London Property News

Estate Agents Fees Survey Reveals London Agent Fees are In Line With UK

2012-01-28T12:29:00.005+01:00

Estate agents are often secretive about what they charge sellers, it has been alleged, whilst there is great variation in the levels of fees that they charge.

A new survey found that only one agent in London – Winkworth – disclosed its fees on its website. About 20% of London agents refused to disclose their fees over the phone or via email.

The survey, by new estate agent comparison website ipostcode, looked at 250 agents’ fees across London and found that it is not necessarily in the most expensive postcodes where agents charge the highest fees.

Some of the highest average commissions are charged in the SE1 (Bermondsey), NW11 (Golders Green) and W6 (Hammersmith) postcodes, although agents in some lower priced areas – E8 (Dalston), N8 (Crouch End) and SE28 (Thamesmead) – offer some of the lowest commission rates.

The majority of the London estate agencies surveyed quoted 1.5% commission, but 15% of agents quoted 1%. The highest commission level quoted was 2.5%.

There were several postcode areas including Islington (N1) and Clerkenwell (EC1) where commission levels spanned the range from 1%-2.5%, which means that on a property priced at the London average of £342,749 (according to latest Land Registry figures), the seller could be paying anything from £4,113 to £10,282 including VAT to sell the same home.

Estate agents’ reputation for being guarded about their fees was borne out by the survey, with one in five of agents refusing to say what their fees were, either on the phone or via email. Only one agency, Winkworth, which has 43 London offices, displayed fees online.

One in four agents said that their fees are negotiable based on either a realistic valuation of the property or depending on the price range of the property. Many agents in the survey stressed that an agency should not be chosen simply on their commission rates but on service, track record and marketing.

The survey also found that estate agent fees in London at an average of 1.7% are more or less in line with the national average of 1.8% – contrary to the perception that London estate agent fees are the highest in the country.

Estate Agent Today

London Celebrates Chinese New Year This Weekend

2012-01-26T16:12:00.000+01:00

The Chinese Year of the Dragon will roar into Westminster this Sunday (29th) with a parade and festival showcasing the best of Chinese culture.

The festivities will start at 10:00am on Sunday 29 January 2012 with a New Year parade around London's West End, reaching its final destination of Trafalgar Square at noon.

The Lord Mayor of Westminster, Cllr Susie Burbridge, will then join Mayor of London Boris Johnson and the Chinese Ambassador to London, Mr Liu Xiaoming, to speak at the opening ceremony of the festival.

After the speeches, celebrations will kick off with traditional dragon dancing, music and performances on the Trafalgar Square stage until 6pm.

A second stage in Shaftesbury Avenue will host performances from a range of local community groups and schools.

The capital's famous Chinatown will also play host to a parade by lion dancers as well as a range of stalls selling traditional produce throughout the day.

First Time Buyers Demand Requires Large Scale Building Programme

2012-01-24T12:32:00.000+01:00

House prices will remain high because not enough new properties are being built, it has been claimed.

The National Housing Building Council (NHBC) believes the nation’s growing population and a lack of mortgage availability is causing a housing shortage, which might be good for people who are equity rich, but is crippling the hopes of first-time buyers.

Richard Tamayo, commercial director of the NHBC, said that the problem could helped by more new homes being constructed but revealed that 45 per cent less are being built now than in 2008.

"Even four years ago, we were not building enough homes to meet the needs of the growing UK population,” he stated.

“The dream and inspiration of home ownership amongst the younger population is moving further and further out of their reach.”

The government recently claimed that its £420 million Get Britain Building scheme will see around 16,000 new properties come onto the market and create somewhere in the region of 30,000 new jobs.

First Time Property Buyers News

Best Estate & Letting Agents in London

2012-01-24T12:13:00.001+01:00

London Letting Agents Blog: Paramount Lettings Agent Ranked 1st for Best Branc...: West Hampstead Estate Agents are dominating the rankings of estate agent site AllAgents.co.uk The site is a directory of UK estate agents,...

Londons Property Bubble

2012-01-21T17:55:00.000+01:00

How long can London's property market defy gravity asks the online Wall Street Journal? House prices in the capital rose in December, even as prices elsewhere stayed flat or fell, says the Royal Institution of Chartered Surveyors.

Prices in prime central London are around 16% higher than their September 2007 precrisis peak. Some forecasters predict a further 25% jump by 2016, as foreign investors continue to seek havens for their cash. But downward pressures are likely to intensify this year.

Foreign buyers account for more than half of the sales of London's most desirable residences, helping shield the market from a domestic downturn. Many have large chunks of equity to invest, so are less affected by the mortgage-lending squeeze. Recent sterling weakness against many currencies—down 20% against the dollar since the start of the crisis—has added to London's allure, while ultralow interest rates have kept a lid on distressed sales.

So long as the economic uncertainty continues, the torrent of foreign cash flowing into London property—an estimated £6 billion, or roughly $9 billion, in the 18 months through mid-2011—will likely be sustained. But the top end of the market is sensitive to the global picture. If the euro crisis is resolved or the world economic outlook improves, overseas investors might turn to riskier, higher-return assets. A rise in sterling or a fall in commodity prices are other possible factors.

London property isn't cheap by any measure. Yields are low—at 3.9%, compared with 5% in the wider U.K. housing market and up to 7% for prime offices in most European capitals. Soaring prime central London rents, up 25% since mid-2009, have provided some support to valuations, but an estimated 55% of "prime" tenants work in financial services, where heavy job losses are on tap. Yields are likely to remain flat into 2016, estate agent Savills says.

Meanwhile, the average house price in London is equivalent to 7.8 times earnings for a typical first-time buyer, compared with an average of 4.8 times across the country, website Findaproperty.com estimates. Such a disparity looks unsustainable, and provides a strong incentive for capital-dwellers to relocate and investors to seek better value elsewhere.

London Mayor Plans Reforms of the Rental Market

2012-01-20T18:03:00.002+01:00

Speaking at the National Housing Federation London Mayor Boris Johnson outlined the details of his revised housing strategy which would deliver 55,000 affordable homes in London by 2015, including 16,000 in the current financial year – the most since the mid-1990′s.

The new housing will be designed to the Mayor’s larger spaces standard which will mean more decent-sized family homes.As well as providing over 100,000 jobs in the next four years, these new affordable homes should also provide a much needed stimulus to housing mobility. By upgrading 40,000 council homes and by creating more affordable homes the plans will allow more Londoners than ever to get on the housing ladder. This should have a knock-on effect across the market with an increase in buyers over the four years and therefore steady growth.

This movement in the market will be spurred on by the government’s mortgage indemnity scheme which would decrease mortgage deposits to just 5% for first-time buyers allowing more of those stuck renting to gain a footing on the housing ladder.

The Mayor also has plans to reform the rental market by accrediting 100,000 landlords in an attempt to improve the quality of service in the sector. While this will help to raise confidence in the rental sector it will also make finding the best tenants a more difficult task. For landlords living outside of the capital that may mean using a property rental management service to ensure they are providing the most attentive service to their tenants.

London Social Housing News; Westminster Council Announce Flagship Scheme

2012-01-19T12:48:00.001+01:00

Low wage West End workers not prioritised for social housing will be able to apply for affordable accommodation in the heart of the capital, thanks to a pilot flagship scheme launched on Friday 13 January 2012 by Westminster City Council.

As rent, transport and living costs continue to rise across the capital, workers that form an integral part of the West End’s economy, such as market traders, performing artists, Special Constables and hospitality sector workers, are left with ever fewer affordable housing options.

To reconnect the West End’s exceptional diversity of markets, theatres and hotels with its workforce, Westminster’s Fair Share Housing Scheme which has been welcomed by Housing Minister Grant Shapps MP, will provide high quality sub-market rent accommodation in central London on a shared basis, with rents at a third cheaper than private sector rents.

In addition, with introduction of the Government’s new housing benefit changes from January 2012, single people under 35 will no longer receive Housing Benefits based on one bedroom self-contained accommodation.

This scheme will facilitate the under 35’s to find shared accommodation within central London and extend eligibility for Housing Benefits.

London Olympic Rentals News; Rents Soar in Woodford and Wanstead

2012-01-18T11:20:00.000+01:00

Olympic rental prices are rocketing in Wanstead and Woodford, with one house to be let for £26,000.

A South Woodford estate agent told the Guardian that a nearby home will be rented for £26,000 by a Danish television company covering the Games this summer.

And residents offering their property to renters for the Olympics or Paralympics can expect to earn four times as much as at any other time of the year as east London cashes in on the once-in-a-lifetime event.

Elsewhere, a seven-bedroom house in Thyme Avenue, Wanstead, has an asking price of £10,000.

Homes across Wanstead, South Woodford and Woodford Green are being advertised for a combined £53,000, excluding the home to be rented by the Danish television producers.

However, he sounded a warning over a potential pitfall of renting a house out for the Games.

“The tenants probably don't have any background renting in the UK. It means they might not look after the property as much but people will weigh that up against the money they could earn.”

Ex-England footballer Sol Campbell will let his central London pad for £75,000 a week during the Olympics as tourists from more than 200 countries flock to the capital.

West Hampstead Passengers Benefit as Thameslink St...

2012-01-17T12:53:00.000+01:00

West Hampstead Letting Agents: West Hampstead Passengers Benefit as Thameslink St...: West Hampstead ’s new Thameslink station has opened to the travelling public, providing passengers with improved access to the station, less...

Building & Construction News: More homes planned for London

2012-01-16T13:58:00.000+01:00

House builder Taylor Wimpey has announced plans to build more homes in London in 2012 than ever before.

The housing market in the UK capital has bucked the trend of falling prices and the builder hopes to take advantage of this.

Ingrid Skinner, Taylor Wimpey Central London’s managing director, said that the company hopes to extend its reach to some of the more 'up and coming' boroughs which are undergoing redevelopment.

“We have a diverse pipeline of fantastic projects that will enable us to extend the group’s operational aims and to bring more homes to the market than ever before in key areas of Central London in 2012 and beyond," she added.

Projects currently in the planning or construction phases include West Hampstead, Tufnell Park, Islington, Newham and Lewisham, while developments in Greenwich, Kensington and Camden are in the pipeline.

It is thought that the initial phase of development alone will deliver more than 400 new homes.
Recently, housing minister Grant Shapps estimated that the government's £420 million Get Britain Building Fund will lead to the development of around 16,000 new properties.

Building and Construction News

London Council Advice for Blue Monday

2012-01-16T11:31:00.000+01:00

A London council is encouraging residents to beat the most depressing day of the year, otherwise known as ‘Blue Monday,’ by taking advantage of the free leisure services available to them, and in doing something to help others.

According to psychologists, a combination of the dreary grey weather, financial strains and broken New Year’s resolutions have conspired to make Monday, 16th January 2012 the most depressing day of the year.

The list, which includes avoiding costly gym memberships by using a free outdoor gym and taking advantage of the long winter evenings to stay in with a good book or DVD from your local library, also calls for those with failed New Year promises to start 2012 over again with a new resolution which is easy to keep - recycle more.

Residents are also encouraged to get more involved in their local communities and volunteer; and look forward to an action-packed sporting summer of a lifetime with the 2012 Games, right here in the capital.

Westminster Council’s top-five ways to beat ‘Blue Monday’:
1. Avoid high gym subscriptions and get yourself in shape for free at Paddington Recreational Ground’s free outdoor gym

2. Take advantage of the long January nights to stay in with a good book or dvd from your local library

3. Start the New Year over again and make recycling more your New Year’s resolution for 2012.

4. Get more involved in your local community and volunteer.

5. Forget the dreary weather and start looking forward to an unforgettable summer of sport.

Cllr Ed Argar, Westminster Council’s Cabinet Member for City Management, said:

“This list gives residents some fun ways in which they can beat the January blues and I hope that it encourages our residents to take more advantage of the services available to them.
“The weather may be grey this month but we have an unforgettable summer less than 200 days ahead of us, when the greatest sporting event in the world comes to the capital.”

Mortgage Rate & Home Loan News: Halifax launches no fee mortgage for first-time buyers

2012-01-14T11:17:00.005+01:00

Halifax has announced plans to help first-time buyers get a foot on the property ladder with a new fee-free mortgage.

The home loan, which lasts for two years and has a fixed interest rate of 5.99 per cent over this period is available to those with a deposit of between ten and 15 per cent of their new home's value.

With mortgage fees typically adding up to around £995 the loan is certain to seem attractive to first-time buyers looking to save a bit of cash.

For the bank's current account customers there will be an additional £150 cash-back bonus on completion of the mortgage.

"Buying a house has always been an expensive process and for first-time buyers every bit of help counts," commented Halifax's mortgage director Stephen Noakes.

Last month, Leeds Building Society also offered a helping hand to first-time buyers in the form of a mortgage with a five-year fixed rate at 4.94 per cent with 95 per cent loan-to-value.

Mortgage Rate and Home Loan News

Landlord and tenant news: Landlords looking to rent out spare rooms

2012-01-12T11:14:00.002+01:00

A growing number of landlords are looking to rent out their properties by room rather than as a whole house or flat, according to one expert.

Matt Hutchinson, director at SpareRoom, said that the yields are generally higher if properties are divided into rooms, although it is more effort on the part of the landlord.

And it seems that renting out a single room is also becoming an increasingly popular option among tenants.

Newly-introduced housing benefits changes mean a lot of people only get enough to cover one room rather than a single bed flat and more and more people are looking to flatshare and pay less rent each month as well as sharing bills.

"If you looked at flatsharers ten years ago then the bulk of them were in their early to mid-20s, but now there are people in their early 30s – people who have been in relationships, split up and have come back into shared accommodation because it is the only affordable option," Mr Hutchinson added.

This month, data from easyroommate.co.uk showed that the average number of potential tenants competing for each rental room on the market is now 3.4.

Landlord and Tenant News

London Housing Market News: House prices dropped slightly in 2011

2012-01-10T11:01:00.000+01:00

A slight drop in house prices in December of 0.9 per cent took the overall drop across 2011 to 1.3 per cent, according to data from Halifax.

The bank's property index suggested that the housing market had remained surprisingly resilient in the past year and hinted at a broadly stable 2012 ahead.

The average house price at the end of 2011 stood at £160,063.

"If the UK can avoid recession, we expect broad stability in house prices in 2012," said Halifax housing economist Martin Ellis.

"There is, however, considerable uncertainty regarding the prospects for the UK economy, which will, to a large extent, depend on how events in the eurozone unfold."

While Halifax's data shows a drop in house prices across 2011 a similar report from Nationwide suggested they had increased by one per cent, highlighting just how resilient the market was in the past 12 months.

Nationwide placed the average house price at the end of 2011 at £165,798.

London Property News

London Property Market News: Property millionaires at record levels

2012-01-08T11:06:00.004+01:00

This year has seen the number of property millionaires rise by 26,744.

According to online valuation service Zoopla.co.uk, luxury properties have continued to rise in value and there are now more people owning homes worth £1 million or more than ever.

The rise means that effectively 73 new property millionaires have been created each day in 2011.

In total there are now 253,118 homes valued at more than £1 million in the UK and the largest rise property millionaires came in London, where the number grew by 18 per cent over the past 12 months.

London is also where nine of the top ten millionaire districts in Britain are located. Kensington has the highest proportion with 56 per cent of all homes being worth more than £1 million.

Nick Leeming of Zoopla.co.uk said: "This data shows clearly how differently the top end of the market is performing from mainstream Britain."

The Knight Frank Prime London Sales Index showed that prime London property rose in value by 13 per cent in 2011.

London property Market News

Get Britain Building To Create 16,000 New properties in 2012

2012-01-07T16:33:00.007+01:00

Housing minister Grant Shapps has estimated that the government's £420 million Get Britain Building Fund will create as many as 16,000 new properties on sites which have previously stalled due to economic circumstances.

Furthermore, he believes it will also see the creation of around 30,000 new jobs.

The scheme enables developers to either apply for a loan at commercial rates or they can take an equity release, whereby the government makes an investment alongside the building company.

Mr Shapps was keen to stress the scheme is not merely a government gimmick to create the illusion that they are doing something to help the plight of both first-time buyers and the building trade."This is not a simple handout - the taxpayer will get a return on their investment, with the homes the country needs built and 30,000 jobs created," he said.

Plans for the scheme were originally set out by the prime minister David Cameron in mid-November.

London Property News

London and the South East accounted for nine of the 20 towns recording the strongest price rises in 2011

2012-01-05T16:20:00.005+01:00

Woking in Surrey recorded the biggest rise in house prices among major UK towns and cities in 2011, according to new research by the Halifax.

Based on the Halifax’s own house price data, the average selling price in Woking, a commuter town within easy reach of central London by rail, was 16% higher than in the previous year. Prices increased from £257,590 in 2010 to £299,654 in 2011.

Falkirk in Scotland experienced the second biggest rise in house prices with a 12% gain. Like Woking, Falkirk is within easy commuting distance of major commercial centres, lying almost equidistant between Edinburgh and Glasgow. The town also has relatively low average property prices, making it more affordable than many other areas close to Scotland’s two largest cities.

Towns in London and the South East accounted for nine of the 20 towns recording the strongest price rises in 2011. Overall, 28% of the towns surveyed saw some increase in prices over the year.

The majority of worst performers were outside southern England. Kettering in Northamptonshire and Dunfermline in Scotland experienced the largest falls in average selling prices in 2011, both recording declines of 15%.

Nine of the ten towns that saw the biggest declines in property values are outside southern England, reflecting the generally weaker performance of the housing market outside the south.

Residential Landlords Predict Home Values Rising

2012-01-04T16:16:00.000+01:00

The new year could bring the kind of market that many accidental landlords have been waiting for.

With home values estimated to rise further in 2012, Alan Ward, chairman at the Residential Landlords Association (RLA), believes that the time to sell up as originally planned will have finally come.

An accidental landlord is someone who has opted to rent out their existing home when looking to move because trying to sell it would hold back their journey up the property ladder (officially termed let-to-buy in the mortgage industry).

"There is a sector of the market that is likely to come to sell as property values begin to increase - these are the accidental landlords who have been forced to rent because they can't sell for whatever reason," he said."Some people say there are 100,000 properties in that sector and, if that comes back on the market, then that is quite a big change."

The Association of Residential Lettings Agents recently advised anyone considering a move into the rental market to consider the benefits of using a professional letting agent.

Landlord and Tenant News

UK Property Recovery Predicted For 2012

2011-12-30T18:20:00.000+01:00

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

2011-12-28T16:43:00.001+01:00

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

2011-12-27T11:08:00.000+01:00

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

2011-12-25T16:47:00.001+01:00

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

2011-12-23T18:22:00.000+01:00

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

2011-12-21T18:20:00.001+01:00

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!

2011-12-21T18:20:00.000+01:00

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

2011-12-19T16:31:00.000+01:00

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

2011-12-18T16:38:00.000+01:00

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

2011-12-17T18:12:00.000+01:00

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

2011-12-16T18:03:00.000+01:00

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

2011-12-15T18:01:00.000+01:00

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

2011-12-14T13:12:00.005+01:00

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

2011-12-12T18:00:00.000+01:00

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

2011-12-12T07:38:00.001+01:00

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

2011-12-07T07:40:00.000+01:00

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

2011-12-06T11:09:00.000+01:00

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.

2011-12-05T19:42:00.000+01:00

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

2011-12-04T11:05:00.000+01:00

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

2011-12-03T18:24:00.000+01:00

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

2011-12-02T15:19:00.000+01:00

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

2011-12-01T16:30:00.000+01:00

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

London Property Market News: Insulation could increase your home's value

2011-11-30T15:30:00.000+01:00

People looking to add few pounds to their property value should make it warmer and more energy efficient, says the National Home Improvement Council (NHIC).

Andrew Leech, executive director of the body, says that loft and cavity wall insulation will not only help to keep your energy bills down it will also bump up the value of your home and make it more appealing to potential purchasers.

He also stated that the house has to have what he calls "kerb appeal", meaning it looks good from the outside and suggested that ideally the windows should be double glazed and secure.

"If you're talking about looking at selling a house on then you have got to make it look as normal as possible, you don't want any garish paintings, decorations or [colour] schemes running throughout the house. You want to make it a very neutral environment because people can relate to that more," Mr Leech added.

Phil Spencer, presenter of Channel 4's Location, Location, Location, said last year that painting the outside of the house may cost between £100 and £1,000 but could add around £5,000 to its value.

London Property Market News

Swiss Cottage Flat For Sale, Finchley Road

2011-11-29T13:37:00.001+01:00

New College Court, Finchley Road, Swiss Cottage, London, NW3

A spacious (602 sq ft) one double bedroom flat set on the fourth floor of this purpose built mansion block in Swiss Cottage.

The property is located close to all the local amenities and transport links on Finchley Road and the huge array of shops, restaurants and entertainment facilities at the O2 centre. West Hampstead and Swiss Cottage is also easily accessible.

The accommodation comprises a front facing 14' reception room; an inner hallway with fitted storage cupboards; a separate kitchen; a rear facing 13' bedroom and a bathroom incorporating a white three piece suite.

Further benefits include a lift in block, an extended lease, heating and hot water included in the service charge and no upper chain.

The external common parts are currently being refurbished.

Finchley Road Flat for Sale

HomeTrack Report; Growing realism on pricing as sellers look to move before Christmas

2011-11-28T15:16:00.003+01:00

Against an uncertain economic and financial backdrop the housing market has – over the last three years - adapted to a low turnover, finance constrained environment.
House prices have fallen consecutively for the last 16 months, but on a year-on-year basis are down just 2.3%.

Demand has fallen for the last four months in a row but there has been no significant acceleration in price falls. This is at odds with consumer confidence which has - over the same period - fallen considerably.

Low turnover and increasing realism on pricing among sellers looking to move before Christmas, are supporting the headline indicators of housing market activity.

2011 looks set to register the lowest level of housing turnover for 40 years - a trend which Hometrack expects to continue into 2012.

New property listings failed to grow over the last quarter. In November listings fell by 0.8%.

Demand fell by -2.2% and is likely to continue to fall in the run up to Christmas. With the supply/demand balance in negative territory Hometrack expects to see an acceleration in price falls in the months ahead.

The average time on the market rose slightly to 9.9 weeks while the proportion of the asking price achieved remained relatively unchanged at 92.5%.

Across the country falls were registered in 32% of postcodes. The greatest pressure is in the South West, East Midlands, Wales and North West where prices fell by over 0.3% over November.

In London prices remain unchanged for the second month in a row but looking head it is unlikely that London will escape the impact of the continued turmoil in the financial markets. When prices start to fall in the capital so the scale of headline price falls will start to accelerate.

Super Prime London Homes Achieve Record Values

2011-11-28T13:39:00.001+01:00

Super-prime new homes in London are expected to achieve record values of up to £10,000 sq ft within the next five years, fuelled by an influx of wealthy overseas investors and lack of housing supply, reports Whathouse.

The recent boom in prime central London property prices has benefitted homes in premium locations like Mayfair, Chelsea and Knightsbridge, with prices rising from £1,000 sq ft in 2000 to over £7,500 sq ft, as achieved for new build apartments at One Hyde Park - believed to be the most expensive price for any home in the world.

But while most property experts project that property prices will generally fall nationwide in the short to medium term, Knight Frank believe that the market in prime central London looks ripe for further growth, with values expected to reach a staggering £10,000sqft in the most exclusive new developments by 2016. This is partly because there is a lack of land available for the construction of new homes in prime London.

Liam Bailey, head of residential research, said: "In key markets like London the availability of top-end developments that attract wealthy international purchasers is still very limited. The opportunity for developers to capitalise on this market is therefore a real option."

Cricklwood Flat for Sale

2011-11-27T13:28:00.000+01:00

Refurbished Cricklewood Flat for Sale £199,950

A stunning recently refurbished one double bedroom first floor flat set in an ex local authority development in Cricklewood.

The property is located moments away from the Cricklewood Thames link station, local buses and all amenities on Cricklewood Broadway. Within the area is also the very popular Virgin Active gymnasium and extensive shopping at Brent Cross.

The accommodation comprises of a front facing reception room with wood floors and a spacious bedroom with fitted wardrobes leading to a modern ensuite bathroom incorporating a corner bath.

Further benefits include a guest cloakroom, a modern fitted kitchen with granite worktops and integral appliances, a large fitted storage cupboard accessible from the hallway together with loft access to a spacious storage area, long lease and communal gardens.

Marnham Avenue, Cricklewood, London, NW2

North West London Estate Agents News

2011-11-26T18:13:00.000+01:00

This year’s property sales market has been healthy from start to finish with the average property going under offer in 4-6 weeks. Properties in great condition, property in need of refurbishment or with outside space are often going under offer within days and on the odd occasion going over the asking price. Agreed prices went up by 5% early in the year and have held all year so far.

2011 has been the year of the cash buyer with Paramount agreeing over 50% of its sales to cash buyers. These buyers have often been Parents from the UK, mainland Europe and Asiaia buying for their children who are based or will be based in London. These properties are going on the rental market for the interim periods.

We have also seen some buy to let investors return to the market, with the rental market’s being so strong they have achieved some great rents and are generally renting their flats within days of taking ownership.

With the lack of properties currently on the market and the amount of good quality buyers currently looking, 2012 looks like it is going to be a great year to sell your property in our local area.

What's been happening in 2011 in West Hampstead and surrounding areas for Paramount lettings?

In 2011, Paramount has seen unprecedented demand from applicants looking to rent in North West London. The cost of market entry for first time owner/occupiers is preventing many people from buying and so is boosting demand for rental property. A dearth of rental stock is pushing up rents and future prospects for rental growth are very strong indeed; the average rental income are up by 12% in the NW6 area. Landlords can “cherry pick” their ideal tenant with no worries of a void period whatsoever.

Given that yields have steadily increased this year, it has also meant the introduction of first time buy-to-let investors into the property market as well as existing landlords expanding their portfolios. There is no reason to suggest that in 2012 the rental sector will show any signs of waning.

Paramount Property News

Brondesbury Flat for Sale, Christchurch Avenue

2011-11-26T11:30:00.000+01:00

Rosedene, 77 Christchurch Avenue, Brondesbury, London, NW6

A second floor two bedroom flat within this residential ex local authority development surrounded by extensive communal gardens along a most popular residential tree lined avenue.

Local amenities including Kilburn Jubilee and Brondesbury Park overground stations are available in addition to bus routes into Central London and a selection of local bars, restaurants and cafes in Queens Park and Kilburn.

The accommodation comprises a great sized reception, two double bedrooms and a modern separate fitted kitchen/breakfast room. In addition the flat has wooden flooring.

The flat will be offered for sale with no upper chain and we suggest the earliest viewing to appreciate this great value home.

NW6 Property for Sale, Brondesbury

Chelsea Property with 2 Bedrooms Sells to Gucci for £20 Million

2011-11-25T10:31:00.000+01:00

Europe may be beset by economic gloom, but one prominent Frenchman has shown his confidence in Britain as a safe haven with an eye-catching property deal, reports the Telegraph.

François Pinault, who founded PPR, the luxury goods company that owns fashion labels including Gucci and Stella McCartney, has paid £20 million for a house in Chelsea, south-west London.

The price may rise eyebrows, as it only has two bedrooms, but it does have other advantages.

Pinault, whose son, François-Henri, is married to the Hollywood actress Salma Hayek, is now planning a programme of alterations to the Queen Anne revival property, which was cast as the bachelor pad of Richard Griffiths’s character, Uncle Monty, in the cult 1987 comedy film Withnail and I.

“It is the most stunning house,” said one of Mr Pinault’s new neighbours. “Although it has only two bedrooms, it has one of the few triple-height ceilings in London.”

The house was designed in 1868 by Philip Webb, the “Father of Arts and Crafts architecture”, for the watercolour painter George Price Boyce.

It was previously owned by Professor Bernard Nevill, the eminent aesthete, who was the design director of Liberty during the Sixties and Seventies. He is understood to have paid £80,000 for the property, giving him a profit of £19.92 million.

Great Portland Portfolio Benefitting from London West End Property Market Resilience

2011-11-24T14:22:00.000+01:00

London property developer Great Portland Estates said it is unlikely to secure a major letting to begin construction of its planned 100 Bishopsgate skyscraper in the City for at least six months.

The group has a joint venture with Canadian property firm Brookfield to build the proposed office tower in London’s financial district, but pre-lets have become harder to secure as firms remain reluctant to move due to the economic uncertainties.

Great Portland’s adjusted net asset value rose to 378p per share at the end of September, up 20 per cent from 316p a year ago.

The value of its portfolio has risen 3.9 per cent to £1.8bn since March, benefitting from the resilience in London’s West End property market in the first half of the year.

City office leasing levels were higher in the three months to the end of September but Great Portland said it expects the full year to be down on the high levels of 2010, the group said in a statement.

Central London Commercial Property Market Review from CBRE

2011-11-23T13:43:00.000+01:00

Central London office take-up rose to 2.7m sq ft in the third quarter of 2011 - the strongest performance of the year to date, according to the latest Central London property market review from CBRE.

Almost all Central London markets recorded increases in take-up from the previous quarter, with the largest increase seen in the City, strengthening to 0.9m sq ft from 744,000 sq ft in Q2.

The exception was the West End, which fell below 1m sq ft for the first time since Q3 2009 due to a large drop in newly completed space.

In spite of the better Q3 performance, take-up remained below the 10-year average of 2.9m sq ft and has been below this average for the last three quarters. The lack of demand from the banking and finance sector has been the primary explanation of this; the sector’s share of total take-up was 18 per cent in Q3 and 22 per cent for the first three quarters, which compares with an average of 29 per cent over the last 10 years and 41 per cent last year.

Adam Hetherington, Managing Director, Central London, said:

“While take-up has been generally weak throughout the year, the jump in leasing levels across almost all central London markets over the third quarter has been a positive sign. However, it’s clear that the London office market has not escaped the deterioration in economic conditions and the lack of confidence amongst businesses has meant that occupiers are more cautious about making real estate decisions.”

Private Rental Sector Set for Investment

2011-11-22T11:18:00.001+01:00

Increased demand for rental property is sparking a renewed interest in the PRS from landlords in some parts of the UK.

Achievable rent levels on residential property have risen in the last six months, according to 60% of ARLA member agents, and have outperformed other investment classes consistently for the past two years.

The average period for which a rental property is empty in between lets is just 2.7 weeks per year, down from an average four weeks two years ago.

Ian Potter, Operations Manager at ARLA, said: "Three quarters of our members are reporting that demand for rental property is outstripping supply and, with rental returns currently at 5%, anyone thinking about investing a property to rent could be well-placed to consider their options in the coming months."

Our research shows that prudent landlords are moving quickly to expand their portfolios, with almost a quarter (23%) reporting that they have bought properties in the last year. The most popular regions for investment are the North West, Midlands and Central London. In contrast the Rest of London saw the fewest landlords buying property.

We advise anyone considering investing in a rental property or portfolio, to first seek advice from a professional, licensed lettings agent.

Mr Potter continued: "The rental market is, rightly, coming under increasing scrutiny to ensure that consumers are not mistreated. Currently, anyone can become a letting agent. To protect your rights either as a landlord or tenant, it is critical therefore to check that there are measures - like Client Money Protection - in place with your chosen agent should things go wrong."

First Time Buyers and Council House Tenants Helped By Coalition Plans

2011-11-21T13:59:00.001+01:00

The coalition government will today announce plans to kick-start the country’s ailing housing market.

The move will see the taxpayer backing the mortgages of thousands of first-time buyers and the right for council tenants to buy their homes at a knockdown price extended.

David Cameron and Nick Clegg will say the UK is facing a situation where “lenders won’t lend, so builders can’t build and buyers can’t buy”. The “radical” program will seek to address the problem by enabling first-time buyers to borrow up to 95% of the value a new home, with the public underwriting a portion of their loan.

With banks currently asking for a typical deposit of 20%, the Treasury could be liable for any losses if the housing market took a turn for a worse and those who entered the program defaulted on their loans.

Council tenants will be able to buy their homes for half the market value under the new scheme. This would mean the average saving – or immediate potential profit – made by those buying their property would increase from £26,000 to £52,000. In London and the south-east the discount could rise from £38,000 to £76,000.

The plan will also allow housing developers to apply for part of a £400 million fund to help them start to build on land that would otherwise be uneconomical to develop. This part of the program, which applies to England only, aims to build 16,000 new homes and create up to 32,000 jobs. A further half a billion pounds will be made available to local authorities to create the infrastructure necessary to support new development.

Housing Minister Grant Shapps told the BBC: “The problem that we have is that lenders aren’t lending, builders aren’t building and people can’t get their deposits together to buy so we’ve got a triple problem in the housing market.

“What we want to do is make it easier for first-time buyers… who say the biggest problem we have is the amount of deposit that we have to get together – that is their biggest blockage.”

London Council Consulting on Private Landlord Licensing

2011-11-21T13:30:00.000+01:00

Newham Council has launched a consultation on compulsory borough-wide licensing. Inviting views, the council says: “Newham has a thriving private rented sector that provides affordable housing options for local people; but the council is concerned about possible overcrowding and anti-social behaviour in some properties.

“Therefore, the council is thinking of licensing private landlords and properties in the borough – in order to ensure that landlords, managing agents, tenants and owners operate legally and professionally.”

The consultation runs until December 4.

Newham estimates that around one-third of households in the borough are in the private rented sector, numbering around 35,000 homes. It has already piloted a smaller scale licensing scheme for over a year.

Sir Robin Wales, mayor of Newham, said: “We want to ensure that private sector rented properties are well managed and meet a good standard. We also want to deal with the crime and anti-social behaviour that is sometimes associated with bad private sector rented housing.

“There are good landlords in Newham and we want to work with them. Unfortunately there are also some unscrupulous ones – which these proposals would target.”
Shelter welcomed the Newham move. Kay Boycott, director of communications, policy and campaigns, said: “We urge other local councils to follow Newham’s lead in sending a clear signal that enforcing the law against rogue landlords is a priority.”

Mapesbury Conservation Area Family Home for Sale,

2011-11-19T13:00:00.000+01:00

St. Gabriels Road, Mapesbury Conservation Area, London, NW2

A spacious (3,612 sq ft) well presented five/six bedroomed three bathroomed hall adjoining period family home situated on this prestigious residential road in The Mapesbury Conservation Area.

The property is located in a prime location close to Willesden Green and Kilburn (Jubilee Line) underground stations together with the vast array of shops and restaurants on Willesden Green high street and Kilburn High Road.

The accommodation to the ground floor comprises a 22' entrance hallway with feature fireplace and Parquet flooring; a guest cloakroom with tiled flooring; a 20' front facing reception with wood floors and a feature fireplace; the second reception with feature fireplace and wood floors; a stunning contemporary L shaped kitchen breakfast room with concertina sliding patio doors, integral appliances and a utility room.

The accommodation to the first floor comprises a large 15' front facing master bedroom with dressing area and an ensuite bathroom incorporating a white three piece suite and heated towel rail; front facing bedroom two with a feature fireplace and fitted wardrobes; rear facing bedroom three with fitted storage; rear facing bedroom four; bedroom five with a feature fireplace and a family bathroom incorporating a white three piece suite.

The accommodation to the top floor comprises a bright and spacious bedroom six/loft room with video entryphone and an ensuite bathroom incorporating a white three piece suite.

Further benefits include off street parking and a stunning mature South West facing rear garden with a side access, a patio area and a fully functional and sound proofed music studio with electricity.

Mapesbury Conservation Area Property for Sale

Jumeirah Group to Operate Grosvenor House Apartments in London

2011-11-19T12:11:00.000+01:00

Jumeirah Group, the Dubai-based luxury hotel company and a member of Dubai Holding, has signed a Management Agreement with Grosvenor House Apartments Limited, a wholly owned subsidiary of Park Lane Properties Limited, to operate its luxury apartments in London

First Time Buyers More Likely To Buy Following FirstBuy Scheme

2011-11-18T13:29:00.000+01:00

45% of potential first-time buyers state they are now more likely to get on the housing ladder thanks to the Government’s FirstBuy scheme, according to new research from Rightmove.

The figures will be a boost for the FirstBuy initiative following its full launch in September, although Rightmove’s research does raise some causes for concern. In terms of awareness of the scheme, whilst 59% stated that they had previously heard of the scheme, over a third (37%) of first-time buyers stated that they had not. Of those that were aware of the scheme, 22% said they did not understand whether or not the scheme could help them to purchase for the first time.

Queens Park Refurbished Duplex Flat for Sale

2011-11-17T10:56:00.000+01:00

London Flat for Sale, Queens Park

A spacious (1,165 sq ft) newly refurbished three double bedroom two bathroom duplex flat set over the top two floors of this three storey period building and located in a popular road of Queens Park.

The property is situated a short walk from Queens Park underground station (Bakerloo Line) and the variety of shops, gastro pubs and deli's along Salusbury Road. Kensal Green/ Kensal Rise is also within easy reach.

The accommodation comprises entrance to the first floor with stairs to the second floor; a rear facing third double bedroom with wood floors and fitted wardrobes, a modern fitted bathroom incorporating a white three piece suite, a separate shower cubicle and a heated towel rail; the second double bedroom with fitted wardrobes and wood floors and a spacious 18' front facing reception room with wood floors, a modern open plan kitchen with Granite worktops and integral appliances.

The accommodation to the top floor comprises the 17' master bedroom with wood floors, fitted wardrobes, eaves storage and direct access to the rear flat roof and a modern ensuite shower room with a heated towel rail and an extractor fan.

Further benefits include the potential to create a South facing roof terrace accessible from the master bedroom (Subject to Planning Permission), long lease and no upper chain.

This property has been refurbished to a high standard and an early viewing is strongly advised to avoid disappointment!

Harvist Road, Queens Park, London, NW6

Rental Property Water Bills Payments

2011-11-16T13:27:00.000+01:00

The Water Industry Act 1999 banned water suppliers from diconnecting water supplies from consumers, even if they were failing to pay their bills.This has led to a growing problem of unpaid water bills that far outstrips the outstanding debts owed for other types of utility. According to industry figures, in 2007 19% of domestic water customers were in arrears with their water bill as compared to 5% of electricity customers and 3.7% of gas customers.

It is believed that tenants represent a significant number of these overdue bills and the water companies complain that the lack of information about their future whereabouts makes it is very difficult to pursue those debts.

All this may be about to change however. Section 45 of the Flood & Water Management Act 2010 contains provisions which require landlords to give information about their tenants to the relevant water company. A failure to do so will leave the landlord jointly and severally liable for the water bill alongside the tenants.

At the moment the section has been brought into force (in October 2010) but only for the purpose of making secondary legislation to set out how it will work in practice. It is believed that this will include the setting up of websites by the various water companies to make the provision of the necessary information as simple as possible.

There is scope for landlords to be exempt from liability for the provision of false or incomplete data provided that they have taken such reasonable steps as are specified in the regulations to ensure that the data is accurate. The secondary legislation will probably be in force from October 2011 and the obligation will therefore come into effect from that date.

The section contains an exemption which means that no liability will fall on an agent or trustee due to their position. The responsibility is solely that of the principal. However, agents will need to be aware of the changes and should consider how best to adjust their procedures and documents to assist their clients in dealing with the new obligations. Consideration should be given as to what information is likely to be required (full names, previous and forwarding addresses are the most probable candidates) and how this can be collected and verified for accuracy.

Willesden Green New Build Terraced House for Sale

2011-11-15T10:27:00.000+01:00

Cedar Road, Willesden Green, London, NW2

A superb newly built three bedroom, two bathroom end of terraced house with off street parking and a garage and with a 10 year Premier building guarantee.

This great family home benefits from a reception with wood floors, fully equipped kitchen, three bedrooms, family bathroom, en suite to the master bedroom, guest WC and a garden to the side and rear.

This home also has off street parking to the front and a garage to the rear.

The amenities of Willesden Green and Cricklewood are all within easy reach.

North London New Build House for Sale

Nando's Offering New Residents In West Hampstead A Free Meal

2011-11-14T16:00:00.000+01:00

If you're thinking of moving to West Hampstead or the NW6 area, there is now another advantage. Not only have you got lovely shops, great community activities for adults as well as children and fantastic transport links, now you can get a delicious Nando’s for free!

West Hampstead’s West End Lane branch of Nando's are offering a free whole chicken meal to residents who have recently moved to the local area thought Paramount Properties, either renting or purchased. We at Paramount have been given vouchers to hand out to new tenants and home owners in the area until January 2012 which entitles you to your free meal.

Nando's is a Portuguese restaurant, serving predominantly chicken dishes. The specialise in flame-grilled Peri Peri chicken which is served in quarters, halves, wholes and butterfly breasts. Nando's also serves burgers, pitas, salads, wings and wraps along with some vegetarian meals and the odd meal with beef.

The Peri-Peri flavour comes form the African Birds Eye Chillies once called Pili Pili meaning Pepper Pepper by the indigenous Africans. The restaurant began in 1987 when Robert Brozin and Fernando Duarte bought a restaurant in Johannesburg, they named the restaurant Nando's after Duarte. - a couple of little Nando’s fact for you!

The West End Lane Nando's takes pride in serving it's customers and cannot wait to welcome you to their restaurant and hopefully become their local regulars. For more information on the history and menu please visit the official Nando's website.

Please also contact Paramout directly of you are looking to rent or buy a property in the North West London, NW6 / West Hampsead area, call 020 7372 0202.

London is Most Desirable City for Property Investment

2011-11-14T10:32:00.001+01:00

Nigerians bought £87 million worth of UK million-pound properties in 2010, according to a research report published by Hawker Beechcraft Corporation, HBC, a world- leading manufacturer of business, special mission and trainer aircraft.

The report indicates that the total value of the purchase represents about 29 percent of the total purchased by Africans who spent a whooping £305.2 million.

The total estimates spent by overseas buyers according to the report was put at N900 billion £3.75 billion for the million pound London properties, which is over 50 percent of million-pound property sales in London coming from non-UK nationals.

The report comes amid wide spread discontent on the pace of housing development in the country and the recent down turn in the nation’s housing sector with most property value nose diving following pervading credit crunch.

Analysts say the huge London million-pound property investment by Nigerians reflect capital flight which became obvious at the wake of uncertainties in the financial system, with investors seeking safe haven for their money.

HBC believes that the large number of foreign buyers of prime property in London has contributed to an increase in business flights to some of the region’s main business airports.

Indeed, its analysis reveals that between January and September this year the number of business flights to Biggin Hill, London City and Farnborough have increased by 46 percent, 38 percent and 34 percent respectively.

In terms of the largest number of foreign buyers in the capital by country, Russian nationals top the league having acquired an estimated 266 prime properties worth around £429 million last year.

On a regional level, Europeans (excluding UK nationals) accounted for around £1.57 billion of million-pound property purchases in London last year – some 974 properties. This was followed by nationals from Asia Pacific and the Middle East , with 640 and 298 properties purchased respectively. Africans purchased a total of 189 properties.

Sean McGeough, HBC president, Europe, Middle East and Africa, said, “As one of the most desirable cities in the world, it’s no surprise that London ’s property market is attracting a large number of overseas buyers. Given that many of these individuals lead busy lives and often travel a huge amount, this helps explain the rise in flights to London ’s business airports.”

Businessdayonline

West Hampstead Property For Sale, Ingham Road

2011-11-13T10:19:00.001+01:00

Ingham Road, West Hampstead, London, NW6

A two double bedroom split level flat, set over the top floor of a character terraced property.

The property is situated on a quiet road in West Hampstead and is within walking distance of West Hampstead's Jubilee Line, Thames Link and Silver Link stations.

The flat offers a bright south facing reception room with wooden flooring and feature fire place, recently fitted kitchen with stainless steel oven, hob and extractor, master bedroom with fitted wardrobes, second double bedroom and a bathroom comprising of a modern white three piece suite which includes a space saving bath.

Further benefits include large landing area which makes a great area for a study, share of the freehold, split level and good decorative order throughout.

North London Flat for Sale

Cricklewood Property for Sale, NW2

2011-11-12T09:55:00.003+01:00

Fordwych Road, Cricklewood, London, NW2

A well presented two double bedroom ground floor garden flat with unofficial off street parking set in a two storey period building on the borders of West Hampstead and Cricklewood.

The property is situated within walking distance of Kilburn Jubilee Line Station and Cricklewood Thames Link Stations and the variety of shops and restaurants on Kilburn High Road and Cricklewood Broadway.

The accommodation comprises a front facing second double bedroom with high ceilings and fitted wardrobes; a spacious 18' rear facing reception room with wood floors, high ceilings, a gas fireplace, an entryphone system and double doors leading onto an East facing rear garden.

Further benefits include a separate modern fitted kitchen with integral gas hob/oven and space for fridge freezer/washing machine, a fitted bathroom incorporating a white three piece suite, a double aspect rear facing master bedroom with fitted wardrobes, a private rear garden and no upper chain

North London Property for Sale

London Housing Market Could Be Affected By Drop in City Bonuses

2011-11-11T12:13:00.001+01:00

Job cuts and falling bonuses in the City could cause house prices to drop in London, according to a report.

Bonuses in the Square Mile are expected to fall by around 40 per cent year-on-year while approximately 27,000 jobs could go in 2011, the Centre for Economic and Business Research (CEBR) found recently. This could impact on houses prices in the capital and other areas in the South because it is believed a third of bonus money is spent on investing in property.

London is the only area of the country where house prices were higher last month than in October 2010, estate agent Chesterton Humberts and the CEBR’s House Price Poll of Polls found. Public sector cuts that have hit house prices in the rest of the country have not had such a large impact in London.

Chesterton Humberts CEO Robert Bartlett said: “London has been relatively unscathed by the recession and its aftermath. International buyers seeking a safe haven of value still equate prime London property with other secure portfolio investments such as gold. But the continuing economic turmoil in Europe and the perceived threat to the financial services sector will dampen traditional bonus purchases.

“London’s relative stability has masked the increasing divergence of prices between London and the rest of the country. Over the year to date prices have risen by 3.6 per cent in the most expensive fifth of property areas, all in London, and fallen by minus 4.5 per cent in the least expensive fifth.”

Central London Real Estate Safe Haven

2011-11-11T10:39:00.000+01:00

As the perceived safe havens of US debt, Swiss francs no longer appear so solid, demand for central London property has soared among foreign investors seeking to preserve their wealth, reports Citywire.

But although central London real estate’s safe haven status is secure in the near term, managers of UK property investment trusts have warned that prolonged social unrest and further financial markets regulation could lessen its allure.

‘What we’ve seen throughout the whole of this year is that whenever there’s been a shock [abroad] of some sort ... there’s been another phone call to London agents saying: “We’ve got 30 or 40 million, which we’d like to put in the safe haven of central London,”’ said Jason Baggaley, manager of Standard Life Investments Property Income.

Speaking at an event hosted today by the Association of Investment Companies (AIC), he added: ‘On a global basis, London is seen as very much a safe haven for real estate.’

Richard Kirby, manager of F&C Commercial Property Trust, noted that central London had a ‘very strong’ local economy, an affluent population and a major role as an international centre. ‘And to that extent we’ve seen the numerous overseas buyers trying to buy into central London at some very, very hairy yields – but for them it’s a matter of wealth preservation,’ he said at the same meeting.

Halifax House Price Index News

2011-11-10T12:09:00.000+01:00

The average house price across the UK rose by 1.2 per cent between September and October, in a further sign of the high degree of resilience that has been shown by housing market over the past 12 months in the face of challenging economic conditions, according to Halifax.

Data from the latest Halifax monthly house price index showed that the average house price rose by 1.2 per cent between September and October, but is down over the past quarter by 0.3 per cent and on an annual basis by 1.8 per cent.

Martin Ellis, housing economist at Halifax, said that while the monthly picture in terms of house prices had been mixed for some time, the market was proving ‘highly resilient’ in spite of a weak economic recovery.

He said: “Whilst there have been five monthly price rises, four falls and one month of no change, there has been little change in prices during 2011 overall.

“The housing market has proved highly resilient in recent months despite the weak economic recovery and the deterioration in the outlook for both the UK and global economies.”

Mr Ellis claimed that despite these developments, house sales and the supply of properties for sale have remained very stable since late 2010.

Brondesbury 3 Bed Apartment for Sale

2011-11-09T13:57:00.000+01:00

Elstow Grange, 40-42 Brondesbury Park, Brondesbury Park, London, NW6

A well presented three double bedroom flat, set on the first floor of this attractive purpose built block.

The block is situated within easy walking distance to Willesden Green Jubilee Line Station.

The property offers a spacious hall way, reception room , kitchen/diner with a full range of wall and base units, master bedroom , two further double bedrooms and a family bathroom. Further benefits include great storage cupboards in the hall way, double glazing and communal gardens. The owner is currently in the process of extending the lease at no cost to the incoming purchaser.

London Apartment for Sale

Free WiFi Hotspots in Central London

2011-11-08T10:27:00.000+01:00

Nokia has set up 26 hotspots to support the service and these are largely concentrated around West End shopping areas. Victoria, Marylebone and Westminster will also get access points. The firm said people would not need to register or sign in to use the wi-fi.

From today until the end of 2011, the public will be able to use the high-speed service in certain parts of the city courtesy of the phone firm.If the two-month trial is deemed a success, the Finnish company plans to turn it into a fully fledged free wi-fi service early in 2012.

The initiative is one of many that will eventually see London dotted with hotspots offering free net browsing.

Free wi-fi is widely already widely available in London but it tends to be via solitary access points in shops and hotels. In addition some ISPs, such as BT, give their subscribers free wi-fi via their own-brand wireless services.

The fragmented nature of existing services has led the Greater London Council to encourage boroughs to set up free wi-fi along the busiest streets. Projects for wi-fi in Westminster, Kensington & Chelsea as well as Hammersmith & Fulham and other regions are believed to be in the closing stages of negotiation.

There are also ongoing talks to put wi-fi on London tube stations so passengers can browse the web while they wait for a train.

There is also a plan to provide free wi-fi in and around London for the 2012 Olympics to help visitors and tourists find their way around and to make it easier for the sights and sounds of the games to be shared.

BBC NEWS

First Time Property Buyers News: Property demand at four year high

2011-11-07T17:25:00.002+01:00

Demand for residential property reached its highest level since 2007 last month, according to the latest housing report from the National Association of Estate Agents (NAEA).

On average estate agencies had 308 people contact them looking for property, up from 304 in August and the highest level in four years.The number of houses available for sale per estate agency branch also increased, rising from 65 in August to 72 in last month, but sales remained static at eight per branch.

However, the number of sales to first-time buyers rose from 20 per cent to 22 per cent, but the NAEA are keen to point that the figures vary wildly across the country.

Wendy Evans-Scott, president of the NAEA, said: “The number of first-time buyers on the market has increased slightly over the course of the month, but our agents are reporting widespread regional variation. Lending still remains a real barrier to homeownership for this part of the market.”

Despite the increase in the number of first-time buyers finding their first step onto the property ladder, Labour MP George Mudie recently said that lenders and the Financial Services Authority (FSA) needed to do more to help drive the market.

First Time Property Buyers News

Jubilee Line Apartment for Sale, Brondesbury

2011-11-05T16:51:00.001+01:00

Elstow Grange, 40-42 Brondesbury Park, Brondesbury Park, London, NW6

A three double bedroom flat, set on the first floor of this attractive purpose built block.

The block is situated within easy walking distance to Willesden Green Jubilee Line Station.

The property offers a spacious hall way, reception room , kitchen/diner with a full range of wall and base units, master bedroom , two further double bedrooms and a family bathroom.
Further benefits include great storage cupboards in the hall way, double glazing and communal gardens. The owner is currently in the process of extending the lease at no cost to the incoming purchaser.

Flat for Sale, Brondesbury Park

London Property News: Greeks flock to security of London property market

2011-11-04T16:09:00.000+01:00

With their own economy continuing to flatline, growing numbers of Greek nationals are opting to put their money into London property investments, it has been reported.

Over the past couple of years, property industry experts have noted a marked rise in the number of cash-rich foreigners snapping up assets in the capital, for example UAE residents purchasing flats and houses for sale in Maida Vale and Belsize Park.

Now, the Evening Standard has revealed that Greeks are the latest group to join in the rush for homes in the city, citing Knight Frank figures that show they have invested a collective £250 million in the residential property sector over the last 12 months alone.

Furthermore, this trend is set to continue as wealthy Greeks look to move their money so as to avoid ongoing efforts to boost the national coffers through higher taxes.

Meanwhile, Australian action man Hugh Jackman has become the latest big-name celebrity to be linked with a new London home after he told the website findaproperty.com that he regrets giving up the property he once owned in Pimlico.

London Property Market News

Energy Improvement Tips for Landlords From NLA

2011-11-04T14:40:00.001+01:00

Landlords are being reminded to make sure their properties and tenants are ready for the winter weather.

Burst pipes are a common problem, according to the National landlords Association (NLA), as tenants sometimes do not know how to shut off the heating system if leaving the home empty during the festive period.

The NLA says landlords should make sure tenants are shown how to shut off water to the property or how to set the heating system thermostat to prevent pipes from freezing.

Then tenants should be shown how central heating systems work and where the gas boiler is located, along with where the emergency gas shut off valve is located.

The NLA is also encouraging landlords to make energy improvements to their properties.
Tips include:

The loft insulation should be a minimum depth of 270mm to stop heat loss through the ceiling.
Install cavity wall and floor insulation to stop heat escaping where possible.
Fit lagging to hot water pipes and tanks to reduce heat loss and stop pipes from freezing.
Draft-proof the property by filling gaps between floorboards and skirting boards.

David Salusbury, the NLA’s chairman, commented: “It’s important that tenants know how the heating system works in their property.

West Hampstead Apartment for Sale

2011-11-02T14:39:00.001+01:00

Welbeck Mansions, Inglewood Road, London, NW6

A stunning modern two double bedroom third floor flat set in a prestigious mansion block in the heart of central West Hampstead.

The property is located within easy walking distance of the Jubilee Line, Silver Link and Thames Link stations and the variety of shops, bars and restaurants along the popular West End Lane.

The accommodation comprises of the entrance hallway with solid wood floors, fitted storage cupboards, plumbing for washing machine/washer dryer and entryphone system; both double bedrooms with bespoke fitted wardrobes and fitted wiring inset for the television and a stunning luxury modern fitted bathroom incorporating a white three piece suite, fitted wash hand basin with storage underneath, fitted shower cubicle and fully tiled walls/floors.

Further benefits include a superb double aspect reception room with solid wood floors, an ultra-modern fitted kitchen with stone worktops, integrated appliances, tiled flooring and under unit lighting, Share of Freehold and a lift in block.

This property has been modernised to an exceptionally high standard and an early viewing is strongly advised.

Apartment for Sale, West Hampstead.

Prime London property prices expected to rise in 2012

2011-10-31T10:41:00.001+01:00

Property prices in prime central London are expected to continue rising next year, according to the latest forecast from estate agent Knight Frank.

Prime central London prices will increase by an average of 5% in 2012. The property consultancy expects to see longer term price appreciation of 24%, on average, by the end of 2016.

Liam Bailey, Knight Frank's head of research, said: "Prices in prime central London are currently at an all-time high, despite which we believe there is scope for further price gains over the next 12 months, averaging 5% across 2012."

Bailey added: "The reasons which have underpinned recent growth - a weak pound, renewed wealth-creation in emerging markets, the search for safe-haven assets and flight capital - all seem set to continue, at least in the short term, reinforcing our positive view for next year."

With residential property prices set for greater capital growth, new home developers are generally confident about the outlook for the market in 2012 and do not foresee an adverse impact from the sovereign debt crises, according to Jones Lang LaSalle (JLL).

JLL's latest survey found that 84% of new home developers thought that central London apartment prices in core locations would increase next year. In fact more than a quarter of respondents thought that prices would increase by over 5% in 2012. A further 37% thought that prices would move up by between 2 and 5%. Only 5% expected prices to depreciate in 2012.

Neil Chegwidden, residential research director at Jones Lang LaSalle, who undertook the research, said: "Our survey confirms that developers remain positive and confident about the outlook for the central London residential market despite the overhang of gloomy economic and financial market news.

"The vast majority believe that prices will increase next year with more than a quarter of developers confident that prices will rise by more than 5%. Strong appetite from overseas buyers is clearly key. Our research suggests that more than 75% of recent new apartment sales derive from overseas. The international dimension has also led to core central London locations outperforming the rest of the UK market and we expect this to continue next year."

London Property Market Remains Bouyant

2011-10-30T14:54:00.000+01:00

Data released today from the Land Registry's House Price Index (HPI) shows that property prices in September suffered a 2.6 per cent decrease compared to the same month last year.

The monthly change from August to September was a decrease of 0.3 per cent, meaning the average property value in England and Wales now stands at £162,109.However, property owners in London will be pleased to know that the changes have not affected their values year-on-year.

The capital still remains England's housing hotbed, with average values still standing at 2.7 per cent more than they did last year. In fact, it's the only region that hasn't seen a decrease.

In terms of monthly changes the north-west saw an increase of one per cent but was still down 2.7 per cent on last year, making the average value £115,057.The area which has seen the biggest decreases is the north-east, experiencing an annual fall of 8.2 per cent and 3.9 per cent month-on-month.

In terms of individual property types, detached houses held their value best, dropping just 1.5 per cent. Semis fell by 2.9 per cent and terrace house and flats fell by 3.4 per cent and 2.4 per cent respectively.

The overall figures are in stark contrast to research conducted by financial website Moneysavingexpert.com earlier this month.The stats, which were published in the Guardian yesterday, have the national house value average £70,519 higher than the HPI estimate at £232,628.

In Yorkshire, for example, the Land Registry's average figure stands at £121,680, while Moneysavingexpert.com have it at £160,345.The most up-to-date figures available show that during July 2011, the number of completed house sales in England and Wales decreased by 11 per cent to 59,919 from 67,475 in July 2010.

The number of properties sold in England and Wales for over £1 million in July 2011 decreased by 24 per cent to 707 from 932 in July 2010.

London Property News

Commercial Property Worth More to UK Economy than Banking

2011-10-29T17:30:00.001+02:00

Commercial property adds more value to the UK economy than the banking sector, according to new research.

A property data report by the Property Industry Alliance claims that in excess of £46 billion is generated by the property sector each year, equivalent to 3.5 per cent of the UK's gross domestic product (GDP).

"From providing places for people to work, shop and play through to playing a major role in funding retirement, the property sector is a crucial cog in the UK economy," Sir Robert Finch, chairman of the Property Industry Alliance, stated.
"In legislating the government must be mindful of this."

The UK commercial property sector employs more than 800,000 workers, with more than 500,000 employed in the construction, development and building repair alone.

The value of commercial properties rose to an estimated £516 billion last year, meaning that it is now worth the equivalent of 25 per cent of the London Stock Exchange.

The Royal Institution of Chartered Surveyors stated recently that commercial property purchases had picked up in the first half of the year but demand fell back slightly in the quarter leading up to September.

Commercial property in London

Buy to Let Re Mortgages

2011-10-28T14:07:00.002+02:00

Landlords are in demand of buy to let remortgages to help them add properties to their portfolios. Many homeowners are using remortgages to fund their entry into the buy to let market. With landlords adding properties and many investors coming into the buy to let market it would appear that there would be a good supply of rental homes available. However, the supply of adequate rental homes is so low that many are calling for the government to assist landlords in adding more properties to the market to meet the high demand.

According to a recent index of rental properties it showed that rental costs had risen to a record high for the second month in a row. As demand for rental property has increased so has the cost to rent a property. Without easing in the lending market there is bound to be a continuing flow of households looking for rental property and demand will only increase without more input to the supply.

The Association of Residential Lettings Agents (ARLA) reported that there is definitely a lack of supply when it comes to rental properties. Of the 6,000 members of the Association 75 per cent believe there is now more tenants than there are properties with the demand in London and the southeast at all-time highs.

Tim Hyatt, president ARLA, says: "There is a finite amount of rental property and unless both housing supply and mortgage availability improves, renters will find their options in the market are reduced. The government is doing little to encourage landlords to invest in new properties; therefore we are running out of quality stock to offer to tenants. This is reflected in rent increases and a lack of choice for consumers.”

Police Crime Map; ARLA Response

2011-10-28T10:50:00.000+02:00

In response to the launch of Police Crime Map 2.0, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA) and the Association of Residential Lettings Agents (ARLA) said:

"Any measure that helps people research an area they may be moving to is a good idea in principal, but this should always be used as one of a range of tools, rather than a definitive measure for making a decision about any one area.

"We would always urge prospective house buyers or tenants to seek advice from as many credible sources as possible, as well as from a licensed NAEA or ARLA agent who can provide professional and reliable insight into local areas."

Rental Yields in London and West Midlands Outperfo...

2011-10-27T16:48:00.000+02:00

Renting Out Property in London: Rental Yields in London and West Midlands Outperfo...: With there now being the highest level of buy-to-let mortgage products on the market for three years, one property expert has advised landl...

Refurbished North London Flat for Sale

2011-10-27T13:59:00.002+02:00

Leghorn Road, Kensal Rise, NW10

A newly refurbished ground floor two double bedroom garden conversion in this popular area within easy walking distance to Kensal Rise/Green and Willesden Junction.

This superb flat benefits from wood floors in the reception and hallway, modern fitted high gloss kitchen with appliances, contemporary 3 piece bathroom and sole use of the rear garden.

View this realistically priced garden flat now!!

Kensal Rise Flat for Sale

Australian Online Poperty Website Hit by Phishing Scam

2011-10-25T10:33:00.000+02:00

Online property listing website, realestate.com.au has been hit by a phishing scam, with scammers posing as landlords offering rental properties to try to obtain personal details, reportsNews.com.au

The scammers have infiltrated the accounts of real estate agents on the site and advertise properties for rent.

Once potential tenants contact the "landlord'', they are sent an email detailing the properties' attributes and giving advice on a quick way they can complete the deal.
Three different properties in Brisbane came with the exact same description stating the owner had lived there with their pet until last month but had to move to London for work and now wanted to rent it out.

One of the apartments is in a building which has not even been constructed yet.
A realestate.com.au statement revealed several estate agents were targeted with their account login details being revealed to an unauthorised third party.

The agents were contacted to verify their account details by the scammers posing as realestate.com.au.

This enabled the scammers to send emails to consumers and modify listing details on the realestate.com.au website.

It has warned anyone who came in contact with the scammers to take "appropriate measures'' to protect any personal information they may have supplied to the scammers.

A realestate.com.au spokesman said the group had done a thorough review of its systems.

First time Buyer Numbers Fall, Except in London

2011-10-24T13:47:00.000+02:00

First-time-buyer numbers in September fell to their lowest since November 2010 thanks to tightening mortgage lending conditions, reversing the positive summer trend of higher loan-to-value lending and increasing numbers of first-time buyers. Lenders focused more on targeting wealthier borrowers as fears over a stagnant economy and constricted credit conditions grew, reports the Henley Standard.

Approvals with a deposit of 25 per cent or under fell to their lowest number since February, accounting for less than half of all lending, compared to almost two-thirds in September 2007. Approvals in the highest loan-to-value brackets fell at more than double the pace of the total market because of lenders’ desire to target low loan-to-value borrowers.

London bucked the national trend, and cushioned the overall decline in approvals nationally, with an increase of 20 per cent (non-seasonally adjusted), thanks to the bigger pool of wealthier buyers in the capital who are less constrained by tighter lending conditions. First-time-buyer numbers rose to their highest since June, with approvals on price brackets up to £250,000 — typical first-timer property in the capital — accounting for 42 per cent of the total London market, compared to 40 per cent in August.

The uptick can be attributed to buyers in London being much less dependent on high loan-to-value lending than the rest of the country. Approvals with an loan-to-value of more than 75 per cent accounted for just a quarter of all lending in September, compared to over a third nationally, because the wealthier pool of buyers in London typically have larger deposits so don’t require access to higher loan-to-value products, and because even a small percentage deposit represents a very large sum due to higher house prices in the capital.

The market outside London was much more subdued. The North West (11 per cent), North East (10 per cent) and Cumbria, and the Midlands (four per cent) saw the biggest falls. Yorkshire (three per cent), the South East (one per cent), and the South and South Wales (one per cent), all saw marginal increases in purchase approvals.

Shoreditch Set To Be A Mini Bond Street

2011-10-24T13:26:00.002+02:00

Shoreditch is set to be home to a "mini Bond Street" as luxury fashion houses Christian Louboutin, Ralph Lauren and Vivienne Westwood home in on London's east end, setting the stage for a possible doubling of rents over five years, reports Reuters

The three fashion houses, which have sites in high-end areas of London's traditional West End shopping district, are among luxury retailers targeting the once down-at-heel Shoreditch to capitalise on its edgy image, lower rents and increasingly affluent population, sources said.

"It is a bit like the Meatpacking District of New York," John Lovell, a Shoreditch landlord of five properties, told Reuters, referring to the Manhattan neighbourhood transformed by an influx of high-end boutiques and restaurants in the 1990s.

Shoreditch, best known for gloomy-looking industrial buildings and high crime rates, borders the City of London financial district. Its Old Street roundabout, where Google (GOOG.O) leased an office last month, has been targeted by the government for the development of a "Silicon Valley" style media hub .

Independent fashion labels, art galleries and niche bars have appeared in recent years to serve media, fashion and financial workers in the district.

Kilburn Flat for Sale, NW2, Hillcrest Court

2011-10-24T12:07:00.005+02:00

Hillcrest Court, Shoot Up Hill, Kilburn, London, NW2

A well presented one double bedroom second floor flat set in a recently refurbished purpose built block in a central location in Kilburn.

The property is located within easy reach of Kilburn Jubilee Line Station and the local amenities of Kilburn High Road and Mill Lane. West Hampstead is also accessible.

The accommodation comprises of entrance hallway with built in storage and entryphone system; polished wood stripped floors to the bay fronted 15ft reception room; a spacious 13ft bedroom with fitted wardrobes and a modernised bathroom incorporating a white three piece, heated towel rail and an extractor fan.

Further benefits include a fitted kitchen with integral gas hob and oven and slate tiled flooring, long lease, double glazing, gas central heating and residents permit parking.

North London Flat for Sale,Kilburn

London Property News: Shoreditch tipped to become 'the next Bond Street'

2011-10-23T13:05:00.001+02:00

Investors keen to buy into the hottest London property development opportunities may want to look at the Shoreditch area of the capital, with a new report noting that this is set to be transformed into a 'mini Bond Street' over the next few years.

According to Reuters, while the area, which is located just to the east of the heart of London, is currently 'edgy', high-end retailers such as Ralph Lauren and Vivienne Westwood are now eyeing up new business opportunities there.

This could mean that Shoreditch is transformed into an affluent neighbourhood with high rents and high-earning residents within the space of just five years.

Indeed, one landlord with five properties in the area told the news agency that it is like the Meatpacking District in New York City, in that it is on the verge of being transformed from a slightly dodgy, undesirable area into one of the city's most attractive postcodes.

Notably, as well as the prospect of luxury fashion houses setting up shop, it is anticipated that the recent arrival of Google will help drive London property development in this part of the city.

The internet giant's decision to set up a technology hub in the east of the capital was welcomed as "great news" by the chancellor George Osborne at the end of last month.

London Property Market News

London Property Worth Double That in the North

2011-10-22T13:17:00.000+02:00

Rightmove’s House Price Index for October 2011 today reveals that average asking prices in the South are now more than double those in the North.

Although the national average price increased 2.8% in the past month, this was driven by prices in the South (East Anglia, South East, South West and Greater London) increasing by 4.7% to now stand at £336,743. Prices in the North (East Midlands, West Midlands, Wales, North West, Yorks & Humber and North East) fell back -0.7% to £164,347, a difference of £172,396 and the largest ever North/South price divide.

Rightmove director Miles Shipside comments: “While those in the affluent south may have cause to celebrate their prices being well up on this time last year, prices in the north continue to go backwards, leaving the widest price gap ever. For the average asking price of a property in the south you could now buy two average properties in the north and still have enough change left to buy new carpets and curtains.”

Docklands Property Top Choice of Chinese Property Investors

2011-10-21T13:30:00.001+02:00

Chinese investors have been snapping up London property, with one-in-three buyers of newly built London homes coming from China and Hong Kong, according to one recent report.

London's Docklands was once the city's industrial heart and the world's largest port. Now property developers are looking to China to lift the area out of recession. They insist London is a safe bet in tough economic times- especially for Chinese investing for the long-term.

Ms Sherry Madera, from Mandarin web portal Luckywu.com, said: "London has picked up significantly and a lot of that is because foreign money is coming into it...The Chinese are following the likes of the Russian investors, and the Arabic investors who came previously, to bolster the London market. It's a safe haven, it's seen as a property market that is going to rise."

Ms Madera is so confident about the Chinese market, she has launched the world's first Mandarin web portal to attract Chinese investors - many of whom have never even visited London before putting down a deposit.

"Obviously, 5,000 miles away is a long way to come to look at a property, and you can't really see stocks or bonds, so in the same way you are looking at property as being an asset class. A lot of Chinese investors don't come and have a look around their property, they do it on the basis of yield," said Ms Madera.

Despite the optimism, it's hard to overlook the impact of the economic downturn on London's new building projects.

Property developers said ever since the financial crisis of 2008, it's been very hard to get development funding, and it's still a struggle today, which is why they are looking to China, where evidence of pre-sales can make it somewhat easier to persuade the banks to lend them the money (and) to build.

Because London is seen as an economical place to buy, Chinese investors are buying up whole floors, according to some developers here. But it's not just about the money. Mr Ian Cohen from City and Docklands said, "We are seeing a lot of Chinese... it's an area they like - it's fresh, it's new."

China is still an untapped market, but there are hopes recent changes to property legislation will make it easier for Chinese to buy property overseas.

Property investors said they are still banking on China.

Mr Cohen said, "They are shrewd buyers, they understand property in their own right. You can see it's becoming such a powerhouse, so as a company we are definitely looking to mainland China - 100 per cent." And London property developers insist the market is as buoyant as ever.

Channelnewsasia

London's Expensive Homes Sales Surge

2011-10-20T10:35:00.000+02:00

Sales of London’s most expensive homes reached a record as foreign buyers dominate the city’s luxury residential market, Savills Plc (SVS) said.The number of houses and apartments that sold for more than 5 million pounds ($8 million) rose to 262 from 200 in the nine months through September, 31 percent more than a year earlier, the real-estate broker said today in an e-mailed repor, reports Bloomberg.

Overseas buyers make up 65 percent of the market for homes costing more than 5 million pounds, according to the report. The costliest purchases remain concentrated in central London neighborhoods such as Belgravia, Knightsbridge and Mayfair, said Lucian Cook, Savills’s director of residential research.

“Knightsbridge and Belgravia have a high proportion of London’s best-performing flats,” Cook said in the report. “Mayfair has seen significant levels of capital investment and improved amenities which have underpinned price growth.”

International buyers are investing in London homes to protect wealth amid financial or political volatility at home. Europe’s sovereign-debt crisis may be worse than the Great Depression, according to Bank of England Governor Mervyn King, and uprisings in countries including Libya, Syria and Egypt have cost a total of $55.84 billion, consultant Geopolicity Inc. said today in a report.

United States Property Investors Return to London

2011-10-19T14:25:00.001+02:00

North American property buyers returned to the London real-estate market with gusto in the first half of 2011, but market watchers warn that their interest may not be enough to stop property values from falling in some areas.(reports the Wall Street Journal)

The U.K. commercial-property market has always been popular with foreign investors, and London is usually the hub of money inflows because of its size, liquidity and transparency. But North American investment fell off sharply in the recession of 2008 and 2009 as investors focused on the crisis in their home markets.

Investment picked up in the second half of 2010 and continued through the first half of this year. It isn't clear whether there will be much effect from the turmoil in European financial markets.

North American investors bought €3.07 billion ($4.19 billion) of property in Central London in the second half of 2010 and €1.88 billion in the first half of this year, compared with €173 million in all of 2008 and €1.56 billion in 2009, according to property-services company CB Richard Ellis.

This level of activity is still below that of the peak of the market in 2006 and 2007, when an average of €2.8 billion was invested on a six-month basis, said CB Richard Ellis associate director Iryna Pylypchuk. "However, those were exceptional levels, fueled by debt and not something to be repeated in the current equity-driven market," Ms. Pylypchuk said.

Non-European buyers have always been important for Europe. They invested €24 billion in commercial European real estate in 2010 and the first half of 2011. North American investors accounted for 55%, or €13.1 billion, of that, of which London received €5.1 billion, according to CB Richard Ellis. The majority of investment went into office buildings. The U.K. accounted for more than half of all European acquisitions by U.S. investors in the first half of 2011, CB Richard Ellis says.

Charity Calls for Tax Breaks to Help Property Downsizing

2011-10-19T10:25:00.003+02:00

BBC reports that older people should be encouraged to move into smaller homes to help tackle the "housing crisis", a charity says.

The Intergenerational Foundation calls for tax breaks to encourage downsizing and help free up some of the estimated 25 million unused bedrooms in England.

More than half of over-65s are in homes with two or more spare bedrooms, which could be used by families, says its report based on government figures.

Ministers said they did not believe in "bullying" people out of their homes.

The foundation (IF) is a new group set up to campaign on financial issues, particularly those affecting younger people, such as affordable housing and job prospects.

It says that while many people are living longer and staying in what was once their family home, younger families are being squeezed into smaller properties.

"The 'housing crisis' is increasingly an issue of how our housing stock is shared between younger and older generations," said IF co-founder Angus Hanton.

"The divide between the housing 'haves' and 'have nots' has moved from being one dominated by wealth or class to one dominated by age."

North London Estate Agents News

2011-10-18T14:24:00.000+02:00

We are into the last part of 2011 now and have enjoyed some great highlights for the year already at Paramount.

The Lettings team have been short listed for the UK Property Awards 'Letting Agent In London'. The Gala for the event will take place on October 28th when the results will be announced.

The year has been busy at Paramount with the local area proving to be very popular in the private rental sector. Senior letting negotiator Mark Durban commented "Paramount, like most other agents, are experiencing increased tenant demand but are suffering from a shortage of affordable one and two bedroom rental properties".

The buy to let market has seen landlord portfolio's increase over the year and this is met with high demand for rental properties. Rents have increased as a result of this, and in NW6 are up by at least 8-11%. This renal increase along with the high demand for property provides a food investment for landlords and potential investors. Spencer Lawrence, Director of Paramount Lettings , comments "With rents improving by circa 10% in the last six months its certainly a good time to be renting out a flat, apartment or house".

Mr Lawrence goes on to say "Paramount have experienced an exceptionally busy September culminating in our best ever month, as a result of this activity our current list of stock is low. We urgently need Landlords with affordable one and two bedroom properties to rent out in West Hampstead and the surrounding areas as we still have a significant number of good quality applicants on our books".

Paramount negotiators take care of the day to day management queries of their properties and because of the efficient and dedicated approach the process is as smooth as possible for both landlord and tenant. Our in house maintenance company also makes the standard running issues and repairs for rental and managed properties easier as they are dealt with quickly and hassle free.

If you are thinking of renting your property, letting existing properties, would like a no-obligation valuation or for property rental advice please feel free to contact Paramount on 020 7644 2332.

Properties to rent in North West London.

First Time Buyer News; Property Reform Called For To Help First Time Buyers

2011-10-17T10:41:00.000+02:00

First time property buyers are still experiencing difficulties in getting on the housing ladder, according to PricedOut.org.uk.

Katy John, press officer at the national campaign for affordable house prices, explained it is a little too early to be positive about the property market.
"Without long-term structural reforms to the housing market - building more homes, increasing regulation and taxation on buy-to-let and reforming planning laws - first time buyers will see little to be positive about," she argued.

"However, we would encourage first time buyers to get involved locally, and to pressure their local authorities to build more affordable housing that is suitable for first time buyers and young families."

Ms John's remarks came after Hometrack figures showed the balance between supply and demand is starting to emerge in the property market, with the number of buyers falling in September for the second consecutive month.

First Time Property Buyers News

Prime Luxury London Property Sales Surge Due to Overseas Purchasers

2011-10-16T10:36:00.000+02:00

Buyers from the Middle East, North Africa, Eastern Europe and former Soviet Union are pushing prices in Knightsbridge and Belgravia to new records,said Lucian Cook, UK Estae agent Savills’s director of residential research. Values in the west London neighborhoods have risen 93 percent and 94 percent since 2006 compared with 87 percent across prime central London residential real estate, reports Bloomberg.

Four penthouse apartments at the Porchester Building near London’s Paddington Station are expected to sell at 1,200 pounds a square foot, property broker Hamptons International said by e- mail. The six-story Victorian site, which has 41,500 square feet of office space, was put on sale today at 28 million pounds.

Sales of homes above the 5 million-pound threshold totaled 3.2 billion pounds in the nine-month period compared with 2.1 billion pounds a year earlier, Savills said. About 60 percent of the buyers in the last three months were foreign

North London Council Launch Petition to Ban Spitting

2011-10-15T16:01:00.000+02:00

A north London council has launched a petition to collect the signatures it needs for a by-law to ban spitting, reports the BBC

Enfield Council has written to Justice Secretary Kenneth Clarke for clearance to introduce the rules.The council says spitting in the street is both anti-social and a health hazard.

Councillor Chris Bond said: "We need to have a petition to show the government the strength of feeling - it sounds barmy but that's the law."The authority needs more than 2,750 signatures from residents to take its scheme forward.

Councillor Bond continued: "In the meantime we have launched a poster campaign urging people not to spit in our borough."It's a disgusting, anti-social habit which can spread germs."

It is likely any fines will be enforced by litter wardens.

Student Accommodation Asset Values Rise

2011-10-14T16:03:00.000+02:00

Student accommodation developer Unite has reported a 0.6% increase in net asset value in its UK Student Accommodation Fund for the third quarter of 2011.

The fund, which comprises 64 properties across 20 countries, was valued at £1.265 billion with a NAV of £0.842 per unit.

The company attributed the small hike in asset values to 1.2% growth in rents which offset the cost of the refurbishment of three blocks during the quarter.

Last month Unite announced is chief operating officer John Tonkiss is to leave the business in December following a management restructure.

Joe Lister chief financial officer at Unite, said: “The Fund has delivered another robust performance in the third quarter of 2011.”

Central London's Victorian and Georgian Squares are First Choice

2011-10-12T15:59:00.000+02:00

Garden Squares Top Destination for Gulf Investmen
Garden squares are one of London's defining neighbourhood features, especially in Central London, reports Gulf News.

Garden squares are one of London's defining neighbourhood features, especially in Central London. The layout of the Georgian and Victorian squares has made a lasting contribution to the quality of life in London.

Their presence, combined with the quality and design of the residential properties that were developed around them at the time, has since proven that high-density (by today's standards) developments can also achieve high property values.

There are some 600 squares in London and a sixth of these are located in the Royal Borough of Kensington and Chelsea. Residential properties overlooking a garden square, especially a private one with shared access for the local residents, are known to attract premiums pushing values even higher in areas already at the top end of the London market.

Last year, the level of premiums achieved for flats sold in these squares compared to surrounding properties averaged 50 per cent, with Cleveland Square (Bayswater's premier square, where some properties have direct access to the communal gardens) attracting the highest premium of 62 per cent. With current sales in these squares well exceeding last year's prices, the premium commanded by property for sale in these enclaves looks set to rise further.

UK Housing Market Continues to Suffer In Stagnant Economy

2011-10-12T14:17:00.000+02:00

Fewer vendors put their homes up for sale during September, as fears over the economy continued to impact negatively on the housing market, says RICS UK Housing Market survey for September 2011.

New instructions, which indicate supply levels to the market, fell back during September, with 5 per cent more surveyors reporting supply of property fell rather than rose. Surveyors report fragile consumer confidence and continuing fears over the economy are causing many to think twice before putting their properties up for sale.

Despite this, new buyer enquiries actually increased marginally during September; with 3 per cent more chartered surveyors reporting an increase rather than decrease in demand (from -2 per cent). However, although surveyors note that more mortgage products are becoming available, the large deposits required by lenders continue to act as a barrier for many would-be buyers.

Stocks on surveyors’ books rose slightly during September to an average of 68.9 (from 66.9). Meanwhile, the number of sales per surveyor over the three months to August also increased fractionally, from 14.1 to an average of 14.5 (on a seasonally adjusted basis). Although the sales market remains challenging, respondents report that sales are still taking place on realistically priced properties.

The house price balance remained unchanged during September, with 23 per cent more surveyors still reporting prices fell rather than rose. Price expectations also remained unmoved from August; with a net balance of 23 per cent anticipating prices will decline rather than rise over the next three months. Every part of the UK, including London, recorded some degree of negative price expectations during September.

Only sales expectations continued to be positive for the coming months (+12 per cent), although they fell back from the previous month’s reading (+16). Surveyors predict investors in some parts of the UK will now begin to return to bricks and mortar as a haven from the turbulent financial markets.

Falling supply of fresh stock is indicative of general fears overhanging the economy, with many potential sellers preferring to stay put for now. As a result, the UK housing market remains pretty flat with activity level generally subdued.
Although it is hard to see what will give the market a lift in the near term, the announcement of a further raft of quantitative easing from the Bank of England will help to at least keep mortgage rates down. This, if nothing else, should ease the pressure on existing homeowners and limit the risk of a material pick-up in repossessions.

RICS housing spokesperson, Michael Newey

Right to Buy Housing Policy Revived

2011-10-10T10:37:00.000+02:00

David Cameron is to revive the ‘right to buy’ housing policy – as he ruled out a spending boost to revive Britain’s struggling economy.

Council house tenants, and some in housing association properties, will be offered larger discounts to help them achieve the dream of home ownership after strict curbs under Labour, the prime minister said.

But, this time, the money raised would be ploughed back into building more cheaper homes for rent – to counter criticism that the Thatcher home ownership revolution led to a critical housing shortage.

Only around half of the 1.3m council homes which have been transferred to housing associations and other social landlords in recent years retained a right to buy. A further 100,000 homes would be built by releasing government land to developers under a “build now, pay later” policy.

National Housing Federation chief executive David Orr said: “Previously, right-to-buy was great for those lucky enough to be in the right place at the right time to take advantage of it, but disastrous for those who later needed rented home and found a desperate shortage of social homes.

London Olympics; London Councils Prepare for Illegal Bill Board Advertising

2011-10-09T10:34:00.000+02:00

London risks being over-run with illegal adverts during the Olympics unless local authorities are given greater powers to tackle opportunistic product placement, it was warned today.

The call comes from Westminster council which this week has written to Bob Neil, the Parliamentary Under Secretary of State for Communities and Local Government, as well as Lord Coe, urging for a shake-up of existing laws. It follows a spate of ambush advertisement campaigns in the city, and at major sporting events, in recent years.
Currently councils have limited powers for seeking the immediate removal of illegal adverts and councils are often left with no option other than to apply for an injunction from the High Court. This delays removal and incurs significant cost and wastes officer time.

While advertisers who flaunt planning rules can be fined, the maximum £2,500 fine is not sufficient as a deterrent, particularly when compared to the revenue generated by prominent adverts at global sporting events.

The council has called for an extension of new powers, introduced to tackle these issues in designated areas around Olympic venues, to be extended across all of London – this includes being able to immediately remove advertising that does not have the relevant consent.

Westminster has seen a number of incidents of ambush advertising in recent years, notably when Cricket Australia projected an image of two of their players onto Big Ben in the lead-up to the 2010 Ashes series. Other major sporting events have also been targeted by the trend, with two people being arrested at the 2010 Football World Cup after 36 women wore bright orange outfits to promote a Dutch brewery during a match between Holland and Denmark.

“We pride ourselves on London’s appearance. Never will this be as important than during the Olympics, when the eyes of the world will be on us. We must have real powers to prevent the city’s streets being daubed in product placement by opportunistic advertisers.”

Under existing laws public outdoor advertising must be granted consent by the local planning authority.The council recently had success in changing a legal loophole that means consent is now needed for adverts displayed inside phone kiosks located in conservation areas.

London Property News

London Councils Short-Term Lets Policies 'need review before Olympics'

2011-10-08T11:15:00.000+02:00

Homeowners who are thinking about putting up property to rent in Maida Vale, London, during next year's Olympics have been urged to check that they will not be breaking the law.

According to the BBC, the National Association of Estate Agents has called for a review of legislation regarding short-term lettings, as homeowners could be in breach of the law if they allow rent-paying tenants to stay for less than a set period of time.

However, different London councils have separate rules on short-term lets, with Haringey in the north of the city telling the broadcaster that it will not be cracking down on property owners renting out their homes during the Games.

Westminster council, in contrast, does not usually allow residents to charge people rent if they are staying in the home for 90 days or less as it wants to improve the market for longer-term tenants and property buyers.

Rosemarie MacQueen, head of city planning development and design at Westminster, told the BBC: "In Westminster, we have a population of 250,000 and that has to grow with targets from the mayor and ourselves.

"If we have short term lets, we'll never increase our long-term residential population."She explained that many people who live in blocks of flats with short-term lets have a problem with the temporary residents, as they feel their quality of life is compromised.

"There's a fear of crime, they don't know the faces of the people who are coming in and a lot of short-term residents don't treat the place like home."They leave litter in the corridors, come and go and have parties," Ms MacQueen added.

So those with property to rent in Hampstead, London, would do well to check with their local authority about the legality of installing short-term tenants for the duration of the Olympic events, as otherwise they could end up with a £20,000 fine and a criminal record.

London Rental Property News