the right place with the right infrastructure. Projects must be properly analysed for viability otherwise developers run the risk of creating ‘white elephants’ that do not satisfy demand.

"Whilst a renewed focus bringing investment into the private rented sector is encouraging, an opportunity has been missed to begin delivering real consumer protection and professionalism right across this rapidly growing sector. RICS is keen to work with other industry bodies to develop these proposals.

"This is a good start from the Government but more detail is needed. RICS looks forward to continuing engagement with the Government and the sector to deliver a sustainable housing market that delivers aspirations across all sections of the market, benefiting UK PLC as a whole."

West Hampstead Thameslink Station Update

As most of the local residents are already aware, there are a number of new changes happening to the Thameslink Station located on West End Lane and Iverson Road, NW6.
The main improvement, which is happening in December is going to be the new entrance on Iverson Road which features lifts in the footbridge and lift making this station not only step-free for the first time but also suitable for people with disabilities.

Also there is going to be a new ticket office building which passengers will be able to pass through from the ticket gates inside to the new footbridge. The footbridge is wider allowing more people in and out of the station which, as current West Hampstead Thameslink users know, is much better!

In January, the original entrance will be back open which will mean that the station will have two permanent entrances and exits, which will greatly reduce congestion.
Another improvement is longer trains. There is going to be the first ever 12 coach trains between Brighton and Bedford which means that these trains will bring almost 2,000 extra seats at the busiest times on Monday to Friday.

These trains will run through the rush hour times which are from 7am to 8am and 4pm and 5pm - you may have noticed on your journey to and from work that all the stations are slowly extending their lines in order to be able to accommodate these changes.

West Hampstead currently already has great transport links in NW6, through London and North West London. There is the Thameslink, London Overground and London underground (Jubilee Line) and there are also various bus routes. These improvements are just another reason why West Hampstead is such a fabulous location.

For all the latest news on the Thameslink changes, please visit the official Thameslink programme website.

West Hampstead Thameslink News

London House Prices Maintained as UK Prices Drop

London again emerged as the only UK region to maintain its house prices, edging up 0.3% month-on-month as investors look to shore up their assets by purchasing London properties as investments. London, cautioned estate agent Lucy Pendleton, talking to the Daily Telegraph, is not immune from macroeconomic insecurity and the upward trajectory in property prices may not last:

"With this latest house price data, Londoners have had a major reality check. The capital is not immune to the collapse in business and consumer confidence - and the unravelling of the eurozone.

The East experienced the greatest monthly rise with a movement of 0.7 per cent. The North East experienced the greatest annual price fall with a decrease of 7.2 per cent. Wales experienced the most significant monthly price fall with a movement of -3.0 per cent.

The most up-to-date figures available show that during August 2011, the number of completed house sales in England and Wales increased by 1 per cent to 62,010 from 61,469 in August 2010. The number of properties sold in England and Wales for over £1 million in August 2011 decreased by 7 per cent to 714 from 764 in August 2010.

First Time Property Buyers News: Stamp duty exempt for first-time buyers should remain says CML

The Council of Mortgage Lenders (CML) is jumping to support first time property buyers and calling on the government to extend the existing exemptions for stamp duty.

At present the scheme means that those who have not owned a property previously do not have to pay the land tax to the government, but the scheme will come to an end in March.

The CML believes that getting rid of this incentive will lead to fall in the number of people looking to buy a home, but would not massively increase the government’s coffers.

“The housing market can act as a force for growth in the economy, but if this is to happen then buyers, lenders and builders alike all need a clear message that the government sees them less as part of the economic problem, than as part of the economic solution,” said CML director general Paul Smee.

At present all first time buyers are exempt from paying stamp duty up to £250,000. For everyone else, the tax starts at one per cent on properties between £125,000 and £250,000, three per cent between £250,001 and £500,000, four per cent between £500,001 and £1 million and five per cent over that figure.

First Time Property Buyers News